Destruction or Damage. 22.01 If the Building or the Demised Premises shall be partially or totally damaged or destroyed by fire or other cause, then, whether or not the damage or destruction shall have resulted from the fault or neglect of Tenant, or its employees, agents or visitors (and if this lease shall not have been terminated as in this Article hereinafter provided), Landlord shall, to the extent of insurance proceeds received by it, repair the damage and restore and rebuild the Building and/or the Demised Premises to a condition equivalent (with respect to character, quality, value, utility and appearance and the Building systems) to that which existed immediately prior to such damage with reasonable dispatch after notice to it of the damage or destruction; provided, however, that Landlord shall not be required to repair or replace any of Tenant's Property nor to restore any Tenant's Work. (a) If the Building or the Demised Premises shall be partially damaged or partially destroyed by fire or other cause, the rents payable hereunder shall be abated to the extent that the Demised Premises shall have been rendered untenantable and for the period from the date of such damage or destruction to the date the damage shall be repaired or restored. If the Demised Premises or a major part thereof shall be totally (which shall be deemed to include substantially totally) damaged or destroyed or rendered completely (which shall be deemed to include substantially completely) untenantable on account of fire or other cause, the rents shall ▇▇▇▇▇ as of the date of the damage or destruction and until Landlord shall repair, restore and rebuild the Building and the Demised Premises, provided, however, that should Tenant reoccupy a portion of the Demised Premises during the period the restoration work is taking place and prior to the date that the same are made completely tenantable, rents allocable to such portion shall be payable by Tenant from the date of such occupancy. (b) Notwithstanding anything to the contrary contained herein, prior to the date the Demised Premises, or any affected portion thereof, are made completely tenantable, Landlord shall provide Tenant and Tenant's contractor, subcontractors and materialmen access to the Demised Premises to perform any alterations required to prepare the Demised Premises for the conduct of ▇▇▇▇▇▇'s business (hereinafter referred to as "Specialty Alterations") on the following terms and conditions: (i) Tenant shall not commence work in any portion of the Demised Premises until the date specified in a notice from Landlord to Tenant stating that the repairs required to be made by Landlord have been or will be completed to the extent reasonably necessary, in Landlord's reasonable discretion, to permit the commencement of the Specialty Alterations to be performed in the portion in question without interference with, and consistent with the performance of, the repairs remaining to be performed; and (ii) Such access by Tenant shall be deemed to be subject to all of the applicable provisions of this lease, except that there shall be no obligation on the part of Tenant solely because of such access to pay any fixed rent or additional rent with respect to the affected portion of the Demised Premises for any period prior to the date the damage thereto shall be repaired or restored in accordance with the provisions hereof. 22.03 If the Building or the Demised Premises shall be totally damaged or destroyed by fire or other cause, or if the Building shall be so damaged or destroyed by fire or other cause (whether or not the Demised Premises are damaged or destroyed) that its repair or restoration requires the expenditure, as estimated by a reputable contractor or architect designated by Landlord and approved by Tenant, which approval shall not be unreasonably withheld or delayed, of more than 40% of the full insurable value of the Building immediately prior to the casualty, then in either such case Landlord may terminate this lease by giving Tenant notice to such effect within one hundred twenty (120) days after the date of the casualty; provided that if the Demised Premises are not substantially damaged or rendered substantially untenantable, Landlord may not terminate this lease unless it shall elect to terminate leases (including this lease), affecting at least fifty percent (50%) of the rentable area of the Building (excluding any rentable area occupied by Landlord or its affiliates). (a) Anything contained in this Article 22 to the contrary notwithstanding, within thirty (30) days after notice to Landlord of any damage described in Section 22.01 hereof, Landlord shall deliver to Tenant a statement prepared by a reputable contractor approved by Tenant, which approval shall not be unreasonably withheld or delayed, setting forth such contractor's estimate as to the time and monies required to repair such damage and the assumptions regarding the use of labor (including overtime labor, if applicable) and construction methods considered in arriving at such estimate. If the estimated time period exceeds twelve (12) months from the date of such damage or the estimated monies exceeds the anticipated amount of insurance proceeds (provided Landlord does not agree to supply any deficiency), Tenant may elect to terminate this lease by notice to Landlord not later than sixty (60) days following receipt of such statement or, if no statement is delivered, not earlier than ninety (90) days after the date such statement was to have been delivered. If ▇▇▇▇▇▇ makes such election, the Term shall expire upon a date specified by ▇▇▇▇▇▇, not exceeding ninety (90) days after notice of such election is given by ▇▇▇▇▇▇, and Tenant shall vacate the Demised Premises and surrender the same to Landlord in accordance with the provisions of Article 24 hereof. If Tenant shall not have elected to terminate this lease pursuant to this Article 22 (or is not entitled to terminate this lease pursuant to this Article 22), and such repairs are (i) not commenced by Landlord within ninety (90) days after the date of such damage, (ii) not substantially completed by Landlord within twelve (12) months after the date of such damage, subject to unavoidable delays (not exceeding six months) on account of delays in the adjustment of insurance, labor troubles, governmental controls, act of God, or any other cause beyond Landlord's reasonable control, Tenant may elect to terminate this lease by notice to Landlord. If ▇▇▇▇▇▇ makes such election, the Term of this lease shall expire upon the ninetieth (90th) day after notice of such election is given by ▇▇▇▇▇▇ and Tenant shall vacate the Demised Premises and surrender the same to Landlord in accordance with the provisions of Article 24 hereof. (b) Notwithstanding the foregoing, if (i) the Demised Premises shall be substantially damaged during the last two years of the Term (as the same may be renewed or extended pursuant to Article 40 hereof) or (ii) an engineer selected by Landlord and approved by Tenant, which approval shall not be unreasonably withheld or delayed, shall reasonably estimate that there will be less than two (2) years remaining in the Term (as same may be renewed or extended pursuant to Article 40 hereof) upon completion of restoration of the Building or the Demised Premises, as the case may be, then in either such case, Landlord or Tenant may elect by notice, given within thirty (30) days after the occurrence of such damage, to terminate this lease. Notwithstanding anything contained in this lease to the contrary, if there shall occur a casualty at such time as there shall be estimated to be less than two years remaining in the Term of this lease after completion of restoration but prior to the time that pursuant to the provisions of Article 40 hereof Tenant shall have the right to exercise any renewal option granted hereunder, then, prior to Landlord terminating this lease, Tenant shall have the right to exercise any renewal option granted herein in accordance with the provisions of Article 40 hereof. If either party shall elect to so terminate this lease, the Term shall expire upon the ninetieth (90th) day after notice of such election is given by such party and Tenant shall vacate the Demised Premises and surrender the same to Landlord in accordance with the provisions of Article 24 hereof. 22.05 No damages, compensation or claim shall be payable by Landlord for inconvenience, loss of business or annoyance arising from any repair or restoration of any portion of the Demised Premises or of the Building pursuant to this Article. Landlord shall use its best efforts to effect such repair or restoration promptly and in such manner as to not unreasonably interfere with ▇▇▇▇▇▇'s use and occupancy. 22.06 ▇▇▇▇▇▇ agrees to cooperate with Landlord to enable Landlord to promptly collect any insurance proceeds to which it may be entitled. Notwithstanding any of the foregoing provisions of this Article, if Landlord or the lessor of any superior lease or the holder of any superior mortgage shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Demised Premises or the Building by fire or other cause, by reason of some action or inaction on the part of Tenant or any of its employees, agents or contractors which constitutes a breach of the provisions of this lease, then, without prejudice to any other remedies which may be available against Tenant, there shall be no abatement of Tenant's rents, but the total amount of such rents not abated (which would otherwise have been abated) shall not exceed the amount of the uncollected insurance proceeds. 22.07 Landlord will not carry insurance of any kind on Tenant's Property or Tenant's Work, and, except as provided by law or by reason of its fault or its breach of any of its obligations hereunder, shall not be obligated to repair any damage thereto or replace the same. 22.08 The provisions of this Article shall be considered an express agreement governing any case of damage or destruction of the Demised Premises by fire or other casualty and any applicable law providing for a contingency in the absence of an express agreement now or hereafter in force shall have no application in such case. 22.09 Any dispute which may arise between the parties with respect to the meaning or application of any of the provisions of this Article 22 shall be determined by arbitration in the manner provided in Article 34 hereof.

Appears in 1 contract

Sources: Lease (Credit Suisse First Boston Usa Inc)

Destruction or Damage. ~~22.01~~ 21.01. If the Building or the Demised Premises shall be partially or totally damaged or destroyed by fire or other cause, ~~then,~~ then whether or not the damage or destruction shall have resulted from the fault or neglect of Tenant, or its employees, agents or visitors (and if this ~~lease~~ Lease shall not have been terminated as in this Article hereinafter provided), Landlord ~~shall, to the extent of insurance proceeds received by it,~~ shall repair the damage and restore and rebuild the Building and/or the Demised ~~Premises to a condition equivalent (with respect to character~~Premises, ~~quality~~at its expense, ~~value, utility and appearance and the Building systems) to that which existed immediately prior to such damage~~ with reasonable dispatch after notice to it of the damage or destruction; provided, however, that Landlord shall not be required to repair or replace any of the Tenant's ~~Property nor to restore any Tenant's Work~~Property. ~~(a)~~ 21.02. If the Building or the Demised Premises shall be partially damaged or partially destroyed by fire or other ~~cause~~cause not attributable to the fault or negligence of Tenant, its agents, or employees, the rents payable hereunder shall be abated to the extent that the Demised Premises shall have been rendered untenantable and for the period from the date of such damage or destruction to the date the damage shall be repaired or restored; provided, however, if the damage shall be attributable to the fault or negligence of Tenant, its agents or employees, then rent shall continue but shall be reduced by any amounts received by Landlord pursuant to Landlord's coverage for business interruption and/or rent insurance attributable to the Demised Premises. If the Demised Premises or a major part thereof shall be totally (which shall be deemed to include substantially totally) damaged or destroyed or rendered completely (which shall be deemed to include substantially completely) untenantable on account of fire or other cause, the rents shall ▇a▇▇▇▇ as of the date of the damage or destruction and until Landlord shall repair, ~~restore~~ restore, and rebuild the Building and the Demised Premises, provided, however, that should Tenant reoccupy a portion of the Demised Premises during the period ~~the~~ of restoration work is taking place and prior to the date that the same are made completely tenantable, rents allocable to such portion shall be payable by Tenant from the date of such occupancy. (b) Notwithstanding anything to the contrary contained herein, prior to the date the Demised Premises, or any affected portion thereof, are made completely tenantable, Landlord shall provide Tenant and Tenant's contractor, subcontractors and materialmen access to the Demised Premises to perform any alterations required to prepare the Demised Premises for the conduct of ▇▇▇▇▇▇'s business (hereinafter referred to as "Specialty Alterations") on the following terms and conditions: (i) Tenant shall not commence work in any portion of the Demised Premises until the date specified in a notice from Landlord to Tenant stating that the repairs required to be made by Landlord have been or will be completed to the extent reasonably necessary, in Landlord's reasonable discretion, to permit the commencement of the Specialty Alterations to be performed in the portion in question without interference with, and consistent with the performance of, the repairs remaining to be performed; and (ii) Such access by Tenant shall be deemed to be subject to all of the applicable provisions of this lease, except that there shall be no obligation on the part of Tenant solely because of such access to pay any fixed rent or additional rent with respect to the affected portion of the Demised Premises for any period prior to the date the damage thereto shall be repaired or restored in accordance with the provisions hereof. 22.03 21.03. If the Building or the Demised Premises shall be totally damaged or destroyed by fire or other cause, or if the Building shall be so damaged or destroyed by fire or other cause (whether or not the Demised Premises are damaged or destroyed) ~~that its repair or restoration requires the expenditure,~~ as to require a reasonably estimated ~~by a reputable contractor or architect designated by Landlord and approved by Tenant, which approval shall not be unreasonably withheld or delayed,~~ expenditure of more than ~~40%~~ twenty-five percent (25%) of the full insurable value of the Building immediately prior to the ~~casualty,~~ casualty then in either such case Landlord may terminate this ~~lease~~ Lease by giving Tenant notice to such effect within one hundred twenty (120) days after the date of the casualty; provided that if the Demised Premises are not substantially damaged or rendered substantially untenantable, Landlord may not terminate this lease unless it shall elect to terminate leases (including this lease), affecting at least fifty percent (50%) of the rentable area of the Building (excluding any rentable area occupied by Landlord or its affiliates). (a) Anything contained in this Article 22 to the contrary notwithstanding, within thirty (30) days after notice to Landlord of any damage described in Section 22.01 hereof, Landlord shall deliver to Tenant a statement prepared by a reputable contractor approved by Tenant, which approval shall not be unreasonably withheld or delayed, setting forth such contractor's estimate as to the time and monies required to repair such damage and the assumptions regarding the use of labor (including overtime labor, if applicable) and construction methods considered in arriving at such estimate. If the estimated time period exceeds twelve (12) months from the date of such damage or the estimated monies exceeds the anticipated amount of insurance proceeds (provided Landlord does not agree to supply any deficiency), Tenant may elect to terminate this lease by notice to Landlord not later than sixty (60) days following receipt of such statement or, if no statement is delivered, not earlier than ninety (90) days after the date such statement was to have been delivered. If ▇▇▇▇▇▇ makes such election, the Term shall expire upon a date specified by ▇▇▇▇▇▇, not exceeding ninety (90) days after notice of such election is given by ▇▇▇▇▇▇, and Tenant shall vacate the Demised Premises and surrender the same to Landlord in accordance with the provisions of Article 24 hereof. If Tenant shall not have elected to terminate this lease pursuant to this Article 22 (or is not entitled to terminate this lease pursuant to this Article 22), and such repairs are (i) not commenced by Landlord within ninety (90) days after the date of the casualty. Within such ~~damage~~ninety (90) day period, ~~(ii) not substantially completed~~ Landlord shall advise Tenant of the estimated length of time needed by Landlord ~~within twelve (12) months after~~ to restore the Demised Premises from the date of the notice if Landlord determines not to cancel. If such ~~damage~~time period is greater than ten (10) months, ~~subject~~ Tenant may terminate the Lease by notice to ~~unavoidable delays~~ Landlord within thirty (30) days of such notice. If Tenant does not cancel within that time, Tenant may thereafter cancel if Landlord has not completed the making of the required repairs and restored and rebuilt the Building and the Demised Premises within the nine (9) month period (or greater period in the notice if Tenant did not cancel) or within such period after such date (not exceeding six (6) months) ~~on account of delays~~ as shall equal the aggregate period Landlord may have been delayed in ~~the~~ doing so by adjustment of insurance, labor ~~troubles~~trouble, governmental controls, act of God, or any other cause beyond Landlord's reasonable control, Tenant may elect to terminate this lease by notice to Landlord. If ▇▇▇▇▇▇ makes such election, the Term of this lease shall expire upon the ninetieth (90th) day after notice of such election is given by ▇▇▇▇▇▇ and Tenant shall vacate the Demised Premises and surrender the same to Landlord in accordance with the provisions of Article 24 hereof. (b) Notwithstanding the foregoing, if (i) the Demised Premises shall be substantially damaged during the last two years of the Term (as the same may be renewed or extended pursuant to Article 40 hereof) or (ii) an engineer selected by Landlord and approved by Tenant, which approval shall not be unreasonably withheld or delayed, shall reasonably estimate that there will be less than two (2) years remaining in the Term (as same may be renewed or extended pursuant to Article 40 hereof) upon completion of restoration of the Building or the Demised Premises, as the case may be, then in either such case, Landlord or Tenant may elect by notice, given within thirty (30) days after the occurrence of such damage, to terminate this lease21.04. Notwithstanding anything contained in this lease to the contrary, if there shall occur a casualty at such time as there shall be estimated to be less than two years remaining in the Term of this lease after completion of restoration but prior to the time that pursuant to the provisions of Article 40 hereof Tenant shall have the right to exercise any renewal option granted hereunder, then, prior to Landlord terminating this lease, Tenant shall have the right to exercise any renewal option granted herein in accordance with the provisions of Article 40 hereof. If either party shall elect to so terminate this lease, the Term shall expire upon the ninetieth (90th) day after notice of such election is given by such party and Tenant shall vacate the Demised Premises and surrender the same to Landlord in accordance with the provisions of Article 24 hereof. 22.05 No damages, ~~compensation~~ compensation, or claim shall be payable by Landlord for inconvenience, loss of ~~business~~ business, or annoyance arising from any repair or restoration of any portion of the Demised Premises or of the Building pursuant to this Article. Landlord shall use its best efforts to effect such repair or restoration promptly and in such manner as to not unreasonably to interfere with ~~▇▇▇▇▇▇~~Tenant's use and ~~occupancy~~occupancy during such time that Tenant is able to use the Demised Premises during Landlord's restoration. ~~22.06 ▇▇▇▇▇▇ agrees to cooperate with Landlord to enable Landlord to promptly collect any insurance proceeds to which it may be entitled~~21.05. Notwithstanding any of the foregoing provisions of this Article, if Landlord or the ~~lessor of any superior lease or the~~ holder of any superior mortgage shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Demised Premises or the Building by fire or other cause, by reason of some action or inaction on the part of Tenant or any of its employees, agents or contractors which constitutes a breach of the provisions of this lease, then, without prejudice to any other remedies which may be available against Tenant, there shall be no abatement of Tenant's rents, but the total amount of such rents not abated (which would otherwise have been abated) shall not exceed the amount of the uncollected insurance proceeds. 22.07 Landlord will not carry insurance of any kind on Tenant's Property or Tenant's Work, and, except as provided by law or by reason of its fault or its breach of any of its obligations hereunder, shall not be obligated to repair any damage thereto or replace the same. 22.08 The provisions of this Article shall be considered an express agreement governing any case of damage or destruction of the Demised Premises by fire or other casualty and any applicable law providing for a contingency in the absence of an express agreement now or hereafter in force shall have no application in such case. 22.09 Any dispute which may arise between the parties with respect to the meaning or application of any of the provisions of this Article 22 shall be determined by arbitration in the manner provided in Article 34 hereof.insurance

Appears in 1 contract

Sources: Lease Agreement (Intelligroup Inc)

Destruction or Damage. ~~22.01 If~~ (A) If, during the ~~Building~~ Term of this Lease or any extension thereto, the ~~Demised~~ Premises ~~shall be partially or totally~~ is damaged ~~or destroyed~~ by fire or any other ~~cause~~casualty, ~~then~~including, ~~whether~~ without limitation, natural disaster, and not occurring through the intentional or ~~not the damage~~ negligent acts or ~~destruction shall have resulted from the fault~~ omissions of Tenant or ~~neglect of~~ those claiming under Tenant, or ~~its employees~~their employees respectively, ~~agents or visitors (~~Tenant shall promptly notify Landlord and ~~if this lease~~ Landlord shall ~~not have been terminated as in this Article hereinafter provided), Landlord shall, to the extent of insurance proceeds received by it,~~ repair the damage and restore and rebuild the Building and/or the Demised Premises to a condition equivalent (with respect to character, quality, value, utility and appearance and the Building systems) to that which existed immediately prior to such damage with reasonable dispatch after notice to it damaged portions of the ~~damage~~ Premises, including any improvements or ~~destruction; provided, however, that~~ alterations made by Landlord ~~shall~~ (but not ~~be required to repair or replace~~ any of Tenant's ~~Property nor to restore any~~ property therein or improvements or alterations made by Tenant's Work. (a) If the Building or the Demised Premises shall be partially damaged or partially destroyed by fire or other cause, the rents payable hereunder shall be abated to the extent that the Demised Premises shall have been rendered untenantable and for the period from the date of such damage or destruction to the date the damage shall be repaired or restored). If the Demised Premises or a major part thereof shall be totally (which shall be deemed to include substantially totally) damaged or destroyed or rendered completely (which shall be deemed to include substantially completely) untenantable on account of fire or other cause, the rents shall ▇▇▇▇▇ as of the date of the damage or destruction and until Landlord shall repair, restore and rebuild the Building and the Demised Premises, providedIf, however, that should Tenant reoccupy a portion of the Demised Premises during the period the restoration work is taking place and prior to the date that the same are made completely tenantable, rents allocable to such portion shall be payable by Tenant from the date of such occupancy. (b) Notwithstanding anything to the contrary contained herein, prior to the date the Demised Premises, or any affected portion thereof, are made completely tenantable, Landlord shall provide Tenant and Tenant's contractor, subcontractors and materialmen access to the Demised Premises to perform any alterations required to prepare the Demised Premises for the conduct of ▇▇▇▇▇▇'s business (hereinafter referred to as "Specialty Alterations") on the following terms and conditions: (i) Tenant shall not commence work in any portion of the Demised Premises until the date specified in a notice from Landlord to Tenant stating that the repairs required to be made by Landlord have been or will be completed to the extent reasonably necessary, in Landlord's reasonable ~~discretion, to permit the commencement of the Specialty Alterations to be performed in the portion in question without interference with, and consistent with the performance of~~judgment, the ~~repairs remaining~~ damage would require more than 240 days (120 if not specified) of work to be performed; and (ii) Such access by Tenant shall be deemed to be subject to all of the applicable provisions of this lease, except that there shall be no obligation on the part of Tenant solely because of such access to pay any fixed rent or additional rent with respect to the affected portion of the Demised Premises for any period prior to the date the damage thereto shall be repaired or restored in accordance with the provisions hereof. 22.03 If the Building or the Demised Premises shall be totally damaged or destroyed by fire or other causerepair, or if the Building shall be so damaged or destroyed by fire or other cause (whether or not the Demised Premises are damaged or destroyed) that its repair or restoration requires the expenditure, as estimated by a reputable contractor or architect designated by Landlord and approved by Tenant, which approval shall not be unreasonably withheld or delayed, of more than 40% of the full insurable value of the Building immediately prior to the casualty, then in either such case Landlord may terminate this lease by giving Tenant notice to such effect within one hundred twenty (120) days after the date of the casualty; provided that if the Demised Premises are not substantially damaged or rendered substantially untenantable, Landlord may not terminate this lease unless it shall elect to terminate leases (including this lease), affecting at least fifty percent (50%) of the rentable area of the Building (excluding any rentable area occupied by Landlord or its affiliates). (a) Anything contained in this Article 22 to the contrary notwithstanding, within thirty (30) days after notice to Landlord of any damage described in Section 22.01 hereof, Landlord shall deliver to Tenant a statement prepared by a reputable contractor approved by Tenant, which approval shall not be unreasonably withheld or delayed, setting forth such contractor's estimate as to the time and monies required to repair such damage and the assumptions regarding the use of labor (including overtime labor, if applicable) and construction methods considered in arriving at such estimate. If the estimated time period exceeds twelve (12) months from the date of such damage or the estimated monies exceeds the anticipated amount of insurance proceeds (~~provided~~ excluding rent insurance) that Landlord ~~does not agree~~ anticipates receiving must be applied to ~~supply~~ repay any ~~deficiency)~~mortgages encumbering the improvements, ~~Tenant may elect~~ or are otherwise inadequate to ~~terminate this lease by notice to Landlord not later than sixty (60) days following receipt~~ pay the costs of such statement or, if no statement is delivered, not earlier than ninety (90) days after the date such statement was to have been delivered. If ▇▇▇▇▇▇ makes such election, the Term shall expire upon a date specified by ▇▇▇▇▇▇, not exceeding ninety (90) days after notice of such election is given by ▇▇▇▇▇▇, and Tenant shall vacate the Demised Premises and surrender the same to Landlord in accordance with the provisions of Article 24 hereof. If Tenant shall not have elected to terminate this lease pursuant to this Article 22 (or is not entitled to terminate this lease pursuant to this Article 22), and such repairs are (i) not commenced by Landlord within ninety (90) days after the date of such damage, (ii) not substantially completed by Landlord within twelve (12) months after the date of such damage, subject to unavoidable delays (not exceeding six months) on account of delays in the adjustment of insurance, labor troubles, governmental controls, act of God, or any other cause beyond Landlord's reasonable control, Tenant may elect to terminate this lease by notice to Landlord. If ▇▇▇▇▇▇ makes such election, the Term of this lease shall expire upon the ninetieth (90th) day after notice of such election is given by ▇▇▇▇▇▇ and Tenant shall vacate the Demised Premises and surrender the same to Landlord in accordance with the provisions of Article 24 hereof. (b) Notwithstanding the foregoing, if (i) the Demised Premises shall be substantially damaged during the last two years of the Term (as the same may be renewed or extended pursuant to Article 40 hereof) or (ii) an engineer selected by Landlord and approved by Tenant, which approval shall not be unreasonably withheld or delayed, shall reasonably estimate that there will be less than two (2) years remaining in the Term (as same may be renewed or extended pursuant to Article 40 hereof) upon completion of restoration of the Building or the Demised Premises, as the case may be, then in either such caserepair, Landlord or Tenant may elect by notice, given within thirty (30) days after the occurrence of such damage, to terminate this lease. Notwithstanding anything contained in this lease to the contrary, if there shall occur a casualty at such time as there shall be estimated to be less than two years remaining in the Term of this lease after completion of restoration but prior to the time that pursuant to the provisions of Article 40 hereof Tenant shall have the right to exercise any renewal option granted hereunder, then, prior to Landlord terminating this lease, Tenant shall have the right to exercise any renewal option granted herein in accordance with the provisions of Article 40 hereof. If either party shall elect to so terminate this ~~lease, the Term~~ Lease by so notifying Tenant. Such notice shall ~~expire upon the ninetieth~~ specify a termination date not less than 90 days (~~90th~~30 if not specified) ~~day~~ after ~~notice of such election is given~~ its receipt by ~~such party and Tenant shall vacate the Demised Premises and surrender the same to Landlord in accordance with the provisions of Article 24 hereof~~Tenant. ~~22.05 No damages~~(B) If the damage to the Premises is only partial and such that the Premises can be restored to its former condition within a reasonable time, ~~compensation or claim shall be payable by~~ Landlord ~~for inconvenience~~may enter and repair, ~~loss of business or annoyance arising from any repair or restoration of any portion of the Demised Premises or of the Building pursuant to~~ and this Article. Landlord shall use its best efforts to effect such repair or restoration promptly and in such manner as to not unreasonably interfere with ▇▇▇▇▇▇'s use and occupancy. 22.06 ▇▇▇▇▇▇ agrees to cooperate with Landlord to enable Landlord to promptly collect any insurance proceeds to which it may be entitled. Notwithstanding any of the foregoing provisions of this Article, if Landlord or the lessor of any superior lease or the holder of any superior mortgage shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Demised Premises or the Building by fire or other cause, by reason of some action or inaction on the part of Tenant or any of its employees, agents or contractors which constitutes a breach of the provisions of this lease, then, without prejudice to any other remedies which may be available against Tenant, there shall be no abatement of Tenant's rents, but the total amount of such rents not abated (which would otherwise have been abated) shall not exceed the amount of the uncollected insurance proceeds. 22.07 Landlord will not carry insurance of any kind on Tenant's Property or Tenant's Work, and, except as provided by law or by reason of its fault or its breach of any of its obligations hereunder, Lease shall not be ~~obligated to repair any damage thereto or replace the same. 22.08 The provisions of this Article~~ affected, except that Base Rent shall be ~~considered an express agreement governing any case of damage or destruction of~~ apportioned and suspended while such repairs are being made. If the ~~Demised~~ Premises is so slightly damaged by fire or other casualty ~~and any applicable law providing~~ as mentioned above so as not to render the Premises unfit for ~~a contingency in~~ occupancy, Landlord agrees the ~~absence of an express agreement now or hereafter in force~~ same shall ~~have no application in such case~~be promptly repaired. ~~22.09 Any dispute which may arise between~~ (C) Landlord shall not be liable for any damage, compensation or claim by reason of inconvenience or annoyance from the ~~parties with respect to the meaning or application~~ necessity of repairing any portion of the ~~provisions~~ Premises, or improvements thereon, the interruption and the use of the Premises, or the termination of this ~~Article 22 shall be determined~~ Lease by ~~arbitration in~~ reason of the ~~manner provided in Article 34 hereof~~destruction of the Premises.

Appears in 1 contract

Sources: Lease Agreement (Sharps Compliance Corp)

Destruction or Damage. ~~22.01~~ If the ~~Building~~ Premises or a part of the ~~Demised~~ Premises shall during the Term be destroyed or damaged by fire, lightning, storm or tempest, act of God or other casualty or accident so as to render the Premises untenable, the Rent payable pursuant to this Lease shall at once cease to accrue and not become payable until the Premises shall be ~~partially~~ tenantable, rebuilt or ~~totally damaged~~ restored to their former condition and the Landlord shall rebate to the Tenant the proportionate part of the then current Rent paid in advance for the unexpired portion of the month in which such partial or ~~destroyed by fire~~ total destruction occurs. In the event of total destruction of the Premises, the Tenant or the Landlord may within one (1) month after such destruction on giving notice in writing to the other ~~cause~~party, ~~then, whether or not the~~ terminate this Lease. The expression "total destruction" as used in this Section shall mean such damage or destruction ~~shall have resulted~~ that, in the opinion of an independent architect as approved by the Landlord, prevents the Premises from being made tenantable, rebuilt or repaired within a period of three (3) months (or such other time as may be mutually agreed upon by the Landlord and the Tenant) from the ~~fault~~ time of such destruction or ~~neglect~~ damage. However, if in the reasonable opinion of the Landlord the Premises are capable of being made tenantable, rebuilt or repaired within a period of less than three (3) months (or such other time as may be mutually agreed upon by the Landlord and the Tenant) from the time of such destruction or damage, or then the Landlord may at its ~~employees~~sole option, ~~agents or visitors (~~rebuild and ~~if this lease shall not have been terminated as in this Article hereinafter provided), Landlord shall~~restore the Premises within a reasonable time, to the extent of the Landlord’s insurance proceeds ~~received by it, repair the damage and restore and rebuild the Building and/or the Demised Premises to a condition equivalent (with respect to character, quality, value, utility and appearance~~ and the ~~Building systems)~~ Landlord’s obligations to ~~that which existed immediately prior to such damage with reasonable dispatch after notice to it~~ repair, maintain and replace the Premises under this Lease, but excluding any of the ~~damage~~ Tenant’s equipment, chattels or ~~destruction; provided~~improvements for which the Tenant is obligated to insure (for the purposes of this Article, ~~however~~the “Tenant’s Items”), ~~that~~ and this Lease shall remain in full force and effect. For clarity, the Landlord shall not be ~~required~~ obliged to ~~repair~~ replace, rebuild or ~~replace~~ restore any of the Tenant~~'s Property nor to restore any Tenant's Work. (a) If the Building or the Demised Premises~~ ’s Items, which responsibility shall be ~~partially damaged or partially destroyed by fire or other cause,~~ solely the rents payable hereunder shall be abated to the extent that the Demised Premises shall have been rendered untenantable and for the period from the date of such damage or destruction to the date the damage shall be repaired or restoredTenant’s. If the ~~Demised Premises~~ Landlord elects to rebuild or a major part thereof shall be totally (which shall be deemed to include substantially totally) damaged or destroyed or rendered completely (which shall be deemed to include substantially completely) untenantable on account of fire or other causerestore the Premises, the rents shall ▇▇▇▇▇ as of the date of the damage or destruction and until Landlord shall repair, restore and rebuild the Building and the Demised Premises, provided, however, that should Tenant reoccupy a portion of the Demised Premises during the period the restoration work is taking place and prior to the date that the same are made completely tenantable, rents allocable to such portion shall be payable by Tenant from the date of such occupancy. (b) Notwithstanding anything to the contrary contained herein, prior to the date the Demised Premises, or any affected portion thereof, are made completely tenantable, Landlord shall provide Tenant and Tenant's contractor, subcontractors and materialmen access to the Demised Premises to perform any alterations required to prepare the Demised Premises for the conduct of ▇▇▇▇▇▇'s business (hereinafter referred to as "Specialty Alterations") on the following terms and conditions: (i) Tenant shall not commence work in any portion of the Demised Premises until the date specified in a notice from Landlord to Tenant stating that the repairs required to be made by Landlord have been or will be completed to the extent reasonably necessary, in Landlord's reasonable discretion, to permit the commencement of the Specialty Alterations to be performed in the portion in question without interference with, and consistent with the performance of, the repairs remaining to be performed; and (ii) Such access by Tenant shall be deemed to be subject to all of the applicable provisions of this lease, except that there shall be no obligation on the part of Tenant solely because of such access to pay any fixed rent or additional rent with respect to the affected portion of the Demised Premises for any period prior to the date the damage thereto shall be repaired or restored in accordance with the provisions hereof. 22.03 If the Building or the Demised Premises shall be totally damaged or destroyed by fire or other cause, or if the Building shall be so damaged or destroyed by fire or other cause (whether or not the Demised Premises are damaged or destroyed) that its repair or restoration requires the expenditure, as estimated by a reputable contractor or architect designated by Landlord and approved by Tenant, which approval shall not be unreasonably withheld or delayed, of more than 40% of the full insurable value of the Building immediately prior to the casualty, then in either such case Landlord may terminate this lease by giving Tenant notice to such effect within one hundred twenty (120) days after the date of the casualty; provided that if the Demised Premises are not substantially damaged or rendered substantially untenantable, Landlord may not terminate this lease unless it shall elect to terminate leases (including this lease), affecting at least fifty percent (50%) of the rentable area of the Building (excluding any rentable area occupied by Landlord or its affiliates). (a) Anything contained in this Article 22 to the contrary notwithstanding, within thirty (30) days after notice to Landlord of any damage described in Section 22.01 hereof, Landlord shall deliver to Tenant a statement prepared by a reputable contractor approved by Tenant, which approval shall not be unreasonably withheld or delayed, setting forth such contractor's estimate as to the time and monies required to repair such damage and the assumptions regarding the use of labor (including overtime labor, if applicable) and construction methods considered in arriving at such estimate. If the estimated time period exceeds twelve (12) months from the date of such damage or the estimated monies exceeds the anticipated amount of insurance proceeds (provided Landlord does not agree to supply any deficiency), Tenant may elect to terminate this lease by notice to Landlord not later than sixty (60) days following receipt of such statement or, if no statement is delivered, not earlier than ninety (90) days after the date such statement was to have been delivered. If ▇▇▇▇▇▇ makes such election, the Term shall expire upon a date specified by ▇▇▇▇▇▇, not exceeding ninety (90) days after notice of such election is given by ▇▇▇▇▇▇, and Tenant shall vacate the Demised Premises and surrender the same to Landlord in accordance with the provisions of Article 24 hereof. If Tenant shall not have elected to terminate this lease pursuant to this Article 22 (or is not entitled to terminate this lease pursuant to this Article 22), and such repairs are (i) not commenced by Landlord within ninety (90) days after the date of such damage, (ii) not substantially completed by Landlord within twelve (12) months after the date of such damage, subject to unavoidable delays (not exceeding six months) on account of delays in the adjustment of insurance, labor troubles, governmental controls, act of God, or any other cause beyond Landlord's reasonable control, Tenant may elect to terminate this lease by notice to Landlord. If ▇▇▇▇▇▇ makes such election, the Term of this lease shall expire upon the ninetieth (90th) day after notice of such election is given by ▇▇▇▇▇▇ and Tenant shall vacate the Demised Premises and surrender the same to Landlord in accordance with the provisions of Article 24 hereof. (b) Notwithstanding the foregoing, if (i) the Demised Premises shall be substantially damaged during the last two years of the Term (as the same may be renewed or extended pursuant to Article 40 hereof) or (ii) an engineer selected by Landlord and approved by Tenant, which approval shall not be unreasonably withheld or delayed, shall reasonably estimate that there will be less than two (2) years remaining in the Term (as same may be renewed or extended pursuant to Article 40 hereof) upon completion of restoration of the Building or the Demised Premises, as the case may be, then in either such case, Landlord or Tenant may elect by notice, given within thirty (30) days after the occurrence of such damage, to terminate this lease. Notwithstanding anything contained in this lease to the contrary, if there shall occur a casualty at such time as there shall be estimated to be less than two years remaining in the Term of this lease after completion of ~~restoration but prior to~~ the ~~time that pursuant to~~ Landlord’s work, rebuild and restore the ~~provisions of Article 40 hereof Tenant~~ Tenant’s Items and shall have the right to exercise any renewal option granted hereunder, then, prior to Landlord terminating this lease, Tenant shall have the right to exercise any renewal option granted herein in accordance with the provisions of Article 40 hereof. If either party shall elect to so terminate this lease, the Term shall expire upon the ninetieth (90th) day after notice of such election is given by such party and Tenant shall vacate the Demised Premises and surrender the same to Landlord in accordance with the provisions of Article 24 hereof. 22.05 No damages, compensation or claim shall be payable by Landlord for inconvenience, loss of business or annoyance arising from any repair or restoration of any portion of the Demised Premises or of the Building pursuant to this Article. Landlord shall use its best efforts to effect such repair or restoration promptly and in such manner as to not unreasonably interfere with ▇▇▇▇▇▇'s use and occupancy. 22.06 ▇▇▇▇▇▇ agrees to cooperate with Landlord to enable Landlord to promptly collect any apply all insurance proceeds received to which it may be entitled. Notwithstanding any of the foregoing provisions of this Article, if Landlord or the lessor of any superior lease or the holder of any superior mortgage shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Demised Premises or the Building by fire or other cause, by reason of some action or inaction on the part of Tenant or any of its employees, agents or contractors which constitutes a breach of the provisions of this lease, then, without prejudice to any other remedies which may be available against Tenant, there shall be no abatement of Tenant's rents, but the total amount of such ~~rents not abated (which would otherwise have been abated) shall not exceed the amount of the uncollected insurance proceeds~~end. 22.07 Landlord will not carry insurance of any kind on Tenant's Property or Tenant's Work, and, except as provided by law or by reason of its fault or its breach of any of its obligations hereunder, shall not be obligated to repair any damage thereto or replace the same. 22.08 The provisions of this Article shall be considered an express agreement governing any case of damage or destruction of the Demised Premises by fire or other casualty and any applicable law providing for a contingency in the absence of an express agreement now or hereafter in force shall have no application in such case. 22.09 Any dispute which may arise between the parties with respect to the meaning or application of any of the provisions of this Article 22 shall be determined by arbitration in the manner provided in Article 34 hereof.

Appears in 1 contract

Sources: Lease Agreement

Destruction or Damage. ~~22.01 If~~ 19.1. In the ~~Building~~ event of damage to or destruction of all or a portion of the ~~Demised Premises~~ Facility and if, in the opinion of the Tenant, acting reasonably, it is feasible to do so, the Tenant shall ~~be partially or totally~~ immediately notify the City and diligently proceed at its own cost and expense to replace the damaged or destroyed ~~by fire~~ Facility and other improvements or ~~other cause, then, whether~~ restore the Facility or ~~not~~ the ~~damage~~ portion of the Facility which has been damaged or ~~destruction shall have resulted from~~ destroyed to substantially the ~~fault or neglect of Tenant, or its employees, agents or visitors (and if this lease shall not have been terminated~~ same condition as in this Article hereinafter provided), Landlord shall, to the extent of insurance proceeds received by it, repair the damage and restore and rebuild the Building and/or the Demised Premises to a condition equivalent (with respect to character, quality, value, utility and appearance and the Building systems) to that which existed prevailed immediately prior to ~~such damage with reasonable dispatch after notice to it of~~ the damage or destruction; provided, however, that Landlord shall not be required to repair or replace any of Tenant's Property nor to restore any Tenant's Work. (a) If the Building or the Demised Premises shall be partially damaged or partially destroyed by fire or other cause, the rents payable hereunder shall be abated to the extent that the Demised Premises shall have been rendered untenantable and for the period from the date occurrence of such damage or ~~destruction~~ destruction. In such event, the Tenant shall cause all insurance monies received by virtue of the insurance specified in Article 18 of this Lease to be immediately paid out in rebuilding the Facility and other improvements to the ~~date the damage shall be repaired or restored~~Site. If the ~~Demised Premises~~ rebuilding or ~~a major part thereof~~ restoration is not, in the opinion of the Tenant, acting reasonably, feasible or shall be ~~totally (which~~ frustrated, then in such case, such insurance monies shall be ~~deemed~~ applied firstly, in payment of all arrears of the Rent payable pursuant to ~~include substantially totally)~~ this Lease and other monies due to the City under this Lease and in reimbursement to the City for all costs incurred in the demolition and removal of the damaged or destroyed ~~or rendered completely (which shall be deemed to include substantially completely) untenantable on account of fire or~~ Facility and other ~~cause~~improvements, ~~the rents shall ▇▇▇▇▇ as~~ and restoration of the ~~date~~ Site as nearly as may be possible into the condition in which the Site stood as at the Commencement Date and the balance if any, may be retained by the Tenant. 19.2. If within six (6) months of the happening of any damage or destruction the Tenant does not give the City written notice of its intention to rebuild and ~~until Landlord~~ restore the Facility or portion thereof which has been destroyed, demolished or rendered unusable in a manner and in accordance with a standard which shall ~~repair~~meet the satisfaction of the City, ~~restore~~ acting reasonably, and ~~rebuild~~ further, if the ~~Building and~~ Tenant does not actually fulfill its stated intention through to completion to the ~~Demised Premises~~City’s satisfaction within such reasonable time thereafter as the City may allow, ~~provided, however, that should Tenant reoccupy a~~ then the remaining portion of the ~~Demised Premises during~~ Term shall at the ~~period the restoration work is taking place~~ City’s option, become forfeited and ~~prior to the date that the same are made completely tenantable~~determined, ~~rents allocable to such portion~~ and it shall be payable by Tenant from the date of such occupancy. (b) Notwithstanding anything to the contrary contained herein, prior to the date the Demised Premises, or any affected portion thereof, are made completely tenantable, Landlord shall provide Tenant and Tenant's contractor, subcontractors and materialmen access to the Demised Premises to perform any alterations required to prepare the Demised Premises lawful for the ~~conduct of ▇▇▇▇▇▇'s business (hereinafter referred~~ City at any time thereafter to ~~as "Specialty Alterations")~~ enter on the ~~following terms~~ Site as of its former estate and ~~conditions: (i) Tenant shall not commence work~~ in ~~any portion~~ such event, the insurance monies received by virtue of the ~~Demised Premises until the date~~ insurance specified in ~~a notice from Landlord to Tenant stating that the repairs required to~~ Article 18 of this Lease shall be ~~made by Landlord have been or will be completed to the extent reasonably necessary~~applied firstly, in ~~Landlord's reasonable discretion, to permit the commencement~~ payment of all arrears of the Specialty Alterations to be performed in the portion in question without interference with, and consistent with the performance of, the repairs remaining to be performed; and (ii) Such access by Tenant shall be deemed to be subject to all of the applicable provisions of this lease, except that there shall be no obligation on the part of Tenant solely because of such access to pay any fixed rent or additional rent with respect to the affected portion of the Demised Premises for any period prior to the date the damage thereto shall be repaired or restored in accordance with the provisions hereof. 22.03 If the Building or the Demised Premises shall be totally damaged or destroyed by fire or other cause, or if the Building shall be so damaged or destroyed by fire or other cause (whether or not the Demised Premises are damaged or destroyed) that its repair or restoration requires the expenditure, as estimated by a reputable contractor or architect designated by Landlord and approved by Tenant, which approval shall not be unreasonably withheld or delayed, of more than 40% of the full insurable value of the Building immediately prior to the casualty, then in either such case Landlord may terminate this lease by giving Tenant notice to such effect within one hundred twenty (120) days after the date of the casualty; provided that if the Demised Premises are not substantially damaged or rendered substantially untenantable, Landlord may not terminate this lease unless it shall elect to terminate leases (including this lease), affecting at least fifty percent (50%) of the rentable area of the Building (excluding any rentable area occupied by Landlord or its affiliates). (a) Anything contained in this Article 22 to the contrary notwithstanding, within thirty (30) days after notice to Landlord of any damage described in Section 22.01 hereof, Landlord shall deliver to Tenant a statement prepared by a reputable contractor approved by Tenant, which approval shall not be unreasonably withheld or delayed, setting forth such contractor's estimate as to the time and monies required to repair such damage and the assumptions regarding the use of labor (including overtime labor, if applicable) and construction methods considered in arriving at such estimate. If the estimated time period exceeds twelve (12) months from the date of such damage or the estimated monies exceeds the anticipated amount of insurance proceeds (provided Landlord does not agree to supply any deficiency), Tenant may elect to terminate this lease by notice to Landlord not later than sixty (60) days following receipt of such statement or, if no statement is delivered, not earlier than ninety (90) days after the date such statement was to have been delivered. If ▇▇▇▇▇▇ makes such election, the Term shall expire upon a date specified by ▇▇▇▇▇▇, not exceeding ninety (90) days after notice of such election is given by ▇▇▇▇▇▇, and Tenant shall vacate the Demised Premises and surrender the same to Landlord in accordance with the provisions of Article 24 hereof. If Tenant shall not have elected to terminate this lease Rent payable pursuant to this ~~Article 22 (or is not entitled~~ Lease and other monies due to ~~terminate~~ the City under this ~~lease pursuant~~ Lease and in reimbursement to ~~this Article 22), and such repairs are (i) not commenced by Landlord within ninety (90) days after~~ the ~~date of such damage, (ii) not substantially completed by Landlord within twelve (12) months after the date of such damage, subject to unavoidable delays (not exceeding six months) on account of delays~~ City for all costs incurred in the adjustment of insurance, labor troubles, governmental controls, act of God, or any other cause beyond Landlord's reasonable control, Tenant may elect to terminate this lease by notice to Landlord. If ▇▇▇▇▇▇ makes such election, the Term of this lease shall expire upon the ninetieth (90th) day after notice of such election is given by ▇▇▇▇▇▇ and Tenant shall vacate the Demised Premises and surrender the same to Landlord in accordance with the provisions of Article 24 hereof. (b) Notwithstanding the foregoing, if (i) the Demised Premises shall be substantially damaged during the last two years of the Term (as the same may be renewed or extended pursuant to Article 40 hereof) or (ii) an engineer selected by Landlord and approved by Tenant, which approval shall not be unreasonably withheld or delayed, shall reasonably estimate that there will be less than two (2) years remaining in the Term (as same may be renewed or extended pursuant to Article 40 hereof) upon completion of restoration of the ~~Building or~~ Site (including the ~~Demised Premises,~~ Facility and other improvements) as nearly as may be possible into the ~~case may be, then~~ condition in ~~either such case, Landlord or Tenant may elect by notice, given within thirty (30) days after~~ which it stood as at the ~~occurrence of such damage, to terminate this lease. Notwithstanding anything contained in this lease to~~ Commencement Date and the ~~contrary~~balance, if ~~there shall occur a casualty at such time as there~~ any, shall be ~~estimated to be less than two years remaining in~~ retained by the Term of this lease after completion of restoration but prior to the time that pursuant to the provisions of Article 40 hereof Tenant shall have the right to exercise any renewal option granted hereunder, then, prior to Landlord terminating this lease, Tenant shall have the right to exercise any renewal option granted herein in accordance with the provisions of Article 40 hereof. If either party shall elect to so terminate this lease, the Term shall expire upon the ninetieth (90th) day after notice of such election is given by such party and Tenant shall vacate the Demised Premises and surrender the same to Landlord in accordance with the provisions of Article 24 hereofTenant. 22.05 No damages, compensation or claim shall be payable by Landlord for inconvenience, loss of business or annoyance arising from any repair or restoration of any portion of the Demised Premises or of the Building pursuant to this Article. Landlord shall use its best efforts to effect such repair or restoration promptly and in such manner as to not unreasonably interfere with ▇▇▇▇▇▇'s use and occupancy. 22.06 ▇▇▇▇▇▇ agrees to cooperate with Landlord to enable Landlord to promptly collect any insurance proceeds to which it may be entitled. Notwithstanding any of the foregoing provisions of this Article, if Landlord or the lessor of any superior lease or the holder of any superior mortgage shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Demised Premises or the Building by fire or other cause, by reason of some action or inaction on the part of Tenant or any of its employees, agents or contractors which constitutes a breach of the provisions of this lease, then, without prejudice to any other remedies which may be available against Tenant, there shall be no abatement of Tenant's rents, but the total amount of such rents not abated (which would otherwise have been abated) shall not exceed the amount of the uncollected insurance proceeds. 22.07 Landlord will not carry insurance of any kind on Tenant's Property or Tenant's Work, and, except as provided by law or by reason of its fault or its breach of any of its obligations hereunder, shall not be obligated to repair any damage thereto or replace the same. 22.08 The provisions of this Article shall be considered an express agreement governing any case of damage or destruction of the Demised Premises by fire or other casualty and any applicable law providing for a contingency in the absence of an express agreement now or hereafter in force shall have no application in such case. 22.09 Any dispute which may arise between the parties with respect to the meaning or application of any of the provisions of this Article 22 shall be determined by arbitration in the manner provided in Article 34 hereof.

Appears in 1 contract

Sources: Biofuels Facility Operating Agreement (Enerkem Inc.)

Destruction or Damage. ~~22.01 If~~ In the ~~Building or the Demised Premises shall be partially or totally damaged or destroyed by~~ event of a fire or other ~~cause~~casualty in the Premises, ~~then~~as soon as Tenant becomes aware, ~~whether~~ Tenant shall immediately give notice thereof to Landlord. The following provisions shall apply to fire or ~~not~~ other casualty occurring in the Premises and/or the Building: (a) If the damage ~~or destruction shall have resulted~~ is limited solely to the Premises and the Premises can be made tenantable with all damage repaired within six (6) months from the ~~fault or neglect~~ date of Tenant, or its employees, agents or visitors (and if this lease shall not have been terminated as in this Article hereinafter provided), Landlord shall, to the extent of insurance proceeds received by it, repair the damage and restore and rebuild the Building and/or the Demised Premises to a condition equivalent (with respect to character, quality, value, utility and appearance and the Building systems) to that which existed immediately prior to such damage with reasonable dispatch after notice to it of the damage or destruction, then Landlord shall be obligated to rebuild the same excluding Tenant’s Specialty Alterations, if any, and shall proceed diligently to do so; provided, however, that Landlord shall ~~not be required~~ have no obligation to repair or ~~replace any of Tenant's Property nor to~~ restore ~~any Tenant's Work. (a) If~~ Tenant Improvements installed in the ~~Building~~ Premises by Tenant or ~~the Demised Premises shall be partially damaged or partially destroyed~~ by ~~fire or other cause, the rents payable hereunder shall be abated~~ Landlord except to the extent that ~~the Demised Premises shall have been rendered untenantable~~ Landlord has received insurance proceeds from either Landlord’s or Tenant’s casualty insurer, sufficient for such purposes and for ~~the period from the date of such damage~~ all other restoration and repair purposes or ~~destruction~~ unless Tenant pays all costs and expenses related to the ~~date the damage shall be repaired~~ reconstruction of uninsured or restored. If the Demised Premises or a major part thereof shall be totally (which shall be deemed to include substantially totally) damaged or destroyed or rendered completely (which shall be deemed to include substantially completely) untenantable on account of fire or other cause, the rents shall ▇▇▇▇▇ as of the date of the damage or destruction and until Landlord shall repair, restore and rebuild the Building and the Demised Premises, provided, however, that should underinsured Tenant reoccupy a portion of the Demised Premises during the period the restoration work is taking place and prior to the date that the same are made completely tenantable, rents allocable to such portion shall be payable by Tenant from the date of such occupancyImprovements. (b) Notwithstanding anything to the contrary contained herein, prior to the date the Demised Premises, or any affected portion thereof, are made completely tenantable, Landlord shall provide Tenant and Tenant's contractor, subcontractors and materialmen access to the Demised Premises to perform any alterations required to prepare the Demised Premises for the conduct of ▇▇▇▇▇▇'s business (hereinafter referred to as "Specialty Alterations") on the following terms and conditions: (i) Tenant shall not commence work in any portion If portions of the ~~Demised Premises until~~ Building outside the date specified in a notice from Landlord to Tenant stating that the repairs required to be made by Landlord have been or will be completed to the extent reasonably necessary, in Landlord's reasonable discretion, to permit the commencement boundaries of the Specialty Alterations to be performed in the portion in question without interference with, and consistent with the performance of, the repairs remaining to be performed; and (ii) Such access by Tenant shall be deemed to be subject to all of the applicable provisions of this lease, except that there shall be no obligation on the part of Tenant solely because of such access to pay any fixed rent or additional rent with respect to the affected portion of the Demised Premises ~~for any period prior to the date the damage thereto shall be repaired or restored in accordance with the provisions hereof. 22.03 If the Building or the Demised Premises shall be totally~~ are damaged or destroyed ~~by fire or other cause, or if the Building shall be so damaged or destroyed by fire or other cause~~ (whether or not the ~~Demised~~ Premises are also damaged or destroyed) ~~that its repair or restoration requires~~ and the ~~expenditure, as estimated by a reputable contractor or architect designated by Landlord~~ Premises and ~~approved by Tenant, which approval shall not be unreasonably withheld or delayed, of more than 40% of the full insurable value of~~ the Building ~~immediately prior to the casualty, then in either such case Landlord may terminate this lease by giving Tenant notice to such effect~~ can both be made tenantable with all damage repaired within ~~one hundred twenty~~ nine (120) days after the date of the casualty; provided that if the Demised Premises are not substantially damaged or rendered substantially untenantable, Landlord may not terminate this lease unless it shall elect to terminate leases (including this lease), affecting at least fifty percent (50%) of the rentable area of the Building (excluding any rentable area occupied by Landlord or its affiliates). (a) Anything contained in this Article 22 to the contrary notwithstanding, within thirty (30) days after notice to Landlord of any damage described in Section 22.01 hereof, Landlord shall deliver to Tenant a statement prepared by a reputable contractor approved by Tenant, which approval shall not be unreasonably withheld or delayed, setting forth such contractor's estimate as to the time and monies required to repair such damage and the assumptions regarding the use of labor (including overtime labor, if applicable) and construction methods considered in arriving at such estimate. If the estimated time period exceeds twelve (129) months from the date of ~~such~~ damage or destruction, and provided that Landlord determines that it is economically feasible, Landlord shall be obligated to do so; provided, however, that Landlord shall have no obligation to repair or restore improvements installed in the ~~estimated monies exceeds~~ Premises by Tenant except to the ~~anticipated amount of~~ extent that Landlord receives insurance proceeds sufficient for such purpose and for all other restoration and repair purposes. (~~provided~~ c) If neither clause (a) nor (b) above applies, Landlord ~~does not agree to supply any deficiency),~~ shall notify Tenant ~~may elect to terminate this lease by notice to Landlord not later than~~ within sixty (60~~) days following receipt of such statement or, if no statement is delivered, not earlier than ninety (90~~) days after the date such statement was to have been delivered. If ▇▇▇▇▇▇ makes such election, the Term shall expire upon a date specified by ▇▇▇▇▇▇, not exceeding ninety (90) days after notice of such election damage or destruction is given by ▇▇▇▇▇▇, and Tenant shall vacate the Demised Premises and surrender the same to Landlord in accordance with the provisions of Article 24 hereof. If Tenant shall not have elected to terminate this lease pursuant to this Article 22 (or is not entitled to terminate this lease pursuant to this Article 22), and such repairs are (i) not commenced by Landlord within ninety (90) days after the date of such damage, (ii) not substantially completed by Landlord within twelve (12) months after the date of such damage, subject to unavoidable delays (not exceeding six months) on account of delays in the adjustment of insurance, labor troubles, governmental controls, act of God, or any other cause beyond Landlord's reasonable control, Tenant may elect to terminate this lease by notice to Landlord. If ▇▇▇▇▇▇ makes such election, the Term of this lease shall expire upon the ninetieth (90th) day after notice of such election is given by ▇▇▇▇▇▇ and Tenant shall vacate the Demised Premises and surrender the same to Landlord in accordance with the provisions of Article 24 hereof. (b) Notwithstanding the foregoing, if (i) the Demised Premises shall be substantially damaged during the last two years of the Term (as the same may be renewed or extended pursuant to Article 40 hereof) or (ii) an engineer selected adjusted by Landlord and ~~approved by Tenant, which approval shall not be unreasonably withheld~~ Landlord’s casualty insurer and either Tenant or ~~delayed, shall reasonably estimate that there will be less than two (2) years remaining in the Term (as same~~ Landlord may be renewed or extended pursuant to Article 40 hereof) upon completion of restoration of the Building or the Demised Premises, as the case may be, then in either such case, Landlord or Tenant may elect by notice, given terminate this Lease within thirty (30) days after the ~~occurrence~~ date of such ~~damage~~notice; provided, ~~to terminate this lease. Notwithstanding anything contained in this lease to the contrary~~however, ~~if there shall occur a casualty at such time as there shall be estimated to be less than two years remaining in the Term of this lease after completion of restoration but prior to the time~~ that ~~pursuant to the provisions of Article 40 hereof Tenant~~ Landlord shall have the right to ~~exercise~~ elect to reconstruct the Building and the Premises, in which event Landlord shall notify Tenant within such sixty (60) day period and Tenant shall thereupon have no right to terminate this Lease, except as expressly set forth below. (d) During any ~~renewal option granted hereunder~~period when the Premises, ~~then~~as a result of destruction or damage, are unusable and are actually unused by Tenant, rent shall ▇▇▇▇▇ proportionately, as reasonably determined by Landlord in good faith, on a day for day basis, until such time as the Premises are made tenantable, and no portion of the rent so abated shall be subject to subsequent recapture; provided, however, that there shall be no such abatement except to the extent that the amount thereof is compensated for and recoverable from the proceeds of rental abatement or business interruption insurance maintained by Landlord with respect to this Lease, the Premises or the Building. In addition, there shall be no abatement of rent attributable to the time period following the repair of damage to the Premises by the Landlord where the Premises would have been otherwise reasonably deemed available for Tenant’s occupancy, except for reconstruction of the Tenant Improvements where such reconstruction did not or has not occurred because of the failure of Tenant to pay to Landlord, or cause to be paid to Landlord, prior to the commencement of the anticipated repairs and reconstruction, an amount sufficient to pay for the cost of the anticipated repair and/or reconstruction or because of any other delays caused by Tenant. (e) The proceeds from any insurance paid by reason of damage to or destruction of the Building or any part thereof, insured by Landlord, shall belong to and be paid to Landlord ~~terminating this lease~~subject to the rights of any Superior Lessor or any mortgagee of any Mortgage which constitutes an encumbrance. (f) Tenant waives California Civil Code Sections 1932(2) and 1933(4) providing for termination of hiring upon destruction of the thing hired. (g) Notwithstanding the foregoing, Landlord shall have no obligation to rebuild the Premises in the event of damage or destruction of the Premises occurring during the last two (2) years of the Term (excluding unexercised options). (h) Notwithstanding the foregoing, Tenant shall have the right to ~~exercise any renewal option granted herein in accordance with the provisions of Article 40 hereof. If either party shall elect to so~~ terminate this ~~lease, the Term shall expire upon the ninetieth (90th) day after~~ Lease by written notice ~~of such election is given by such party and Tenant shall vacate the Demised Premises and surrender the same~~ to Landlord in ~~accordance with~~ the ~~provisions~~ event that the Premises are damaged to the extent that Tenant’s use of ~~Article 24 hereof~~the entire Premises is materially impaired, and the restoration of the Premises is not substantially completed within one hundred eighty (180) days of the date of the casualty. ~~22.05 No damages, compensation or claim shall be payable by Landlord for inconvenience, loss of business or annoyance arising from any repair or restoration of any portion of~~ (i) In the ~~Demised Premises or of~~ event that the Building pursuant to this Article. Landlord shall use its best efforts to effect such repair or restoration promptly and in such manner as to not unreasonably interfere with ▇▇▇▇▇▇'s use and occupancy. 22.06 ▇▇▇▇▇▇ agrees to cooperate with Landlord to enable Landlord to promptly collect any insurance proceeds to which it may be entitled. Notwithstanding any of the foregoing provisions of this Article, if Landlord or the lessor of any superior lease or the holder of any superior mortgage shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Demised Premises or the Building ~~by fire~~ is destroyed or ~~other cause, by reason of some action or inaction on~~ damaged to any substantial extent during the ~~part of Tenant or any of its employees, agents or contractors which constitutes a breach~~ last eighteen (18) months of the ~~provisions~~ Term, and, in the reasonable opinion of Landlord, the damage or destruction to the Premises or Building cannot be repaired by the date which is six (6) months prior to the Expiration Date, then notwithstanding anything contained in this ~~lease~~Article, ~~then, without prejudice~~ either Landlord or Tenant shall have the option to ~~any~~ terminate this Lease by giving written notice to the other ~~remedies which may be available against Tenant, there shall be no abatement~~ party of ~~Tenant's rents, but~~ the ~~total amount~~ exercise of such ~~rents not abated~~ option within thirty (30) days after such damage or destruction, in which ~~would otherwise have been abated)~~ event this Lease shall ~~not exceed the amount~~ cease and terminate as of the ~~uncollected insurance proceeds. 22.07 Landlord will not carry insurance~~ date of ~~any kind on Tenant's Property or Tenant's Work~~such notice, ~~and~~Tenant shall pay the Base Rent and Additional Rent, properly apportioned up to such date of damage, and both parties hereto shall thereafter be freed and discharged of all further obligations hereunder, except as provided ~~by law or by reason of its fault or its breach of any of its obligations hereunder, shall not be obligated to repair any damage thereto or replace the same. 22.08 The~~ for in provisions of this ~~Article shall be considered an express agreement governing any case of damage~~ Lease which by their terms survive the expiration or ~~destruction~~ earlier termination of the ~~Demised Premises by fire or other casualty and any applicable law providing for a contingency in the absence of an express agreement now or hereafter in force shall have no application in such case~~Term. 22.09 Any dispute which may arise between the parties with respect to the meaning or application of any of the provisions of this Article 22 shall be determined by arbitration in the manner provided in Article 34 hereof.

Appears in 1 contract

Sources: Office Lease (Medivation, Inc.)

Destruction or Damage. ~~22.01~~ 21.01. If the Building or the Demised Premises shall be partially or totally damaged or destroyed by fire or other cause, ~~then,~~ then whether or not the damage or destruction shall have resulted from the fault or neglect of Tenant, or its employees, agents or visitors (and if this ~~lease~~ Lease shall not have been terminated as in this Article hereinafter provided), Landlord ~~shall, to the extent of insurance proceeds received by it,~~ shall repair the damage and restore and rebuild the Building and/or the Demised Premises ~~to a condition equivalent~~ (~~with respect to character~~including Landlord's Work and any Tenant's Finish Work that was performed by Landlord), ~~quality~~at its expense, ~~value, utility and appearance and the Building systems) to that which existed immediately prior to such damage~~ with reasonable dispatch after notice to it of the damage or destruction; provided, however, that Landlord shall not be required to repair or replace any of the Tenant's ~~Property nor to restore any Tenant's Work~~Property. ~~(a)~~ 21.02. If the Building or the Demised Premises shall be partially damaged or partially destroyed by fire or other cause, the rents payable hereunder shall be abated to the extent that the Demised Premises shall have been rendered untenantable and for the period from the date of such damage or destruction to the date the damage shall be repaired or restored. If the Demised Premises or a major part thereof shall be totally (which shall be deemed to include substantially totally) damaged or destroyed or rendered completely (which shall be deemed to include substantially completely) untenantable on account of fire or other cause, the rents shall ▇a▇▇▇▇ as of the date of the damage or destruction and until Landlord shall repair, ~~restore~~ restore, and rebuild the Building and the Demised ~~Premises~~Premises (including Landlord's Work and any Tenant's Finish Work that was performed by Landlord), provided, however, that should Tenant reoccupy a portion of the Demised Premises during the period ~~the~~ of restoration work is taking place and prior to the date that the same are made completely tenantable, rents allocable to such portion shall be payable by Tenant from the date of such occupancy. (b) Notwithstanding anything to the contrary contained herein, prior to the date the Demised Premises, or any affected portion thereof, are made completely tenantable, Landlord shall provide Tenant and Tenant's contractor, subcontractors and materialmen access to the Demised Premises to perform any alterations required to prepare the Demised Premises for the conduct of ▇▇▇▇▇▇'s business (hereinafter referred to as "Specialty Alterations") on the following terms and conditions: (i) Tenant shall not commence work in any portion of the Demised Premises until the date specified in a notice from Landlord to Tenant stating that the repairs required to be made by Landlord have been or will be completed to the extent reasonably necessary, in Landlord's reasonable discretion, to permit the commencement of the Specialty Alterations to be performed in the portion in question without interference with, and consistent with the performance of, the repairs remaining to be performed; and (ii) Such access by Tenant shall be deemed to be subject to all of the applicable provisions of this lease, except that there shall be no obligation on the part of Tenant solely because of such access to pay any fixed rent or additional rent with respect to the affected portion of the Demised Premises for any period prior to the date the damage thereto shall be repaired or restored in accordance with the provisions hereof. 22.03 21.03. If the Building or the Demised Premises shall be totally damaged or destroyed by fire or other cause, or if the Building shall be so damaged or destroyed by fire or other cause ~~(whether or not the Demised Premises are damaged or destroyed) that its repair or restoration requires the expenditure,~~ as to require a reasonably estimated ~~by a reputable contractor or architect designated by Landlord and approved by Tenant, which approval shall not be unreasonably withheld or delayed,~~ expenditure of more than ~~40%~~ twenty five percent (25%) of the ~~full insurable value~~ replacement cost of the Building ~~immediately prior to the casualty,~~ then in either such case Landlord may terminate this ~~lease~~ Lease by giving Tenant notice to such effect within ~~one hundred twenty~~ sixty (~~120~~60) days after the date of the casualty~~; provided that if~~ . If the Building or the Demised Premises ~~are not substantially~~ shall be partially or totally damaged or ~~rendered substantially untenantable,~~ destroyed by fire or other cause and Landlord ~~may~~ elects not ~~terminate this lease unless it shall elect~~ to ~~terminate leases~~ exercise the aforementioned termination right (~~including this lease~~or if such right is not created), affecting at least fifty percent (50%) of the rentable area of the Building (excluding any rentable area occupied by Landlord or its affiliates). (a) Anything contained in this Article 22 to the contrary notwithstanding, within thirty (30) days after notice to Landlord of any damage described in Section 22.01 hereof, Landlord shall deliver to ~~Tenant a statement prepared by a reputable contractor approved by~~ Tenant, ~~which approval shall not be unreasonably withheld~~ within sixty (60) days of the casualty, a written certification from M. ▇▇▇▇▇▇▇ Company, Inc. or ~~delayed, setting forth such contractor's estimate as~~ other contractor of Landlord of (a) the extent of damage to the Building, in reasonable detail, and (b) the time ~~and monies required to repair such damage and~~ within which substantial restoration of the ~~assumptions regarding the use of labor~~ Demised Premises (including ~~overtime labor, if applicable~~Landlord's Work and any Tenant's Finish Work that was performed by Landlord) ~~and construction methods considered in arriving at such estimate~~will occur (the "Estimated Completion Date"). If the ~~estimated time period exceeds~~ Estimated Completion Date is more than twelve (12) months from the date of ~~such damage or~~ casualty to restore the ~~estimated monies exceeds the anticipated amount of insurance proceeds (provided Landlord does not agree to supply any deficiency)~~Demised Premises, as aforesaid, Tenant ~~may elect~~ shall have the right to terminate this ~~lease~~ Lease by written notice to Landlord ~~not later than sixty~~ within thirty (6030) days ~~following~~ of Tenant's receipt of ~~such~~ the contractor's written statement orsetting forth the Estimated Completion Date, if no statement is delivered, not earlier than ninety (90) days after the date such statement was to have been delivered. If ▇▇▇▇▇▇ makes such election, the Term shall expire upon a date specified by ▇▇▇▇▇▇, not exceeding ninety (90) days after notice of such election is given by ▇▇▇▇▇▇, otherwise this Lease will remain in full force and effect unless Landlord or Tenant ~~shall vacate the Demised Premises and surrender the same to Landlord in accordance with the provisions of Article 24 hereof. If Tenant shall not have elected~~ elects to terminate this ~~lease pursuant to~~ Lease as provided elsewhere in this ~~Article 22 (~~Article. In any event, in case of any damage or is destruction mentioned in this Article, and neither Landlord nor Tenant has exercised an aforementioned termination right, Tenant shall again have the right, but not ~~entitled~~ the obligation, to terminate ~~this lease pursuant to this Article 22), and such repairs are~~ the Lease upon thirty (~~i) not commenced by Landlord within ninety (90~~30) days ~~after the date of such damage~~notice to Landlord, ~~(ii)~~ if Landlord has not substantially completed the making of the required repairs and restored and rebuilt the Building and the Demised Premises, as aforesaid, by ~~Landlord within~~ the later of (a) the date which is twelve (12) months after the date of such ~~damage~~damage or destruction, ~~subject~~ or (b) the Estimated Completion Date, which termination notice Landlord may vitiate if prior to ~~unavoidable delays~~ the expiration of such thirty (30) days Landlord substantially completes the repairs, restorations and/or rebuilding of the Building and the Demised Premises. Such period for repair, restoration and rebuilding shall be extended for such time (not exceeding ~~six~~ four (4) months) ~~on account of delays~~ as shall equal the aggregate period Landlord may have been delayed in ~~the~~ doing so by adjustment of insurance, labor ~~troubles~~trouble, governmental controls, act of God, or any other cause beyond Landlord's reasonable control, . Any termination of this Lease pursuant to this Section 21.04 shall be without further liability of Tenant ~~may elect to terminate this lease by notice~~ to Landlord. If ▇▇▇▇▇▇ makes such election, the Term of this lease shall expire upon the ninetieth (90th) day after notice of such election is given by ▇▇▇▇▇▇ and Tenant shall vacate the Demised Premises and surrender the same to Landlord in accordance with the provisions of Article 24 hereof. (b) Notwithstanding the foregoing, if (i) the Demised Premises shall be substantially damaged during the last two years of the Term (as the same may be renewed or extended pursuant to Article 40 hereof) or (ii) an engineer selected by Landlord and approved by Tenant, which approval shall not be unreasonably withheld or delayed, shall reasonably estimate that there will be less than two (2) years remaining in the Term (as same may be renewed or extended pursuant to Article 40 hereof) upon completion of restoration of the Building or the Demised Premises, as the case may be, then in either such case, Landlord or Tenant may elect by notice, given within thirty (30) days after the occurrence of such damage, to terminate this lease21.04. Notwithstanding anything contained in this lease to the contrary, if there shall occur a casualty at such time as there shall be estimated to be less than two years remaining in the Term of this lease after completion of restoration but prior to the time that pursuant to the provisions of Article 40 hereof Tenant shall have the right to exercise any renewal option granted hereunder, then, prior to Landlord terminating this lease, Tenant shall have the right to exercise any renewal option granted herein in accordance with the provisions of Article 40 hereof. If either party shall elect to so terminate this lease, the Term shall expire upon the ninetieth (90th) day after notice of such election is given by such party and Tenant shall vacate the Demised Premises and surrender the same to Landlord in accordance with the provisions of Article 24 hereof. 22.05 No damages, ~~compensation~~ compensation, or claim shall be payable by Landlord for inconvenience, loss of ~~business~~ business, or annoyance arising from any repair or restoration of any portion of the Demised Premises or of the Building pursuant to this Article. Landlord shall use its best efforts to effect such repair or restoration promptly and in such manner as to not unreasonably to interfere with ~~▇▇▇▇▇▇~~Tenant's use and ~~occupancy. 22.06 ▇▇▇▇▇▇ agrees~~ occupancy during such time that Tenant is able to cooperate with Landlord to enable Landlord to promptly collect any insurance proceeds to which it may be entitled. Notwithstanding any of the foregoing provisions of this Article, if Landlord or the lessor of any superior lease or the holder of any superior mortgage shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of use the Demised Premises or the Building by fire or other cause, by reason of some action or inaction on the part of Tenant or any of its employees, agents or contractors which constitutes a breach of the provisions of this lease, then, without prejudice to any other remedies which may be available against Tenant, there shall be no abatement of Tenantduring Landlord's ~~rents, but the total amount of such rents not abated (which would otherwise have been abated) shall not exceed the amount of the uncollected insurance proceeds~~restoration. 22.07 Landlord will not carry insurance of any kind on Tenant's Property or Tenant's Work, and, except as provided by law or by reason of its fault or its breach of any of its obligations hereunder, shall not be obligated to repair any damage thereto or replace the same. 22.08 The provisions of this Article shall be considered an express agreement governing any case of damage or destruction of the Demised Premises by fire or other casualty and any applicable law providing for a contingency in the absence of an express agreement now or hereafter in force shall have no application in such case. 22.09 Any dispute which may arise between the parties with respect to the meaning or application of any of the provisions of this Article 22 shall be determined by arbitration in the manner provided in Article 34 hereof.

Appears in 1 contract

Sources: Lease Agreement (Globespan Inc/De)

Destruction or Damage. ~~22.01~~ 21.01. If the Building or the Demised Premises shall be ~~partially~~ artially or totally damaged or destroyed by fire or other cause, ~~then,~~ then whether or not the damage or destruction shall have resulted from the fault or neglect of Tenant, or its employees, agents or visitors (and if this ~~lease~~ Lease shall not have been terminated as in this Article hereinafter provided), Landlord ~~shall, to the extent of insurance proceeds received by it,~~ shall repair the damage and restore and rebuild the Building and/or the Demised ~~Premises to a condition equivalent (with respect to character~~Premises, ~~quality~~at its expense, ~~value, utility and appearance and the Building systems) to that which existed immediately prior to such damage~~ with reasonable dispatch after notice to it of the damage or destruction; provided, however, that Landlord shall not be required to repair or replace any of the Tenant's ~~Property nor to restore any Tenant's Work~~Property. ~~(a)~~ 21.02. If the Building or the Demised Premises shall be partially damaged or partially destroyed by fire or other ~~cause~~cause not attributable to the fault or negligence of Tenant, its agents, or employees, the rents payable hereunder shall be abated to the extent that the Demised Premises shall have been rendered untenantable and for the period from the date of such damage or destruction to the date the damage shall be repaired or restored; provided, however, f the damage shall be attributable to the fault or negligence of tenant, its agents or employees, then rent shall continue but shall be reduced by any amounts received by Landlord pursuant to Landlord's coverage for business interruption and/or rent insurance attributable to the Demised Premises. If the Demised Premises or a major part thereof shall be totally (which shall be deemed to include substantially totally) damaged or destroyed or rendered completely (which shall be deemed to include substantially completely) untenantable on account of fire or other cause, the rents shall ▇▇▇▇▇ as of the date of the damage or destruction and until Landlord shall repair, ~~restore~~ restore, and rebuild the Building and the Demised Premises, provided, however, that should Tenant reoccupy a portion of the Demised Premises during the period ~~the~~ of restoration work is taking place and prior to the date that the same are made completely tenantable, rents allocable to such portion shall be payable by Tenant from the date of such occupancy. (b) Notwithstanding anything to the contrary contained herein, prior to the date the Demised Premises, or any affected portion thereof, are made completely tenantable, Landlord shall provide Tenant and Tenant's contractor, subcontractors and materialmen access to the Demised Premises to perform any alterations required to prepare the Demised Premises for the conduct of ▇▇▇▇▇▇'s business (hereinafter referred to as "Specialty Alterations") on the following terms and conditions: (i) Tenant shall not commence work in any portion of the Demised Premises until the date specified in a notice from Landlord to Tenant stating that the repairs required to be made by Landlord have been or will be completed to the extent reasonably necessary, in Landlord's reasonable discretion, to permit the commencement of the Specialty Alterations to be performed in the portion in question without interference with, and consistent with the performance of, the repairs remaining to be performed; and (ii) Such access by Tenant shall be deemed to be subject to all of the applicable provisions of this lease, except that there shall be no obligation on the part of Tenant solely because of such access to pay any fixed rent or additional rent with respect to the affected portion of the Demised Premises for any period prior to the date the damage thereto shall be repaired or restored in accordance with the provisions hereof. 22.03 21.03. If the ~~Building~~ Building, or the Demised Premises shall be totally ~~damaged or destroyed by fire or other cause, or if the Building shall be so~~ damaged or destroyed by fire or other cause (whether or not the Demised Premises are damaged or destroyed) ~~that its repair or restoration requires the expenditure,~~ as to require a reasonably estimated ~~by a reputable contractor or architect designated by Landlord and approved by Tenant, which approval shall not be unreasonably withheld or delayed,~~ expenditure of more than ~~40%~~ twenty-five percent (15%) of the full insurable value of the Building immediately prior to the ~~casualty,~~ casualty then in either such case Landlord may terminate this ~~lease~~ Lease by giving Tenant notice to such effect within one hundred ~~twenty~~ eighty (~~120~~180) days after the date of the casualty~~; provided that~~ . In case of any damage or destruction mentioned in this Article, Tenant may terminate the Lease by notice to Landlord, if landlord has not completed the making of the required repairs and restored and rebuilt the Building and the Demised Premises are not substantially damaged or rendered substantially untenantable, Landlord may not terminate this lease unless it shall elect to terminate leases (including this lease), affecting at least fifty percent (50%) of the rentable area of the Building (excluding any rentable area occupied by Landlord or its affiliates). (a) Anything contained in this Article 22 to the contrary notwithstanding, within thirty (30) days after notice to Landlord of any damage described in Section 22.01 hereof, Landlord shall deliver to Tenant a statement prepared by a reputable contractor approved by Tenant, which approval shall not be unreasonably withheld or delayed, setting forth such contractor's estimate as to the time and monies required to repair such damage and the assumptions regarding the use of labor (including overtime labor, if applicable) and construction methods considered in arriving at such estimate. If the estimated time period exceeds twelve (12) months from the date of such damage or ~~the estimated monies exceeds the anticipated amount of insurance proceeds (provided Landlord does not agree to supply any deficiency)~~destruction, ~~Tenant may elect to terminate this lease by notice to Landlord not later than sixty (60) days following receipt of~~ or within such ~~statement or, if no statement is delivered, not earlier than ninety (90) days~~ period after ~~the~~ such date such statement was to have been delivered. If ▇▇▇▇▇▇ makes such election, the Term shall expire upon a date specified by ▇▇▇▇▇▇, not exceeding ninety (90) days after notice of such election is given by ▇▇▇▇▇▇, and Tenant shall vacate the Demised Premises and surrender the same to Landlord in accordance with the provisions of Article 24 hereof. If Tenant shall not have elected to terminate this lease pursuant to this Article 22 (or is not entitled to terminate this lease pursuant to this Article 22), and such repairs are (i) not commenced by Landlord within ninety (90) days after the date of such damage, (ii) not substantially completed by Landlord within twelve (12) months after the date of such damage, subject to unavoidable delays (not exceeding six (6) months) ~~on account of delays~~ as shall equal the aggregate period Landlord may have been delayed in ~~the~~ doing so by adjustment of insurance, labor ~~troubles~~trouble, governmental controls, act of God, or any other cause beyond Landlord's reasonable control, Tenant may elect to terminate this lease by notice to Landlord. If ▇▇▇▇▇▇ makes such election, the Term of this lease shall expire upon the ninetieth (90th) day after notice of such election is given by ▇▇▇▇▇▇ and Tenant shall vacate the Demised Premises and surrender the same to Landlord in accordance with the provisions of Article 24 hereof. (b) Notwithstanding the foregoing, if (i) the Demised Premises shall be substantially damaged during the last two years of the Term (as the same may be renewed or extended pursuant to Article 40 hereof) or (ii) an engineer selected by Landlord and approved by Tenant, which approval shall not be unreasonably withheld or delayed, shall reasonably estimate that there will be less than two (2) years remaining in the Term (as same may be renewed or extended pursuant to Article 40 hereof) upon completion of restoration of the Building or the Demised Premises, as the case may be, then in either such case, Landlord or Tenant may elect by notice, given within thirty (30) days after the occurrence of such damage, to terminate this lease21.04. Notwithstanding anything contained in this lease to the contrary, if there shall occur a casualty at such time as there shall be estimated to be less than two years remaining in the Term of this lease after completion of restoration but prior to the time that pursuant to the provisions of Article 40 hereof Tenant shall have the right to exercise any renewal option granted hereunder, then, prior to Landlord terminating this lease, Tenant shall have the right to exercise any renewal option granted herein in accordance with the provisions of Article 40 hereof. If either party shall elect to so terminate this lease, the Term shall expire upon the ninetieth (90th) day after notice of such election is given by such party and Tenant shall vacate the Demised Premises and surrender the same to Landlord in accordance with the provisions of Article 24 hereof. 22.05 No damages, ~~compensation~~ compensation, or claim shall be payable by Landlord for inconvenience, loss of ~~business~~ business, or annoyance arising from any repair or restoration of any portion of the Demised ~~Premises~~ Pr mises or of the ~~Building~~ Building, pursuant to this Article. Landlord shall use its best efforts to effect such repair or restoration promptly and in such manner as to not unreasonably to interfere with ~~▇▇▇▇▇▇~~Tenant's use and ~~occupancy~~occupancy during such time that Tenant is able to use the Demised Premises during Landlord's restoration. ~~22.06 ▇▇▇▇▇▇ agrees to cooperate with Landlord to enable Landlord to promptly collect any insurance proceeds to which it may be entitled~~21.05. ~~Notwithstanding~~ Not-withstanding any of the foregoing provisions of this Article, if Landlord or the lessor of any superior lease or the holder of any superior mortgage shall be unable to collect all of the ~~insurance~~ in urance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Demised Premises or the Building by fire or other cause, by reason of some action or inaction on the part of Tenant or any of its employees, agents or contractors ~~which constitutes a breach~~ in connection with the processing of ~~the provisions of this lease~~any claim, then, without prejudice to any other remedies which may be available against Tenant, there shall be no abatement of Tenant's rents~~, but the total amount of such rents not abated (which would otherwise have been abated) shall not exceed the amount of the uncollected insurance proceeds~~. ~~22.07~~ 21.06. Landlord will not carry insurance of any kind on Tenant's ~~Property or Tenant's Work~~Property, and, except as provided by law or by reason of its fault or its breach of f any of its obligations hereunder, shall not be obligated to repair any damage thereto or replace the same; to the extent that Tenant shall maintain insurance on Tenant's Property, Landlord shall not be obligated to repair any damage thereto or replace the same. ~~22.08~~ 21.07. The provisions of this ~~Article~~ article shall be considered an express agreement governing any case of damage or destruction of the Demised Premises by fire or other ~~casualty~~ casualty, and any ~~applicable~~ law of the State of New Jersey providing for such a contingency in the absence of an express ~~agreement~~ agreement, an any other law of like import, now or of hereafter in ~~force~~ force, shall have no application in such case. ~~22.09 Any dispute which may arise between~~ 21.08. If the ~~parties with respect~~ Demised Premises and/or access thereto become partially or totally damaged or destroyed by any casualty not insured against, then Landlord shall have the right to terminate this Lease upon giving the ~~meaning or application~~ Tenant thirty (30) days notice and upon the expiration of ~~any of~~ said thirty (30) day notice period this Lease shall terminate as if such termination date were the ~~provisions of this Article 22 shall be determined by arbitration in the manner provided in Article 34 hereof~~Expiration Date.

Appears in 1 contract

Sources: Lease Agreement (Robotic Lasers Inc)

Destruction or Damage. 22.01 If the Building or the Demised Premises shall be partially or totally damaged or destroyed by fire or other cause, then, whether or not the damage or destruction shall have resulted from the fault or neglect of Tenant, or its employees, agents or visitors (and if this ~~lease~~ Lease shall not have been terminated as in this Article hereinafter provided), Landlord ~~shall, to the extent of insurance proceeds received by it,~~ shall repair the damage and restore and rebuild the Building and/or the Demised ~~Premises to a condition equivalent (with respect to character~~Premises, ~~quality~~at its expense, ~~value, utility and appearance and the Building systems) to that which existed immediately prior to such damage~~ with reasonable dispatch after notice to it of the damage or destruction; provided, however, that Landlord shall not be required to repair or replace any of Tenant's Property nor to restore any Tenant's Work or Landlord's Work. ~~(a)~~ 22.02 If the Building or the Demised Premises shall be partially damaged or partially destroyed by fire or other cause, the rents payable hereunder shall be abated (except if same was a result of the action or inaction of Tenant, its employees or invitees, and except to the extent of Tenant's insurance coverage which is required by the terms of this Lease) to the extent that the Demised Premises shall have been rendered untenantable and for the period from the date of such damage or destruction to the date the damage shall be repaired or restored. If the Demised Premises or a major part thereof shall be totally (which shall be deemed to include substantially totally) damaged or destroyed or rendered completely (which shall be deemed to include substantially completely) untenantable on account of fire or other cause, the rents shall ▇▇▇▇▇ as of the date of the damage or destruction (except if same was a result of the action or inaction of Tenant, its employees or invitees, and except to the extent of Tenant's insurance coverage which is required by the terms of this Lease) and until Landlord shall repair, restore and rebuild the Building and the Demised Premises, provided, however, that should Tenant reoccupy a portion of the Demised Premises during the period the restoration work is taking place and prior to the date ~~that~~ the same are made completely tenantable, rents allocable to such portion shall be payable by Tenant from the date of such occupancy. (b) Notwithstanding anything to the contrary contained herein, prior to the date the Demised Premises, or any affected portion thereof, are made completely tenantable, Landlord shall provide Tenant and Tenant's contractor, subcontractors and materialmen access to the Demised Premises to perform any alterations required to prepare the Demised Premises for the conduct of ▇▇▇▇▇▇'s business (hereinafter referred to as "Specialty Alterations") on the following terms and conditions: (i) Tenant shall not commence work in any portion of the Demised Premises until the date specified in a notice from Landlord to Tenant stating that the repairs required to be made by Landlord have been or will be completed to the extent reasonably necessary, in Landlord's reasonable discretion, to permit the commencement of the Specialty Alterations to be performed in the portion in question without interference with, and consistent with the performance of, the repairs remaining to be performed; and (ii) Such access by Tenant shall be deemed to be subject to all of the applicable provisions of this lease, except that there shall be no obligation on the part of Tenant solely because of such access to pay any fixed rent or additional rent with respect to the affected portion of the Demised Premises for any period prior to the date the damage thereto shall be repaired or restored in accordance with the provisions hereof. 22.03 If the Building or the Demised Premises shall be totally damaged or destroyed by fire or other cause, or if the Building shall be so damaged or destroyed by fire or other cause (whether or not the Demised Premises are damaged or destroyed) ~~that its repair or restoration requires the expenditure,~~ as to require a reasonably estimated ~~by a reputable contractor or architect designated by Landlord and approved by Tenant, which approval shall not be unreasonably withheld or delayed,~~ expenditure of more than 4020% of the full insurable value of the Building immediately prior to the casualty, then in either such case Landlord may terminate this ~~lease~~ Lease by giving Tenant notice to such effect within one hundred ~~twenty~~ eighty (~~120~~180) days after the date of the casualty~~; provided that~~ . In case of any damage or destruction mentioned in this Article Tenant may terminate this Lease, by notice to Landlord, if Landlord has not completed the making of the required repairs and restored and rebuilt the Building and the Demised Premises are not substantially damaged or rendered substantially untenantable, Landlord may not terminate this lease unless it shall elect to terminate leases (including this lease), affecting at least fifty percent (50%) of the rentable area of the Building (excluding any rentable area occupied by Landlord or its affiliates). (a) Anything contained in this Article 22 to the contrary notwithstanding, within thirty (30) days after notice to Landlord of any damage described in Section 22.01 hereof, Landlord shall deliver to Tenant a statement prepared by a reputable contractor approved by Tenant, which approval shall not be unreasonably withheld or delayed, setting forth such contractor's estimate as to the time and monies required to repair such damage and the assumptions regarding the use of labor (including overtime labor, if applicable) and construction methods considered in arriving at such estimate. If the estimated time period exceeds twelve (12) months from the date of such damage or ~~the estimated monies exceeds the anticipated amount of insurance proceeds (provided Landlord does not agree to supply any deficiency)~~destruction, ~~Tenant may elect to terminate this lease by notice to Landlord not later than sixty (60) days following receipt of~~ or within such ~~statement or, if no statement is delivered, not earlier than ninety (90) days~~ period after ~~the~~ such date such statement was to have been delivered. If ▇▇▇▇▇▇ makes such election, the Term shall expire upon a date specified by ▇▇▇▇▇▇, not exceeding ninety (90) days after notice of such election is given by ▇▇▇▇▇▇, and Tenant shall vacate the Demised Premises and surrender the same to Landlord in accordance with the provisions of Article 24 hereof. If Tenant shall not have elected to terminate this lease pursuant to this Article 22 (or is not entitled to terminate this lease pursuant to this Article 22), and such repairs are (i) not commenced by Landlord within ninety (90) days after the date of such damage, (ii) not substantially completed by Landlord within twelve (12) months after the date of such damage, subject to unavoidable delays (not exceeding six months) ~~on account of delays~~ as shall equal the aggregate period Landlord may have been delayed in ~~the~~ doing so by adjustment of insurance, labor ~~troubles~~trouble, governmental controls, act of God, or any other cause beyond Landlord's reasonable control, Tenant may elect to terminate this lease by notice to Landlord. If ▇▇▇▇▇▇ makes such election, the Term of this lease shall expire upon the ninetieth (90th) day after notice of such election is given by ▇▇▇▇▇▇ and Tenant shall vacate the Demised Premises and surrender the same to Landlord in accordance with the provisions of Article 24 hereof. (b) Notwithstanding the foregoing, if (i) the Demised Premises shall be substantially damaged during the last two years of the Term (as the same may be renewed or extended pursuant to Article 40 hereof) or (ii) an engineer selected by Landlord and approved by Tenant, which approval shall not be unreasonably withheld or delayed, shall reasonably estimate that there will be less than two (2) years remaining in the Term (as same may be renewed or extended pursuant to Article 40 hereof) upon completion of restoration of the Building or the Demised Premises, as the case may be, then in either such case, Landlord or Tenant may elect by notice, given within thirty (30) days after the occurrence of such damage, to terminate this lease. Notwithstanding anything contained in this lease to the contrary, if there shall occur a casualty at such time as there shall be estimated to be less than two years remaining in the Term of this lease after completion of restoration but prior to the time that pursuant to the provisions of Article 40 hereof Tenant shall have the right to exercise any renewal option granted hereunder, then, prior to Landlord terminating this lease, Tenant shall have the right to exercise any renewal option granted herein in accordance with the provisions of Article 40 hereof. If either party shall elect to so terminate this lease, the Term shall expire upon the ninetieth (90th) day after notice of such election is given by such party and Tenant shall vacate the Demised Premises and surrender the same to Landlord in accordance with the provisions of Article 24 hereof. 22.05 22.04 No damages, compensation or claim shall be payable by Landlord for inconvenience, loss of business or annoyance arising from any repair or restoration of any portion of the Demised Premises or of the Building pursuant to this Article. Landlord shall use its best efforts to effect such repair or restoration promptly and in such manner as to not unreasonably interfere with ~~▇▇▇▇▇▇~~Tenant's use and occupancy. ~~22.06 ▇▇▇▇▇▇ agrees to cooperate with Landlord to enable Landlord to promptly collect any insurance proceeds to which it may be entitled.~~ 22.05 Notwithstanding any of the foregoing provisions of this Article, if Landlord or the lessor of any superior lease or the holder of any superior mortgage shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Demised Premises or the Building by fire or other cause, by reason of some action or inaction on the part of Tenant or any of its employees, agents or ~~contractors which constitutes a breach of the provisions of this lease~~contractors, then, without prejudice to any other remedies which may be available against Tenant, there shall be no abatement of Tenant's rents, but the total amount of such rents not abated (which would otherwise have been abated) shall not exceed the amount of the uncollected insurance proceeds. ~~22.07~~ 22.06 Landlord will not carry insurance of any kind on Tenant's Property or Tenant's Work, and, except as provided by law or by reason of its fault or its breach of any of its obligations hereunder, shall not be obligated to repair any damage thereto or replace the same. ~~22.08~~ 22.07 The provisions of this Article shall be considered an express agreement governing any case of damage or destruction of the Demised Premises by fire or other ~~casualty~~ casualty, and any ~~applicable~~ provision, law or statute of the State of New Jersey, providing for such a contingency in the absence of an express ~~agreement~~ agreement, now or hereafter in ~~force~~ force, shall have no application in such case. ~~22.09 Any dispute which may arise between the parties with respect~~ 22.08 Notwithstanding anything to the ~~meaning~~ contrary set forth in this Lease, in no event shall Landlord be obligated to rebuild or ~~application~~ restore any portion of ~~any of the provisions of this~~ Landlord's Work for which Landlord is entitled to reimbursement from Tenant under Article ~~22 shall be determined by arbitration in the manner provided in Article 34~~ 3 hereof.

Appears in 1 contract

Sources: Lease (Aveta Inc)

Destruction or Damage. 22.01 If the Building or the Demised Premises shall be partially or totally damaged or destroyed by fire or other cause, then, whether or not the damage or destruction shall have resulted from the fault or neglect of Tenant, or its employees, agents or visitors (and if this lease shall not have been terminated as in this Article hereinafter provided), Landlord ~~shall, to the extent of insurance proceeds received by it,~~ shall repair the damage and restore and rebuild the Building and/or the Demised ~~Premises to a condition equivalent (with respect to character~~Premises, ~~quality~~at its expense, ~~value, utility and appearance and the Building systems) to that which existed immediately prior to such damage~~ with reasonable dispatch after notice to it of the damage or destruction; provided, however, that Landlord shall not be required to repair or replace any of Tenant's Property nor to restore any Tenant's Work. ~~(a)~~ 22.02 If the Building or the Demised Premises shall be partially damaged or partially destroyed by fire or other cause, the rents payable hereunder shall be abated to the extent that the Demised Premises shall have been rendered untenantable and ~~for~~ for, the period from the date of such damage or destruction to the date the damage shall be repaired or restored. If the Demised Premises or a major part thereof shall be totally (which shall be deemed to include substantially totally) damaged or destroyed or rendered completely (which shall be deemed to include substantially completely) untenantable on account of fire or other cause, the rents shall ▇▇▇▇▇ as of the date of the damage or destruction and until Landlord shall repair, restore and rebuild the Building and the Demised Premises, provided, however, that should Tenant reoccupy a portion of the Demised Premises during the period the restoration work is taking place and prior to the date that the same are made completely tenantable, rents allocable to such portion shall be payable by Tenant from the date of such occupancy. (b) Notwithstanding anything to the contrary contained herein, prior to the date the Demised Premises, or any affected portion thereof, are made completely tenantable, Landlord shall provide Tenant and Tenant's contractor, subcontractors and materialmen access to the Demised Premises to perform any alterations required to prepare the Demised Premises for the conduct of ▇▇▇▇▇▇'s business (hereinafter referred to as "Specialty Alterations") on the following terms and conditions: (i) Tenant shall not commence work in any portion of the Demised Premises until the date specified in a notice from Landlord to Tenant stating that the repairs required to be made by Landlord have been or will be completed to the extent reasonably necessary, in Landlord's reasonable discretion, to permit the commencement of the Specialty Alterations to be performed in the portion in question without interference with, and consistent with the performance of, the repairs remaining to be performed; and (ii) Such access by Tenant shall be deemed to be subject to all of the applicable provisions of this lease, except that there shall be no obligation on the part of Tenant solely because of such access to pay any fixed rent or additional rent with respect to the affected portion of the Demised Premises for any period prior to the date the damage thereto shall be repaired or restored in accordance with the provisions hereof. 22.03 If the Building or the Demised Premises shall be totally damaged or destroyed by fire or other cause, or if the Building shall be so damaged or destroyed by fire or other cause (whether or not the Demised Premises are damaged or destroyed) ~~that its repair or restoration requires the expenditure,~~ as to require a reasonably estimated ~~by a reputable contractor or architect designated by Landlord and approved by Tenant, which approval shall not be unreasonably withheld or delayed,~~ expenditure of more than 40% of the full insurable value of the Building immediately prior to the casualty, then in either such case Landlord may terminate this lease by giving Tenant notice to such effect within one hundred ~~twenty~~ eighty (~~120~~180) days after the date of the casualty~~; provided that if the Demised Premises are not substantially damaged~~ . In case of any damage or rendered substantially untenantable, Landlord may not terminate this lease unless it shall elect to terminate leases (including this lease), affecting at least fifty percent (50%) of the rentable area of the Building (excluding any rentable area occupied by Landlord or its affiliates). (a) Anything contained destruction mentioned in this Article 22 Tenant may terminate this lease, by notice to ~~the contrary notwithstanding~~Landlord, if (i) within thirty (30) days after ~~notice to Landlord of any damage described in Section 22.01 hereof~~Landlord's final insurance adjustment, Landlord ~~shall deliver to~~ either (x) notifies Tenant ~~a statement prepared by a reputable contractor approved by Tenant, which approval shall~~ that it does not ~~be unreasonably withheld or delayed, setting forth such contractor's estimate as to the time and monies required~~ intend to repair ~~such damage~~ and restore same, or (y) notifies Tenant that Landlord has reasonably and in good faith determined that the required repairs or restoration are not capable of being completed in less than twelve (12) months using due diligence, or (ii) Landlord has not completed the making of the required repairs and restored and rebuilt the Building and the ~~assumptions regarding the use of labor (including overtime labor, if applicable) and construction methods considered in arriving at such estimate. If the estimated time period exceeds~~ Demised Premises within twelve (12) months from the date of such damage or ~~the estimated monies exceeds the anticipated amount of insurance proceeds (provided Landlord does not agree to supply any deficiency)~~destruction, ~~Tenant may elect to terminate this lease by notice to Landlord not later than sixty (60) days following receipt of~~ or within such ~~statement or, if no statement is delivered, not earlier than ninety (90) days~~ period after ~~the~~ such date such statement was to have been delivered. If ▇▇▇▇▇▇ makes such election, the Term shall expire upon a date specified by ▇▇▇▇▇▇, not exceeding ninety (90) days after notice of such election is given by ▇▇▇▇▇▇, and Tenant shall vacate the Demised Premises and surrender the same to Landlord in accordance with the provisions of Article 24 hereof. If Tenant shall not have elected to terminate this lease pursuant to this Article 22 (or is not entitled to terminate this lease pursuant to this Article 22), and such repairs are (i) not commenced by Landlord within ninety (90) days after the date of such damage, (ii) not substantially completed by Landlord within twelve (12) months after the date of such damage, subject to unavoidable delays (not exceeding six months) ~~on account of delays~~ as shall equal the aggregate period Landlord may have been delayed in ~~the~~ doing so by adjustment of insurance, labor ~~troubles~~trouble, governmental controls, act of ~~God~~Cod, or any other cause beyond Landlord's reasonable control, Tenant may elect to terminate this lease by notice to Landlord. If ▇▇▇▇▇▇ makes such election, the Term of this lease shall expire upon the ninetieth (90th) day after notice of such election is given by ▇▇▇▇▇▇ and Tenant shall vacate the Demised Premises and surrender the same to Landlord in accordance with the provisions of Article 24 hereof. (b) Notwithstanding the foregoing, if (i) the Demised Premises shall be substantially damaged during the last two years of the Term (as the same may be renewed or extended pursuant to Article 40 hereof) or (ii) an engineer selected by Landlord and approved by Tenant, which approval shall not be unreasonably withheld or delayed, shall reasonably estimate that there will be less than two (2) years remaining in the Term (as same may be renewed or extended pursuant to Article 40 hereof) upon completion of restoration of the Building or the Demised Premises, as the case may be, then in either such case, Landlord or Tenant may elect by notice, given within thirty (30) days after the occurrence of such damage, to terminate this lease. Notwithstanding anything contained in this lease to the contrary, if there shall occur a casualty at such time as there shall be estimated to be less than two years remaining in the Term of this lease after completion of restoration but prior to the time that pursuant to the provisions of Article 40 hereof Tenant shall have the right to exercise any renewal option granted hereunder, then, prior to Landlord terminating this lease, Tenant shall have the right to exercise any renewal option granted herein in accordance with the provisions of Article 40 hereof. If either party shall elect to so terminate this lease, the Term shall expire upon the ninetieth (90th) day after notice of such election is given by such party and Tenant shall vacate the Demised Premises and surrender the same to Landlord in accordance with the provisions of Article 24 hereof. 22.05 22.04 No damages, compensation or claim shall be payable by Landlord for inconvenience, loss of business or annoyance arising from any repair or restoration of any portion of the Demised Premises or of the Building pursuant to this Article. Landlord shall use its best efforts to effect such repair or restoration promptly and in such manner as to not unreasonably interfere with ~~▇▇▇▇▇▇~~Tenant's use and occupancy. ~~22.06 ▇▇▇▇▇▇ agrees to cooperate with Landlord to enable Landlord to promptly collect any insurance proceeds to which it may be entitled.~~ 22.05 Notwithstanding any of the foregoing provisions of this Article, if Landlord or the lessor of any superior lease or the holder of any superior mortgage shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Demised Premises or the Building by fire or other cause, by reason of some action or inaction on the part of Tenant or any of its employees, agents or ~~contractors~~ contractors, which constitutes a breach of ~~the provisions~~ any of Tenant's obligations under this lease, then, without prejudice to any other remedies which may be available against Tenant, there shall be no abatement of Tenant's rents, but the total amount of such rents not abated (which would otherwise have been abated) shall not exceed the amount of the uncollected insurance proceeds. ~~22.07~~ 22.06 Landlord will not carry insurance of any kind on Tenant's Property or Tenant's Work, and, except as provided by law or by reason of its fault or its breach of any of its obligations hereunder, shall not be obligated to repair any damage thereto or replace the same. ~~22.08~~ 22.07 The provisions of this Article shall be considered an express agreement governing any case of damage or destruction of the Demised Premises by fire or other ~~casualty~~ casualty, and any ~~applicable~~ provision, law or statute of the State of New Jersey, providing for such a contingency in the absence of an express ~~agreement~~ agreement, now or hereafter in ~~force~~ force, shall have no application in such case. 22.09 Any dispute which may arise between the parties with respect to the meaning or application of any of the provisions of this Article 22 shall be determined by arbitration in the manner provided in Article 34 hereof.

Appears in 1 contract

Sources: Lease (Philipp Brothers Chemicals Inc)

Destruction or Damage. ~~22.01~~ 21.01. If the Building or the Demised Premises shall be partially or totally damaged or destroyed by fire or other cause, ~~then,~~ then whether or not the damage or destruction shall have resulted from the fault or neglect of Tenant, or its employees, agents or visitors (and if this ~~lease~~ Lease shall not have been terminated as in this Article hereinafter provided), Landlord ~~shall, to the extent of insurance proceeds received by it,~~ shall repair the damage and restore and rebuild the Building and/or the Demised ~~Premises to a condition equivalent (with respect to character~~Premises, ~~quality~~at its expense, ~~value, utility and appearance and the Building systems) to that which existed immediately prior to such damage~~ with reasonable dispatch after notice to it of the damage or destruction; provided, however, that Landlord shall not be required to repair or replace any of the Tenant's ~~Property nor to restore any Tenant's Work~~Property. ~~(a)~~ 21.02. If the Building or the Demised Premises shall be partially damaged or partially destroyed by fire or other ~~cause~~cause not attributable to the fault or negligence of Tenant, its agents, or employees, the rents payable hereunder shall be abated to the extent that the Demised Premises shall have been rendered untenantable and for the period from the date of such damage or destruction to the date the damage shall be repaired or restored; provided, however, if the damage shall be attributable to the fault or negligence of Tenant, its agents or employees, then rent shall continue but shall be reduced by any amounts received by Landlord pursuant to Landlord's coverage for business interruption and/or rent insurance attributable to the Demised Premises. If the Demised Premises or a major part thereof shall be totally (which shall be deemed to include substantially totally) damaged or destroyed or rendered completely (which shall be deemed to include substantially completely) untenantable on account of fire or other cause, the rents shall ▇▇▇▇▇ as of the date of the damage or destruction and until Landlord shall repair, ~~restore~~ restore, and rebuild the Building and the Demised Premises, provided, however, that should Tenant reoccupy a portion of the Demised Premises during the period ~~the~~ of restoration work is taking place and prior to the date that the same are made completely tenantable, rents allocable to such portion shall be payable by Tenant from the date of such occupancy. (b) Notwithstanding anything to the contrary contained herein, prior to the date the Demised Premises, or any affected portion thereof, are made completely tenantable, Landlord shall provide Tenant and Tenant's contractor, subcontractors and materialmen access to the Demised Premises to perform any alterations required to prepare the Demised Premises for the conduct of ▇▇▇▇▇▇'s business (hereinafter referred to as "Specialty Alterations") on the following terms and conditions: (i) Tenant shall not commence work in any portion of the Demised Premises until the date specified in a notice from Landlord to Tenant stating that the repairs required to be made by Landlord have been or will be completed to the extent reasonably necessary, in Landlord's reasonable discretion, to permit the commencement of the Specialty Alterations to be performed in the portion in question without interference with, and consistent with the performance of, the repairs remaining to be performed; and (ii) Such access by Tenant shall be deemed to be subject to all of the applicable provisions of this lease, except that there shall be no obligation on the part of Tenant solely because of such access to pay any fixed rent or additional rent with respect to the affected portion of the Demised Premises for any period prior to the date the damage thereto shall be repaired or restored in accordance with the provisions hereof. 22.03 21.03. If the Building or the Demised Premises shall be totally damaged or destroyed by fire or other cause, or if the Building shall be so damaged or destroyed by fire or other cause (whether or not the Demised Premises are damaged or destroyed) ~~that its repair or restoration requires the expenditure,~~ as to require a reasonably estimated ~~by a reputable contractor or architect designated by Landlord and approved by Tenant, which approval shall not be unreasonably withheld or delayed,~~ expenditure of more than ~~40%~~ twenty-five percent (25%) of the full insurable value of the Building immediately prior to the ~~casualty,~~ casualty then in either such case Landlord may terminate this ~~lease~~ Lease by giving Tenant notice to such effect within one hundred ~~twenty~~ eighty (~~120~~180) days after the date of the casualty~~; provided that~~ . In case of any damage or destruction mentioned in this Article, Tenant may terminate the Lease by notice to Landlord, if Landlord has not completed the making of the required repairs and restored and rebuilt the Building and the Demised Premises are not substantially damaged or rendered substantially untenantable, Landlord may not terminate this lease unless it shall elect to terminate leases (including this lease), affecting at least fifty percent (50%) of the rentable area of the Building (excluding any rentable area occupied by Landlord or its affiliates). (a) Anything contained in this Article 22 to the contrary notwithstanding, within thirty (30) days after notice to Landlord of any damage described in Section 22.01 hereof, Landlord shall deliver to Tenant a statement prepared by a reputable contractor approved by Tenant, which approval shall not be unreasonably withheld or delayed, setting forth such contractor's estimate as to the time and monies required to repair such damage and the assumptions regarding the use of labor (including overtime labor, if applicable) and construction methods considered in arriving at such estimate. If the estimated time period exceeds twelve (12) months from the date of such damage or ~~the estimated monies exceeds the anticipated amount of insurance proceeds (provided Landlord does not agree to supply any deficiency)~~destruction, ~~Tenant may elect to terminate this lease by notice to Landlord not later than sixty (60) days following receipt of~~ or within such ~~statement or, if no statement is delivered, not earlier than ninety (90) days~~ period after ~~the~~ such date such statement was to have been delivered. If ▇▇▇▇▇▇ makes such election, the Term shall expire upon a date specified by ▇▇▇▇▇▇, not exceeding ninety (90) days after notice of such election is given by ▇▇▇▇▇▇, and Tenant shall vacate the Demised Premises and surrender the same to Landlord in accordance with the provisions of Article 24 hereof. If Tenant shall not have elected to terminate this lease pursuant to this Article 22 (or is not entitled to terminate this lease pursuant to this Article 22), and such repairs are (i) not commenced by Landlord within ninety (90) days after the date of such damage, (ii) not substantially completed by Landlord within twelve (12) months after the date of such damage, subject to unavoidable delays (not exceeding six (6) months) ~~on account of delays~~ as shall equal the aggregate period Landlord may have been delayed in ~~the~~ doing so by adjustment of insurance, labor ~~troubles~~trouble, governmental controls, act of God, or any other cause beyond Landlord's reasonable control, Tenant may elect to terminate this lease by notice to Landlord. If ▇▇▇▇▇▇ makes such election, the Term of this lease shall expire upon the ninetieth (90th) day after notice of such election is given by ▇▇▇▇▇▇ and Tenant shall vacate the Demised Premises and surrender the same to Landlord in accordance with the provisions of Article 24 hereof. (b) Notwithstanding the foregoing, if (i) the Demised Premises shall be substantially damaged during the last two years of the Term (as the same may be renewed or extended pursuant to Article 40 hereof) or (ii) an engineer selected by Landlord and approved by Tenant, which approval shall not be unreasonably withheld or delayed, shall reasonably estimate that there will be less than two (2) years remaining in the Term (as same may be renewed or extended pursuant to Article 40 hereof) upon completion of restoration of the Building or the Demised Premises, as the case may be, then in either such case, Landlord or Tenant may elect by notice, given within thirty (30) days after the occurrence of such damage, to terminate this lease21.04. Notwithstanding anything contained in this lease to the contrary, if there shall occur a casualty at such time as there shall be estimated to be less than two years remaining in the Term of this lease after completion of restoration but prior to the time that pursuant to the provisions of Article 40 hereof Tenant shall have the right to exercise any renewal option granted hereunder, then, prior to Landlord terminating this lease, Tenant shall have the right to exercise any renewal option granted herein in accordance with the provisions of Article 40 hereof. If either party shall elect to so terminate this lease, the Term shall expire upon the ninetieth (90th) day after notice of such election is given by such party and Tenant shall vacate the Demised Premises and surrender the same to Landlord in accordance with the provisions of Article 24 hereof. 22.05 No damages, ~~compensation~~ compensation, or claim shall be payable by Landlord for inconvenience, loss of ~~business~~ business, or annoyance arising from any repair or restoration of any portion of the Demised Premises or of the Building pursuant to this Article. Landlord shall use its best efforts to effect such repair or restoration promptly and in such manner as to not unreasonably to interfere with ~~▇▇▇▇▇▇~~Tenant's use and ~~occupancy. 22.06 ▇▇▇▇▇▇ agrees~~ occupancy during such time that Tenant is able to cooperate with Landlord to enable Landlord to promptly collect any insurance proceeds to which it may be entitled. Notwithstanding any of the foregoing provisions of this Article, if Landlord or the lessor of any superior lease or the holder of any superior mortgage shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of use the Demised Premises or the Building by fire or other cause, by reason of some action or inaction on the part of Tenant or any of its employees, agents or contractors which constitutes a breach of the provisions of this lease, then, without prejudice to any other remedies which may be available against Tenant, there shall be no abatement of Tenantduring Landlord's ~~rents, but the total amount of such rents not abated (which would otherwise have been abated) shall not exceed the amount of the uncollected insurance proceeds~~restoration. 22.07 Landlord will not carry insurance of any kind on Tenant's Property or Tenant's Work, and, except as provided by law or by reason of its fault or its breach of any of its obligations hereunder, shall not be obligated to repair any damage thereto or replace the same. 22.08 The provisions of this Article shall be considered an express agreement governing any case of damage or destruction of the Demised Premises by fire or other casualty and any applicable law providing for a contingency in the absence of an express agreement now or hereafter in force shall have no application in such case. 22.09 Any dispute which may arise between the parties with respect to the meaning or application of any of the provisions of this Article 22 shall be determined by arbitration in the manner provided in Article 34 hereof.

Appears in 1 contract

Sources: Lease (Hanover Capital Mortgage Holdings Inc)

Destruction or Damage. ~~22.01~~ 21.1 If the Building or the Demised Premises shall be partially or totally damaged or destroyed by fire or other cause, then, whether or not the damage or destruction shall have resulted from the fault or neglect of Tenant, or its employees, agents or visitors (and if this lease shall not have been terminated as in this Article hereinafter provided), the rents shall be abated in accordance with Section 21.2 hereof and Landlord ~~shall, to the extent of insurance proceeds received by it,~~ shall repair the damage and restore and rebuild the Building and/or the Demised ~~Premises to a condition equivalent (with respect to character~~Premises, ~~quality~~at its expense, ~~value, utility and appearance and the Building systems) to that which existed immediately prior to such damage~~ with reasonable dispatch after notice to it of the damage or destruction; , provided, however, that Landlord shall not be required to repair or replace any of Tenant's Property nor to restore any Tenant's ~~Work~~Changes. ~~(a)~~ 21.2 If the Building or the Demised Premises shall be partially damaged or partially destroyed by fire or other cause, the rents payable hereunder shall be abated to the extent that the Demised Premises shall have been rendered ~~untenantable~~ Untenantable (hereinafter defined) and for the period from the date of such damage or destruction to the date the damage shall be repaired or restored. If the Demised Premises or a major part thereof shall be totally (which shall be deemed to include substantially totally) damaged or destroyed or rendered completely (which shall be deemed to include substantially completely) ~~untenantable~~ Untenantable on account of fire or other cause, the rents shall ~~▇▇▇▇▇~~ abate as of the date of the damage or destruction and until Landlord ~~shall~~ ▇▇▇▇l repair, restore and rebuild ~~the Building and~~ the Demised Premises, provided, however, that should Tenant reoccupy a portion of the Demised Premises during the period the restoration work is taking place and prior to the date that the same are made completely tenantable, rents allocable to such portion shall be payable by Tenant from the date of such occupancy. (b) Notwithstanding anything to the contrary contained herein, prior to the date the Demised Premises, or any affected portion thereof, are made completely tenantable, Landlord shall provide Tenant and Tenant's contractor, subcontractors and materialmen access to the Demised Premises to perform any alterations required to prepare the Demised Premises for the conduct of ▇▇▇▇▇▇'s business (hereinafter referred to as "Specialty Alterations") on the following terms and conditions: (i) Tenant shall not commence work in any portion of the Demised Premises until the date specified in a notice from Landlord to Tenant stating that the repairs required to be made by Landlord have been or will be completed to the extent reasonably necessary, in Landlord's reasonable discretion, to permit the commencement of the Specialty Alterations to be performed in the portion in question without interference with, and consistent with the performance of, the repairs remaining to be performed; and (ii) Such access by Tenant shall be deemed to be subject to all of the applicable provisions of this lease, except that there shall be no obligation on the part of Tenant solely because of such access to pay any fixed rent or additional rent with respect to the affected portion of the Demised Premises for any period prior to the date the damage thereto shall be repaired or restored in accordance with the provisions hereof. 22.03 21.3 If the Building or the Demised Premises shall be totally damaged or destroyed by fire or other cause, or if the Building shall be so damaged or destroyed by fire or other cause (whether or not the Demised Premises are damaged or destroyed) ~~that its repair or restoration requires the expenditure,~~ as to require a reasonably estimated ~~by a reputable contractor or architect designated by Landlord and approved by Tenant, which approval shall not be unreasonably withheld or delayed,~~ expenditure of more than ~~40%~~ thirty (30%) percent of the full insurable value of the Building immediately prior to the casualty, then in either such case Landlord may terminate this lease by giving Tenant notice to such effect within one hundred ~~twenty~~ eighty (~~120~~180) days after the date of the casualty~~; provided that~~ . In case of any damage or destruction to the Demised Premises, Tenant may terminate this lease, by notice to Landlord, if Landlord has not completed the making of the required repairs and restored and rebuilt the Demised Premises are not substantially damaged or rendered substantially untenantable, Landlord may not terminate this lease unless it shall elect to terminate leases (including this lease), affecting at least fifty percent (50%) of the rentable area of the Building (excluding any rentable area occupied by Landlord or its affiliates). (a) Anything contained in this Article 22 to the contrary notwithstanding, within thirty (30) days after notice to Landlord of any damage described in Section 22.01 hereof, Landlord shall deliver to Tenant a statement prepared by a reputable contractor approved by Tenant, which approval shall not be unreasonably withheld or delayed, setting forth such contractor's estimate as to the time and monies required to repair such damage and the assumptions regarding the use of labor (including overtime labor, if applicable) and construction methods considered in arriving at such estimate. If the estimated time period exceeds twelve (12) months from the date of such damage or ~~the estimated monies exceeds the anticipated amount of insurance proceeds (provided Landlord does not agree to supply any deficiency)~~destruction, ~~Tenant may elect to terminate this lease by notice to Landlord not later than sixty (60) days following receipt of~~ or within such ~~statement or, if no statement is delivered, not earlier than ninety (90) days~~ period after ~~the~~ such date such statement was to have been delivered. If ▇▇▇▇▇▇ makes such election, the Term shall expire upon a date specified by ▇▇▇▇▇▇, not exceeding ninety (90) days after notice of such election is given by ▇▇▇▇▇▇, and Tenant shall vacate the Demised Premises and surrender the same to Landlord in accordance with the provisions of Article 24 hereof. If Tenant shall not have elected to terminate this lease pursuant to this Article 22 (or is not entitled to terminate this lease pursuant to this Article 22), and such repairs are (i) not commenced by Landlord within ninety (90) days after the date of such damage, (ii) not substantially completed by Landlord within twelve (12) months after the date of such damage, subject to unavoidable delays (not exceeding six (6) months) ~~on account of delays~~ as shall equal the aggregate period Landlord may have been delayed in ~~the~~ doing so by adjustment of insurance, labor ~~troubles~~trouble, governmental controls, act of God, or any other cause beyond Landlord's reasonable control, Tenant may elect to terminate this lease by notice to Landlord. If ▇▇▇▇▇▇ makes such election, the Term of this lease shall expire upon the ninetieth (90th) day after notice of such election is given by ▇▇▇▇▇▇ and Tenant shall vacate the Demised Premises and surrender the same to Landlord in accordance with the provisions of Article 24 hereof. (b) Notwithstanding the foregoing, if (i) the Demised Premises shall be substantially damaged during the last two years of the Term (as the same may be renewed or extended pursuant to Article 40 hereof) or (ii) an engineer selected by Landlord and approved by Tenant, which approval shall not be unreasonably withheld or delayed, shall reasonably estimate that there will be less than two (2) years remaining in the Term (as same may be renewed or extended pursuant to Article 40 hereof) upon completion of restoration of the Building or the Demised Premises, as the case may be, then in either such case, Landlord or Tenant may elect by notice, given within thirty (30) days after the occurrence of such damage, to terminate this lease. Notwithstanding anything contained in this lease to the contrary, if there shall occur a casualty at such time as there shall be estimated to be less than two years remaining in the Term of this lease after completion of restoration but prior to the time that pursuant to the provisions of Article 40 hereof Tenant shall have the right to exercise any renewal option granted hereunder, then, prior to Landlord terminating this lease, Tenant shall have the right to exercise any renewal option granted herein in accordance with the provisions of Article 40 hereof. If either party shall elect to so terminate this lease, the Term shall expire upon the ninetieth (90th) day after notice of such election is given by such party and Tenant shall vacate the Demised Premises and surrender the same to Landlord in accordance with the provisions of Article 24 hereof. 22.05 21.4 No damages, compensation or claim (or other expense, including replacement premises or services) shall be payable by Landlord for inconvenience, loss of business or annoyance arising from any repair or restoration of any portion of the Demised Premises or of the Building pursuant to this Article. Landlord shall use its best efforts to effect such repair or restoration promptly and in such manner as to not unreasonably interfere with ~~▇▇▇▇▇▇~~Tenant's use and occupancy. ~~22.06 ▇▇▇▇▇▇ agrees to cooperate with Landlord to enable Landlord to promptly collect any insurance proceeds to which it may be entitled.~~ 21.5 Notwithstanding any of the foregoing provisions of this Article, if Landlord or the lessor of any superior lease or the holder of any superior mortgage shall be unable to collect ~~all of the~~ rent insurance proceeds ~~(including rent insurance proceeds)~~ applicable to ~~damage or destruction of~~ the Demised Premises or the Building ~~by fire or other cause,~~ by reason of some action or inaction on the part of Tenant or any of its employees, agents or ~~contractors which constitutes a breach of the provisions of this lease~~contractors, then, without prejudice to any other remedies which may be available against Tenant, there shall be no abatement of Tenant's rents, but the total amount of such rents not abated (which would otherwise have been abated) shall not exceed the amount of the uncollected insurance proceeds. ~~22.07~~ 21.6 Landlord will not carry insurance of any kind on Tenant's Property or Tenant's ~~Work,~~ Changes and, except as provided by law or by reason of its fault or its breach of any of its obligations hereunder, Landlord shall not be obligated to repair any damage thereto or replace the same. ~~22.08~~ 21.7 The provisions of this Article shall be considered an express agreement governing any case of damage or destruction of the Demised Premises by fire or other ~~casualty~~ casualty, and ~~any applicable law~~ Section 227 of the Real Property Law of the State of New York, providing for such a contingency in the absence of an express ~~agreement~~ agreement, and any other law of like import, now or hereafter in ~~force~~ force, shall have no application in such case. 22.09 Any dispute which may arise between the parties with respect to the meaning or application of any of the provisions of this Article 22 shall be determined by arbitration in the manner provided in Article 34 hereof.

Appears in 1 contract

Sources: Lease Agreement (Build a Bear Workshop Inc)

Destruction or Damage. ~~22.01 If~~ In the ~~Building~~ event of the destruction of the demised premises by fire, explosion, the elements or otherwise during the ~~Demised Premises shall~~ term hereby created, or previous thereto, or such partial destruction thereof as to render the demised premises wholly untenantable or unfit for occupancy, or should the demised premises be ~~partially or totally damaged or destroyed by fire or other cause, then, whether or~~ so badly injured that the same cannot ~~the damage or destruction shall have resulted~~ be repaired within ninety (90) days from the ~~fault or neglect~~ happening of ~~Tenant~~such injury, ~~or its employees, agents or visitors (~~then and ~~if this lease shall not have been terminated as~~ in ~~this Article hereinafter provided), Landlord~~ such case the term hereby created shall, to at the extent of insurance proceeds received by it, repair the damage and restore and rebuild the Building and/or the Demised Premises to a condition equivalent (with respect to character, quality, value, utility and appearance and the Building systems) to that which existed immediately prior to such damage with reasonable dispatch after notice to it option of the ~~damage or destruction; provided~~Landlord, however, that Landlord shall not be required to repair or replace any of Tenant's Property nor to restore any Tenant's Work. (a) If the Building or the Demised Premises shall be partially damaged or partially destroyed by fire or other cause, the rents payable hereunder shall be abated to the extent that the Demised Premises shall have been rendered untenantable cease and ~~for the period~~ become null and void from the date of such damage or destruction to the date the damage shall be repaired or restored. If the Demised Premises or a major part thereof shall be totally (which shall be deemed to include substantially totally) damaged or destroyed or rendered completely (which shall be deemed to include substantially completely) untenantable on account of fire or other causedestruction, ~~the rents shall ▇▇▇▇▇ as of the date of the damage or destruction and until Landlord shall repair, restore and rebuild the Building~~ and the Demised Premises, provided, however, that should Tenant reoccupy a portion of the Demised Premises during the period the restoration work is taking place and prior to the date that the same are made completely tenantable, rents allocable to such portion shall be payable by Tenant from the date of such occupancy. (b) Notwithstanding anything to the contrary contained herein, prior to the date the Demised Premises, or any affected portion thereof, are made completely tenantable, Landlord shall provide Tenant and Tenant's contractor, subcontractors and materialmen access to the Demised Premises to perform any alterations required to prepare the Demised Premises for the conduct of ▇▇▇▇▇▇'s business (hereinafter referred to as "Specialty Alterations") on the following terms and conditions: (i) Tenant shall ~~not commence work in any portion of~~ immediately surrender the Demised Premises until the date specified in a notice from Landlord to Tenant stating that the repairs required to be made by Landlord have been or will be completed to the extent reasonably necessary, in Landlord's reasonable discretion, to permit the commencement of the Specialty Alterations to be performed in the portion in question without interference with, demised premises and ~~consistent with the performance of, the repairs remaining to be performed; and (ii) Such access by Tenant shall be deemed to be subject to~~ all of the ~~applicable provisions of this lease, except that there shall be no obligation on the part of Tenant solely because of such access to pay any fixed rent or additional rent with respect~~ Tenant's interest therein to the ~~affected portion of the Demised Premises for any period prior to the date the damage thereto~~ Landlord, and shall be repaired or restored in accordance with the provisions hereof. 22.03 If the Building or the Demised Premises shall be totally damaged or destroyed by fire or other cause, or if the Building shall be so damaged or destroyed by fire or other cause (whether or not the Demised Premises are damaged or destroyed) that its repair or restoration requires the expenditure, as estimated by a reputable contractor or architect designated by Landlord and approved by Tenant, which approval shall not be unreasonably withheld or delayed, of more than 40% of the full insurable value of the Building immediately prior to the casualty, then in either such case Landlord may terminate this lease by giving Tenant notice to such effect within one hundred twenty (120) days after the date of the casualty; provided that if the Demised Premises are not substantially damaged or rendered substantially untenantable, Landlord may not terminate this lease unless it shall elect to terminate leases (including this lease), affecting at least fifty percent (50%) of the rentable area of the Building (excluding any rentable area occupied by Landlord or its affiliates). (a) Anything contained in this Article 22 to the contrary notwithstanding, within thirty (30) days after notice to Landlord of any damage described in Section 22.01 hereof, Landlord shall deliver to Tenant a statement prepared by a reputable contractor approved by Tenant, which approval shall not be unreasonably withheld or delayed, setting forth such contractor's estimate as pay rent only to the time and monies required to repair such damage and the assumptions regarding the use of labor (including overtime labor, if applicable) and construction methods considered in arriving at such estimate. If the estimated time period exceeds twelve (12) months from the date of such ~~damage or~~ surrender, in which event the ~~estimated monies exceeds~~ Landlord may reenter and re-possess the ~~anticipated amount of insurance proceeds (provided Landlord does not agree to supply any deficiency), Tenant may elect to terminate~~ premises thus discharged from this lease ~~by notice to Landlord not later than sixty (60) days following receipt of such statement or~~and may remove all parties therefrom. Should the demised premises be rendered untenantable and unfit for occupancy, if no statement is delivered, not earlier than ninety (90) days after the date such statement was to have been delivered. If ▇▇▇▇▇▇ makes such election, the Term shall expire upon a date specified by ▇▇▇▇▇▇, not exceeding ninety (90) days after notice of such election is given by ▇▇▇▇▇▇, and Tenant shall vacate the Demised Premises and surrender the same to Landlord in accordance with the provisions of Article 24 hereof. If Tenant shall not have elected to terminate this lease pursuant to this Article 22 (or is not entitled to terminate this lease pursuant to this Article 22), and such repairs are (i) not commenced by Landlord but yet be repairable within ninety (90) days from the happening of said injury, the Landlord may enter and repair the same with reasonable speed, and the rent shall not accrue after said injury or while repairs are being made, but shall recommence immediately after said repairs shall be completed. But if the ~~date~~ demised premises shall be so slightly injured as not to be rendered untenantable and unfit for occupancy, then the Landlord agrees to repair the same with reasonable promptness and, in that case, the rent accrued and accruing shall not cease or determine. The Tenant shall immediately notify the Landlord in case of ~~such damage~~fire or other damage to the demised premises. If the Landlord shall elect to undertake to repair the demised premises, ~~(ii) not substantially completed by Landlord within twelve (12) months after~~ then, to the ~~date of such damage, subject~~ extent that the Tenant is unable to ~~unavoidable delays (not exceeding six months) on account of delays in~~ use the ~~adjustment of insurance, labor troubles, governmental controls, act of God,~~ demised premises or any portion thereof, an appropriate suspension or adjustment (related to the portion of the demised premises that is not useable by the Tenant) in rent shall be made during the period of repair. The Landlord shall proceed to make such repair with reasonable speed, taking into account, however, the difficulty in obtaining a contractor or contractors for such work on an immediate basis, the settlement of any insurance claims in connection with said destruction or casualty, all other ~~cause beyond~~ factors related to such repair outside of the Landlord's reasonable control, Tenant may elect to terminate this lease by notice to Landlord. If ▇▇▇▇▇▇ makes such election, the Term of this lease shall expire upon the ninetieth (90th) day after notice of such election is given by ▇▇▇▇▇▇ and Tenant shall vacate the Demised Premises and surrender the same to Landlord in accordance with the provisions of Article 24 hereofetc. (b) Notwithstanding the foregoing, if (i) the Demised Premises shall be substantially damaged during the last two years of the Term (as the same may be renewed or extended pursuant to Article 40 hereof) or (ii) an engineer selected by Landlord and approved by Tenant, which approval shall not be unreasonably withheld or delayed, shall reasonably estimate that there will be less than two (2) years remaining in the Term (as same may be renewed or extended pursuant to Article 40 hereof) upon completion of restoration of the Building or the Demised Premises, as the case may be, then in either such case, Landlord or Tenant may elect by notice, given within thirty (30) days after the occurrence of such damage, to terminate this lease. Notwithstanding anything contained in this lease to the contrary, if there shall occur a casualty at such time as there shall be estimated to be less than two years remaining in the Term of this lease after completion of restoration but prior to the time that pursuant to the provisions of Article 40 hereof Tenant shall have the right to exercise any renewal option granted hereunder, then, prior to Landlord terminating this lease, Tenant shall have the right to exercise any renewal option granted herein in accordance with the provisions of Article 40 hereof. If either party shall elect to so terminate this lease, the Term shall expire upon the ninetieth (90th) day after notice of such election is given by such party and Tenant shall vacate the Demised Premises and surrender the same to Landlord in accordance with the provisions of Article 24 hereof. 22.05 No damages, compensation or claim shall be payable by Landlord for inconvenience, loss of business or annoyance arising from any repair or restoration of any portion of the Demised Premises or of the Building pursuant to this Article. Landlord shall use its best efforts to effect such repair or restoration promptly and in such manner as to not unreasonably interfere with ▇▇▇▇▇▇'s use and occupancy. 22.06 ▇▇▇▇▇▇ agrees to cooperate with Landlord to enable Landlord to promptly collect any insurance proceeds to which it may be entitled. Notwithstanding any of the foregoing provisions of this Article, if Landlord or the lessor of any superior lease or the holder of any superior mortgage shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Demised Premises or the Building by fire or other cause, by reason of some action or inaction on the part of Tenant or any of its employees, agents or contractors which constitutes a breach of the provisions of this lease, then, without prejudice to any other remedies which may be available against Tenant, there shall be no abatement of Tenant's rents, but the total amount of such rents not abated (which would otherwise have been abated) shall not exceed the amount of the uncollected insurance proceeds. 22.07 Landlord will not carry insurance of any kind on Tenant's Property or Tenant's Work, and, except as provided by law or by reason of its fault or its breach of any of its obligations hereunder, shall not be obligated to repair any damage thereto or replace the same. 22.08 The provisions of this Article shall be considered an express agreement governing any case of damage or destruction of the Demised Premises by fire or other casualty and any applicable law providing for a contingency in the absence of an express agreement now or hereafter in force shall have no application in such case. 22.09 Any dispute which may arise between the parties with respect to the meaning or application of any of the provisions of this Article 22 shall be determined by arbitration in the manner provided in Article 34 hereof.

Appears in 1 contract

Sources: Lease Agreement

Destruction or Damage. ~~22.01~~ Section 18.1 If the Building or the Demised Premises shall be partially or totally damaged or destroyed by fire or other cause, then, whether or not the damage or destruction shall have resulted from the fault or neglect of Tenant, or its employees, agents or visitors (and if this lease shall not have been terminated as in this Article hereinafter provided), Landlord shall, to the extent of insurance proceeds received by it, repair the damage and restore and rebuild the Building and/or the Demised Premises to a condition equivalent (with respect to character, quality, value, utility and appearance and the Building systems) to that which existed immediately prior to such damage with reasonable dispatch after notice to it of the damage or destruction; provided, however, that Landlord shall not be required to repair or replace any of Tenant's Property nor to restore any Tenant's Work.totally ~~(a)~~ Section 18.2 If the ~~Building or the Demised Premises~~ Common Elements shall be partially damaged or partially destroyed by fire or other ~~cause~~casualty (including water or smoke damage), ~~the rents~~ Occupancy Charges payable hereunder shall be abated to the extent that the Demised Premises or Common Elements shall have been rendered untenantable ~~and~~ thereby for the period from the date of such damage or destruction to the date the damage to the Common Elements shall be repaired or ~~restored. If~~ the destruction restored and the Demised Premises are made available to Tenant in tenantable condition. Should Tenant continue to occupy or a major part thereof shall be totally (which shall be deemed to include substantially totally) damaged or destroyed or rendered completely (which shall be deemed to include substantially completely) untenantable on account of fire or other cause, the rents shall ▇▇▇▇▇ as of the date of the damage or destruction and until Landlord shall repair, restore and rebuild the Building and the Demised Premises, provided, however, that should Tenant reoccupy a portion of the Demised Premises for the conduct of its business during the period ~~the restoration~~ such work is taking place and prior to the date that the ~~same~~ entire Demised Premises are made ~~completely~~ tenantable, ~~rents~~ the Occupancy Charges allocable to such portion shall be payable by Tenant from the date of such ~~occupancy. (b) Notwithstanding anything to the contrary contained herein, prior~~ occupancy to the date the Demised Premises, or any affected portion thereof, are made completely tenantable, Landlord shall provide Tenant and Tenant's contractor, subcontractors and materialmen access to the Demised Premises to perform any alterations required to prepare the Demised Premises for the conduct of ~~▇▇▇▇▇▇'s business (hereinafter referred to as "Specialty Alterations") on the following terms and conditions: (i) Tenant shall not commence work in any portion~~ tenantability of the Demised Premises until the date specified in a notice from Landlord to Tenant stating that the repairs required to be made by Landlord have been or will be completed to the extent reasonably necessary, in Landlord's reasonable discretion, to permit the commencement of the Specialty Alterations to be performed in the portion in question without interference with, and consistent with the performance of, the repairs remaining to be performed; and (ii) Such access by Tenant shall be deemed to be subject to all of the applicable provisions of this lease, except that there shall be no obligation on the part of Tenant solely because of such access to pay any fixed rent or additional rent with respect to the affected portion of the Demised Premises for any period prior to the date the damage thereto shall be repaired or restored in accordance with the provisions hereof. 22.03 If the Building or the Demised Premises shall be totally damaged or destroyed by fire or other cause, or if the Building shall be so damaged or destroyed by fire or other cause (whether or not the Demised Premises are damaged or destroyed) that its repair or restoration requires the expenditure, as estimated by a reputable contractor or architect designated by Landlord and approved by Tenant, which approval shall not be unreasonably withheld or delayed, of more than 40% of the full insurable value of the Building immediately prior to the casualty, then in either such case Landlord may terminate this lease by giving Tenant notice to such effect within one hundred twenty (120) days after the date of the casualty; provided that if the Demised Premises are not substantially damaged or rendered substantially untenantable, Landlord may not terminate this lease unless it shall elect to terminate leases (including this lease), affecting at least fifty percent (50%) of the rentable area of the Building (excluding any rentable area occupied by Landlord or its affiliates). (a) Anything contained in this Article 22 to the contrary notwithstanding, within thirty (30) days after notice to Landlord of any damage described in Section 22.01 hereof, Landlord shall deliver to Tenant a statement prepared by a reputable contractor approved by Tenant, which approval shall not be unreasonably withheld or delayed, setting forth such contractor's estimate as to the time and monies required to repair such damage and the assumptions regarding the use of labor (including overtime labor, if applicable) and construction methods considered in arriving at such estimate. If the estimated time period exceeds twelve (12) months from the date of such damage or the estimated monies exceeds the anticipated amount of insurance proceeds (provided Landlord does not agree to supply any deficiency), Tenant may elect to terminate this lease by notice to Landlord not later than sixty (60) days following receipt of such statement or, if no statement is delivered, not earlier than ninety (90) days after the date such statement was to have been delivered. If ▇▇▇▇▇▇ makes such election, the Term shall expire upon a date specified by ▇▇▇▇▇▇, not exceeding ninety (90) days after notice of such election is given by ▇▇▇▇▇▇, and Tenant shall vacate the whole Demised Premises and surrender the same to Landlord in accordance with the provisions of Article 24 hereof. If Tenant shall not have elected to terminate this lease pursuant to this Article 22 (or is not entitled to terminate this lease pursuant to this Article 22), and such repairs are (i) not commenced by Landlord within ninety (90) days after the date of such damage, (ii) not substantially completed by Landlord within twelve (12) months after the date of such damage, subject to unavoidable delays (not exceeding six months) on account of delays in the adjustment of insurance, labor troubles, governmental controls, act of God, or any other cause beyond Landlord's reasonable control, Tenant may elect to terminate this lease by notice to Landlord. If ▇▇▇▇▇▇ makes such election, the Term of this lease shall expire upon the ninetieth (90th) day after notice of such election is given by ▇▇▇▇▇▇ and Tenant shall vacate the Demised Premises and surrender the same to Landlord in accordance with the provisions of Article 24 hereofCommon Elements. (b) Notwithstanding the foregoing, if (i) the Demised Premises shall be substantially damaged during the last two years of the Term (as the same may be renewed or extended pursuant to Article 40 hereof) or (ii) an engineer selected by Landlord and approved by Tenant, which approval shall not be unreasonably withheld or delayed, shall reasonably estimate that there will be less than two (2) years remaining in the Term (as same may be renewed or extended pursuant to Article 40 hereof) upon completion of restoration of the Building or the Demised Premises, as the case may be, then in either such case, Landlord or Tenant may elect by notice, given within thirty (30) days after the occurrence of such damage, to terminate this lease. Notwithstanding anything contained in this lease to the contrary, if there shall occur a casualty at such time as there shall be estimated to be less than two years remaining in the Term of this lease after completion of restoration but prior to the time that pursuant to the provisions of Article 40 hereof Tenant shall have the right to exercise any renewal option granted hereunder, then, prior to Landlord terminating this lease, Tenant shall have the right to exercise any renewal option granted herein in accordance with the provisions of Article 40 hereof. If either party shall elect to so terminate this lease, the Term shall expire upon the ninetieth (90th) day after notice of such election is given by such party and Tenant shall vacate the Demised Premises and surrender the same to Landlord in accordance with the provisions of Article 24 hereof. 22.05 Section 18.3 No damages, compensation or claim shall be payable by Landlord or the Board of Managers for inconvenience, loss of business or annoyance arising from any repair or restoration of any portion of the ~~Demised Premises or of the Building~~ Common Elements pursuant to this ~~Article. Landlord shall use its best efforts to effect such repair or restoration promptly and in such manner as to not unreasonably interfere with ▇▇▇▇▇▇'s use and occupancy~~Article 18. 22.06 ▇▇▇▇▇▇ agrees to cooperate with Landlord to enable Landlord to promptly collect any insurance proceeds to which it may be entitled. Notwithstanding any of the foregoing provisions of this Article, if Landlord or the lessor of any superior lease or the holder of any superior mortgage shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Demised Premises or the Building by fire or other cause, by reason of some action or inaction on the part of Tenant or any of its employees, agents or contractors which constitutes a breach of the provisions of this lease, then, without prejudice to any other remedies which may be available against Tenant, there shall be no abatement of Tenant's rents, but the total amount of such rents not abated (which would otherwise have been abated) shall not exceed the amount of the uncollected insurance proceeds. 22.07 Landlord will not carry insurance of any kind on Tenant's Property or Tenant's Work, and, except as provided by law or by reason of its fault or its breach of any of its obligations hereunder, shall not be obligated to repair any damage thereto or replace the same. 22.08 Section 18.4 The provisions of this Article shall be considered an express agreement governing any case of damage or destruction of the Demised Premises by fire or other ~~casualty~~ casualty, and ~~any applicable law~~ Section 227 of the Real Property Law of the State of New York, providing for such a contingency in the absence of an express ~~agreement~~ agreement, and any other law of like import, now or hereafter in ~~force~~ force, shall have no application in such case. ~~22.09 Any dispute which may arise between the parties with respect to the meaning or application of~~ Section 18.5 Notwithstanding any of the foregoing provisions of this ~~Article 22 shall be determined~~ Article, Tenant shall, without expense to Tenant, cooperate and use all reasonable efforts to aid Landlord or the Board of Managers or any superior lessor or any superior mortgagee to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Common Elements by ~~arbitration in the manner provided in Article 34 hereof~~fire or other cause.

Appears in 1 contract

Sources: Contract of Sale

Common use of Destruction or Damage Clause in Contracts