Common use of Damage or Destruction Clause in Contracts

Damage or Destruction. (a) Tenant shall give Landlord prompt notice of any damage to the Premises by fire or other casualty. (b) If the Premises shall be rendered wholly untenantable by a casualty, unless terminated pursuant to Section 7.1(d)(i) or 7.1(d)(ii) hereof, this Lease shall remain in full force and effect except that Rent shall fully ▇▇▇▇▇ commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. (c) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially ▇▇▇▇▇ commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage. (d) If there shall be damage to the Shopping Center by fire or other casualty, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; or, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least sixty (60) days after such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party within ten (10) days after delivery of the termination notice, and (ii) providing to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any). (e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damage.

Appears in 5 contracts

Sources: Store Lease Agreement (Gottschalks Inc), Store Lease Agreement (Gottschalks Inc), Store Lease Agreement (Gottschalks Inc)

Damage or Destruction. (a) Tenant shall give Landlord prompt notice of any damage to the Premises by fire or other casualty. (b) If the Premises or the Building shall be rendered wholly untenantable by a casualty, unless terminated pursuant to Section 7.1(d)(i) or 7.1(d)(ii) hereof, this Lease shall remain in full force and effect except that Rent shall fully ▇▇▇▇▇ commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. (c) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially ▇▇▇▇▇ commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage. (d) If there shall be damage to the Shopping Center damaged by fire or other casualty, whether the damage (exclusive of any improvements or not other changes made to the Premises is affected therebyand paid for by Lessee), in which: (i) may, at the Premises shall option of Lessor, be sufficiently damaged repaired by and at the expense of Lessor to render the entire Premises wholly untenantable; (ii) the as near condition which existed immediately prior to such damage or destruction to the Premises is to an extent as reasonably possible; provided, however, that it cannot be repaired with reasonable diligence within one (1) year after the destruction if as a result of damage by fire or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of other casualty more than fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; ornet rental area of the Building is rendered untenantable, (vi) any insurance proceeds received by Landlord then and in such event either Lessor or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party Lessee shall have the right and option to terminate this Lease. Said option shall be (exercised, if at all, by giving written notice to the other party on within thirty (30) days of such destruction or before the ninetieth (90thcasualty) day after to terminate this Lease as of the date of loss andsuch casualty. Subject to the foregoing, if exercised, the Lessor shall be effective on the last day of the first (1st) full calendar month falling at least commence such repair within sixty (60) days after such noticecasualty and shall complete the same within a reasonable time thereafter, subject to acts of God, strikes and other occurrence not within the control of Lessor. If Tenant elects In the event Lessor fails to commence such repair or restoration within such period or shall fail to prosecute such repair and restoration in a timely manner, then Lessee shall have the right and option (exercised, if at all, by giving written notice within fifteen (15) days of such failure) to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixturesLease. If either party elects to terminate In the event this Lease pursuant to clause (iv) is terminated for any of the reasons aforesaid, any rents or (vi), above, the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing payments shall be delivered prorated as of the effective date of such termination and proportionately refunded to the terminating party within ten (10) days after delivery of Lessee or paid to Lessor as the termination notice, and (ii) providing to the terminating party, within a reasonable case may be. During any period after delivery of such notice, not to extend beyond the date in time which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any). (e) If there shall be damage to the Premises or any portion thereof is rendered untenantable by fire or other casualty and casualty, the rent shall ▇▇▇▇▇ proportionately to the area rendered untenantable for the period of time during which this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damagecondition exists.

Appears in 4 contracts

Sources: Lease Agreement (Overstock Com Inc), Colocation Center Agreement (Overstock Com Inc), Colocation Lease (Overstock Com Inc)

Damage or Destruction. (a) Tenant If the Hotel shall give Landlord prompt notice of any damage to the Premises be totally destroyed or substantially damaged by fire or other casualty, either party may, within sixty (60) days after the occurrence of such event, give written notice to the other terminating this Agreement. For purposes of this Section, the Hotel shall be deemed to have been substantially damaged if the estimated cost of Restoration shall exceed twenty percent (20%) of the cost of replacing the Hotel by constructing, furnishing and equipping a new hotel on the site substantially the same as the Hotel prior to such casualty. (b) If In the Premises shall be rendered wholly untenantable by a casualty, unless terminated pursuant to Section 7.1(d)(i) or 7.1(d)(ii) hereof, this Lease shall remain in full force and effect except that Rent shall fully ▇▇▇▇▇ commencing on the date event of loss and continuing until the earlier to occur of: (i) any damage to the date Tenant reopens the Premises for business, Hotel by fire or other casualty which reopening Landlord and Tenant shall diligently work together does not amount to expedite“substantial damage” as described in subsection (a) above, or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), total destruction of the structural elements of the building of which the Premises form a part. (c) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially ▇▇▇▇▇ commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage. (d) If there shall be substantial damage to the Shopping Center Project and the failure of either party to terminate this Agreement pursuant to subsection (a) above, then this Agreement shall not terminate, and, subject to the requirements of any Mortgage, Owner shall, at its own expense and in accordance with plans and specifications therefor developed by fire Owner and approved by Manager (which approval shall not be unreasonably withheld or other casualtydelayed), whether or not promptly commence and expeditiously complete the Premises is affected thereby, in which: (i) the Premises Restoration and all proceeds of property and casualty insurance shall be sufficiently damaged made available to render the entire Premises wholly untenantableOwner for this purpose; (ii) the damage or destruction to the Premises is to an extent provided, however, that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; or, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party Manager shall have the option right to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least sixty (60) days after ensure that such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered applied to the terminating party within ten (10) days after delivery of the termination notice, and (ii) providing to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any). (e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant Restoration. Owner shall promptly commence and diligently prosecute pursue the restoration and repair Restoration to completion; provided, however, that if Owner shall not fully complete the Restoration within a reasonable period of time after the Premisesdate of such casualty or one hundred eighty (180) days, including all exterior wallswhichever is earlier (or such longer period as Manager may approve), roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with then Manager shall have the operation of Tenant's business in the Premises, as nearly as practicable right to their respective conditions terminate this Agreement upon thirty (30) days’ prior written notice to such damageOwner.

Appears in 4 contracts

Sources: Management Agreement (Capital Lodging), Management Agreement (Capital Lodging), Management Agreement (Capital Lodging)

Damage or Destruction. (a) Tenant shall give Landlord prompt notice of any damage to If the Premises are damaged by fire or other casualty, the damage shall be repaired by and at the expense of Landlord, provided such repairs can be made within ninety (90) days after the occurrence of such damage without the payment of overtime or other premiums, and until such repairs are completed, the rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of Premises being unusable if the damage is due to the act or negligence of the Tenant, its employees, agents or invitees or if the Premises are unusable for a period equal to one day or less). (b) If the Premises shall such repairs cannot be rendered wholly untenantable by made within ninety (90) days, Landlord may, at its option, make such repairs within a casualtyreasonable time, unless terminated pursuant to Section 7.1(d)(i) or 7.1(d)(ii) hereof, and in such event this Lease shall remain continue in full force effect and effect except that Rent the rent shall fully ▇▇▇▇▇ commencing on be abated in the date of loss and continuing until the earlier manner provided above. Landlord's election to occur of: make repairs must be evidenced by written notice to Tenant within thirty (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (4530) days after Tenant completes the restoration, pursuant to Section 7.1(e), occurrence of the structural elements of damage. If Landlord does not so elect to make such repairs which cannot be made within ninety (90) days, then either party may, by written notice to the building of which the Premises form a partother, cancel this Lease. (c) If only a portion of Anything in this Section 18 to the contrary notwithstanding, if the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially ▇▇▇▇▇ commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage. (d) If there shall be damage to the Shopping Center shall be substantially damaged or destroyed by fire or other casualtyotherwise, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; or, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after Lease as of the date of loss and, if exercised, shall be effective on the last day of the first such damage or destruction by written notice to Tenant within thirty (1st) full calendar month falling at least sixty (6030) days after such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party within ten (10) days after delivery of the termination notice, and (ii) providing to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any)destruction. (e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damage.

Appears in 4 contracts

Sources: Lease Agreement (Dominion Homes Inc), Lease Agreement (Dominion Homes Inc), Lease Agreement (Dominion Homes Inc)

Damage or Destruction. (a) Tenant shall give Landlord prompt notice of any damage to the Premises by fire or other casualty. (b) If the Premises shall be rendered wholly untenantable by a casualty, unless terminated pursuant to Section 7.1(d)(i) or 7.1(d)(ii) hereof, this Lease shall remain in full force and effect except that Rent shall fully ▇▇▇▇▇ commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. (c) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially ▇▇▇▇▇ commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage. (d) If there shall be damage to the Shopping Center damaged by fire or other casualty, whether or but not rendered untenantable, the same shall be repaired with due diligence by Lessor at its own cost and expense; if the damage shall be so extensive as to render the Premises is affected therebyuntenantable but capable of being repaired, the same shall be repaired with due diligence by Lessor at its own cost and expense and the rent payable hereunder shall be proportionately paid up to the time of such damage and shall thenceforth cease until such time as the Premises shall be put in which: good order. In the event the Premises shall be completely destroyed by fire or other casualty or so damaged that it will remain untenantable for more than thirty (i30) days, or in case it does so remain untenantable for more than thirty (30) days, at the option of Lessor (1) the Premises shall be sufficiently damaged repaired or reconstructed with due diligence by Lessor at its own cost and expense and the rent payable hereunder shall be proportionately paid up to render the entire Premises wholly untenantable; (ii) the time of such damage or destruction to and shall thenceforth cease until such time as the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; or, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on put in good order; or before the ninetieth (90th2) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least within sixty (60) days after such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect the time of such damage or destruction and destruction (other than proceeds of insurance covering tenant's personal property (includingbefore the Premises shall be put in order, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, may give the other party may avoid termination written notice of its election to cancel this Lease by (i) committing agreement in writing to pay the additional funds required to complete the necessary repairs its entirety, and restoration, which writing Lessee shall be delivered liable for rent only up to the terminating party within ten (10) days after delivery time of such damage or destruction. It is understood and agreed that nothing in this article concerning rental abatements or cancellation by Lessee shall apply in the case of damages to or the destruction of the termination noticeleased Premises which is caused by the negligent acts of Lessee, its agents, employees or invitees, and (ii) providing further that Lessee shall, at its own expense, repair all such damages resulting from such acts; except that Lessee shall not be responsible to the terminating party, within a reasonable period after delivery of such notice, not Lessor for damages to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any)property or equipment fully covered by Lessor’s insurance. (e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damage.

Appears in 3 contracts

Sources: Lease Agreement, Lease Agreement, Lease Agreement

Damage or Destruction. (a) Tenant shall give Landlord prompt notice of any damage to the Premises by fire or other casualty. (b) If the Premises shall be rendered wholly untenantable by a casualty, unless terminated pursuant to Section 7.1(d)(i) or 7.1(d)(ii7.1(d) hereof, this Lease shall remain in full force and effect except that Rent shall fully ▇▇▇▇▇ commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Tenant Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. (c) If only a portion of the Premises shall be rendered untenantable, unless terminated pursuant to Section 7.1(d) hereof, this Lease shall remain in full force and effect except that Rent shall partially ▇▇▇▇▇ commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage. (d) If any portion of the Premises shall be rendered untenantable, or if there shall be damage to the Shopping Center Center, by fire or other casualty, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; or, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least sixty (60) days after such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party within ten (10) days after delivery of the termination notice, and (ii) providing to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any). (e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant Landlord shall promptly commence and diligently prosecute the restoration and repair of the Premisesstructural elements of the building in which the Premises are located, including all exterior walls, roofs, floors and supportssupports to structurally sound condition, prepared for Tenant's restoration of the interior portions of the Premises as set forth below. Upon receipt of the repaired structural elements of the building in which the Premises are located, Tenant shall, at Tenant's sole cost and expense, promptly commence and diligently prosecute the restoration and repair of the nonstructural and interior portions of the Premises, including, without limitation, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damage.

Appears in 3 contracts

Sources: Store Lease Agreement (Gottschalks Inc), Store Lease Agreement (Gottschalks Inc), Asset Purchase Agreement (Gottschalks Inc)

Damage or Destruction. (a) Tenant shall give Landlord prompt In the event of a total destruction of the Building and Improvements during the Term from any cause, either party may elect to terminate this Lease by giving written notice of any damage termination to the Premises other party within thirty (30) days after the casualty occurs. A total destruction shall be deemed to have occurred for this purpose if the Building and Improvements are destroyed to the extent of seventy-five percent (75%) or more of the replacement cost thereof. If the Building and Improvements are destroyed to the extent of seventy-five percent (75%) or more and this Lease is not terminated by fire either Lessor or other casualtyLessee, Lessor shall, provided that Lessor receives insurance proceeds in at least said amount (less the applicable deductible), repair and restore the Building and Improvements to substantially the condition existing as of the Commencement Date of this Lease in a diligent manner and this Lease shall continue in full force and effect, except that rent shall be abated in accordance with Paragraph 20(d) below. (b) If In the Premises shall event of a partial destruction of the Building and Improvements of the Property to an extent exceeding twenty-five percent (25%) but less than seventy-five percent (75%) of the replacement cost thereof, or if any damage thereto cannot be rendered wholly untenantable by repaired, reconstructed, or restored within a casualty, unless terminated pursuant to Section 7.1(d)(iperiod of one hundred eighty (180) or 7.1(d)(ii) hereof, this Lease shall remain in full force and effect except that Rent shall fully ▇▇▇▇▇ commencing on days from the date of loss and continuing until such casualty, either Lessor or Lessee may terminate this Lease by giving written notice of termination to the earlier to occur of: other within thirty (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (4530) days after Tenant completes the restorationcasualty. Furthermore, pursuant if such casualty is from a cause which is not required to Section 7.1(e), of the structural elements of the building of which the Premises be insured under Lessor’s special form a part. (c) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially ▇▇▇▇▇ commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expediteproperty insurance, or (ii) is not insured under any other property insurance carried by Lessor, or if the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), proceeds of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed insurance received by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage. (d) If there shall be damage Lessor when added to the Shopping Center by fire or other casualtyapplicable deductible are not sufficient to repair and restore the Building and Improvements, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one Lessor may elect (1) year after to repair and restore the destruction or damage; Building and Improvements (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk provided that Lessee has not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; or, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least sixty (60) days after such notice. If Tenant elects elected to terminate this Lease pursuant to the first sentence of this Section 7.1(dParagraph 20(b)), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction or (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment2) and trade fixtures. If either party elects to terminate this Lease pursuant by giving written notice of termination to clause (iv) Lessee. Lessor’s election to repair and restore the Building and Improvements or (vi), above, the other party may avoid termination of to terminate this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered made and written notice thereof shall be given to the terminating party Lessee within ten thirty (1030) days after delivery of the termination notice, and (ii) providing to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any). (e) casualty. If there shall be damage to the Premises by fire or other casualty and this Lease is not terminatedterminated by Lessor or Lessee pursuant to the foregoing provisions, Tenant Lessor shall promptly commence complete the repairs in a diligent manner and diligently prosecute the restoration this Lease shall continue in full force and repair of the Premiseseffect, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used except that Monthly Base Rent shall be abated in connection accordance with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damageParagraph 20(d) below.

Appears in 2 contracts

Sources: Lease (SITIME Corp), Lease (SITIME Corp)

Damage or Destruction. If part of or all of the Premises are damaged or destroyed by fire, lightning, tempest or any other perils insured against in virtue of the insurance policies stipulated in Article 11 of these presents, then: (a) Tenant shall give Landlord prompt notice of any if the damage to or the destruction is such that the Premises by fire or other casualty. (b) If the Premises shall be are rendered wholly untenantable by a casualtyunfit for occupancy or it is impossible or unsafe to use or occupy them, unless terminated pursuant to Section 7.1(d)(i) or 7.1(d)(ii) hereof, this Lease shall remain and if in full force and effect except that Rent shall fully ▇▇▇▇▇ commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. (c) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially ▇▇▇▇▇ commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such either event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage. (d) If there shall be damage to the Shopping Center by fire or other casualty, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it damages cannot be repaired with reasonable diligence within one hundred and eighty (1180) year after days following such damage or destruction, the Lessor or Lessee may, within the five (5) days following such damage or destruction, cancel the present Lease by way of written notice to the Lessee other; in which event, the Lease shall terminate on the day of such damage or destruction, and the rent and all other sums for which the Lessee is responsible under the terms of the Lease must be calculated and paid in full to the date of the damage or the destruction. In the event that the Lessor and Lessee decides not to cancel the Lease, the Lessor must repair the damages or destruction within a reasonable delay, and in which event, the rent shall be abated from the date of the damages or the destruction or damage; (iii) either until the Shopping Center or the building of which date that the Premises are repaired in such a part is damaged manner as to enable the extent Lessee to use and occupy them, plus an additional period of fifty percent up to thirty (50%30) or more of its insured replacement cost; days to permit the Lessee to refixture the Premises; (ivb) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) if the damage occurs during is such that the last three Premises are rendered wholly unfit for occupancy or it is impossible or unsafe to use or occupy them, but if in either event, the damages may be repaired by the Lessor with reasonable diligence within one hundred and eighty (3180) years days following such damage, the rent shall be abated from the date of the Term; ordamages until the date that the Premises are repaired in such a manner as to enable the Lessee to use and occupy them, plus an additional period of up to thirty (vi30) any insurance proceeds received days to permit the Lessee to refixture the Premises; (c) if, in the foregoing events, the damage or the destruction is such that the Premises may be partially used for the purposes designated by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policythe present Lease, then, in any until such eventdamage or destruction is repaired by the Lessor, either party shall have the option to terminate this Lease. Said option rent shall be exercised, if at all, by notice abated in the proportion that part of the Premises unfit for occupancy bears to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least sixty (60) days after such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party within ten (10) days after delivery of the termination notice, and (ii) providing to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any). (e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair whole of the Premises, including all exterior wallsand this, roofsfrom the date of the damages or destruction until the date that the said part of the Premises are repaired in such a manner as to enable the Lessee to use and occupy them, floors and supportsplus an additional period of up to thirty (30) days to permit the Lessee to refixture the Premises. Notwithstanding the foregoing, all internal partitionsif the Premises and/or the Buildings are totally destroyed, fixtures, trade fixtures, shelving, casework, furniture and furnishings used the Lessor may relocate the Lessee in connection with the operation of Tenant's business comparable space in the Premises, as nearly as practicable to their respective vicinity of the Building within a reasonable time period and within the delays mentioned in the present Article. The relocation shall not affect the other terms and conditions prior to such damageof the present Lease.

Appears in 2 contracts

Sources: Lease Agreement (DAVIDsTEA Inc.), Lease Agreement (DAVIDsTEA Inc.)

Damage or Destruction. (a) Tenant shall give Landlord prompt In the event of a total destruction of the Building during the term from any cause, either party may elect to terminate this Lease by giving written notice of any damage termination to the other party within thirty (30) days after the casualty occurs. A total destruction shall be deemed to have occurred for this purpose if the Building or the Premises by fire that are the subject of this Lease are destroyed to the extent of seventy-five percent (75%) or other casualtymore of the replacement cost thereof. If this Lease is not terminated, Lessor shall repair and restore the Premises in a diligent manner and this Lease shall continue in full force and effect, except that Monthly Base Rent and Additional Rent of the Premises which are the subject of this Lease shall be abated in accordance with Paragraph 20(c) below. (b) If In the event of a partial destruction of the Building or the Premises shall to an extent less than seventy-five percent (75%) of the replacement cost thereof, and if Lessor reasonably believes that the damage thereto can be rendered wholly untenantable by repaired, reconstructed, or restored within a period of two hundred seventy (270) days from the date of such casualty, unless terminated pursuant there are at least twelve (12) months remaining in the term of this Lease, and the casualty is from a cause which is normally insured under a standard policy of “all risk” property insurance or actually insured by any property insurance then carried by Lessor as to Section 7.1(d)(i) or 7.1(d)(ii) hereofwhich Lessor receives proceeds adequate to restore the damage, Lessor shall forthwith repair the same, and this Lease shall remain continue in full force and effect effect, except that Monthly Base Rent shall fully ▇▇▇▇▇ commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. (c) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially ▇▇▇▇▇ commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Additional Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area abated in accordance with Paragraph 20(c) below. If any of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage. (d) If there shall be damage to the Shopping Center by fire or other casualtyforegoing conditions are not met, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; or, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party Lessor shall have the option of either repairing and restoring the Building, or terminating this Lease by giving written notice of termination to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least Lessee within sixty (60) days after such noticethe casualty. If Tenant Lessor elects or is required to repair and restore the damage to the Premises, and such repair and restoration is not completed within 270 days from the date of the damage, then Lessee shall have the right to terminate this Lease pursuant if Lessor fails to this Section 7.1(d)complete such repair within forty-five (45) days (which 45-day period shall be extended by one day for each day of any delay to the completion of the restoration and repair outside of the reasonable control of Lessor, then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds for financial reasons, but not to exceed a total of insurance covering tenant's personal property 90 additional days of any such delay) after written notice from Lessee. (includingc) In the event of repair, without limitationreconstruction, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), aboverestoration as provided herein, the other party may avoid termination Monthly Base Rent and Additional Rent shall be abated proportionally in the ratio which Lessee’s use of this Lease by (i) committing in writing to pay the additional funds required to complete Premises is impaired during the necessary repairs and period of such repair, reconstruction, or restoration, which writing shall be delivered to the terminating party within ten (10) days after delivery of the termination notice, and (ii) providing to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after from the date of lossthe casualty until such repair, security for payment reconstruction or restoration is substantially completed. (d) With respect to any destruction of such excess costs reasonably satisfactory the Building which Lessor is obligated to repair, or may elect to repair, under the terminating party terms of this Paragraph 20, the provisions of Section 1932, Subdivision 2, and its lenders (if any)of Section 1933, Subdivision 4, of the Civil Code of the State of California are waived by the parties. Lessor’s obligation to repair and restore the Building shall not include any alterations performed by Lessee. (e) If there In the event of termination of this Lease pursuant to any of the provisions of this Paragraph 20, the Monthly Base Rent and Additional Rent shall be damage apportioned on a per diem basis and shall be paid to the Premises by fire date of the casualty. In no event shall Lessor be liable to Lessee for any damages resulting to Lessee from the occurrence of such casualty, or other casualty and from the repairing or restoration of the Building, or from the termination of this Lease is not terminatedas provided herein, Tenant nor shall promptly commence Lessee be relieved thereby from any of Lessee’s obligations hereunder, except to the extent and diligently prosecute upon the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used conditions expressly set forth in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damagethis Paragraph 20.

Appears in 2 contracts

Sources: Lease (Recursion Pharmaceuticals, Inc.), Lease (Recursion Pharmaceuticals, Inc.)

Damage or Destruction. (a) Tenant shall give Landlord prompt notice 24.01 In case of any damage to or destruction of the Premises by fire Demised Premises, or other casualtyany part hereof, Tenant shall promptly give written notice thereof to Landlord. 24.02 If any portion of the Demised Premises or the Building is damaged or destroyed to such an extent that the cost of restoration, as reasonably estimated by Landlord, will equal or exceed twenty-five (25%) percent of the replacement value of the Building (exclusive of foundations) just prior to the occurrence of the damage or destruction, then the Landlord shall have the option, to be exercised by giving written notice to Tenant within sixty (60) days of the event of damage or destruction, of: (a) terminating this Lease or (b) causing the Demised Premises to be repaired or restored (but only to the extent that it receives insurance proceeds from the holder of any mortgage lien or directly from the insurance company, as the case may be); provided, however, that if (a) more than 50% of the Demised Premises are damaged as a result of such casualty and (b) if, in the opinion of a qualified architect or contractor the Demised Premises cannot, as a result of such damage, be restored within one hundred eighty (180) days then and in that event Tenant shall have the option, which must be expressed in writing within fifteen (15) days of the damage or destruction, to terminate this Lease. If the Premises shall be rendered wholly untenantable by a casualty, unless terminated Landlord or Tenant elects to terminate pursuant to Section 7.1(d)(i) this Article 24.02, Tenant shall surrender and vacate the Demised Premises within 60 days of the receipt, or 7.1(d)(ii) hereofthe giving, this Lease shall remain in full force of such notice, as the case may be. From and effect except that Rent shall fully ▇▇▇▇▇ commencing on after the date of loss and continuing such damage or destruction until the earlier Demised Premises are restored (if they are to occur of: (ibe restored) Tenant shall remain and continue liable for the date payment of the Fixed Rent, Operating Expenses, Additional Rent, and all other charges required hereunder to be paid by Tenant reopens but such rent, charges and impositions shall be abated in such proportion as the square footage of the Demised Premises for business, which reopening is untenantable bears to the total square footage of the Demised Premises. 24.03 In the event that the Demised Premises or Building is damaged or destroyed by a casualty insured by Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty cost of restoration as reasonably estimated by Landlord is less than twenty-five (4525%) days after Tenant completes percent of the restorationreplacement value of the Building (exclusive of foundations) just prior to the occurrence of the damage or destruction, then Landlord shall promptly repair, but only to the extent that it receives insurance proceeds from the holder of any mortgage lien or directly from the insurance company, as the case may be. If Landlord causes the Demised Premises to be repaired or restored pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. (c) If only a portion of the Premises Article 24.02 or 24.03 such repair and/or restoration work shall be rendered untenantable, this Lease shall remain in full force done with reasonable diligence and effect except that Rent shall partially ▇▇▇▇▇ commencing on the date of loss and continuing until the earlier promptness (subject to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(eUnavoidable Delays), of the structural elements of the building of which the Premises form a part. In such event, the Rent provisions of this Lease shall be reduced unaffected and Tenant shall remain and continue liable for the payment of the Fixed Rent, Operating Expenses, Additional Rent, and all other charges required hereunder to an amount computed be paid by multiplying Tenant but such rent, charges and impositions shall be abated in such proportion as the Rent applicable prior to such damage by a fraction, square footage of the numerator of Demised Premises which is untenantable bears to the Floor Area total square footage of the Premises tenantable after such damage and Demised Premises. 24.04 Notwithstanding any contrary provision captioned herein, Landlord's obligation to repair shall not exceed the denominator of which is the Floor Area scope of the Premises prior work required to such damage. (d) If there be done by Landlord at the outset of this Lease and shall be damage not extend to the Shopping Center by fire any obligation to repair or other casualtyrestore Tenant's Property. Furthermore, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) should the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs occur during the last three (3) years year of the Term; orTerm or any extended term of this Lease, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairsshall, other than because not withstanding the provisions of any deductible amount of any policy other than Tenant's earthquake insurance policyArticle 24.03, then, in any such event, either party shall have the option to terminate of not repairing the Demised Premises and if Landlord does not so repair, Tenant will have the option of terminating this Lease. Said option . 24.05 Notwithstanding any contrary provision contained herein, if the Demised Premises shall be exercised, if at all, by notice to the other party on damaged or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day destroyed as a result of the first (1st) full calendar month falling at least sixty (60) days after such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d)act, then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) fault or (vi), above, the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party within ten (10) days after delivery negligence of the termination noticeTenant, and (ii) providing to the terminating partyor anyone acting or claiming under Tenant, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any). (e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used no abatement as provided in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damageArticle 24.03.

Appears in 2 contracts

Sources: Lease Agreement (Windsortech Inc), Lease Agreement (Windsortech Inc)

Damage or Destruction. (a) Tenant shall give Landlord prompt notice If all or any part of any damage to the Premises or any material portion of the balance of the Real Property is damaged by fire or other casualty. , Landlord shall, within sixty (b60) If days following the Premises date of the damage, give Tenant written notice of Landlord’s reasonable estimate of the time required from the date of the damage to repair the damage (the “Damage Estimate”). Landlord shall be rendered wholly untenantable by a casualty, unless terminated pursuant use commercially reasonable efforts to Section 7.1(d)(i) or 7.1(d)(ii) hereof, diligently proceed to repair the damage and this Lease shall remain in full force and effect except that Rent shall fully ▇▇▇▇▇ commencing on the date of loss and continuing until the earlier to occur of: if (i) the damage is caused by a peril covered by Landlord’s insurance (or required under this Lease to be covered by Landlord’s insurance), the proceeds from such insurance are sufficient (without considering any deductible amounts) to repair the damage (an “Insured Casualty”), and the Damage Estimate is two hundred seventy (270) days from the date Tenant reopens of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expeditecasualty or less, or (ii) the date forty five damage is caused by a peril not covered (45and not required to be covered) by Landlord’s insurance or the proceeds from Landlord’s insurance are not sufficient (without considering any deductible amounts) to repair the damage (an “Uninsured Casualty”), and the Damage Estimate is one hundred eighty (180) days after from the date of casualty or less. If the Damage Estimate is more than two hundred seventy (270) days, in the case of an Insured Casualty, or more than one hundred eighty (180) days, in the case of an Uninsured Casualty, Landlord, at its option exercised by written notice to Tenant completes the restoration, pursuant to Section 7.1(e), within sixty (60) days of the structural elements date of the building of damage, shall either (a) diligently proceed to repair the damage, in which the Premises form a part. (c) If only a portion of the Premises shall be rendered untenantable, event this Lease shall remain continue in full force and effect except that Rent effect, or (b) terminate this Lease as of the date specified by Landlord in the notice, which date shall partially ▇▇▇▇▇ commencing be not less than thirty (30) days nor more than sixty (60) days after the date such notice is given, and this Lease shall terminate on the date specified in the notice (provided, however, that as a condition to Landlord’s termination of loss this Lease, Landlord must concurrently terminate the leases of all other tenants of the Building similarly affected by the damage in question with whom Landlord has similar termination rights). Notwithstanding the foregoing, Landlord shall not be obligated to repair or replace any of Tenant’s movable furniture, equipment, trade fixtures, and continuing until other personal property, nor any Specialty Alterations or Above Building Standard Alterations installed in the earlier Premises by or at the request of Tenant (including those installed by Landlord at Tenant’s request, whether prior or subsequent to occur of: (i) the date commencement of the Lease term), and no damage to any of the foregoing shall entitle Tenant reopens to any rent abatement, and Tenant shall, at Tenant’s sole cost and expense, repair and replace such items. All such repair and replacement of Specialty Alterations and Above Building Standard Alterations by Tenant shall be performed in accordance with Paragraph 9 above regarding Alterations. If the repaired portion damage is to the Premises or if the Building is so damaged that access to or use and occupancy of the Premises for businessis materially impaired, the Damage Estimate is more than three hundred sixty-five (365) days, and Landlord does not give notice terminating this Lease within the sixty (60) day period provided above, then Tenant may give notice to Landlord, within fifteen (15) calendar days after the expiration of the aforesaid sixty (60) day period, terminating this Lease as of the date specified in Tenant’s termination notice, which reopening date shall not be before the date of such notice or more than thirty (30) days after the date of Tenant’s termination notice. If this Lease was not terminated pursuant to the above and Landlord is required by the terms hereof to repair the subject damages, then, if Landlord does not complete the repairs by the date that is three hundred sixty-five days (365) days following the date of the damage (such period to be extended by any delays caused by Tenant or its agents), then Tenant may terminate this Lease by providing Landlord with written notice of such termination within thirty (30) days after the end of such 365-day period, but in any event, prior to the date the repairs are completed, which written notice shall specify the termination date, which termination date shall not be before the date of such notice nor more than thirty (30) days after the date of such notice. Notwithstanding anything to the contrary contained in this Paragraph 26, if the initial Damage Estimate is more than ninety (90) days, and the date on which Landlord reasonably anticipates the repairs of such damage will be completed is during the last twelve (12) months of the Lease term, Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage. (d) If there shall be damage to the Shopping Center by fire or other casualty, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; or, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall each have the option to terminate this Lease. Said option shall be exercised, if at all, Lease by giving written notice to the other other, in the case of Landlord together with the Damage Estimate, or, in the case of Tenant, within thirty (30) days of Tenant’s receipt of the Damage Estimate, and this Lease shall terminate as of the date specified by the party on or in its termination notice, which date shall not be before the ninetieth date of such notice or more than thirty (90th30) day days after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least sixty (60) days after such notice. If Tenant elects Notwithstanding the foregoing, if Landlord exercises its right to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination provisions of this Lease subparagraph and Tenant has an unexpired, unexercised option to renew the term of this Lease, Tenant may cause Landlord’s termination exercise to be rescinded by (i) committing in writing exercising such option to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party renew within ten (10) days after Business Days following delivery of notice of Landlord’s exercise of its right to terminate this Lease, provided that all other conditions for the termination notice, and (ii) providing effectiveness of the exercise of such option to renew are satisfied. Notwithstanding anything to the terminating partycontrary in this Paragraph 26, within if damage which would otherwise lead to a reasonable period after delivery right to terminate this Lease results from the willful misconduct of Landlord or Tenant, the party from whose misconduct such notice, not damage results shall have no right to extend beyond terminate this Lease. If the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any). (e) If there shall be damage to the Premises by fire or other casualty damages the Premises or the common areas of the Real Property necessary for Tenant’s use and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair occupancy of the Premises, including all exterior wallsTenant ceases to use any portion of the Premises as a result of such damage, roofsthen during the period the Premises or portion thereof are rendered unusable by such damage and repair, floors Tenant’s Monthly Rent and supportsAdditional Rent under Paragraphs 5 and 7 above shall be proportionately reduced based upon the extent to which the damage and repair prevents Tenant from conducting, all internal partitionsand Tenant does not conduct, its business at the Premises; provided, however, if the damage results from the negligence or willful misconduct of Tenant or Tenant’s agents, employees, contractors or licensees, then Tenant’s Monthly Rent and Additional Rent will not ▇▇▇▇▇ unless Tenant reimburses Landlord for the deductible required under Landlord’s property damage/rental loss insurance. Tenant’s abatement period provide for herein shall continue until Tenant has been given reasonably sufficient time (as reasonably determined by Landlord, taking into account customary construction time frames for the construction of tenant improvements in space of similar size in comparable buildings in San Francisco) and sufficient access to the Premises, to rebuild the portion of the Premises it is required to rebuild, to install its property, furniture, fixtures, trade fixtures, shelving, casework, furniture data and furnishings used telecommunications cabling and equipment and to move in connection to the Premises over the course of one (1) full weekend (during which weekend Tenant shall be provided with the operation exclusive use (except for de-minimus use by others) of Tenant's business in the Building’s freight elevator). A total destruction of the Building shall automatically terminate this Lease. In no event shall Tenant be entitled to any compensation or damages from Landlord for loss of use of the whole or any part of the Premises or for any inconvenience occasioned by any such destruction, rebuilding or restoration of the Premises, as nearly as practicable the Building or access thereto, except for the rent abatement expressly provided above. Tenant hereby waives California Civil Code Sections 1932(2) and 1933(4), providing for termination of hiring upon destruction of the thing hired and Sections 1941 and 1942, providing for repairs to their respective conditions prior to such damageand of premises.

Appears in 2 contracts

Sources: Office Lease (Twitter, Inc.), Office Lease (Twitter, Inc.)

Damage or Destruction. (ai) Tenant shall give Landlord prompt notice of any damage Subject to the Landlord’s right of termination contained in section 6.3(a)(ii) and subject to this section 6.3, if the Premises or any part thereof will at any time during the Term be destroyed or damaged as a result of a casualty fully insured against by fire the Landlord, the Landlord will rebuild, repair, and make the Premises fit for the purpose of the Tenant. If such damage or other casualtydestruction is not caused by or resulting from any act, omission, default, or negligence of the Tenant, or persons for whom the Tenant is in law responsible, and if as a result of such occurrence the Premises are rendered unfit either in whole or in part for the business of the Tenant, then the Basic Rent hereby reserved, or a proportionate share thereof according to the nature and extent of the destruction or damage sustained, will be suspended and abated until the Landlord will have rebuilt, repaired, or made fit the Premises for the purpose of the Tenant. (b) If the Premises shall be rendered wholly untenantable by a casualty, unless terminated pursuant to Section 7.1(d)(i) or 7.1(d)(ii) hereof, this Lease shall remain in full force and effect except that Rent shall fully ▇▇▇▇▇ commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) In the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), event of the structural elements substantial destruction of the building of which the Premises form a part. Building (c) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially ▇▇▇▇▇ commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage. (d) If there shall be damage to the Shopping Center by fire or other casualty, whether or not the Premises is affected therebyare damaged), in which: (i) the Premises shall Landlord will, at its option to be sufficiently damaged to render exercised within 90 days after the entire Premises wholly untenantable; (ii) the occurrence of such damage or destruction destruction, by notice in writing to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; or, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option right to terminate this Lease, and upon the giving of such notice the Term will forthwith cease and terminate. Said option shall be exercised, if at all, by notice to If the other party on Premises are unfit either in whole or before in part for the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day business of the first (1st) full calendar month falling at least sixty (60) days after such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d)Tenant, then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect then, provided such damage or destruction is as a result of a casualty fully insured against by the Landlord and destruction (other than proceeds not caused by or resulting from any act, omission, default, or negligence of insurance covering tenant's personal property (the Tenant, or persons for whom the Tenant is in law responsible, including, without limitation, merchandise its servants, agents, employees, and equipmentcontractors, the Basic Rent hereby reserved, or a proportionate share thereof according to the extent to which the Premises cannot be used for the business of the Tenant, will be suspended and abated until the Landlord has rebuilt, repaired, or made fit the Premises for the purpose of the Tenant, provided that the Landlord has not exercised its aforesaid right of termination. If the Landlord has exercised its right of termination, the Tenant, after receipt of such notice of termination, will forthwith deliver up possession of the Premises to the Landlord and make payment of the Rent in the manner required by sections 6.3(a)(i) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi6.3(a)(ii), above, depending on the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party within ten (10) days after delivery circumstances of the termination noticedamage and destruction as provided for therein. Any Basic Rent that will have continued unabated or partially abated, and (ii) providing all Additional Rent, will be apportioned to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any)termination. (e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damage.

Appears in 1 contract

Sources: Lease Agreement

Damage or Destruction. (a) Tenant shall give Landlord prompt notice 6.01. In case of any damage to the Premises by fire or other casualty. (b) If the Premises shall be rendered wholly untenantable by a casualty, unless terminated pursuant to Section 7.1(d)(i) or 7.1(d)(ii) hereof, this Lease shall remain in full force and effect except that Rent shall fully ▇▇▇▇▇ commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), destruction of the structural elements of the building of which the Premises form a part. (c) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially ▇▇▇▇▇ commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, Property or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage. (d) If there shall be damage to the Shopping Center any part thereof by fire or other casualty, Lessee will promptly give written notice thereof to Lessor and shall, in accordance with the provisions of this Article and all other provisions of this Lease, restore the same as nearly as possible to its value, condition and character immediately prior to such damage or destruction, subject to Lessee's right to make alterations in conformity with and subject to the conditions of Article 9 hereof, and in conformity with the plans and specifications required to be prepared pursuant to Section 6.02, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; such damage or destruction has been insured or was insurable, (ii) Lessee is entitled to receive any insurance proceeds, or (iii) insurance proceeds are sufficient to pay in full the cost of the restoration work in connection with such restoration. Such restoration shall be commenced promptly (but no later than 60 days after the occurrence of such damage or destruction subject to Unavoidable Delays (hereinafter defined)) and shall be prosecuted and completed expeditiously and with utmost diligence, Unavoidable Delays excepted. Lessor, its agents and mortgagees, may, from time to time, inspect the Premises is restoration without notice in the event of an emergency or, in other cases, upon reasonable advance notice to an extent that it cannot Lessee during normal business hours. 6.02. In the event of any damage or destruction of the Property or any part thereof by fire or other casualty, and the estimated cost to repair exceeds Five Hundred Thousand Dollars ($500,000.00), Lessee agrees to furnish to Lessor at least twenty (20) days before the commencement of the restoration of such damage or destruction, the following: (i) complete plans and specifications for such restoration prepared by a licensed and reputable architect reasonably satisfactory to Lessor (the "Architect"), which plans and specifications shall meet with the reasonable approval of Lessor, together with the approval thereof by all governmental authorities then exercising jurisdiction with regard to such work, and which plans and specifications shall be repaired and become the sole and absolute property of Lessor in the event that, for any reason, this Lease shall be terminated. (ii) contracts then customary in the trade with (a) the Architect, and (b) with a reputable and responsible contractor reasonably approved by Lessor, providing for the completion of such restoration in accordance with said plans and specifications, which contracts shall meet with the reasonable diligence within one (1) year after the destruction or damage; approval of Lessor. (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years assignments of the Term; orcontracts with the Architect and the contractor so furnished, (vi) any insurance proceeds received duly executed and acknowledged by Landlord or Tenant for such damage are inadequate or unavailable for repairsLessee, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option Architect and the contractor by its terms to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least sixty (60) days after such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord upon any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid valid termination of this Lease or upon Lessor's re-entry upon the Property following a default by Lessee prior to the complete performance of such contract. (iv) certificates of insurance as set forth in Section 5.02 and as otherwise reasonably required by Lessor. 6.03. All insurance money on account of such damage or destruction shall be paid to Lessor or any mortgagee of the fee, and such insurance money, less the reasonable cost incurred by Lessor or such mortgagee in connection with adjustment of the loss and the collection thereof and Lessor's review of the plans and specifications and contracts, shall be applied by Lessor and any such mortgagee to the payment of the cost of the aforesaid restoration, including the cost of temporary repairs or for the protection of the Property pending the completion of permanent restoration (all of which temporary repairs, protection of Property and permanent restoration are hereinafter collectively referred to as the "Restoration"), and, upon written request of the Lessee shall be paid out to Lessee from time to time (but no more often than once per month) as such Restoration progresses pursuant to the provisions of this Section and shall be received by Lessee in trust for the purposes of paying the cost of such Restoration. The receipt by Lessor of the following are conditions precedent to each payment of insurance money to be made to Lessee pursuant to this Section: (i) committing in writing to pay the additional funds required to complete the necessary repairs and restorationa requisition ("Requisition") signed by Lessee, which writing shall be delivered to the terminating party within ten dated not more than thirty (1030) days after delivery prior to such request, certifying the following: (a) that the sum then requested either has been paid by Lessee, and/or is justly due to contractors, subcontractors, materialmen, engineers, architects or other persons who have rendered services or furnished materials for the Restoration therein specified, and giving a brief description of such services and materials and the several amounts so paid and/or due to each of said persons in respect thereof, and stating that no part of such expenditures has been or is being made the basis, in any previous or then pending request, for the withdrawal of insurance money or has been made out of the termination noticeproceeds of insurance received by Lessee, that the sum then requested does not exceed the value of the services and materials described in the Requisition, and (ii) providing to stating, in reasonable detail, the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any). (e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair progress of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used work in connection with the operation Restoration up to the date of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damage.Requisition; and

Appears in 1 contract

Sources: Lease Agreement (Tiffany & Co)

Damage or Destruction. (a) Tenant If the Premises are damaged by fire, other casualty, acts of God, or the elements (a "Casualty"), this Lease shall not terminate and such damaged portion of the Premises shall be repaired or rebuilt as set forth in Paragraph 17(b), unless this Lease is terminated as provided in this Paragraph 17(a). If the Premises are (i) damaged to such an extent that repairs cannot, in Landlord's judgment, be completed within one hundred eighty (180) days after the date of the Casualty (if Landlord so determines that the repairs cannot be completed within such one hundred eighty (180) day period, Landlord shall give Landlord prompt Tenant notice of any damage to such determination within forty-five (45) days after the date of such Casualty), or (ii) damaged or destroyed as a result of a risk which is not insured under standard fire insurance policies with extended coverage endorsement, or (iii) damaged or destroyed during the last eighteen (18) months of the Term, or if the Building is damaged in whole or in part (whether or not the Premises are damaged), to such an extent that the Building cannot, in Landlord's judgment, be operated economically as an integral unit, then and in any such event Landlord may at its option terminate this Lease by fire notice in writing to Tenant within forty-five (45) days after the date of such occurrence. If the Premises are damaged to such an extent that repairs cannot, in Landlord's judgment, be completed within one hundred eighty (180) days after the date of the Casualty or other casualtyif the Premises are substantially damaged during the last eighteen (18) months of the Term, then in either such event Tenant may elect to terminate this Lease by notice in writing to Landlord within forty-five (45) days after the date of such occurrence. If the Lease is terminated pursuant to this Paragraph 17(a), the termination shall be effective as of the date of the Casualty and the Rent shall ▇▇▇▇▇ from that date, and any Rent paid for any period beyond such date shall be refunded to Tenant. (b) If this Lease is not terminated as provided in Paragraph l7(a), then Landlord shall, at its sole cost and expense, restore the Premises as speedily as practical; provided, however, Landlord's obligation shall be rendered wholly untenantable by a casualtylimited to restoration of the Premises substantially to the condition existing immediately prior to the Casualty. During the restoration period, unless terminated pursuant to Section 7.1(d)(i) or 7.1(d)(ii) hereof, this Lease shall remain in full force Fixed Rent and effect except that Additional Rent shall fully not ▇▇▇▇▇ commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens for any period the Premises for business, which reopening are undergoing restoration or repair. If the cost of performing such repairs exceeds the actual proceeds of insurance paid or payable to Landlord and Tenant shall diligently work together to expediteon account of such Casualty, or (ii) if Landlord's mortgagee or the date forty lessor under a ground or underlying lease shall require that any insurance proceeds from a casualty loss be paid to it, Landlord may terminate this Lease unless Tenant, within forty-five (45) days after Tenant completes demand therefor, deposits with Landlord a sum of money sufficient to pay the restoration, pursuant to Section 7.1(e), difference between the cost of repair and the proceeds of the structural elements of the building of which the Premises form a partinsurance available to Landlord for such purpose. (c) If only a portion of Landlord, subject to Force Majeure and subject to delays caused by Tenant, does not restore the Premises as required in Paragraph 17(b) within the time period therein set forth, Tenant may terminate this Lease at any time thereafter [and Rent shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially ▇▇▇▇▇ commencing on accounted for as of the date of loss and continuing until termination (as of the earlier date of the Casualty with respect to occur of: the damaged portion)], prior to the date such restoration is substantially completed, provided (i) the date Tenant reopens the repaired portion of the Premises for businessgives Landlord not less than thirty (30) days' prior written notice, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) Landlord does not complete the date forty five restoration during such thirty (4530) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damageday period. (d) If there the Modular Office Furniture set forth on Exhibit M shall be damage to the Shopping Center --------- destroyed by fire or fire, other casualty, whether or not the Premises is affected therebyacts of God, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs elements during the last three (3) years Term of the Term; or, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least sixty (60) days after such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party within ten (10) days after delivery of the termination notice, and (ii) providing to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any). (e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair be required to replace such Modular Office Furniture with modular office furniture of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, equal value as nearly soon as reasonably practicable to their respective conditions prior to such damageusing due diligence.

Appears in 1 contract

Sources: Lease Agreement (Wells Real Estate Investment Trust Inc)

Damage or Destruction. (a) Tenant If the Building or any part of the Building is destroyed or damaged and the Lessor decides to demolish the Building notwithstanding that the Premises may be unaffected or only partially affected by such damage or destruction; or if the Premises shall give Landlord prompt notice be destroyed or so damaged as to render the same untenantable, then this Lease shall determine and the Lessee shall be liable for payment of rent only up to the date of such determination but such determination shall not discharge any party in respect of any damage to the Premises by fire or other casualtyantecedent breach of this Lease. (b) If the Premises or any part of the Premises (other than a minor part not affecting the usefulness thereof to any material extent) shall be rendered wholly untenantable by a casualty, unless terminated pursuant damaged to Section 7.1(d)(i) or 7.1(d)(ii) hereof, this Lease shall remain such an extent as to render it inexpedient in full force and effect except that Rent shall fully ▇▇▇▇▇ commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), opinion of the structural elements of the building of which the Premises form a part. (c) If only a portion of Lessor to repair such damage and whether or not the Premises shall be rendered untenantable, the Lessor may determine this Lease by giving to the Lessee 30 days notice in writing but such determination shall remain not discharge any party in full force respect of any antecedent breach of this Lease. (c) If the Premises or any part of the Premises shall be damaged but not to such an extent as to render the same untenantable and effect except that if the Lessor shall not elect pursuant to the foregoing provisions to determine this Lease, the Annual Rent shall partially abat▇ ▇▇▇▇▇ commencing on portionately to the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion net lettable area of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), rendered unusable by reason of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator in case of which is the Floor Area of the Premises prior to such damage. (d) If there shall be damage any dispute or difference as to the Shopping Center by fire amount or other casualty, period of such abatement or as to whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; or, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least sixty (60) days after such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party within ten (10) days after delivery of the termination notice, and (ii) providing to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any). (e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damage.

Appears in 1 contract

Sources: Deed of Lease (Lithium Technology Corp)

Damage or Destruction. (a) Tenant shall give ▇▇▇▇▇▇ agrees to notify Landlord prompt notice promptly of the occurrence of any damage to the Premises by fire or other casualty. (b) If Premises. In the event of damage to the Premises, to the extent that Tenant shall continue to have convenient access to the Premises shall be rendered wholly untenantable by a casualty, unless terminated pursuant to Section 7.1(d)(iand no more than twenty-five percent (25%) or 7.1(d)(ii) hereof, this Lease shall remain in full force and effect except that Rent shall fully ▇▇▇▇▇ commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. (c) If only a portion of the Premises shall be rendered untenantableunfit for Tenant's use thereof, this Lease Landlord shall remain repair the damage promptly and diligently, but in full force and effect except that Rent any event within thirty (30) days of such damage. To the extent Tenant shall partially ▇▇▇▇▇ commencing on the date of loss and continuing until the earlier not have convenient access to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty more than twenty-five (4525%) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage. (d) If there shall be damage to the Shopping Center by fire or other casualty, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or rendered unfit for Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; oruse or occupancy, (vi) any insurance proceeds received by Landlord or Tenant for shall promptly and diligently repair such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least within sixty (60) days after of the occurrence of the same, in which event the Base Rent shall be equitably abated during such noticeperiod of repair. If In the event that Landlord shall not have repaired such damage within such 60-day period, Tenant elects to terminate shall have the option of either terminating this Lease pursuant or granting Landlord an additional period of time in which to this Section 7.1(d)complete such repairs. In the event that the Premises shall be wholly untenantable or unfit for occupancy, then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, shall automatically terminate upon the other party may avoid date of the occurrence of such damage. In the event of any termination of this Lease by (i) committing arising out of damage to, or destruction of, the Premises in writing to pay accordance with the additional funds required to complete the necessary repairs and restorationprovisions of this Section 16, which writing shall be delivered to the terminating party within ten (10) days after delivery then, following an apportionment of the termination notice, and (ii) providing Rent up to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of losssuch damage or destruction, security for payment this Lease shall thereafter be of no further force or effect so that neither Landlord nor Tenant shall have any further rights, duties or obligations hereunder as of the date of such excess costs reasonably satisfactory to the terminating party and its lenders (if any)termination. (e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damage.

Appears in 1 contract

Sources: Lease Agreement

Damage or Destruction. (a) Tenant shall give Landlord prompt notice of any damage Subject to the Premises by fire or other casualty. (b) If the Premises shall be rendered wholly untenantable by a casualty, unless terminated Strata Corporation’s rights pursuant to Section 7.1(d)(i) or 7.1(d)(ii) hereofsection 159 of the Strata Property Act, this Lease shall remain in full force and effect except that Rent shall fully ▇▇▇▇▇ commencing on if the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expediteLeased Premises, or (ii) any part thereof, shall at any time during the date forty five (45) days after Tenant completes Term be destroyed or damaged and, in the restoration, pursuant to Section 7.1(e), opinion of the structural elements of Landlord’s Architect the building of which the Leased Premises form a part. (c) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially ▇▇▇▇▇ commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage. (d) If there shall be damage to the Shopping Center by fire or other casualty, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one hundred twenty (1120) year after days from the date of such destruction or damage; (iii) either , or in the Shopping Center or the building event of which the Premises are a part is damaged damage to the extent of fifty percent (50%) or more of its insured replacement cost; the Building or of the substantial destruction of the Building whether or not the Leased Premises are damaged, then: (iva) the loss is caused by any risk not covered by either Landlord's Rental hereby reserved, or Tenant's insurance; (v) a proportionate part thereof according to the damage occurs during the last three (3) years nature and extent of the Term; or, (vi) any insurance proceeds received by Landlord destruction or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercisedsustained, shall be effective on suspended and abated until the last day Landlord shall have rebuilt, repaired, or made fit the Leased Premises or the Building for the purpose of the first Tenant; (1stb) full calendar month falling at least the sole discretion of the Landlord to be exercised within sixty (60) days after such notice. If Tenant elects the occurrence of that damage or destruction by notice in writing to the Tenant, the Landlord shall have the right to terminate this Lease pursuant to this Section 7.1(d), then Lease; (c) upon the giving of that notice the Term shall immediately cease and terminate; (d) the Tenant after receipt of that notice shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination of this Lease by immediately: (i) committing in writing to pay make payment of the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered Rental apportioned to the terminating party within ten (10) days after delivery date of the termination notice, and that termination; and (ii) providing deliver up possession of the Leased Premises to the terminating partyLandlord, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any).and (e) the terms “Building” and “Leased Premises” for the purposes of this section 6.8, shall not be deemed to include the improvements installed in the Leased Premises under the provisions of Schedule “A” hereof respecting Tenant’s Work. If there the Landlord does not exercise its termination right, the Landlord shall be damage diligently rebuild the Leased Premises to the Premises by fire or other casualty and extent of its obligations as described in this Lease is (provided that the Landlord shall not terminatedbe obligated to provide any loans, Tenant shall promptly commence and diligently prosecute allowances or inducements to the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damage).

Appears in 1 contract

Sources: Lease Agreement (Business Objects S.A.)

Damage or Destruction. (a) Tenant shall give Landlord prompt notice of In the event that the leased premises or any damage to the Premises --------------------------- part thereof are totally or partially damaged or destroyed by fire or by other casualty. (b) If perils against which the Premises shall be rendered wholly untenantable by a casualty, unless terminated pursuant to Section 7.1(d)(i) or 7.1(d)(ii) hereofleased premises are insured, this Lease lease shall continue and remain in full force and effect except that Rent shall fully ▇▇▇▇▇ commencing on throughout the date remainder of loss and continuing until the earlier term, subject to occur of: the following: 7.12.1. - That the Landlord notifies the Tenant within thirty (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (4530) days after Tenant completes the restoration, pursuant to Section 7.1(e), of the structural elements occurrence of the building of which the Premises form a part. (c) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially ▇▇▇▇▇ commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage. (d) If there shall be damage to the Shopping Center by fire or other casualty, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction that it will repair or rebuild the same, provided that if the Landlord notifies the Tenant within thirty (30) days of the occurrence of the damage or this lease and any renewal thereof shall be terminated from the happening of such damage or destruction and the Tenant shall immediately surrender the said leased premises and all interest therein to the Premises is Landlord, and the Landlord may re- enter or repossess the leased premises discharged by this lease, and may remove all parties therefrom with a reasonable time thereafter; and all payments required to an extent that it cannot be repaired with reasonable diligence within one (1) year after made under the destruction or damage; (iii) either terms of this lease shall be apportioned and in making such apportionment the Shopping Center or the building of which the Premises are a part is damaged Tenant shall pay rent only to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years time of the Term; orhappening of such damage, (vi) any insurance proceeds received by Landlord or but the Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least sixty (60) days after such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party within ten (10) days after delivery of the termination notice, and (ii) providing to the terminating party, within a reasonable period time after delivery of such noticenotification to remove its property from the leased premises, not provided that all rent due or to extend beyond the date which become due hereunder is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any)fully paid. (e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damage.

Appears in 1 contract

Sources: Lease Agreement (Cacheflow Inc)

Damage or Destruction. (a) Tenant shall give Landlord prompt notice The destruction of any damage to the Premises leased premises ---------------------- or the Building, by fire or the elements or other casualty. casualty or such material injury thereto so as to render the leased premises unquestionably untenantable for one hundred twenty (b120) days, shall produce and work a termination of this lease. Provided, however, that such destruction or injury so as to render the leased premises unquestionably untenantable for more than twenty (20%) percent of the unexpired term shall also, at the option of the Landlord, produce and work a termination of this lease. If Landlord and Tenant cannot agree as to the Premises number of days the Building or leased premises are unquestionably untenantable, the fact shall be rendered wholly untenantable determined by a casualty, unless terminated pursuant to Section 7.1(d)(i) or 7.1(d)(ii) hereof, this Lease shall remain in full force and effect except that Rent shall fully ▇▇▇▇▇ commencing on arbitration; the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty each choose an arbitrator within five (455) days after Tenant completes either has notified the restorationother in writing of such damage. The two arbitrators so chose, pursuant to Section 7.1(e)before entering on the discharge of their duties, shall elect a third, and the decision of any two of such arbitrators shall be conclusive and binding upon both parties hereto. If it is determined by arbitration, or by agreement between the Landlord and Tenant, that said premises are not unquestionably untenantable for one hundred twenty (120) days or twenty (20%) percent of the structural elements of unexpired term, whichever is applicable, then Landlord shall restore said premises to substantially the building of same condition in which the Premises form a part. (c) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially ▇▇▇▇▇ commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises they existed prior to such damage. (d) If there shall be damage to the Shopping Center by fire or other casualty, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either at Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; orown expense, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least sixty (60) days after such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage all reasonable speed and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party within ten (10) days after delivery of the termination noticepromptness, and (ii) providing to the terminating party, within in such case a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party just and its lenders (if any). (e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damage.proportionate part of

Appears in 1 contract

Sources: Lease Agreement (Enterbank Holdings Inc)

Damage or Destruction. (a) Tenant shall give Landlord prompt notice of any damage to the Premises by fire or other casualty. (b) If the Premises shall be rendered wholly untenantable by a casualty, unless terminated pursuant to Section 7.1(d)(i) so damaged or 7.1(d)(ii) hereof, this Lease shall remain in full force and effect except that Rent shall fully ▇▇▇▇▇ commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. (c) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially ▇▇▇▇▇ commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage. (d) If there shall be damage to the Shopping Center destroyed by fire or other casualty, whether or not casualty that the Premises is affected therebysame, in which: the opinion of Sublessor (i) or Lessor, as the Premises shall be sufficiently damaged to render the entire Premises wholly case may be), are untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; or, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party then Sublessor shall have the option right to terminate this Lease. Said Sublease effective as of the date of such damage or destruction, which option shall be exercised, if at all, by Sublessor giving Subtenant written notice to the other party on or before the ninetieth of same within thirty (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least sixty (6030) days after such noticedamage or destruction if reasonably possible. If Tenant this Sublease shall be terminated in accordance with this section, the rent hereunder shall be apportioned to the date of such damage or destruction, and Subtenant shall immediately surrender and deliver up the Premises to Sublessor. If Sublessor elects not to terminate this Sublease in accordance with this section, provided, however, that the Main Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received is not terminated by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), aboveLessor, the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing rent hereunder shall be delivered to the terminating party within ten (10) days after delivery of the termination notice, and (ii) providing to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after abat▇ ▇▇▇m the date of loss, security for payment of such excess costs reasonably satisfactory damage or destruction to the terminating party and its lenders (if any). (e) If there shall be damage to date the Premises are again tenantable. In such event, Sublessor shall use its best efforts to enforce the provisions of the Main Lease requiring Lessor to promptly repair or rebuild the Premises (except such fixtures, furnishings, equipment and tenant improvements as shall have been installed by fire or other casualty Subtenant), and this Lease is not terminated, Tenant Sublease shall promptly commence remain in full force and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damageeffect.

Appears in 1 contract

Sources: Sublease Agreement (Netmed Inc)

Damage or Destruction. (a) Tenant shall give Landlord prompt notice of any damage Subject to the provisions of Paragraphs 11(b) and 11(c) below, if, during the Term, the Premises are totally or partially destroyed from any insured casualty, Landlord shall, within SIXTY (60) DAYS after the destruction, commence to restore the Premises to substantially the same condition as they were in immediately before the destruction and prosecute the same diligently to completion. Such destruction shall not terminate this Lease. Landlord's obligation shall not include repair or replacement of Tenant's alterations or Tenant's equipment, furnishings, fixtures and personal property. If the existing laws do not permit the Premises to be restored to substantially the same condition as they were in immediately before destruction, and Landlord is unable to get a variance to such laws to permit the commencement of restoration of the Premises within the 60-day period, then either party may terminate this Lease by fire or giving written notice to the other casualtyparty within thirty (30) days after expiration of the 60-day period. (b) If Despite the Premises shall be rendered wholly untenantable by a casualtyprovisions of Paragraph 11 (a) above, unless terminated pursuant Landlord may decide within SIXTY (60) days after such destruction to Section 7.1(d)(i) or 7.1(d)(ii) hereofdemolish the Building rather than rebuild it, in which case this Lease shall remain in full force and effect except that Rent shall fully ▇▇▇▇▇ commencing on will terminate as of the date of loss and continuing until the earlier to occur of: destruction. Landlord shall give Tenant written notice of its intention within SIXTY (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (4560) days after Tenant completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a partdestruction. (c) If only a portion any destruction occurs to the Premises during the last six (6) months of the Premises shall be rendered untenantableinitial Term or during the last six (6) months of any extension period, regardless of the nature and extent of the destruction, either party can elect to terminate this Lease shall remain in full force and effect except that Rent shall partially ▇▇▇▇▇ commencing on the date of loss and continuing until the earlier to occur of: within thirty (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (4530) days after Landlord completes the restoration, destruction occurs. If this Lease does not terminate pursuant to Section 7.1(ethis Paragraph 11 (c), the provisions of the structural elements of the building of which the Premises form a part. In such event, the Rent Paragraph 11 (a) above shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damageapply. (d) If there shall be damage to the Shopping Center by fire or other casualty, whether or not the Premises is affected therebyare damaged from any uninsured casualty to any extent whatsoever, in whichLandlord may within SIXTY (60) days following the date of such damage: (i) commence to restore the Premises to substantially the same condition as they were in immediately before the destruction and prosecute the same diligently to completion, in which event this Lease shall be sufficiently damaged to render the entire Premises wholly untenantablecontinue in full force and effect; or (ii) within the damage or 90-day period Landlord may elect not to so restore the Premises, in which event this Lease shall cease and terminate. In either such event, Landlord shall give Tenant written notice of its intention within the 90-day period. (f) The provisions of California Civil Code Sections 1932(2) and 1933(4), and any successor statutes, are inapplicable with respect to any destruction of the Premises, such sections providing that a lease terminates upon the destruction of the Premises unless otherwise agreed between the parties to the Premises is to an extent that it cannot be repaired with reasonable diligence within one contrary. (1g) year after the destruction or damage; (iii) either the Shopping Center or the building Notwithstanding any other provisions of which this Paragraph 11, if the Premises are a part is damaged to the extent of fifty percent (more than 50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; or, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, % destroyed then, in any such event, either party Tenant shall have the option to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least sixty (60) days after such notice. If Tenant elects right to terminate this Lease pursuant to this Section 7.1(d)lay giving Landlord written notice thereof; provided, then Tenant shall turn over to however, Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to does not substantially complete the necessary repairs and restoration, which writing shall be delivered to the terminating party within ten (10) days after delivery restoration of the termination notice, and (ii) providing Premises prior to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any). (e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation receipt of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damagewritten notice of termination.

Appears in 1 contract

Sources: Office Lease (MCB Financial Corp)

Damage or Destruction. (a) Tenant shall give Landlord prompt notice of any damage to the Premises by fire or other casualty. (b) Section 8.1. If the Premises or any part thereof shall be rendered wholly untenantable by a casualty, unless terminated pursuant to Section 7.1(d)(i) or 7.1(d)(ii) hereof, this Lease shall remain in full force and effect except that Rent shall fully ▇▇▇▇▇ commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. (c) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially ▇▇▇▇▇ commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage. (d) If there shall be damage to the Shopping Center damaged by fire or other casualty, whether then except as otherwise provided in this Article 8, this Lease shall be unaffected thereby and shall continue in full force and effect. Tenant shall give immediate notice of any such damage to Landlord, and Landlord shall, subject to Sections 8.2 and 8.3 below, cause such damage to be remedied or not repaired by restoring the Premises is affected therebyto the condition existing immediately prior to such damage or destruction. Section 8.2. Notwithstanding the provisions of Section 8.1 hereof, in which: the event of (ia) a Major Casualty (as hereinafter defined), Landlord, at its option, may terminate this Lease by giving written notice of termination to Tenant, in which event this Lease shall terminate thirty (30) days after the giving of such notice and all Fixed Rent and Additional Rent shall be apportioned as of the date of such Major Casualty and paid by Tenant to Landlord to the extent not previously paid. Tenant shall remove all of its property and equipment from the Premises not later than such date of termination. For the purposes of this Section 8.2, a Major Casualty shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the mean damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; or, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least sixty (60) days after such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination of this Lease by Building (i) committing having a cost of repair or restoration in writing to pay the additional funds required to complete the necessary repairs and restorationexcess of $500,000.00, which writing shall be delivered to the terminating party within ten (10) days after delivery of the termination notice, and or (ii) providing requiring, in the reasonable judgment of a licensed architect selected by Landlord, more than one hundred eighty (180) days to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any). (e) repair or restore. If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Fixed Rent shall be abated for the portion of the Premises that is not usable by Tenant shall promptly commence and diligently prosecute for the restoration and repair period of time such portion is unusable, including any portion of the Premises which is not damaged but is rendered unusable as a result of damage to any other part of the Premises. Furthermore, including all exterior wallsTenant shall have the right to terminate this Lease if (a) the Major Casualty occurs during the last year of the Term (or during the last year of any Extended Term under Article 22 if the applicable extension option for such Extended Term shall have been exercised), roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with or (b) more than one hundred eighty (180) days would be required to repair or restore the operation of Tenant's business in damage to the Premises. Section 8.3. If this Lease is not terminated in accordance with Section 8.2 hereof, as nearly as practicable Landlord shall repair and restore the Building and the structural elements and building systems of the Premises substantially to their respective conditions condition immediately prior to such damagethe casualty, provided that no Event of Default by Tenant shall have occurred and then be continuing.

Appears in 1 contract

Sources: Lease Agreement (Smith Electric Vehicles Corp.)

Damage or Destruction. (a) Tenant shall give Landlord prompt notice of In the event improvements on the premises are damaged and rendered uninhabitable in whole or in part by any damage casualty which is covered under an insurance policy required to the Premises by fire or other casualty. (b) If the Premises shall be rendered wholly untenantable by a casualty, unless terminated maintained pursuant to Section 7.1(d)(iParagraph 14 or otherwise, the Landlord may, at Landlord's option, either (1) or 7.1(d)(iirepair such damage as soon as reasonably possible, but no later than thirty (30) hereofdays after the damage occurs, at Landlord's expense, in which event this Lease shall remain continue in full force and effect except that Rent shall fully ▇▇▇▇▇ commencing on effect, or (2) give written notice to Tenant within seven (7) days after the date of loss occurrence of such damage of Landlord's inability to correct the damages within thirty (30) days, stating the length of time estimated for Landlord to make such repairs and continuing until the earlier therefore its intention to occur of: (i) the date Tenant reopens the Premises for businesscancel and terminate this lease, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), as of the structural elements of the building of which the Premises form a part. (c) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially ▇▇▇▇▇ commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion occurrence of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a partdamage. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage. (d) If there shall be damage to the Shopping Center by fire or other casualty, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; or, (vi) any insurance proceeds received by event Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option elects to terminate this Lease. Said option shall be exercised, if at allbecause of its inability to correct the problem within thirty (30) days, by notice to the other party on or before the ninetieth (90th) day after the date of loss andas aforesaid, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least sixty (60) days after such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, have the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party right within ten (10) days after delivery receipt of the termination required notice, and to notify Landlord in writing of either (ii1) providing Tenant's intention to the terminating partyrepair such damage at Tenant's expense, within a reasonable period after delivery of such noticewithout reimbursement from Landlord, not to extend beyond the date in which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any). (e) If there shall be damage to the Premises by fire or other casualty and event this Lease is not terminatedshall continue in full and effect, and Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, proceed to make such repairs as nearly soon as practicable to their respective conditions prior to such damage.reasonably possible; or

Appears in 1 contract

Sources: Commercial Lease Agreement (Military Resale Group Inc)

Damage or Destruction. If part of or all of the Premises are damaged or destroyed by fire, lightning, tempest or any other perils insured against in virtue of the insurance policies stipulated in Article 11 of these presents, then: (a) Tenant shall give Landlord prompt notice of any if the damage to or the destruction is such that the Premises by fire or other casualty. (b) If the Premises shall be are rendered wholly untenantable by a casualtyunfit for occupancy or it is impossible or unsafe to use or occupy them, unless terminated pursuant to Section 7.1(d)(i) or 7.1(d)(ii) hereof, this Lease shall remain and if in full force and effect except that Rent shall fully ▇▇▇▇▇ commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. (c) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially ▇▇▇▇▇ commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such either event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage. (d) If there shall be damage to the Shopping Center by fire or other casualty, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it damages cannot be repaired with reasonable diligence within one hundred and eighty (1I 80) year after days following such damage or destruction, the Lessor may, within the five (5) days following such damage or destruction, cancel the present Lease by way of written notice to the Lessee; in which event, the Lease shall terminate on the day of such damage or destruction, and the rent and all other sums for which the Lessee is responsible under the terms of the Lease must be calculated and paid in full to the date of the damage or the destruction. In the event that the Lessor decides not to cancel the Lease, the Lessor must repair the damages or destruction within a reasonable delay, and in which event, the rent shall be abated from the date of the damages or the destruction or damage; (iii) either until the Shopping Center or the building of which date that the Premises are repaired in such a part is damaged manner as to enable the extent Lessee to use and occupy them, plus an additional period of fifty percent up to thirty (50%30) or more of its insured replacement cost; days to permit the Lessee to refixture the Premises; (ivb) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) if the damage occurs during is such that the last three Premises are rendered wholly unfit for occupancy or it 1s impossible or unsafe to use or occupy them, but if in either event, the damages may be repaired by the Lessor with reasonable diligence within one hundred and eighty (3180) years days following such damage, the rent shall be abated from the date of the Term; ordamages until the date that the Premises are repaired in such a manner as to enable the Lessee to use and occupy them, plus an additional period of up to thirty (vi30) any insurance proceeds received days to permit the Lessee to refixture the Premises (c) if, in the foregoing events, the damage or the destruction is such that the Premises may be partially used for the purposes designated by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policythe present Lease, then, in any until such eventdamage or destruction is repaired by the Lessor, either party shall have the option to terminate this Lease. Said option rent shall be exercised, if at all, by notice abated in the proportion that part of the Premises unfit for occupancy bears to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least sixty (60) days after such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party within ten (10) days after delivery of the termination notice, and (ii) providing to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any). (e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair whole of the Premises, including all exterior wallsand this, roofsfrom the date of the damages or destruction until the date that the said part of the Premises are repaired in such a manner as to enable the Lessee to use and occupy them, floors and supportsplus an additional period of up to thirty (30) days to permit the Lessee to refixture the Premises. Notwithstanding the foregoing, all internal partitionsif the Premises and/or the Building are totally destroyed, fixtures, trade fixtures, shelving, casework, furniture and furnishings used the Lessor may relocate the Lessee in connection with the operation of Tenant's business comparable space in the Premises, as nearly as practicable to their respective vicinity of the Building within a reasonable time period and within the delays mentioned in the present Article. The relocation shall not affect the other terms and conditions prior to such damageof the present Lease.

Appears in 1 contract

Sources: Lease Agreement (Ephs Holdings, Inc.)

Damage or Destruction. (a) Tenant shall give Landlord prompt notice If all or any part of any damage to the Premises or any material portion of the balance of the Real Property is damaged by fire or other casualty. , then within sixty (b60) days of the date of the damage Landlord shall give Tenant notice of Landlord's reasonable estimate of the time required from the date of the damage to repair the damage (the "Damage Estimate"). If the Premises shall be rendered wholly untenantable by a casualty, unless terminated pursuant to Section 7.1(d)(iDamage Estimate is two hundred seventy (270) days or 7.1(d)(ii) hereofless, this Lease shall remain in full force and effect except that Rent effect, and if the fire or other casualty damages the Premises and/or areas of the Building and/or any portion of the Common Areas of the Real Property necessary for Tenant's use and occupancy of the Premises, then Landlord shall fully ▇▇▇▇▇ commencing on diligently proceed to repair the damage. If the Damage Estimate is more than two hundred seventy (270) days, Landlord, at its option exercised by written notice to Tenant within seventy-five (75) days of the date of loss and continuing until the earlier to occur of: damage, shall either (i) continue this Lease in full force in effect, and, if the date Tenant reopens fire or other casualty damages the Premises and/or areas of the Building and/or any portion of the Common Areas of the Real Property necessary for businessTenant's use, which reopening Landlord and Tenant shall enjoyment and/or occupancy of the Premises, diligently work together proceed to expediterepair the damage, or (ii) terminate this Lease as of the date forty five specified by Landlord in the notice, which date shall be not less than thirty (4530) days after Tenant completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. (c) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially ▇▇▇▇▇ commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage. (d) If there shall be damage to the Shopping Center by fire or other casualty, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or nor more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; or, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least sixty (60) days after the date such notice is given, and this Lease shall terminate on the date specified in the notice. If Tenant elects to ; provided Landlord may only terminate this Lease if Landlord also terminates the leases of all similarly situated tenants whose leases are terminable pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party within ten (10) days after delivery of the termination notice, and (ii) providing to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any)express terms thereof. (e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damage.

Appears in 1 contract

Sources: Office Lease (e.l.f. Beauty, Inc.)

Damage or Destruction. (a) Tenant shall give Landlord prompt notice of any damage to In the event the Premises or any portion of the Building necessary for Tenant’s occupancy are damaged by fire fire, earthquake, act of God, the elements, or other casualty, within thirty (30) days after that event, Landlord shall notify Tenant of the estimated time, in Landlord’s reasonable judgment, required for repair or restoration. If the estimated time is one hundred and fifty (150) days or less after the commencement of the physical work and one hundred and eighty (180) days or less after the casualty event, Landlord shall proceed promptly and diligently to adjust the loss with applicable insurers, to secure all required governmental permits and approvals, and to repair or restore the Premises or the portion of the Building necessary for Tenant’s occupancy. This Lease shall remain in full force, except that for the time unusable, Tenant shall receive a proportionate rental abatement for that part of the Premises rendered unusable in the conduct of Tenant’s business. (b) If the Premises shall be rendered wholly untenantable by a casualtyestimated time for repair or restoration is in excess of one hundred and fifty (150) days after the commencement of the physical work or one hundred and eighty (180) days after the casualty event, unless terminated pursuant Tenant or Landlord may elect to Section 7.1(d)(i) or 7.1(d)(ii) hereof, terminate this Lease shall remain in full force and effect except that Rent shall fully ▇▇▇▇▇ commencing on as of the date of loss and continuing until the earlier casualty event by giving notice to occur of: the other party within fifteen (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (4515) days after Tenant completes the restoration, pursuant to Section 7.1(e), following receipt of Landlord’s written notice of the structural elements of the building of which the Premises form a partestimated time for repair. (c) If only a portion of Notwithstanding the Premises foregoing, Landlord’s obligation to restore or repair the Building shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially ▇▇▇▇▇ commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage. (d) If there shall be damage limited to the Shopping Center by fire or other casualty, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building amount of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; or, (vi) any insurance proceeds actually received by Landlord or Tenant for such damage are inadequate reconstruction or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least sixty (60) days after such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party within ten (10) days after delivery of the termination notice, and (ii) providing to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any)repair. (e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damage.

Appears in 1 contract

Sources: Office Lease (Java Detour Inc.)

Damage or Destruction. (a) Tenant shall give Landlord prompt notice covenants and agrees that, in the event of any damage to or the destruction of the Premises by fire fire, the elements or any other casualty. (b) If , Landlord, at its expense, promptly will repair, restore and rebuild the Premises as nearly as possible to the condition that they were in immediately prior to such damage or destruction. In the event that such damage or destruction makes the Premises, in whole or in part, unfit in Tenant’s reasonable judgment for Tenant’s business use, then the rent provided for in this lease, or a proportionate part thereof according to the extent of Tenant’s loss of use of the Premises, shall be rendered wholly untenantable by a casualty, unless terminated pursuant to Section 7.1(d)(i) or 7.1(d)(ii) hereof, this Lease shall remain in full force and effect except that Rent shall fully ▇▇▇▇▇ commencing on the date of loss and continuing until the earlier to occur of: (i) Premises have been repaired, restored and rebuilt as aforesaid. Notwithstanding the date Tenant reopens foregoing, in the event that the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or are more than sixty percent (ii60%) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. (c) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially ▇▇▇▇▇ commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such eventdestroyed by fire, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage. (d) If there shall be damage to the Shopping Center by fire elements or any other casualty, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; or, (vi) any insurance proceeds received by then Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option either to repair, restore and rebuild the Premises as aforesaid or to terminate this Lease. Said option lease; provided, that Landlord shall be exercised, if at all, by give written notice to the other party on or before the ninetieth Tenant of its exercise of such option to terminate this lease within thirty (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least sixty (6030) days after the occurrence of such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d)destruction and, then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, in the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party within ten (10) days after delivery of the termination notice, and (ii) providing to the terminating party, within a reasonable period after delivery absence of such notice, shall be deemed to have elected to repair, restore and rebuild the Premises. In the event that the Premises are damaged or destroyed, in whole or in part, and cannot be made fully available to extend beyond the date which is 90 Tenant for Tenant’s use within seventy-five (75) days after the date of loss, security for payment occurrence of such excess costs reasonably satisfactory damage or destruction, then Tenant may within ninety (90) days after the occurrence of such damage or destruction, at its option, by written notice to the terminating party and its lenders (if any)Landlord terminate this lease without further obligation to Landlord. (e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damage.

Appears in 1 contract

Sources: Lease Agreement (Telvent Git S A)

Damage or Destruction. If, before the Closing Date, the Real Property is damaged by any casualty, Seller shall immediately notify Buyer of such occurrence. If (a) Tenant shall give Landlord prompt notice of any damage the cost to the Premises repair such damage, as reasonably determined by fire or other casualty. Seller, is more than Twelve Million and No/Dollars ($12,000,000.00) (“Damage Threshold”), (b) If such damage is uninsured or underinsured and is an amount in excess of Two Million Five Hundred Thousand and No/100 Dollars ($2,500,000.00) or (c) any Major Occupant has a right to terminate its Lease or ▇▇▇▇▇ rent due to damage above the Premises Damage Threshold, then Buyer shall be rendered wholly untenantable have the right, by giving notice to Seller within one (1) business day after Seller notifies Buyer of the damage, to terminate this Agreement, in which event such termination shall have the same effect as a termination pursuant to the last sentence of Section 3.1.2.3. If, before the Closing Date, the Property is damaged by a casualtycasualty and either (y) Buyer has the right to terminate this Agreement but does not exercise such right or (z) the cost to repair such damage, unless terminated pursuant as reasonably determined by Seller, is equal to Section 7.1(d)(i) or 7.1(d)(ii) hereofless than the Damage Threshold, then this Lease Agreement shall remain in full force and effect except that Rent and, at Closing, Seller shall fully ▇▇▇▇▇ commencing on the date assign to Buyer any insurance proceeds Seller receives or is entitled to by reason of loss and continuing until the earlier such damage (Buyer to occur of: receive a credit at Closing for (i) the date Tenant reopens the Premises for business, which reopening Landlord any insurance deductible payable with respect to same unless such deductible is paid by Seller at or prior to Closing and Tenant shall diligently work together to expedite, or (ii) the date forty five any uninsured or underinsured amount in excess of Seller's property insurance deductible unless such amount is in excess of Two Million Five Hundred Thousand and No/100 Dollars (45) days after Tenant completes the restoration, pursuant to Section 7.1(e$2,500,000.00), of in which case, Seller shall have the structural elements of the building of which the Premises form a part. (c) If only a portion of the Premises shall be rendered untenantable, right to terminate this Lease shall remain in full force and effect except that Rent shall partially ▇▇▇▇▇ commencing on the date of loss and continuing until the earlier Agreement by giving notice to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage. (d) If there shall be damage to the Shopping Center by fire or other casualty, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence Buyer within one (1) year business day after notifying Buyer of such damage, such termination having the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are same effect as a part is damaged termination pursuant to the extent last sentence of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; or, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least sixty (60) days after such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party within ten (10) days after delivery of the termination notice, and (ii) providing to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any3.1.2.3). (e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damage.

Appears in 1 contract

Sources: Purchase and Sale Agreement (Hines Global REIT, Inc.)

Damage or Destruction. (a) Tenant shall give Landlord prompt notice of If the Building or any damage to the Premises part thereof should be destroyed or damaged by fire or other casualty during the Term of this Lease, then (unless this Lease is terminated by Landlord or Tenant as hereinafter provided) Landlord shall within sixty (60) days of the date of the casualty, proceed to diligently and continuously reconstruct, restore and repair the Building and the base building systems and Building standard improvements contained in the Premises, as the case may be, to a condition substantially equivalent to their former condition. If Landlord fails to commence or diligently and continuously proceed with such action within this period of time or if the restoration is not substantially completed within one-hundred and eighty (180) days of the casualty, then Tenant, as its sole and exclusive remedy for such failure (in addition to Section 9.01(c)), may forthwith terminate this Lease (effective no later than one hundred eighty (180) days after the date of Tenant's notice) prior to the substantial completion of such restoration. (b) If Notwithstanding anything to the Premises contrary in Section 9.01 (a), Landlord's obligation to restore shall be rendered wholly untenantable by a casualtylimited to the insurance proceeds it receives; provided however, unless terminated pursuant such limitation shall not impair or limit Tenant's right to terminate the Lease for Landlord's failure to timely commence or to complete restoration as provided in Section 7.1(d)(i9.01 (a). (c) or 7.1(d)(ii) hereofCommencing with the date of such damage, this Lease the Rent provided for herein shall remain in full force and effect except that Rent shall fully ▇▇▇▇▇ commencing on pro rata to the date of loss extent that, and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for businessso long as, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. (c) If only a any portion of the Premises shall be rendered untenantableis adversely affected for the use described in Section 7.01(a) or for so long as damage to Common Building Facilities adversely affects the performance of Tenant's business; provided however that upon substantial completion by Landlord of its restoration work, this Lease shall remain in full force and effect except that Rent shall partially ▇▇▇▇▇ commencing commence on the date expiration of loss and continuing until the earlier a reasonable time thereafter required for Tenant to occur of: substantially complete its restoration work under Section 9.01 (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(ee), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage. (d) If there shall be damage to It is agreed that if the Shopping Center by fire or other casualty, whether or not the Premises Building is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused totally destroyed by any risk not covered cause or is so substantially destroyed such that reconstruction would require more than one hundred eighty (180) days, as reasonably estimated by either Landlord's architect or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; orcontractor, (vi) any insurance proceeds received by either Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least sixty (60) days after such notice. If Tenant elects may elect to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, giving the other party may avoid termination written notice of this Lease by such election within thirty (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party within ten (1030) days after delivery the giving of the notice from Landlord hereinafter provided. Such termination notice, and (ii) providing to the terminating party, within a reasonable period after delivery shall be effective as of such notice, not to extend beyond the date which is 90 days after the date of losssuch election. In the event of any substantial casualty, security for payment Landlord shall within thirty (30) days thereafter, give Tenant written notice of such excess costs the estimated time required to repair the same as reasonably satisfactory to the terminating party and its lenders (if any)estimated by Landlord's contractor or architect. (e) If there shall be damage For any casualty to the Premises by fire only, or other any casualty to the Building and this Lease Premises in which Landlord is not terminatedobligated to restore the Building or otherwise elects to restore the Building, Tenant Tenant, subject to Sections 9.01(a), (c) and (d) above, shall promptly commence and diligently prosecute to completion the restoration of all leasehold improvements, alterations, installations, additions and repair trade fixtures which are damaged or destroyed to a completion substantially equivalent to their condition on the date of the Premisescasualty; provided, including all exterior wallshowever, roofsthat in the event such casualty referred to in this Section 9.01(e) shall occur in the last two Lease Years, floors then Tenant shall have the right to terminate this Lease within thirty (30) days following such casualty upon written notice to Landlord, which notice shall specify the effective date of termination and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with which date will not be more than one hundred eighty (180) days after the operation date of Tenant's business notice of termination. Notwithstanding anything to the contrary in this Paragraph 9.01, Landlord and Tenant agree to the following: (1) In the event that a casualty materially and adversely affects Tenant's use of the Data Center Space for 150 consecutive days ("150 Day Period"), then Landlord, at its sole cost and expense, shall have the right prior to the expiration of the 150 Day Period to relocate the Data Center Space to other space in the PremisesBuilding and to construct new Data Center Space. In such event, Landlord, at its sole cost and expense, shall construct such new Data Center Space within the 150 Day Period so that such space shall be in substantially the same condition as nearly as practicable to their respective conditions existed in the original Data Center Space prior to the casualty. Such new Data Center Space shall include the Liebert Units, Diesel Motor and electronic switching equipment located in the Data Center Space (the "Switching Equipment"), and Landlord shall insure that the new Data Center Space shall be located within 300 feet of Tenant's satellite dishes, or Landlord shall move such damage.satellite dishes to a location mutually acceptable to Landlord and Tenant which is within 300 feet of the new Data Center Space. During the construction of the new Data Center Space, Rent for the Data Center Space shall ▇▇▇▇▇. Upon substantial completion of construction of such new Data Center Space within the 150 Day Period and the commencement of operations in the

Appears in 1 contract

Sources: Office Lease (Helmerich & Payne Inc)

Damage or Destruction. (a) Tenant shall give Landlord prompt notice of any damage to the Premises by fire or other casualty. (b) If the Premises or the Building shall be rendered wholly untenantable by a casualty, unless terminated pursuant to Section 7.1(d)(i) so damaged or 7.1(d)(ii) hereof, this Lease shall remain in full force and effect except that Rent shall fully ▇▇▇▇▇ commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. (c) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially ▇▇▇▇▇ commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage. (d) If there shall be damage to the Shopping Center by fire or other casualty, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; or, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least sixty (60) days after such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party within ten (10) days after delivery of the termination notice, and (ii) providing to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any). (e) If there shall be damage to the Premises destroyed by fire or other casualty so as to render them untenantable for a period of in excess of one hundred eighty (180) days, then Landlord, at its sole option, shall have the right to cancel and terminate this Lease is Lease. If not terminated, Tenant then Landlord shall promptly commence repair and diligently prosecute restore the restoration and repair of Premises with all reasonable speed to substantially the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, same condition as nearly as practicable to their respective conditions immediately prior to such damagedamage or destruction, and the Rent or a just and proportionate part thereof, according to Tenant’s ability to utilize the Premises in its damaged condition, shall be abated from the date of the fire or other casualty until the Premises shall have been repaired and restored by Landlord. But if the Premises shall be so lightly damaged by fire or other casualty as not to be rendered untenantable, then Landlord agrees to repair the Premises with reasonable promptness and the rent accrued and accruing, shall not cease. “Untenantable” Premises shall be such as to not allow Tenant to transact and effectuate its operations efficiently in the ordinary course of business. If Landlord estimates that the Premises will remain untenantable for in excess of one hundred eighty (180) days, or if there is a casualty during the last twelve (12) months of the Term (as may be extended) and Landlord estimates that the Premises shall remain untenantable for in excess of thirty (30) days, then Tenant may elect to terminate this Lease by written notice delivered to Landlord within thirty (30) days following Landlord’s delivery to Tenant of the estimated duration that the Premises will remain untenantable.

Appears in 1 contract

Sources: Office Lease (Dynavax Technologies Corp)

Damage or Destruction. (a) Tenant shall give Landlord prompt notice of any The damage of, or destruction or injury to the Premises leased premises or the Building by fire or the elements or other casualty. casualty which will render the leased premises unquestionably untenantable for one hundred twenty (b120) If days shall produce and work a termination of this Lease; provided, however, that any damage, destruction or injury which will render the Premises leased premises unquestionably untenantable for more than 20% of the unexpired term shall also, at the sole option of the Landlord, produce and work a termination of this Lease; and, provided further, that if such damage, destruction, or injury to the premises shall be rendered wholly untenantable by a casualtydue to the act or negligence of Tenant, unless terminated pursuant to Section 7.1(d)(i) its officers, agents or 7.1(d)(ii) hereof, this Lease shall remain in full force and effect except that Rent shall fully ▇▇▇▇▇ commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. (c) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially ▇▇▇▇▇ commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such eventemployees, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage. (d) If there shall be damage to the Shopping Center by fire or other casualty, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; or, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party alone shall have the option to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least sixty (60) days after such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage produce and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid work a termination of this Lease by (i) committing or to restore the premises to substantially the same condition in writing which they existed prior to pay such destruction, damage or injury. If Landlord and Tenant cannot agree as to the additional funds required to complete number of days the necessary repairs and restorationBuilding or leased premises are unquestionably untenantable, which writing the fact shall be delivered to determined by arbitration; the terminating party Landlord and Tenant shall each choose an arbitrator within ten five (105) days after delivery either has notified the other in writing of such damage. The two arbitrators so chosen, before entering on the discharge of their duties, shall elect a third, and the decision of any two of such arbitrators shall be conclusive and binding upon both parties hereto. If it is determined by arbitration, or by agreement between the Landlord and Tenant, that said premises are not unquestionably untenantable for one hundred twenty (120) days or 20% of the termination noticeunexpired term, and (ii) providing whichever is applicable; then Landlord shall restore said premises to substantially the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date same condition in which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any). (e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions they existed prior to such damage, at Landlord's own expense, with all reasonable speed and promptness, and in such case a just and proportionate part of said rental shall be abated until said premises have been restored; provided, however, that in the event the damage to said premises has not resulted in a termination of this Lease under the above provisions and such damage is caused by the act of Tenant, as aforesaid, during such period of restoration or rebuilding there shall be no rent abatement hereunder. In determining what constitutes reasonable speed and promptness, consideration shall be given to delays caused by strikes, adjustment of insurance, and other causes beyond the Landlord's control. In no event shall the Landlord be required to restore any alterations, additions or improvements made by or for the Tenant and not required by this Lease to be furnished by Landlord, nor any trade fixtures, furniture, equipment or other property belonging to Tenant. Landlord's obligations under this Section shall be limited to the extent of insurance proceeds payable as a result of the casualty, cause or condition.

Appears in 1 contract

Sources: Lease (Daleen Technologies Inc)

Damage or Destruction. (a) Tenant shall give Landlord prompt notice of 14.1 If any damage to the Premises by fire or other casualty. (b) If the Premises shall be rendered wholly untenantable by a casualty, unless terminated pursuant to Section 7.1(d)(i) or 7.1(d)(ii) hereof, this Lease shall remain in full force and effect except that Rent shall fully ▇▇▇▇▇ commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), part of the structural elements of the building of which the Premises form a part. (c) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially ▇▇▇▇▇ commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which Building is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage. (d) If there shall be damage to the Shopping Center damaged by fire or other casualty, whether Tenant shall give prompt notice to Landlord. If damage by fire or not other casualty renders any substantial part of the Premises is affected thereby, Building untenantable and the repair time to restore the Building to a tenantable condition will exceed one hundred twenty (120) days (or will exceed thirty (30) days in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the case of damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs occurring during the last three twelve (312) years months of the Term; orterm), (vi) or if any part of the Land and/or the Building is so damaged that in Landlord's judgment, substantial alteration or reconstruction is required, or if any mortgagee of the Property requires application of the insurance proceeds received by to the reduction of the mortgage debt, or if any material uninsured loss occurs, Landlord or Tenant for such damage are inadequate or unavailable for repairsmay, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policyat its option, then, in any such event, either party shall have the option to terminate this Lease. Said option shall be exercised, if at all, Lease by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least so notifying Tenant in writing within sixty (60) days after such noticethe date of the casualty. If the damage by fire or other casualty renders any substantial part of the Building untenantable and if the repair time to restore the Building to a tenantable condition will exceed one hundred twenty (120) days (or will exceed thirty (30) days in the case of damage occurring during the last twelve (12) months of the term), Tenant elects may elect to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to by so notifying Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party within ten sixty (1060) days after delivery of the termination notice, and (ii) providing to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of lossthe casualty. In the event that notice of termination is given by either or both of Landlord and/or Tenant, security for payment of the Lease shall be deemed to terminate on the sixtieth (60th) day after the first such excess costs reasonably satisfactory notice is sent to the terminating other party by the party effecting the termination. If neither party terminates this Lease as a result of casualty damage as specified above, Landlord shall promptly begin and its lenders diligently pursue the work of restoring the Building (if any). (eincluding the tenant improvements) If there to substantially their former condition as soon as reasonably possible. The rent shall be damage ▇▇▇▇▇ during the time and to the Premises by extent the Building is untenantable (or access to the Land and/or the Building is obstructed) in whole or in part, as the result of fire or other casualty, but such abatement shall not extend the term. If the Building is more than forty percent (40%) untenantable, then all rent shall ▇▇▇▇▇. The foregoing right of the Tenant to terminate this Lease shall be in addition to any other right of Tenant to terminate this Lease. 14.2 As long as Tenant is not in material default hereunder, Landlord covenants that Tenant shall peaceably hold and enjoy the Land and the Building, subject to the terms of this Lease. All entrances, exits, and all access to light and air now enjoyed by the Land and the Building, shall be and remain intact and uninterrupted by any act or omission of Landlord, its managers, owners, partners, officers, directors, employees, agents, customers, or contractors during the term of this Lease. The Landlord will not knowingly suffer or permit any material violation of the Tenant's right of quiet enjoyment. 14.3 Landlord shall maintain property and casualty insurance on the Land and the Building, with an insurance company licensed to do business in Tennessee, with extended coverage or such other additional coverage as Landlord shall elect, in an amount of not less than Five Hundred Thousand Dollars ($500,000.00), said premium for said policy of insurance to be reimbursed by Tenant to Landlord. Landlord shall use the proceeds of any insurance payment related to a casualty loss to the Land and/or the Building to, among other things, repair the Property to its condition immediately prior to such casualty loss, unless this Lease is not terminatedterminated in accordance with Subsection 14.1 hereof. 14.4 Other than rental abatement provided in Section 14.1, Tenant except for the Landlord's gross negligence, willful misconduct or voluntary act, no damages, compensation or claim shall promptly commence and diligently prosecute the be payable by Landlord for inconvenience or loss of business arising from interruption of business, repair or restoration and repair of the Building or Premises, including all exterior walls, roofs, floors . Landlord shall use its best efforts t& effect repairs and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used restoration in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damagea prompt manner.

Appears in 1 contract

Sources: Commercial Lease (Capital Bancorp Inc)

Damage or Destruction. (a) Tenant shall give Landlord prompt notice of any damage to the Premises by fire or other casualty. (b) If the Premises shall be rendered wholly untenantable are damaged by a fire, other casualty, unless terminated pursuant to Section 7.1(d)(i) acts of God, or 7.1(d)(ii) hereofthe elements (a "Casualty"), this Lease shall remain not terminate and such damaged portion of the Premises shall be repaired or rebuilt as set forth in full force and effect except Paragraph 17(b), unless this Lease is terminated as provided in this Paragraph 17(a). If the Premises are (i) damaged to such an extent that Rent shall fully ▇▇▇▇▇ commencing on repairs cannot, in Landlord's judgment, be completed within one hundred eighty (180) days after the date of loss and continuing until the earlier to occur of: Casualty (iif Landlord so determines that the repairs cannot be completed within such one hundred eighty (180) day period, Landlord shall give Tenant notice of such determination within forty five days after the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expediteof such Casualty), or (ii) damaged or destroyed as a result of a risk which is not insured under standard fire insurance policies with extended coverage endorsement, or (iii) damaged or destroyed during the date last eighteen (18) months of the Term, or if the Building is damaged in whole or in part (whether or not the Premises are damaged), to such an extent that the Building cannot, in Landlord's judgment, be operated economically as an integral unit, then and in any such event Landlord may at its option terminate this Lease by notice in writing to the Tenant within forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. (c) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially ▇▇▇▇▇ commencing on the date of loss and continuing until such occurrence. If the earlier Premises are damaged to occur of: such an extent that repairs cannot, in Landlord's judgment, be completed within one hundred eighty (i180) days after the date Tenant reopens the repaired portion of the Casualty or if the Premises for businessare substantially damaged during the last eighteen (18) months of the Term, which reopening then in either such event Tenant may elect to terminate this Lease by notice in writing to Landlord and Tenant shall diligently work together to expedite, or (ii) the date within forty five (45) days after Landlord completes the restoration, date of such occurrence. If the Lease is terminated pursuant to Section 7.1(ethis Paragraph 17(a), the termination shall be effective as of the structural elements date of the building of which the Premises form a part. In such event, Casualty and the Rent shall ▇▇▇▇▇ from that date, and any Rent paid for any period beyond such date shall be reduced refunded to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damageTenant. (db) If there shall be damage to the Shopping Center by fire or other casualtythis Lease is not terminated as provided in Paragraph l7(a), whether or not then Landlord shall, at its sole cost and expense, restore the Premises is affected therebyas speedily as practical, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by including without limitation any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; or, (vi) any insurance proceeds received Tenant Improvements constructed by Landlord or Tenant Improvements for which Landlord gave Tenant an allowance; provided, however, Landlord's obligation shall be limited to the original Base Building Work and any other work or improvements which were originally performed or installed at Landlord's expense as described in Exhibit C attached hereto or --------- with the proceeds of the Construction Allowance. During the restoration period, a just and proportionate part of the Fixed Rent shall ▇▇▇▇▇ for the period during which the Premises or a portion thereof are not suitable for Tenant's business needs. If the cost of performing such repairs exceeds the actual proceeds of insurance paid or payable to Landlord on account of such Casualty, or if Landlord's mortgagee or the lessor under a ground or underlying lease shall require that any insurance proceeds from a casualty loss be paid to it, Landlord may terminate this Lease unless Tenant, within forty five (45) days after demand therefor, deposits with Landlord a sum of money sufficient to pay the difference between the cost of repair and the proceeds of the insurance available to Landlord for such damage are inadequate or unavailable for repairspurpose. (c) If Landlord, other than because of any deductible amount of any policy other than subject to Force Majeure and subject to delays caused by Tenant's earthquake insurance policy, thendoes not restore the Premises as required in Paragraph 17(b) within the time period therein set forth, in any such event, either party shall have the option to Tenant may terminate this Lease. Said option Lease at any time thereafter [and Rent shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after accounted for as of the date of loss and, if exercised, shall be effective on the last day termination (as of the first (1st) full calendar month falling at least sixty (60) days after such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant date of the Casualty with respect to the damaged portion)], prior to the date such damage and destruction (other than proceeds of insurance covering tenant's personal property (includingrestoration is substantially completed, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination of this Lease by provided (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party within ten Tenant gives Landlord not less than thirty (1030) days after delivery of the termination prior written notice, and (ii) providing to the terminating party, within a reasonable period after delivery of such notice, Landlord does not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any). (e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute complete the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to during such damagethirty (30) day period.

Appears in 1 contract

Sources: Net Lease Agreement (Wells Real Estate Fund Xi L P)

Damage or Destruction. (a) Tenant shall give Landlord prompt notice of any damage to the Premises by fire or other casualty. (b) If the Premises shall be rendered wholly untenantable by a casualty, unless terminated pursuant to Section 7.1(d)(i) or 7.1(d)(ii) hereof, this Lease shall remain in full force and effect except that Rent shall fully ▇▇▇▇▇ commencing on the date of loss and continuing until the earlier to occur of: : (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. (c) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially ▇▇▇▇▇ commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage. (d) If there shall be damage to the Shopping Center by fire or other casualty, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; or, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least sixty (60) days after such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party within ten (10) days after delivery of the termination notice, and (ii) providing to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any). (e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damage.

Appears in 1 contract

Sources: Asset Purchase Agreement (Gottschalks Inc)