Common use of Destruction Clause in Contracts

Destruction. If the Leased Premises shall be partially damaged by any casualty which is insured against under any insurance policy maintained by Landlord, Landlord shall, to the extent of and upon receipt of, the insurance proceeds, repair the portion of Landlord’s Improvements (as defined in Exhibit “C”) damaged by such casualty if such repairs can be completed within ninety (90) days from the date of casualty. Until such repair is complete, the Basic Annual Rent and Additional Rent shall be abated proportionately as to that portion of the Leased Premises rendered untenantable. If the Leased Premise are unable to be repaired within two hundred seventy (270) days from the date of casualty, Landlord or Tenant may either elect to repair the damage or may cancel this Lease by notice of cancellation to the other party within ninety (90) days after such event and thereupon this Lease shall expire, and Tenant shall vacate and surrender the Leased Premises to Landlord. If any of the following occur: (a) the Leased Premises by reason of such occurrence are rendered wholly untenantable, (b) the Leased Premises should be damaged as a result of a risk which is not covered by insurance, (c) the Leased Premises should be damaged in whole or in part during the last twelve (12) months of the term or of any renewal hereof, (d) the Leased Premises should be damaged to the extent of fifty percent (50%) or more of the then‑monetary value thereof, or (e) the proceeds of such insurance are not sufficient to repair the Leased Premises to the extent required above (including any deficiency as a result of a mortgage lender’s election to apply such proceeds to the payment of the mortgage loan), then this Lease shall terminate as of the date of casualty; provided, however, Tenant shall not have the right to terminate this Lease if (i) such Casualty was caused by the negligent acts or omissions or willful misconduct of Tenant or the Tenant Related Parties or (b) as a result of the provisions in clauses (b) or (d) above if Landlord elects from its own proceeds to complete such repairs. Tenant’s liability for rent upon the termination of this Lease shall cease as of the date of casualty. In the event Landlord elects to repair any damage, any abatement of rent shall end five (5) days after notice by Landlord to Tenant that the Leased Premises have been repaired as required herein. If the damage is caused by the negligence of Tenant or its employees, agents, invitees, or concessionaires, there shall be no abatement of rent. Unless this Lease is terminated by Landlord or Tenant as provided herein, Tenant shall repair and refixture the interior of the Leased Premises in a manner and in at least a condition equal to that existing prior to the destruction or casualty and the proceeds of all insurance carried by Tenant on its property and fixtures shall be held in trust by Tenant for the purpose of said repair and replacement.

Appears in 3 contracts

Samples: Lease Agreement (Healthequity Inc), Lease Agreement (Healthequity Inc), Lease Agreement (Healthequity Inc)

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Destruction. If the Leased Premises Tower or other portions of the improvements at the Tower Facility owned by Licensor are destroyed or so damaged as to materially interfere with Licensee’s use and benefits from the Licensed Space, Licensor or Licensee shall be partially damaged by any casualty which is insured against under any insurance policy maintained by Landlord, Landlord shall, entitled to the extent of elect to cancel and upon receipt of, the insurance proceeds, repair the portion of Landlord’s Improvements (as defined in Exhibit “C”) damaged by such casualty if such repairs can be completed within ninety (90) days from terminate this Agreement on the date of casualty. Until such repair is complete, the Basic Annual Rent casualty and Additional Rent any unearned Monthly License Fee paid in advance of such date shall be abated proportionately as refunded by Licensor to that portion Licensee within thirty (30) days of such termination date. Notwithstanding the foregoing, Licensor may elect, in its sole discretion, to restore the damaged improvements, in which case Licensee and Licensor shall remain bound to the terms of this Agreement but Licensee shall be entitled to an abatement of the Leased Premises rendered untenantableMonthly License Fee during the loss of use. If the Leased Premise are unable Tower is so damaged that reconstruction or repair cannot reasonably be undertaken without removing the Approved Equipment, then (i) Licensor may, upon giving written notice to be repaired Licensee, remove any of the Approved Equipment and interrupt the signal activity of Licensee, (ii) Licensee may, at Licensee’s sole cost and expense, install temporary facilities pending such reconstruction or repair, provided such temporary facilities do not interfere with the construction, rebuilding or operation of the Tower, (iii) Licensor agrees to provide Licensee alternative space, if available, on the Tower or at the Tower Facility during such reconstruction/repair period and (iv) should Licensor not substantially restore or replace the Tower in a fashion sufficient to allow Licensee to resume operations thereon within two hundred seventy (270) days from 6 months of the date of casualty, Landlord provided that such 6 month period shall be automatically extended for so long as Licensor has commenced and diligently continues to restore or Tenant may either elect to repair the damage or may cancel this Lease by notice of cancellation to the other party within ninety (90) days after replace such event and thereupon this Lease shall expireTower, and Tenant shall vacate and surrender the Leased Premises to Landlord. If any of the following occur: Licensee’s operation has been materially disrupted for sixty (a) the Leased Premises by reason of such occurrence are rendered wholly untenantable, (b) the Leased Premises should be damaged as a result of a risk which is not covered by insurance, (c) the Leased Premises should be damaged in whole or in part during the last twelve (12) months of the term or of any renewal hereof, (d) the Leased Premises should be damaged to the extent of fifty percent (50%60) or more of the then‑monetary value thereof, or (e) the proceeds of such insurance are not sufficient to repair the Leased Premises to the extent required above (including any deficiency as a result of a mortgage lender’s election to apply such proceeds to the payment of the mortgage loan)consecutive days, then this Lease shall terminate as of the date of casualty; providedLicensee, howeverupon thirty (30) days’ prior written notice to Licensor, Tenant shall not have the right to may terminate this Lease if (i) such Casualty was caused by the negligent acts or omissions or willful misconduct of Tenant or the Tenant Related Parties or (b) as a result of the provisions in clauses (b) or (d) above if Landlord elects from its own proceeds to complete such repairs. Tenant’s liability for rent upon the termination of this Lease shall cease as of the date of casualty. In the event Landlord elects to repair any damage, any abatement of rent shall end five (5) days after notice by Landlord to Tenant that the Leased Premises have been repaired as required herein. If the damage is caused by the negligence of Tenant or its employees, agents, invitees, or concessionaires, there shall be no abatement of rent. Unless this Lease is terminated by Landlord or Tenant as provided herein, Tenant shall repair and refixture the interior of the Leased Premises in a manner and in at least a condition equal to that existing prior to the destruction or casualty and the proceeds of all insurance carried by Tenant on its property and fixtures shall be held in trust by Tenant for the purpose of said repair and replacementAgreement.

Appears in 3 contracts

Samples: License Agreement, License Agreement, License Agreement

Destruction. If the Leased Premises shall be partially damaged by any casualty which is insured against under any insurance policy maintained by through Landlord, Landlord shall, to the extent of and upon receipt of, of the insurance proceeds, repair the portion of Landlord’s Improvements (as defined in Exhibit “C”) damaged by such casualty if such repairs can be completed within ninety (90) days from the date of casualty. Until such Leased Premises and until repair is completecomplete the Basic Annual Rent, the Laboratory Facility Basic Annual Rent and Additional Rent shall be abated proportionately as to that portion of the Leased Premises rendered untenantable. If Notwithstanding the foregoing, if: (a) the Leased Premise Premises by reason of such occurrence are unable rendered wholly untenantable, or (b) the Leased Premises should be damaged as a result of a risk which is not covered by insurance, or (c) the Leased Premises should be damaged in whole or in part during the last six (6) months of the term or of any renewal hereof, or (d) the Leased Premises or the Building (whether the Leased Premises are damaged or not) should be damaged to be repaired within two hundred seventy the extent of fifty percent (27050%) days from or more of the date of casualtythen-monetary value thereof, then and in any such events, Landlord or Tenant may either elect to repair the damage or may cancel this Lease by notice of cancellation to the other party within ninety Ninety (90) days after such event and thereupon this Lease shall expire, and Tenant shall vacate and surrender the Leased Premises to Landlord. If any of the following occur: (a) the Leased Premises by reason of such occurrence are rendered wholly untenantable, (b) the Leased Premises should be damaged as a result of a risk which is not covered by insurance, (c) the Leased Premises should be damaged in whole or in part during the last twelve (12) months of the term or of any renewal hereof, (d) the Leased Premises should be damaged to the extent of fifty percent (50%) or more of the then‑monetary value thereof, or (e) the proceeds of such insurance are not sufficient to repair the Leased Premises to the extent required above (including any deficiency as a result of a mortgage lender’s election to apply such proceeds to the payment of the mortgage loan), then this Lease shall terminate as of the date of casualty; provided, however, Tenant shall not have the right to terminate this Lease if (i) such Casualty was caused by the negligent acts or omissions or willful misconduct of Tenant or the Tenant Related Parties or (b) as a result of the provisions in clauses (b) or (d) above if Landlord elects from its own proceeds to complete such repairs. Tenant’s liability for rent upon the termination of this Lease shall cease as of the date day following Landlord’s giving notice of casualtycancellation. In the event Landlord elects to repair any damage, any abatement of rent shall end five (5) days after notice by Landlord to Tenant that the Leased Premises have been repaired as required hereinrepaired. If the damage is caused by the negligence of Tenant or its employees, agents, invitees, or concessionaires, there shall be no abatement of rent. Unless this Lease is terminated by Landlord or Tenant as provided hereinLandlord, Tenant shall repair and refixture the interior of the Leased Premises to the extent of the Tenant Finish in a manner and in at least a condition equal to that existing prior to the destruction or casualty and the proceeds of all insurance carried by Tenant on its property and fixtures shall be held in trust by Tenant for the purpose of said repair and replacementcasualty.

Appears in 3 contracts

Samples: Sublease Agreement (Myriad Pharmaceuticals, Inc.), Sublease Agreement (Myriad Pharmaceuticals, Inc.), Sublease Agreement (Myriad Genetics Inc)

Destruction. If If, at any time during the Leased Lease Term, the Property, the Premises shall be partially or the FF&E are damaged or destroyed by any casualty which is insured against under any insurance policy maintained by Landlordfire or other casualty, Landlord shall, to shall repair the extent of and upon receipt ofProperty, the insurance proceeds, repair Premises and/or the portion of Landlord’s Improvements (FF&E as defined in Exhibit “C”) damaged by such casualty if herein provided. Landlord shall complete such repairs can within one hundred eighty (180) days after the commencement of repairs, provided said repairs may be accomplished under the applicable laws and regulations of the appropriate governmental authorities within such time, and further provided that, if Landlord received a reasonable estimate from competent personnel hired to make such repairs that the repairs would be completed within ninety the one hundred eighty (90180) days day period, but that, beyond Landlord’s control, such work is not completed but could be concluded within a reasonable time after the end of such period, Landlord shall have this additional reasonable time to complete such work. Repairs shall commence within a reasonable time after the destruction of the Property and/or Premises. If Landlord does not comply with the terms of this paragraph, Last Chance may (i) terminate this Lease, or (ii) commence making repairs to the Property, the Premises or the FF&E itself and xxxxx any amount paid for repairs immediately against the Rent, once the Property, the Premises and the FF&E have become usable for the Last Chance’s business; repairs made by the Last Chance pursuant to this Section shall not be amortizable over the remaining Lease Term, they shall be immediately deductible from the Rent. Commencing with the date of casualty. Until such repair is completedamage or destruction and continuing during the course of repairs, Last Chance shall only be required to pay Rent in proportion to those portions of the Basic Annual Rent Property, Premises and Additional Rent shall be abated proportionately as to that FF&E which Last Chance can reasonably use; the remaining portion of the Leased Rent during that period shall xxxxx until repairs or restoration are completed. Alternatively, if any time during the Lease Term, the Property, the Premises rendered untenantable. If or the Leased Premise FF&E are unable to be repaired within two hundred seventy (270) days from the date of damaged or destroyed by fire or other casualty, Landlord or Tenant may either elect Last Chance may, if it is entitled to repair do so under the damage or may cancel this Lease by notice of cancellation to the other party within ninety (90) days after such event and thereupon this Lease shall expire, and Tenant shall vacate and surrender the Leased Premises to Landlord. If any terms of the following occur: (a) Option To Purchase the Leased Premises by reason of such occurrence are rendered wholly untenantableGold Ranch Casino Property, (b) the Leased Premises should be damaged as a result of a risk which is not covered by insurance, (c) the Leased Premises should be damaged in whole or in part during the last twelve (12) months of the term or of any renewal hereof, (d) the Leased Premises should be damaged exercise its option to the extent of fifty percent (50%) or more of the then‑monetary value thereof, or (e) the proceeds of such insurance are not sufficient to repair the Leased Premises to the extent required above (including any deficiency as a result of a mortgage lender’s election to apply such proceeds to the payment of the mortgage loan), then this Lease shall terminate as of the date of casualty; provided, however, Tenant shall not have the right to terminate this Lease if (i) such Casualty was caused by the negligent acts or omissions or willful misconduct of Tenant or the Tenant Related Parties or (b) as a result of the provisions in clauses (b) or (d) above if Landlord elects from its own proceeds to complete such repairs. Tenant’s liability for rent upon the termination of this Lease shall cease as of the date of casualtypurchase. In the event Landlord elects Last Chance exercises its option to repair any damagepurchase, any abatement of rent shall end five (5) days after notice by Landlord to Tenant that the Leased Premises have been repaired as required herein. If the damage is caused by the negligence of Tenant or its employees, agents, invitees, or concessionaires, there insurance proceeds shall be no abatement of rent. Unless this Lease is terminated by Landlord or Tenant disbursed to Last Chance as provided herein, Tenant shall repair and refixture the interior in Section 7(A) of the Leased Premises in a manner and in at least a condition equal to that existing prior to the destruction or casualty and the proceeds of all insurance carried by Tenant on its property and fixtures shall be held in trust by Tenant for the purpose of said repair and replacementthis Lease.

Appears in 2 contracts

Samples: Gold Ranch Casino Lease (Herbst Gaming, LLC), Gold Ranch Casino Lease (Herbst Gaming Inc)

Destruction. If the Leased Premises shall be are partially damaged by any casualty which is insured against under any insurance policy maintained by Landlord, Landlord shall, to the extent of and upon receipt of, the insurance proceeds, repair the portion of Landlord’s Improvements (as defined in Exhibit “C”) the improvements constructed by Landlord pursuant to the Work Letter, if any, damaged by such casualty if such repairs can be completed within ninety (90) days from the date of casualty. Until such repair is complete, the Basic Annual Rent and Additional Rent shall be abated proportionately as to that portion of the Leased Premises rendered untenantable. If Notwithstanding the Leased Premise are unable to be repaired within two hundred seventy (270) days from the date of casualtyforegoing, Landlord or Tenant may either elect to repair the damage or may cancel this Lease by notice of cancellation to the other party within ninety (90) days after such event and thereupon this Lease shall expire, and Tenant shall vacate and surrender the Leased Premises to Landlord. If Landlord if any of the following occur: (a) the Leased Premises by reason of such occurrence are rendered wholly untenantable, (b) the Leased Premises should be damaged as a result of a risk which is not covered by insurance, (c) the Leased Premises should be damaged in whole or in part during the last twelve six (126) months of the term Term or of any renewal hereof, (d) the Leased Premises or the Building (whether the Leased Premises are damaged or not) should be damaged to the extent of fifty percent (50%) or more of the then‑monetary then-monetary value thereof, or (e) the proceeds of such insurance are not sufficient to repair the Leased Premises to the extent required above (including any deficiency as a result of a mortgage lender’s election to apply such proceeds to the payment of the mortgage loan), then this Lease shall terminate as of the date of casualty; provided, however, Tenant shall not have the right to terminate this Lease if (i) such Casualty was caused by the negligent acts or omissions or willful misconduct of Tenant or the Tenant Related Parties or (b) as a result of the provisions in clauses (b) or (d) above if Landlord elects from its own proceeds to complete such repairs. Tenant’s liability for rent upon the termination of this Lease shall cease as of the date day following Landlord’s giving notice of casualtycancellation. In the event Landlord elects to repair any damage, any abatement of rent shall end five (5) days after notice by Landlord to Tenant that the Leased Premises have been repaired as required herein. If the damage is caused by the negligence of Tenant or its employees, agents, invitees, or concessionaires, there shall be no abatement of rent. Unless this Lease is terminated by Landlord or Tenant as provided hereinLandlord, Tenant shall repair and refixture the interior of the Leased Premises in a manner and in at least a condition equal to that existing prior to the destruction or casualty and the proceeds of all insurance carried by Tenant on its property and fixtures shall be held in trust by Tenant for the purpose of said repair and replacement.

Appears in 2 contracts

Samples: Lease Agreement (Weave Communications, Inc.), Lease Agreement (Weave Communications, Inc.)

Destruction. If the Leased Premises shall be partially damaged by any casualty which is insured against under any insurance policy maintained by Landlord, Landlord shall, to the extent of and upon receipt of, of the insurance proceeds, repair the portion of Landlord’s Improvements (as defined in Exhibit “C”) damaged by such casualty if such repairs can be completed within ninety (90) days from the date of casualty. Until such Leased Premises and until repair is complete, complete the Basic Annual Rent and Additional Rent shall be abated proportionately as to that portion of the Leased Premises rendered untenantable. If Notwithstanding the foregoing, if: (a) the Leased Premise Premises by reason of such occurrence are unable rendered wholly untenantable, or (b) the Leased Premises should be damaged as a result of a risk which is not covered by insurance, or (c) the Leased Premises should be damaged in whole or in part during the last six (6) months of the term or of any renewal hereof, or (d) the Leased Premises or the Building (whether the Leased Premises are damaged or not) should be damaged to be repaired within two hundred seventy the extent of fifty percent (27050%) days from or more of the date of casualtythen-monetary value thereof, then and in any such events, Landlord or Tenant may either elect to repair the damage or may cancel this Lease by notice of cancellation to the other party within ninety Ninety (90) days after such event and thereupon this Lease shall expire, and Tenant shall vacate and surrender the Leased Premises to Landlord. If any of the following occur: (a) the Leased Premises by reason of such occurrence are rendered wholly untenantable, (b) the Leased Premises should be damaged as a result of a risk which is not covered by insurance, (c) the Leased Premises should be damaged in whole or in part during the last twelve (12) months of the term or of any renewal hereof, (d) the Leased Premises should be damaged to the extent of fifty percent (50%) or more of the then‑monetary value thereof, or (e) the proceeds of such insurance are not sufficient to repair the Leased Premises to the extent required above (including any deficiency as a result of a mortgage lender’s election to apply such proceeds to the payment of the mortgage loan), then this Lease shall terminate as of the date of casualty; provided, however, Tenant shall not have the right to terminate this Lease if (i) such Casualty was caused by the negligent acts or omissions or willful misconduct of Tenant or the Tenant Related Parties or (b) as a result of the provisions in clauses (b) or (d) above if Landlord elects from its own proceeds to complete such repairs. Tenant’s 's liability for rent upon the termination of this Lease shall cease as of the date day following Landlord's giving notice of casualtycancellation. In the event Landlord elects to repair any damage, any abatement of rent shall end five (5) days after notice by Landlord to Tenant that the Leased Premises have been repaired as required hereinrepaired. If the damage is caused by the negligence of Tenant or its employees, agents, invitees, or concessionaires, there shall be no abatement of rent. Unless this Lease is terminated by Landlord or Tenant as provided hereinLandlord, Tenant shall repair and refixture the interior of the Leased Premises to the extent of the Tenant Finish in a manner and in at least a condition equal to that existing prior to the destruction or casualty and the proceeds of all insurance carried by Tenant on its property and fixtures shall be held in trust by Tenant for the purpose of said repair and replacement.

Appears in 2 contracts

Samples: Lease Agreement (Myriad Genetics Inc), Lease Agreement (Myriad Genetics Inc)

Destruction. If the Leased Premises Mortgaged Premises, or any part thereof, shall be partially destroyed or damaged by fire or any casualty which is insured against under any insurance policy maintained by Landlordother casualty, Landlord shall, the Mortgagor shall give prompt notice thereof to the extent Mortgagee. If the Mortgagor does not promptly make proof of loss after a casualty, the Mortgagee may make proof of loss, and upon receipt ofeach insurance company concerned is hereby authorized and directed to make payment for such loss directly to the Mortgagor and/or the Mortgagee on its own behalf and on behalf of the Holders as their interests appear in accordance with the provisions of subsection 2.3 hereof. In all instances where the insurance proceeds are less than $1,000,000, the Mortgagor shall use such proceeds only for Restoration. In all instances of destruction or casualty as aforesaid where the insurance proceeds exceed $1,000,000, the insurance proceeds, repair the portion of Landlord’s Improvements (as defined in Exhibit “C”) damaged by such casualty if such repairs can be completed within ninety (90) days from the date of casualty. Until such repair is complete, the Basic Annual Rent and Additional Rent proceeds shall be abated proportionately as to that portion deposited into and held in the Collateral Account and applied in accordance with Section 1018 of the Leased Premises rendered untenantableIndenture and subsection 9.3 hereof. If In the Leased Premise are unable to be repaired within two hundred seventy (270) days from event that the date of casualty, Landlord or Tenant may either elect to repair the damage or may cancel this Lease by notice of cancellation to the other party within ninety (90) days after such event and thereupon this Lease shall expire, and Tenant shall vacate and surrender the Leased Premises to Landlord. If any of the following occur: (a) the Leased Premises by reason of such occurrence are rendered wholly untenantable, (b) the Leased Premises should be damaged as a result of a risk which is not covered by insurance, (c) the Leased Premises should be damaged in whole or in part during the last twelve (12) months of the term or of any renewal hereof, (d) the Leased Premises should be damaged to the extent of fifty percent (50%) or more of the then‑monetary value thereof, or (e) the proceeds of such insurance are not sufficient to repair the Leased Premises to the extent required above (including any deficiency as a result of a mortgage lender’s election to apply Mortgagee releases such proceeds to the payment of Mortgagor, the mortgage loan), then this Lease Mortgagor shall terminate as of be obligated to restore or repair the date of casualty; provided, however, Tenant shall not have the right to terminate this Lease if (i) such Casualty was caused by the negligent acts or omissions or willful misconduct of Tenant or the Tenant Related Parties or (b) as a result of the provisions in clauses (b) or (d) above if Landlord elects from its own proceeds to complete such repairs. Tenant’s liability for rent upon the termination of this Lease shall cease as of the date of casualtyMortgaged Premises. In the event Landlord elects of foreclosure of the Mortgaged Premises or other transfer of title to repair the Mortgaged Premises in extinguishment of the indebtedness under the Securities and this Mortgage, all right, title and interest of the Mortgagor in and to any damageinsurance policies then in force shall pass to the purchaser or grantee and the Mortgagor hereby appoints the Mortgagee its attorney-in-fact, any abatement in the Mortgagor's name, to assign and transfer all such policies and proceeds to such purchaser or grantee, and the Mortgagor shall be entitled only to a credit in reduction of rent shall end five the then outstanding Liabilities secured hereby in the amount of the cancellation refund actually received by the Mortgagee. The Mortgagor agrees, within fifteen (515) days after notice by Landlord to Tenant that the Leased Premises have been repaired as required herein. If the damage is caused following such foreclosure and written request by the negligence of Tenant Mortgagee, to execute and deliver such assignments or its employees, agents, invitees, other authorizations or concessionaires, there shall instruments as may be no abatement of rent. Unless this Lease is terminated by Landlord necessary or Tenant as provided herein, Tenant shall repair and refixture desirable to effectuate the interior of the Leased Premises in a manner and in at least a condition equal to that existing prior to the destruction or casualty and the proceeds of all insurance carried by Tenant on its property and fixtures shall be held in trust by Tenant for the purpose of said repair and replacementforegoing.

Appears in 2 contracts

Samples: Mortgage, Fixture Filing and Security Agreement (Atlantic Coast Entertainment Holdings Inc), Filing and Security Agreement (Gb Holdings Inc)

Destruction. If If, at any time during the Leased Lease Term, the Property, the Premises shall be partially or the FF&E are damaged or destroyed by any casualty which is insured against under any insurance policy maintained by Landlordfire or other casualty, Landlord shall, to shall repair the extent of and upon receipt ofProperty, the insurance proceeds, repair Premises and/or the portion of Landlord’s Improvements (FF&E as defined in Exhibit “C”) damaged by such casualty if herein provided. Landlord shall complete such repairs can within one hundred eighty (180) days after the commencement of repairs, provided said repairs may be accomplished under the applicable laws and regulations of the appropriate governmental authorities within such time, and further provided that, if Landlord received a reasonable estimate from competent personnel hired to make such repairs that the repairs would be completed within ninety the one hundred eighty (90180) days day period, but that, beyond Landlord's control, such work is not completed but could be concluded within a reasonable time after the end of such period, Landlord shall have this additional reasonable time to complete such work. Repairs shall commence within a reasonable time after the destruction of the Property and/or Premises. If Landlord does not comply with the terms of this paragraph, Last Chance may (i) terminate this Lease, or (ii) commence making repairs to the Property, the Premises or the FF&E itself and abate any amount paid for repairs immediately against the Rent, once xxx Xroperty, the Premises and the FF&E have become usable for the Last Chance's business; repairs made by the Last Chance pursuant to this Section shall not be amortizable over the remaining Lease Term, they shall be immediately deductible from the Rent. Commencing with the date of casualty. Until such repair is completedamage or destruction and continuing during the course of repairs, Last Chance shall only be required to pay Rent in proportion to those portions of the Basic Annual Rent Property, Premises and Additional Rent shall be abated proportionately as to that FF&E which Last Chance can reasonably use; the remaining portion of the Leased Rent during that period shall abate until repairs or restoration are completed. Alternativxxx, if any time during the Lease Term, the Property, the Premises rendered untenantable. If or the Leased Premise FF&E are unable to be repaired within two hundred seventy (270) days from the date of damaged or destroyed by fire or other casualty, Landlord or Tenant may either elect Last Chance may, if it is entitled to repair do so under the damage or may cancel this Lease by notice of cancellation to the other party within ninety (90) days after such event and thereupon this Lease shall expire, and Tenant shall vacate and surrender the Leased Premises to Landlord. If any terms of the following occur: (a) Option To Purchase the Leased Premises by reason of such occurrence are rendered wholly untenantableGold Ranch Casino Property, (b) the Leased Premises should be damaged as a result of a risk which is not covered by insurance, (c) the Leased Premises should be damaged in whole or in part during the last twelve (12) months of the term or of any renewal hereof, (d) the Leased Premises should be damaged exercise its option to the extent of fifty percent (50%) or more of the then‑monetary value thereof, or (e) the proceeds of such insurance are not sufficient to repair the Leased Premises to the extent required above (including any deficiency as a result of a mortgage lender’s election to apply such proceeds to the payment of the mortgage loan), then this Lease shall terminate as of the date of casualty; provided, however, Tenant shall not have the right to terminate this Lease if (i) such Casualty was caused by the negligent acts or omissions or willful misconduct of Tenant or the Tenant Related Parties or (b) as a result of the provisions in clauses (b) or (d) above if Landlord elects from its own proceeds to complete such repairs. Tenant’s liability for rent upon the termination of this Lease shall cease as of the date of casualtypurchase. In the event Landlord elects Last Chance exercises its option to repair any damagepurchase, any abatement of rent shall end five (5) days after notice by Landlord to Tenant that the Leased Premises have been repaired as required herein. If the damage is caused by the negligence of Tenant or its employees, agents, invitees, or concessionaires, there insurance proceeds shall be no abatement of rent. Unless this Lease is terminated by Landlord or Tenant disbursed to Last Chance as provided herein, Tenant shall repair and refixture the interior in Section 7(A) of the Leased Premises in a manner and in at least a condition equal to that existing prior to the destruction or casualty and the proceeds of all insurance carried by Tenant on its property and fixtures shall be held in trust by Tenant for the purpose of said repair and replacementthis Lease.

Appears in 1 contract

Samples: Gold Ranch Casino Lease (Sands Regent)

Destruction. If the Leased Premises shall be partially damaged by any casualty which is insured against under any insurance policy maintained or required to be maintained by Landlord, Landlord shall, to the extent of and upon receipt of, the insurance proceeds, repair the portion of Landlord’s Improvements (as defined in Exhibit “C”) the Leased Premises damaged by such casualty if such repairs can be completed within ninety (90) days from the date of casualty. Until such repair is complete, the Basic Annual Rent and Additional Rent shall be abated proportionately as to that portion of the Leased Premises rendered untenantable. If Notwithstanding the Leased Premise are unable to be repaired within two hundred seventy (270) days from the date of casualtyforegoing, Landlord or Tenant may either elect to repair the damage or may cancel this Lease by written notice of cancellation to the other party within ninety (90) days after such event and thereupon this Lease shall expire, and Tenant shall vacate and surrender the Leased Premises to Landlord. If Landlord if any of the following occur: (a) the Leased Premises by reason of such occurrence are rendered wholly untenantable, as reasonably determined by Landlord, (b) the Leased Premises should be damaged as a result of a risk which is not covered by insurance, (c) the Leased Premises should be damaged in whole or in part during the last twelve six (126) months of the term or of any renewal hereof, (d) the Leased Premises or the Building (whether the Leased Premises are damaged or not) should be damaged to the extent of fifty percent (50%) or more of the then‑monetary then-monetary value thereof, or (e) the proceeds of such insurance are not sufficient to repair the Leased Premises to the extent required above (including any deficiency as a result of a mortgage lender’s election to apply such proceeds to the payment of the mortgage loan), then this Lease shall terminate as of the date of casualty; provided, however, Tenant shall not have the right to terminate this Lease if (i) such Casualty was caused by the negligent acts or omissions or willful misconduct of Tenant or the Tenant Related Parties or (b) as a result of the provisions in clauses (b) or (d) above if Landlord elects from its own proceeds to complete such repairs. Tenant’s liability for rent upon the termination of this Lease shall cease as of the date of casualtythe casualty that is the subject of such notice of cancellation and any rent paid by Tenant to Landlord in advance of such date shall be refunded to Tenant. In the event Landlord elects to repair any damage, any abatement of rent shall end five (5) days after written notice by Landlord to Tenant that the Leased Premises have been repaired as required herein. If the damage is caused by the negligence of Tenant or its employees, agents, invitees, or concessionaires, there shall be no abatement of rent. Unless this Lease is terminated by Landlord or Tenant as provided hereinLandlord, Tenant shall repair and refixture the interior of the Leased Premises in a manner and in at least a condition equal to that existing prior to the destruction or casualty and the proceeds of all insurance carried by Tenant on its property and fixtures within the Leased Premises shall be held in trust by Tenant for the purpose of said repair and replacement.

Appears in 1 contract

Samples: Lease Agreement (Skullcandy, Inc.)

Destruction. If (i) the Leased Office Center shall be so damaged that substantial alteration or reconstruction of the Office Center shall, in Landlord's reasonable opinion, be required (whether or not the Premises shall have been damaged by such casualty); or (ii) any mortgagee of the Office Center should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt; or (iii) there is any material uninsured loss to the Office Center; or (iv) the Premises shall be partially damaged by any casualty which is insured against under any insurance policy maintained by Landlord, Landlord shall, to during the extent of and upon receipt of, the insurance proceeds, repair the portion of Landlord’s Improvements last two (as defined in Exhibit “C”2) damaged by such casualty if such repairs can be completed within ninety (90) days from the date of casualty. Until such repair is complete, the Basic Annual Rent and Additional Rent shall be abated proportionately as to that portion years of the Leased Premises rendered untenantable. If Lease Term, and the Leased Premise are unable estimated cost of repair exceeds ten (10%) percent of the Annual Base Rent then remaining to be repaired within two hundred seventy (270) days from paid by Tenant for the date balance of casualtythe Lease Term; Landlord may, Landlord or Tenant may either elect to repair the damage or may cancel this Lease by notice of cancellation to the other party within ninety (90) days after such event casualty, give written notice to Tenant of Landlord's election to cancel and thereupon terminate this Lease shall expireLease, and Tenant the balance of the Lease Term shall vacate and surrender automatically expire on the Leased Premises to Landlordfifth (5th) day after such notice is delivered. If any of the following occur: (ai) the Leased Premises by reason of such occurrence are rendered wholly untenantable, (b) the Leased Premises should be damaged as a result of a risk which is not covered by insurance, (c) the Leased Premises should be damaged in whole or in part during the last twelve (12) months of the term or of any renewal hereof, (d) the Leased Premises should be damaged to the extent of fifty percent (50%) or more of the then‑monetary value thereof, or (e) the proceeds of such insurance are not sufficient to repair the Leased Premises to the extent required above (including any deficiency as a result of a mortgage lender’s election to apply such proceeds to the payment of the mortgage loan), then this Lease shall terminate as of the date of casualty; provided, however, Tenant shall Landlord does not have the right to terminate this Lease pursuant to Subsection (a), or (ii) Landlord has the right to terminate and does not elect to do so, or (iii) the Premises shall be partially or completely damaged by casualty at any time during the Lease Term and Landlord does not terminate this Lease under Subsection (a), Landlord shall promptly commence and proceed with reasonable diligence to restore the Office Center and the Premises (including the initial Tenant Improvements) (provided that Landlord shall not be required to restore any unleased premises in the Office Center) within two years of Landlord's commencement of such restoration to substantially the same condition they were in immediately prior to the happening of the casualty. When repairs to the Premises which are Landlord's obligation pursuant to this section, if any, have been completed by Landlord, Tenant shall complete the restoration or replacement of the Premises and all of Tenant's Property necessary to permit Tenant's re-occupancy of the Premises, and Tenant shall present Landlord with evidence satisfactory to Landlord of Tenant's ability to pay such cost prior, and as a condition, to Landlord's commencement of repair and restoration of any portion of the Premises. Notwithstanding Subsections (a) and (b), (i) such Casualty was caused by Landlord shall have no duty to restore, rebuild, or replace any Alterations (except the negligent acts initial Tenant Improvements) or omissions Tenant's Property; and (ii) Landlord's obligations to repair, rebuild, or willful misconduct of Tenant restore the Office Center or the Tenant Related Parties Premises shall exist only to the extent that insurance proceeds are available to Landlord in connection with the casualty which gave rise to Landlord's obligation to repair, rebuild, or (b) restore. Rent shall abate in proportion to the portion of the Premises not useable by Texxxx as a result of the provisions in clauses (b) or (d) above if Landlord elects from its own proceeds to complete such repairs. Tenant’s liability for rent upon the termination of this Lease shall cease any casualty, as of the date of casualtyon which the Premises becomes unusable. In Landlord shall not be liable to Tenant for any delay in restoring the event Landlord elects Premises or any inconvenience or annoyance to repair Tenant or injury to Tenant's business resulting in any damageway from such damage or the repairs, any Tenant's sole remedy being the right to an abatement of rent shall end five (5) days after notice by Landlord to Tenant that the Leased Premises have been repaired as required herein. If the damage is caused by the negligence of Tenant or its employees, agents, invitees, or concessionaires, there shall be no abatement of rent. Unless this Lease is terminated by Landlord or Tenant as provided herein, Tenant shall repair and refixture the interior of the Leased Premises in a manner and in at least a condition equal to that existing prior to the destruction or casualty and the proceeds of all insurance carried by Tenant on its property and fixtures shall be held in trust by Tenant for the purpose of said repair and replacementRent.

Appears in 1 contract

Samples: Asa International LTD

Destruction. If the Leased Premises shall be partially damaged by any casualty which is insured against under any insurance policy maintained by Landlord, Landlord shall, to the extent of and upon receipt of, of the insurance proceeds, repair the portion of Landlord’s Improvements (as defined in Exhibit “C”) damaged by such casualty if such repairs can be completed within ninety (90) days from the date of casualty. Until such Leased Premises and until repair is complete, complete the Basic Annual Rent and Additional Rent shall be abated proportionately as to that portion of the Leased Premises rendered untenantable. If Notwithstanding the foregoing, if: (a) the Leased Premise Premises by reason of such occurrence are unable rendered wholly untenantable, or (b) the Leased Premises should be damaged as a result of a risk which is not covered by insurance, or (c) the Leased Premises should be damaged in whole or in part during the last six (6) months of the term or of any renewal hereof, or (d) the Leased Premises or the Building (whether the Leased Premises are damaged or not) should be damaged to be repaired within two hundred seventy the extent of fifty percent (27050%) days from or more of the date of casualtythen-monetary value thereof, then and in any such events, Landlord or Tenant may either elect to repair the damage or may cancel this Lease by notice of cancellation to the other party within ninety Ninety (90) days after such event and thereupon this Lease shall expire, and Tenant shall vacate and surrender the Leased Premises to Landlord. If any of the following occur: (a) the Leased Premises by reason of such occurrence are rendered wholly untenantable, (b) the Leased Premises should be damaged as a result of a risk which is not covered by insurance, (c) the Leased Premises should be damaged in whole or in part during the last twelve (12) months of the term or of any renewal hereof, (d) the Leased Premises should be damaged to the extent of fifty percent (50%) or more of the then‑monetary value thereof, or (e) the proceeds of such insurance are not sufficient to repair the Leased Premises to the extent required above (including any deficiency as a result of a mortgage lender’s election to apply such proceeds to the payment of the mortgage loan), then this Lease shall terminate as of the date of casualty; provided, however, Tenant shall not have the right to terminate this Lease if (i) such Casualty was caused by the negligent acts or omissions or willful misconduct of Tenant or the Tenant Related Parties or (b) as a result of the provisions in clauses (b) or (d) above if Landlord elects from its own proceeds to complete such repairs. Tenant’s liability for rent upon the termination of this Lease shall cease as of the date day following Landlord’s giving notice of casualtycancellation. In the event Landlord elects to repair any damage, any abatement of rent shall end five (5) days after notice by Landlord to Tenant that the Leased Premises have been repaired as required hereinrepaired. If the damage is caused by the negligence of Tenant or its employees, agents, invitees, or concessionaires, there shall be no abatement of rent. Unless this Lease is terminated by Landlord or Tenant as provided hereinLandlord, Tenant shall repair and refixture the interior of the Leased Premises to the extent of the Tenant Finish in a manner and in at least a condition equal to that existing prior to the destruction or casualty and the proceeds of all insurance carried by Tenant on its property and fixtures shall be held in trust by Tenant for the purpose of said repair and replacement.

Appears in 1 contract

Samples: Lease Agreement (Marchex Inc)

Destruction. If Tenant makes any alterations to the Premises as provided herein, the alterations shall not be commenced until five (5) days after Landlord has received notice from Tenant stating the date the installation of the alterations is to commence so that Landlord can post and record an appropriate notice of nonresponsiblity. With respect to any approved alterations, Tenant shall obtain all necessary governmental permits and shall comply with all applicable laws, regulations, ordinances and codes. If the Leased Premises are damaged or destroyed by fire or other casualty not the fault of Tenant during the term of this Lease, the Landlord will immediately restore or repair the Premises and the rent otherwise payable under this Lease shall be partially damaged by any casualty which is insured against under any insurance policy maintained by Landlord, Landlord shall, abated for the time and to the extent of and upon receipt of, Tenant is prevented from occupying the insurance proceeds, repair the portion of Landlord’s Improvements (as defined Premises in Exhibit “C”) damaged by such casualty if such repairs can be completed within ninety (90) days from the date of casualty. Until such repair is complete, the Basic Annual Rent and Additional Rent shall be abated proportionately as to that portion of the Leased Premises rendered untenantableits entirety. If the Leased Premise are unable to be repaired within two hundred seventy (270) days from damages substantially impair the date of casualty, Landlord or Tenant may either elect to repair the damage or may cancel this Lease by notice of cancellation to the other party within ninety (90) days after such event and thereupon this Lease shall expire, and Tenant shall vacate and surrender the Leased Premises to Landlord. If any use of the following occur: (a) the Leased Premises by reason of such occurrence are rendered wholly untenantable, (b) the Leased Premises should be damaged as a result of a risk which is not covered by insurance, (c) the Leased Premises should be damaged in whole or in part and damages occur during the last final twelve (12) months of the Lease term then Landlord must notify Tenant, within twenty (20) days after the date of the casualty, of the estimated time required to repair or restore the Premises and either party, at its sole option without further liability, may cancel this Lease, as of any renewal hereofthe date of the casualty by giving written notice to the other party not more than thirty (30) days after the casualty. If neither party exercises their right to cancel this Lease, (d) Landlord will restore and repair the Leased Premises should with due diligence. Provided that Landlord has adequately insured the Premises as required herein, Landlord's obligation to make such repairs shall only be damaged to the extent that proceeds of fifty percent (50%) or more of the then‑monetary value thereof, or (e) insurance are available to Landlord for such purpose. If the proceeds of such the insurance are not sufficient to repair restore the Leased Premises damage, and if Landlord notifies Tenant that Landlord elects not to use its own funds to complete the extent required above (including any deficiency as a result of a mortgage lender’s election to apply such proceeds to the payment of the mortgage loan)repairs, then Tenant may, at its option, either contribute its own funds or cancel this Lease shall terminate as of the date of casualty; provided, however, Tenant shall the casualty by giving written notice to the Landlord not have the right to terminate this Lease if more than thirty (i) such Casualty was caused by the negligent acts or omissions or willful misconduct of Tenant or the Tenant Related Parties or (b) as a result of the provisions in clauses (b) or (d) above if Landlord elects from its own proceeds to complete such repairs. Tenant’s liability for rent upon the termination of this Lease shall cease as of the date of casualty. In the event Landlord elects to repair any damage, any abatement of rent shall end five (530) days after receipt of notice by Landlord to Tenant that the Leased Premises have been repaired as required herein. If the damage is caused by the negligence of Tenant or its employees, agents, invitees, or concessionaires, there shall be no abatement of rent. Unless this Lease is terminated by Landlord or Tenant as provided herein, Tenant shall repair and refixture the interior of the Leased Premises in a manner and in at least a condition equal to that existing prior to the destruction or casualty and the proceeds of all insurance carried by Tenant on its property and fixtures shall be held in trust by Tenant for the purpose of said repair and replacementLandlord's election.

Appears in 1 contract

Samples: Plaza Lease Agreement (Community Valley Bancorp)

Destruction. If the Leased Premises Tower or other portions of the improvements at the Tower Facility owned by Licensor are destroyed or so damaged as to materially interfere with Licensee’s use and benefits from the Licensed Space, Licensor or Licensee shall be partially damaged by any casualty which is insured against under any insurance policy maintained by Landlord, Landlord shall, entitled to the extent of elect to cancel and upon receipt of, the insurance proceeds, repair the portion of Landlord’s Improvements (as defined in Exhibit “C”) damaged by such casualty if such repairs can be completed within ninety (90) days from terminate this Agreement on the date of casualty. Until such repair is complete, the Basic Annual Rent casualty and Additional Rent any unearned Monthly License Fee paid in advance of such date shall be abated proportionately as refunded by Licensor to that portion Licensee within thirty (30) days of such termination date. Notwithstanding the foregoing, Licensor may elect, in its sole discretion, to restore the damaged improvements, in which case Licensee and Licensor shall remain bound to the terms of this Agreement but Licensee shall be entitled to an abatement of the Leased Premises rendered untenantableMonthly License Fee during the loss of use. If the Leased Premise are unable Tower is so damaged that reconstruction or repair cannot reasonably be undertaken without removing the Approved Equipment, then (i) Licensor may, upon giving written notice to be repaired Licensee, remove any of the Approved Equipment and interrupt the signal activity of Licensee, (ii) Licensee may, at Licensee’s sole cost and expense, install temporary facilities pending such reconstruction or repair, provided such temporary facilities do not interfere with the construction, rebuilding or operation of the Tower, (iii) Licensor agrees to provide Licensee alternative space, if available, on the Tower or at the Tower Facility during such reconstruction/repair period and (iv) should Licensor not substantially restore or replace the Tower in a fashion sufficient to allow Licensee to resume operations thereon within two hundred seventy six (2706) days from months of the date of casualty, Landlord provided that such six (6) month period shall be automatically extended for so long as Licensor has commenced and diligently continues to restore or Tenant may either elect to repair the damage or may cancel this Lease by notice of cancellation to the other party within ninety (90) days after replace such event and thereupon this Lease shall expireTower, and Tenant shall vacate and surrender the Leased Premises to Landlord. If any of the following occur: Licensee’s operation has been materially disrupted for sixty (a) the Leased Premises by reason of such occurrence are rendered wholly untenantable, (b) the Leased Premises should be damaged as a result of a risk which is not covered by insurance, (c) the Leased Premises should be damaged in whole or in part during the last twelve (12) months of the term or of any renewal hereof, (d) the Leased Premises should be damaged to the extent of fifty percent (50%60) or more of the then‑monetary value thereof, or (e) the proceeds of such insurance are not sufficient to repair the Leased Premises to the extent required above (including any deficiency as a result of a mortgage lender’s election to apply such proceeds to the payment of the mortgage loan)consecutive days, then this Lease shall terminate as of the date of casualty; providedLicensee, howeverupon thirty (30) days’ prior written notice to Licensor, Tenant shall not have the right to may terminate this Lease if (i) such Casualty was caused by the negligent acts or omissions or willful misconduct of Tenant or the Tenant Related Parties or (b) as a result of the provisions in clauses (b) or (d) above if Landlord elects from its own proceeds to complete such repairs. Tenant’s liability for rent upon the termination of this Lease shall cease as of the date of casualty. In the event Landlord elects to repair any damage, any abatement of rent shall end five (5) days after notice by Landlord to Tenant that the Leased Premises have been repaired as required herein. If the damage is caused by the negligence of Tenant or its employees, agents, invitees, or concessionaires, there shall be no abatement of rent. Unless this Lease is terminated by Landlord or Tenant as provided herein, Tenant shall repair and refixture the interior of the Leased Premises in a manner and in at least a condition equal to that existing prior to the destruction or casualty and the proceeds of all insurance carried by Tenant on its property and fixtures shall be held in trust by Tenant for the purpose of said repair and replacementAgreement.

Appears in 1 contract

Samples: License Agreement

Destruction. In the event the Demised Premises are damaged by fire, earthquake, enemy, act of God or the elements or other casualty, the Lessor, unless it shall otherwise elect as hereinafter provided, shall repair the same with reasonable dispatch after written notice of the damage. Nothing contained in this Lease shall require Lessor to restore, replace or repair leasehold improvements, inventory, chattel, signs, contents, fixtures, trade fixtures or personalty of Lessee. If such damage is so extensive as to render the Leased Demised Premises untenantable, but nevertheless the Demised Premises are repaired by the Lessor, then the Rent (but not Additional Rent) shall be partially damaged abated to an extent corresponding with the time during which and the extent to which said Demised Premises may have been untenantable. If such repairs, however, are delayed because of the Lessee's failure to adjust the Lessee's own insurance claim, no rental reduction shall be allowed beyond a reasonable time allowed for such adjustment. The Lessor shall have the right to determine, within thirty (30) days after destruction, whether to demolish and not rebuild or reconstruct the Demised Premises and, in the event of such decision by any casualty which is insured against under any insurance policy maintained the Lessor to so demolish, then, upon notice given by Landlord, Landlord shall, the Lessor to the extent of and upon receipt ofLessee, this Lease shall terminate on a date to be specified in such notice as if that date had been originally fixed as the insurance proceeds, repair the portion of Landlord’s Improvements (as defined in Exhibit “C”) damaged by such casualty if such repairs can be completed within ninety (90) days from the expiration date of casualty. Until such repair is complete, the Basic Annual Term of the Lease herein demised and the Rent and and/or Additional Rent shall be abated proportionately adjusted as to that portion of the Leased Premises rendered untenantabletime of the occurrence of such damage or destruction. If during said 30-day time period, Lessor elects to demolish, rebuild or restore the Leased Premise are unable to Demised Premises, the Demised Premises shall be repaired repaired, rebuilt or restored within two hundred and seventy (270) days after destruction. During the period of restoration or reconstruction, the Lessor shall use commercially reasonable efforts to provide substitute space for the Lessee in either Rotterdam Industrial Park or Scotia-Glenville Industrial Park, provided such relocation shall be at the sole cost and expense of the Lessee. Any cancellation or termination of Lease does not release Lessee from any liability in connection with any fire or casualty. Lessor is not responsible for delays due to settling insurance claims, obtaining estimates, labor and supply problems or any other cause not fully under Lessor's control. Lessee hereby waives the date provisions of casualty, Landlord Section 227 of the Real Property Law or Tenant may either elect any other law or statute hereafter enacted of similar import and agrees that the foregoing provisions of this Paragraph shall govern and control in lieu thereof. The Lessee shall give immediate notice to repair the Lessor in case of such damage or may cancel this Lease by notice of cancellation to the other party within ninety (90) days after such event and thereupon this Lease shall expire, and Tenant shall vacate and surrender the Leased Premises to Landlord. If any of the following occur: (a) the Leased Premises by reason of such occurrence are rendered wholly untenantable, (b) the Leased Premises should be damaged as a result of a risk which is not covered by insurance, (c) the Leased Premises should be damaged in whole or in part during the last twelve (12) months of the term or of any renewal hereof, (d) the Leased Premises should be damaged to the extent of fifty percent (50%) or more of the then‑monetary value thereof, or (e) the proceeds of such insurance are not sufficient to repair the Leased Premises to the extent required above (including any deficiency as a result of a mortgage lender’s election to apply such proceeds to the payment of the mortgage loan), then this Lease shall terminate as of the date of casualty; provided, however, Tenant shall not have the right to terminate this Lease if (i) such Casualty was caused by the negligent acts or omissions or willful misconduct of Tenant or the Tenant Related Parties or (b) as a result of the provisions in clauses (b) or (d) above if Landlord elects from its own proceeds to complete such repairs. Tenant’s liability for rent upon the termination of this Lease shall cease as of the date of casualty. In the event Landlord elects to repair any damage, any abatement of rent shall end five (5) days after notice by Landlord to Tenant that the Leased Premises have been repaired as required herein. If the damage is caused by the negligence of Tenant or its employees, agents, invitees, or concessionaires, there shall be no abatement of rent. Unless this Lease is terminated by Landlord or Tenant as provided herein, Tenant shall repair and refixture the interior of the Leased Premises in a manner and in at least a condition equal to that existing prior to the destruction or casualty and the proceeds of all insurance carried by Tenant on its property and fixtures shall be held in trust by Tenant for the purpose of said repair and replacementdestruction.

Appears in 1 contract

Samples: Lease Agreement (Daisytek International Corporation /De/)

Destruction. If the Leased Premises shall be partially damaged by any casualty which is insured against under any insurance policy maintained by Landlord, Landlord shall, to the extent of and upon receipt of, the insurance proceeds, repair the portion of the Landlord’s Improvements (as defined in Exhibit “C”) Construction Obligations damaged by such casualty if such repairs can be completed within ninety (90) days from the date of casualty. Until such repair is complete, the Basic Annual Monthly Rent and Additional Rent shall be abated proportionately as to that portion of the Leased Premises rendered untenantable. If Notwithstanding the Leased Premise are unable to be repaired within two hundred seventy (270) days from the date of casualtyforegoing, Landlord or Tenant may either elect to repair the damage or may cancel this Lease by notice of cancellation to the other party within ninety (90) days after such event and thereupon this Lease shall expire, and Tenant shall vacate and surrender the Leased Premises to Landlord. If Landlord if any of the following occur: (a) the Leased Premises by reason of such occurrence are rendered wholly untenantable, (b) the Leased Premises should be damaged as a result of a risk which is not covered by insurance, (c) the Leased Premises should be damaged in whole or in part during the last twelve six (126) months of the term or of any renewal hereof, (d) the Leased Premises or the Building (whether the Leased Premises are damaged or not) should be damaged to the extent of fifty percent (50%) or more of the then‑monetary then-monetary value thereof, or (e) the proceeds of such insurance are not sufficient to repair the Leased Premises to the extent required above (including any deficiency as a result of a mortgage lender’s election to apply such proceeds to the payment of the mortgage loan), then this Lease shall terminate as of the date of casualty; provided, however, Tenant shall not have the right to terminate this Lease if (i) such Casualty was caused by the negligent acts or omissions or willful misconduct of Tenant or the Tenant Related Parties or (b) as a result of the provisions in clauses (b) or (d) above if Landlord elects from its own proceeds to complete such repairs. Tenant’s liability for rent upon the termination of this Lease shall cease as of the date day following Landlord’s giving notice of casualtycancellation. In the event Landlord elects to repair any damage, any abatement of rent shall end five (5) days after notice by Landlord to Tenant that the Leased Premises have been repaired as required herein. If the damage is caused by the negligence of Tenant or its employees, agents, invitees, or concessionaires, there shall be no abatement of rent. Unless this Lease is terminated by Landlord or Tenant as provided hereinLandlord, Tenant shall repair and refixture the interior of the Leased Premises in a manner and in at least a condition equal to that existing prior to the destruction or casualty and the proceeds of all insurance carried by Tenant on its property and fixtures shall be held in trust by Tenant for the purpose of said repair and replacement.

Appears in 1 contract

Samples: Lease Agreement (Forevergreen Worldwide Corp)

Destruction. If the Leased Premises Tower or other portions of the improvements at the Tower Facility owned by Licensor are destroyed or so damaged as to materially interfere with Licensee’s use and benefits from the Licensed Space, Licensor or Licensee shall be partially damaged by any casualty which is insured against under any insurance policy maintained by Landlord, Landlord shall, entitled to the extent of elect to cancel and upon receipt of, the insurance proceeds, repair the portion of Landlord’s Improvements (as defined in Exhibit “C”) damaged by such casualty if such repairs can be completed within ninety (90) days from terminate this Agreement on the date of casualty. Until such repair is complete, the Basic Annual Rent casualty and Additional Rent any unearned Monthly License Fee paid in advance of such date shall be abated proportionately as refunded by Licensor to that portion Licensee within 30 days of such termination date. Notwithstanding the foregoing, Licensor may elect, in its sole discretion, to restore the damaged improvements, in which case Licensee and Licensor shall remain bound to the terms of this Agreement but Licensee shall be entitled to an abatement of the Leased Premises rendered untenantableMonthly License Fee during the loss of use. If the Leased Premise are unable Tower is so damaged that reconstruction or repair cannot reasonably be undertaken without removing the Approved Equipment, then (i) Licensor may, upon giving written notice to be repaired Licensee, remove any of the Approved Equipment and interrupt the signal activity of Licensee, (ii) Licensee may, at Licensee’s sole cost and expense, install temporary facilities pending such reconstruction or repair, provided such temporary facilities do not interfere with the construction, rebuilding or operation of the Tower, (iii) Licensor agrees to provide Licensee alternative space, if available, on the Tower or at the Tower Facility during such reconstruction/repair period and (iv) should Licensor not substantially restore or replace the Tower in a fashion sufficient to allow Licensee to resume operations thereon within two hundred seventy (270) days from 6 months of the date of casualty, Landlord provided that such 6 month period shall be automatically extended for so long as Licensor has commenced and diligently continues to restore or Tenant may either elect to repair the damage or may cancel this Lease by notice of cancellation to the other party within ninety (90) days after replace such event and thereupon this Lease shall expireTower, and Tenant shall vacate and surrender the Leased Premises to Landlord. If any of the following occur: (a) the Leased Premises by reason of such occurrence are rendered wholly untenantable, (b) the Leased Premises should be damaged as a result of a risk which is not covered by insurance, (c) the Leased Premises should be damaged in whole or in part during the last twelve (12) months of the term or of any renewal hereof, (d) the Leased Premises should be damaged to the extent of fifty percent (50%) Licensee’s operation has been materially disrupted for 60 or more of the then‑monetary value thereof, or (e) the proceeds of such insurance are not sufficient to repair the Leased Premises to the extent required above (including any deficiency as a result of a mortgage lender’s election to apply such proceeds to the payment of the mortgage loan)consecutive days, then this Lease shall terminate as of the date of casualty; providedLicensee, howeverupon 30 days’ prior written notice to Licensor, Tenant shall not have the right to may terminate this Lease if (i) such Casualty was caused by the negligent acts or omissions or willful misconduct of Tenant or the Tenant Related Parties or (b) as a result of the provisions in clauses (b) or (d) above if Landlord elects from its own proceeds to complete such repairs. Tenant’s liability for rent upon the termination of this Lease shall cease as of the date of casualty. In the event Landlord elects to repair any damage, any abatement of rent shall end five (5) days after notice by Landlord to Tenant that the Leased Premises have been repaired as required herein. If the damage is caused by the negligence of Tenant or its employees, agents, invitees, or concessionaires, there shall be no abatement of rent. Unless this Lease is terminated by Landlord or Tenant as provided herein, Tenant shall repair and refixture the interior of the Leased Premises in a manner and in at least a condition equal to that existing prior to the destruction or casualty and the proceeds of all insurance carried by Tenant on its property and fixtures shall be held in trust by Tenant for the purpose of said repair and replacementAgreement.

Appears in 1 contract

Samples: License Agreement

Destruction. In the event the Premises and/or Project are damaged during the term of this Lease then Landlord's general contractor in charge of construction shall certify to Landlord and Tenant within thirty (30) days following Landlord's receipt of notification of such damage whether or not the Premises and Project can be restored within one hundred eighty (180) days following the occurrence of such destruction. If such certificate states that the Leased Premises and Project cannot be restored within said one hundred eighty (180) day period, then either Landlord or Tenant may terminate this Lease by delivery of notice to the other party. If neither Landlord nor Tenant elects to terminate this Lease within ten (10) days following receipt of such certificate, or if such certificate states that the Premises and Project can be restored within one hundred eighty (180) days following the occurrence of such destruction, then Landlord shall promptly commence to restore the Premises in compliance with then existing laws and shall complete such restoration with due diligence; provided, however, Landlord shall not be partially damaged required to restore alterations made by any casualty Tenant which is insured against under any insurance policy maintained were not approved by LandlordLandlord in accordance with the terms of this Lease or Tenant's trade fixtures and Tenant's personal property, such excluded items being the sole responsibility of Tenant to restore provided, however, that Landlord shall, to the extent of and upon receipt of, the available insurance proceeds, restore tenant improvements to the Premises made by Tenant such as interior offices, lab and production improvements and other like improvements. If at any time during the course of the work of repair and restoration to the portion Premises and Project Tenant requests that the general contractor in charge of Landlord’s Improvements (such work of construction certify to Tenant as defined in Exhibit “C”) damaged by to the date that such casualty work of construction will be substantially completed and if such repairs can be completed within ninety (90) days from certificate states that the date of casualty. Until such repair substantial completion will extend beyond that date which is complete, the Basic Annual Rent and Additional Rent shall be abated proportionately as to that portion of the Leased Premises rendered untenantable. If the Leased Premise are unable to be repaired within two hundred seventy (270) days from following the date of casualtysuch destruction (the "OUTSIDE DATE"), then Tenant shall have the right, within ten (10) days following receipt of such certificate, to either agree to extend the Outside Date to the date of substantial completion projected by the general contractor, or to notify Landlord or that Tenant may either elect has elected to repair the damage or may cancel terminate this Lease by Lease. If Landlord, within ten (10) days following receipt of Tenant's notice of cancellation its election to terminate, agrees to accelerate through overtime or multiple shifts the date of substantial completion such that the general contractor certifies to Tenant that, given Landlord's commitment to overtime and/or multiple shifts, the substantial completion date will occur prior to the other party within ninety (90Outside Date, as such date may have been previously extended by Tenant either directly or through delays caused by Tenant, Tenant's notice of termination shall be automatically rescinded. Tenant shall have the right following such rescission to request update certificates from such general contractor and the procedure described above shall repeat. Tenant hereby waives the provisions of Civil Code Section 1932(2) days after and Civil Code Section 1933(4) with respect to any destruction of the Premises. In such event and thereupon event, this Lease shall expireremain in full force and effect, but there shall be an abatement of Rent between the date of destruction and the date of completion of restoration, based on the extent to which destruction interferes with Tenant's use of the Premises. If the date of the destruction described above occurs within the last eighteen months of the term of this Lease, and Tenant shall vacate and surrender the Leased Premises to Landlord. If any of the following occur: (a) the Leased Premises by reason of such occurrence are rendered wholly untenantable, (b) the Leased Premises should be damaged as a result of a risk which such destruction, Tenant is not covered by insurancerequired in Tenant's reasonable business judgment to relocate, and, in fact, within thirty (c30) the Leased Premises should be damaged in whole or in part during the last twelve (12) months days of the term or of any renewal hereof, (d) the Leased Premises should be damaged to the extent of fifty percent (50%) or more of the then‑monetary value thereofsuch destruction Tenant physically causes, or is substantially under way with, such relocation, of either (ea) substantially all of Tenant's switching equipment or substantially all of Tenant's other primary "heavy" equipment which constitutes a fundamental element of Tenant's business operations from the proceeds of such insurance are not sufficient to repair the Leased Premises to temporary premises in order to properly conduct its business or (b) substantially all elements of Tenant's operations in the extent required above Premises to temporary premises in order to properly conduct its business (including any deficiency as a result of a mortgage lender’s election to apply such proceeds to the payment of the mortgage loan), then this Lease shall terminate as of the date of casualty; provided, however, that alternative "(b)" shall only be available to Tenant if Landlord's contractor in charge of repair of such destruction certifies to the parties, after consultation with Tenant's contractor, that Tenant would be able, in such Landlord's contractor's judgment, to relocate substantially all elements of Tenant's operations to temporary premises and commence operations therein prior to the date by which such destruction could be repaired by Landlord's contractor), Tenant shall not have the right to terminate this Lease if (i) such Casualty was caused by the negligent acts or omissions or willful misconduct of Tenant or the Tenant Related Parties or (b) as a result of the provisions in clauses (b) or (d) above if Landlord elects from its own proceeds to complete such repairs. Tenant’s liability for rent upon the termination of this Lease shall cease as of the date of casualty. In the event such destruction by delivery of written notice to Landlord elects to repair any damage, any abatement of rent shall end five within thirty (530) days after notice by Landlord to Tenant that the Leased Premises have been repaired as required herein. If the damage is caused by the negligence following such date of Tenant or its employees, agents, invitees, or concessionaires, there shall be no abatement of rent. Unless this Lease is terminated by Landlord or Tenant as provided herein, Tenant shall repair and refixture the interior of the Leased Premises in a manner and in at least a condition equal to that existing prior to the destruction or casualty and the proceeds of all insurance carried by Tenant on its property and fixtures shall be held in trust by Tenant for the purpose of said repair and replacementdestruction.

Appears in 1 contract

Samples: WWW Holdings Inc

Destruction. If any portion of the Leased Premises shall be partially is destroyed or becomes damaged by fire, wind, water, earthquake or for any casualty which is insured against under any insurance policy maintained by Landlordother reason, Landlord shallLicensor shall have the right, in its sole and absolute discretion, to repair or rebuild the extent Property or to terminate this Agreement. Licensee shall in no event be entitled to compensation or damages on account of annoyance or inconvenience in making any repairs, or on account of construction, or on account of Licensor’s election to terminate the Agreement. If due to such damage the Premises cannot be used by Licensee, and upon receipt of, Licensor in its good faith judgment determines that the insurance proceeds, repair the portion of Landlord’s Improvements Property cannot be rebuilt or repaired within one hundred eighty days (as defined in Exhibit “C”180) damaged by such casualty if such repairs can be completed within ninety (90) days from after the date of casualty. Until such repair is complete, the Basic Annual Rent and Additional Rent shall be abated proportionately as to that portion occurrence of the Leased Premises rendered untenantable. If damage, Licensor shall notify Licensee thereof in writing at the Leased Premise are unable to be repaired within two hundred seventy (270) days from the date time of casualty, Landlord or Tenant may either elect to repair the damage or may cancel this Lease by notice of cancellation to the other party within ninety (90) days after such event and thereupon this Lease shall expire, and Tenant shall vacate and surrender the Leased Premises to Landlord. If any of the following occur: (a) the Leased Premises by reason of such occurrence are rendered wholly untenantable, (b) the Leased Premises should be damaged as a result of a risk which is not covered by insurance, (c) the Leased Premises should be damaged in whole or in part during the last twelve (12) months of the term or of any renewal hereof, (d) the Leased Premises should be damaged to the extent of fifty percent (50%) or more of the then‑monetary value thereof, or (e) the proceeds of such insurance are not sufficient to repair the Leased Premises to the extent required above (including any deficiency as a result of a mortgage lenderLicensor’s election to apply such proceeds rebuild or repair, and Licensee shall thereafter have a period of fifteen (15) days within which Licensee may elect to the payment of the mortgage loan)terminate this Agreement, then this Lease shall terminate effective as of the date of casualty; providedsuch destruction or damage, however, Tenant upon written notice to Licensor. Licensee’s termination rights described in the preceding sentence shall not have apply if the right to terminate this Lease if (i) such Casualty damage was caused by Licensee’s negligence or willful misconduct. If Licensor elects to repair damage to the negligent acts or omissions Property and all of the Premises will be unusable by Licensee in the ordinary conduct of its business until the damage is repaired, and that damage was not caused by the negligence or willful misconduct of Tenant or the Tenant Related Parties or (b) as a result of the provisions in clauses (b) or (d) above if Landlord elects from its own proceeds to complete such repairs. Tenant’s liability for rent upon the termination of this Lease shall cease as of the date of casualty. In the event Landlord elects to repair any damage, any abatement of rent shall end five (5) days after notice by Landlord to Tenant that the Leased Premises have been repaired as required herein. If the damage is caused by the negligence of Tenant Licensee or its employees, agents, contractors or invitees, or concessionaires, there Licensee’s License Fee shall be no abatement of rentabated until the repairs are completed. Unless this Lease is terminated by Landlord If such damage or Tenant destruction occurs as provided herein, Tenant shall repair and refixture the interior a result of the Leased Premises in a manner and in at least a condition equal to that existing prior to the destruction negligence or casualty willful misconduct of Licensee or Licensee’s employees, agents, contractors or invitees, and the proceeds of the insurance which are actually received by Licensor are not sufficient to repair all of the damage, Licensee shall pay, at Licensee’s sole expense, to Licensor upon demand and after receipt of supporting documentation, the difference between the cost of repairing the damage and the insurance carried proceeds received by Tenant on its property and fixtures shall be held in trust by Tenant for the purpose of said repair and replacementLicensor.

Appears in 1 contract

Samples: Antenna Site License Agreement

Destruction. If the Leased Premises or the public areas of the Building shall be partially damaged by fire or other casualty, Landlord shall proceed with reasonable diligence to repair such damage; but Landlord shall not be required to repair or replace any casualty of Tenant's improvements or removable property whether or not installed by Tenant. If the Leased Premises, or any part thereof, shall be rendered unquestionably untenantable for a period of at least one hundred twenty (120) days by reason of such damage, the rent for that portion of the Leased Premises which is insured against under shall have been so rendered unquestionably untenantable, shall be abated for the period of the untenantability. Landlord shall not be liable for any inconvenience or injury or damage to Tenant's business resulting in any way for such damage by fire or other casualty, or the repair thereof, or for any reasonable delay which may arise by reason of adjustments of insurance policy maintained claims, labor disputes, unavailability of materials, and other causes beyond Landlord's reasonable control unless caused by Landlord's gross negligence or willful act. If the Building shall be so damaged that demolition or substantial alterations or reconstruction thereof shall in Landlord s opinion be advisable (whether or not the Leased Premises shall have been so damaged), Landlord shall, shall have the option to the extent of and upon receipt of, the insurance proceeds, repair the portion of Landlord’s Improvements (as defined in Exhibit “C”) damaged terminate this Lease by such casualty if such repairs can be completed written notice given to Tenant within ninety (90) days following the date of such damage. Landlord shall, within sixty (60) days following the date of such damage, furnish Tenant with an estimate of the time required to repair such damage (which estimate, however, shall not Institute an undertaking on the part of the Landlord to complete required repairs within the estimated period of time). If the time estimated by Landlord for the repair thereof exceeds six (6) months from the date of casualty. Until such repair is completedamage, the Basic Annual Rent and Additional Rent shall be abated proportionately as to that portion of the Leased Premises rendered untenantable. If the Leased Premise are unable to be repaired within two hundred seventy (270) days from the date of casualty, either Landlord or Tenant may either elect to repair the damage or may cancel terminate this Lease by upon written notice of cancellation given to the other party within ninety thirty (9030) days after such event and thereupon Landlord notifies Tenant of the estimated time for repair. Upon any termination of this Lease under the provisions of this Section, the parties shall expire, and Tenant shall vacate and surrender the Leased Premises to Landlord. If any of the following occur: (a) the Leased Premises by reason of such occurrence are rendered wholly untenantable, (b) the Leased Premises should be damaged as a result of a risk which is not covered by insurance, (c) the Leased Premises should be damaged in whole or in part during the last twelve (12) months of the term or of any renewal hereof, (d) the Leased Premises should be damaged released thereby without further obligation to the extent other party coincident with the surrender of fifty percent (50%) or more possession of the then‑monetary value thereof, or (e) the proceeds of such insurance are not sufficient to repair the Leased Premises to the extent required above (including any deficiency as a result of a mortgage lender’s election to apply such proceeds Landlord, except for items which have theretofore accrued arm be then unpaid, and except when the damage or destruction is caused by Tenant. Notwithstanding anything herein to the payment contrary, in the event the holder of any indebtedness secured by a first mortgage or deed of trust covering the mortgage loan)Building in which the Leased Premises are located requires that casualty insurance proceeds be applied first to such indebtedness, then this Lease Landlord shall terminate as of the date of casualty; provided, however, Tenant shall not have the right to terminate this Lease if (i) such Casualty was caused by the negligent acts or omissions or willful misconduct delivering Written notice of Tenant or the Tenant Related Parties or (b) as a result of the provisions in clauses (b) or (d) above if Landlord elects from its own proceeds termination to complete such repairs. Tenant’s liability for rent upon the termination of this Lease , whereupon all rights and obligations hereunder shall cease as of the date of casualty. In the event Landlord elects to repair any damage, any abatement of rent shall end five (5) days after notice by Landlord to Tenant that the Leased Premises have been repaired as required herein. If the damage is caused by the negligence of Tenant or its employees, agents, invitees, or concessionaires, there shall be no abatement of rent. Unless this Lease is terminated by Landlord or Tenant as provided herein, Tenant shall repair and refixture the interior of the Leased Premises in a manner and in at least a condition equal to that existing prior to the destruction or casualty and the proceeds of all insurance carried by Tenant on its property and fixtures shall be held in trust by Tenant for the purpose of said repair and replacementdetermine.

Appears in 1 contract

Samples: Lease (Sheffield Pharmaceuticals Inc)

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Destruction. Tenant shall give Landlord immediate notice of any change or destruction to the Leased Premises by fire or other casualty. Following such damage or destruction to the Leased Premises, if the Leased Premises in whole are untenantable in Landlord's reasonable discretion, and the damage or destruction was not caused or contributed to by act or negligence of Tenant, its agents, employees, invitees or those for whom Tenant is responsible, Tenant shall have the option to terminate this Lease. Otherwise, at Landlord's sole option, either (I) this Lease shall terminate, and, in such case, the rent shall be abated for the unexpired portion of the Lease, effective as of the date of the written notification, if the damage to the Leased Premises is material and the Leased Premises is substantially untenantable, or (ii) this Lease shall not terminate, and Landlord shall proceed with reasonable diligence to rebuild or repair the Building or other improvements to substantially the same condition in which they existed prior to the damage. Landlord agrees to provide Tenant written notice of its decision within 15 days of Tenant's notice. If the Leased Premises are to be rebuilt or repaired and are untenantable in whole or in part following the damage, and the damage or destruction was not caused or contributed to by act or negligence of Tenant, its agents, employees, invitees or those for whom Tenant is responsible, the Base Rent payable under this Lease during the period for which the Leased Premises are untenantable shall be partially damaged reduced to an amount determined by any casualty multiplying the Base Rent that would otherwise by payable but for this provision by the ratio that the portion of the Leased Premises not rendered untenantable bears to the total net rentable area of the Leased Premises prior to the casualty, until such time as the whole of the Leased Premises is restored, at which time the Tenant's obligation to pay full rent shall resume. Landlord's obligation to rebuild or restore under this Section shall be limited to restoring the Leased Premises to substantially the condition in which the same existed prior to the casualty, exclusive of improvements for which Tenant is insured against responsible under any insurance policy maintained the terms of the Leasehold Improvements Agreement, if any, described above in Section 6.1, and Tenant shall, promptly, after the completion of such work by Landlord, Landlord shall, proceed with reasonable diligence and at Tenant's sole cost and expense to restore those improvements for which Tenant is responsible under the terms of such Leasehold Improvements Agreement to substantially the condition in which the same existed prior to the extent of casualty and upon receipt of, to otherwise make the insurance proceeds, repair Leased Premises suitable for Tenant's use. If Landlord fails to substantially complete the portion of Landlord’s Improvements necessary repairs or rebuilding within one hundred twenty (as defined in Exhibit “C”120) damaged by such casualty if such repairs can be completed within ninety (90) working days from the date of casualty. Until such repair is complete, the Basic Annual Rent and Additional Rent shall be abated proportionately as to that portion Landlord's receipt of written notification by Tenant of the Leased Premises rendered untenantable. If the Leased Premise are unable to be repaired within two hundred seventy (270) days from the date of casualtydestruction, Landlord or Tenant may either elect to repair the damage or may cancel at its option, terminate this Lease by delivering written notice of cancellation to the other party within ninety (90) days after such event and thereupon this Lease shall expire, and Tenant shall vacate and surrender the Leased Premises termination to Landlord. If any of the following occur: (a) the Leased Premises by reason of such occurrence are rendered wholly untenantable, (b) the Leased Premises should be damaged as a result of a risk which is not covered by insurance, (c) the Leased Premises should be damaged in whole or in part during the last twelve (12) months of the term or of any renewal hereof, (d) the Leased Premises should be damaged to the extent of fifty percent (50%) or more of the then‑monetary value thereof, or (e) the proceeds of such insurance are not sufficient to repair the Leased Premises to the extent required above (including any deficiency as a result of a mortgage lender’s election to apply such proceeds to the payment of the mortgage loan), then this Lease shall terminate as of the date of casualty; provided, however, Tenant shall not have the right to terminate this Lease if (i) such Casualty was caused by the negligent acts or omissions or willful misconduct of Tenant or the Tenant Related Parties or (b) as a result of the provisions in clauses (b) or (d) above if Landlord elects from its own proceeds to complete such repairs. Tenant’s liability for rent upon the termination of whereupon all rights and obligations under this Lease shall cease to exist. For purposes of this Lease, a "working" day means every week day, except for holidays recognized as of the date of casualty. In the event Landlord elects to repair any damage, any abatement of rent shall end five (5) days after notice such by Landlord to Tenant that the Leased Premises have been repaired as required herein. If the damage is caused by the negligence of Tenant or its employees, agents, invitees, or concessionaires, there shall be no abatement of rent. Unless this Lease is terminated by Landlord or Tenant as provided herein, Tenant shall repair and refixture the interior of the Leased Premises in a manner and in at least a condition equal to that existing prior to the destruction or casualty and the proceeds of all insurance carried by Tenant on its property and fixtures shall be held in trust by Tenant for the purpose of said repair and replacementLandlord.

Appears in 1 contract

Samples: Admiralty Bancorp Inc

Destruction. If the Leased Premises shall be partially damaged by any casualty which is insured against under any insurance policy maintained by Landlord, Landlord shall, to or the extent of and upon receipt of, the insurance proceeds, repair the portion of Landlord’s Improvements (as defined in Exhibit “C”) damaged by such casualty if such repairs can be completed within ninety (90) days from the date of casualty. Until such repair is complete, the Basic Annual Rent and Additional Rent shall be abated proportionately as to that portion of the Leased Premises rendered untenantable. If the Leased Premise Building are unable to be repaired within two hundred seventy (270) days from the date of casualty, Landlord or Tenant may either elect to repair the damage or may cancel this Lease by notice of cancellation to the other party within ninety (90) days after such event and thereupon this Lease shall expire, and Tenant shall vacate and surrender the Leased Premises to Landlord. If any of the following occur: (a) the Leased Premises by reason of such occurrence are rendered wholly untenantable, (b) the Leased Premises should be damaged as a result of a risk which is not covered by insurance, (c) the Leased Premises should be damaged in whole or in part during by casualty so as to render the last twelve Premises untenantable, and if the damages cannot be repaired as reasonably determined by Landlord within eighteen (1218) months from the date of the term or of any renewal hereofsaid casualty, (d) the Leased Premises should be damaged to the extent of fifty percent (50%) or more of the then‑monetary value thereofthen, or (e) the proceeds of such insurance are not sufficient to repair the Leased Premises to the extent required above (including any deficiency as a result of a mortgage lenderat Landlord’s election to apply such proceeds to the payment of the mortgage loan)election, then this Lease shall terminate as of the date of such casualty; provided. If the damages can be repaired within said eighteen (18) months, howeverand Landlord does not elect by written notice to the Tenant within thirty (30) days after the date of such casualty to repair same, then either Landlord or Tenant shall not have the right to may terminate this Lease if (i) such Casualty was caused by the negligent acts or omissions or willful misconduct of Tenant or the Tenant Related Parties or (b) as a result of the provisions in clauses (b) or (d) above if Landlord elects from its own proceeds to complete such repairs. Tenant’s liability for rent written notice served upon the termination of this Lease shall cease as of the date of casualtyother. In the event of any such termination, the parties shall have no further obligations to the other, except for those obligations accrued through the effective date of such termination; and, upon such termination, Tenant shall immediately surrender possession of the Premises to Landlord. Landlord elects and Tenant shall each have the option of terminating the Lease if the Premises is materially damaged in whole or in part during the penultimate or final year of the Lease Term and the time to restore as reasonably estimated by Landlord’s contractor exceeds 180 days, or in the case of the final year of the Lease Term, 60 days after the date of such casualty. If this Lease is not terminated in accordance with the preceding Paragraphs, this Lease shall remain in full force and effect, and Landlord shall proceed with all due diligence to repair any damageand restore the Premises to a condition substantially similar to that condition which existed on the Commencement Date. In the event the repair and restoration of the Premises extends beyond eighteen (18) months after the date of such casualty due to causes beyond the control of Landlord, any abatement this Lease shall remain in full force and effect, and Landlord shall not be liable for the delay in restoration; but Landlord shall continue to complete such repairs and restoration with all due diligence. Landlord and Tenant acknowledge and agree that Rent shall xxxxx during the period the Premises is untenantable due to a casualty loss under this Paragraph 10. In the event only a portion of rent the Premises are untenantable, Tenant’s Rent shall end five (5) days after notice by Landlord be equitably abated in proportion to Tenant that portion of the Leased Premises have been repaired as required hereinwhich is not tenantable. If the damage is caused by the negligence of Tenant or its employees, agents, invitees, or concessionairesHowever, there shall be no Rent abatement of rent. Unless this Lease is terminated by Landlord or Tenant as provided herein, Tenant shall repair and refixture the interior of the Leased Premises in a manner and in at least a condition equal to that existing prior be solely responsible for any deductible if said damage is due to the destruction fault or casualty and the proceeds negligence of all insurance carried by Tenant on its property and fixtures shall be held in trust by Tenant for the purpose of said repair and replacementor Tenant’s agents, employees or invitees.

Appears in 1 contract

Samples: Agreement of Lease (Invitae Corp)

Destruction. If either or both of the Leased Premises Kosx Xxgns are partially or wholly damaged or destroyed by fire or other casualty or occurrence, Tenant shall have the option, to be partially exercised in writing to Landlord within sixty (60) days following the date of any such fire or other casualty, to (i) repair, replace or restore the Kosx Xxgns (or the applicable damaged sign, as the case may be), in which case this Restated Lease shall continue in full force and effect for the remainder of the unexpired term hereof, or (ii) terminate this Restated Lease by any casualty which is insured against under any insurance policy maintained written notice to Landlord, whereupon subject to Tenant's removal of the Kosx Xxgns if so required by Landlord, Landlord the parties shall have no further rights or obligations hereunder, except for any obligations or liabilities which have previously accrued under this Restated Lease which shall survive the termination hereof. If Tenant fails to furnish a written election within said 60-day period, Tenant shall be deemed to have elected to repair, replace or restore the Kosx Xxgns (or the applicable damaged sign, as the case may be). Upon the expiration or earlier termination of this Restated Lease as to one or both of the Kosx Xxgns, upon written request by Landlord, Tenant shall, at its expense, remove the applicable sign(s) from the Kosx Xxgn Premises (and the HD Parcel) leaving the Kosx Xxgn Premises (and adjacent areas on the HD Parcel) in a safe and sightly condition, at grade with adjacent areas on the HD Parcel and free of all sign materials and improvements, holes, piles of dirt or other materials or debris caused by such removal, repairing any damage to the extent of and upon receipt of, the insurance proceeds, repair the any portion of Landlord’s Improvements (as defined in Exhibit “C”) damaged by the HD Parcel caused thereby. If Tenant elects or is deemed to have elected to repair, replace or restore the Kosx Xxgns pursuant to this Section 6, Tenant shall commence such casualty if such repairs can be completed repair, replacement or restoration within ninety (90) days from following the date of casualty. Until damage or destruction (subject to reasonable extension due to force majeure) and shall diligently prosecute such repair is completerepair, replacement or restoration work, as the Basic Annual Rent and Additional Rent shall be abated proportionately as case may be, to that portion of the Leased Premises rendered untenantable. If the Leased Premise are unable to be repaired completion within two one hundred seventy eighty (270180) days from following the date of casualtydamage or destruction (subject to reasonable extension due to force majeure), failing which, in either case of failure to commence or complete in accordance herewith, this Restate Leased shall terminate with respect to the applicable sign(s) so damaged or destroyed. If, following any substantial damage or destruction, such repair, restoration or rebuilding is prohibited by applicable law, then this Restated Lease shall terminate as provided herein with respect to the applicable sign(s). Any restoration or replacement of the Kosx Xxgns shall be built solely on the Kosx Xxgn Pads in accordance with and subject to all applicable terms of this Restated Lease and shall be substantially similar in size and height to the sign which was damaged or destroyed. Except as provided in the following sentence, Tenant hereby waives any right of recovery and releases all claims against Landlord with respect to any damage or destruction to the Kosx Xxgns from any cause whatsoever to the extent of the proceeds payable under any policies of insurance maintained by Tenant pursuant to the Restated Lease or which would have been payable had the required insurance coverage been maintained, whether or not such damage or loss shall have been caused by any acts or omissions of Landlord or Tenant may either elect to repair its directors, officers, employees, agents, tenants or occupants. Notwithstanding the damage or may cancel this Lease by notice of cancellation to the other party within ninety (90) days after such event and thereupon this Lease shall expire, and Tenant shall vacate and surrender the Leased Premises to Landlord. If any terms of the following occur: (a) preceding sentence, if the Leased Premises by reason Kosx Xxgns or either of such occurrence them are rendered wholly untenantable, (b) the Leased Premises should be materially damaged or destroyed as a result of a risk which is not covered by insurancean intentional act of Landlord, (c) and if the Leased Premises should be damaged in whole restoration or in part during the last twelve (12) months reconstruction of the term or of any renewal hereof, (daffected sign(s) the Leased Premises should be damaged to the extent of fifty percent (50%) or more of the then‑monetary value thereof, or (e) the proceeds of such insurance are not sufficient to repair the Leased Premises to the extent required above (including any deficiency as a result of a mortgage lender’s election to apply such proceeds to the payment of the mortgage loan)is then prohibited by law, then this Lease shall terminate as of the date of casualty; provided, however, Tenant foregoing waiver and release shall not apply with respect to any claim or right of recovery for direct (and not consequential, special or indirect) damages that Tenant may have the right to terminate this Lease if (i) against Landlord in connection with such Casualty was caused by the negligent acts damage or omissions or willful misconduct of Tenant or the Tenant Related Parties or (b) as a result of the provisions in clauses (b) or (d) above if Landlord elects from its own proceeds to complete such repairs. Tenant’s liability for rent upon the termination of this Lease shall cease as of the date of casualty. In the event Landlord elects to repair any damage, any abatement of rent shall end five (5) days after notice by Landlord to Tenant that the Leased Premises have been repaired as required herein. If the damage is caused by the negligence of Tenant or its employees, agents, invitees, or concessionaires, there shall be no abatement of rent. Unless this Lease is terminated by Landlord or Tenant as provided herein, Tenant shall repair and refixture the interior of the Leased Premises in a manner and in at least a condition equal to that existing prior to the destruction or casualty and the proceeds of all insurance carried by Tenant on its property and fixtures shall be held in trust by Tenant for the purpose of said repair and replacementdestruction.

Appears in 1 contract

Samples: Lease (Koss Corp)

Destruction. If the Leased Premises shall be partially are damaged by any casualty which is insured against under any insurance policy maintained by Landlord, Landlord shall, to the extent of and upon receipt of, the insurance proceeds, repair the portion of Landlord’s Improvements (as defined in Exhibit “C”) damaged by such casualty if such repairs can be completed within ninety (90) days from the date of casualty. Until such repair is complete, the Basic Annual Rent and Additional Rent shall be abated proportionately as to that portion of the Leased Premises rendered untenantable. If the Leased Premise are unable to be repaired within two hundred seventy (270) days from the date of casualty, Landlord or Tenant may either elect to repair the damage or may cancel this Lease by notice of cancellation to the other party within ninety (90) days after such event and thereupon this Lease shall expire, and Tenant shall vacate and surrender the Leased Premises to Landlord. If any of the following occur: (a) the Leased Premises by reason of such occurrence are rendered wholly untenantable, (b) the Leased Premises should be damaged as a result of a risk which is not covered by insurance, (c) the Leased Premises should be damaged destroyed in whole or in part by fire or other casualty during the last twelve Lease Term, Landlord shall, at its cost and expense (12) months unless such damage or destruction is caused by the willful act or negligence of the term Tenant or any of any renewal hereofits employees, (d) agents, or invitees, which in such case, and notwithstanding anything to the contrary contained in this Lease, all such repair or restoration shall be done at Tenant's sole cost and expense), repair and restore the same to tenantable condition with reasonable dispatch, unless Landlord, pursuant to this Paragraph, shall elect not to rebuild the Building or elect to terminate this Lease, and Rent shall abatx xxxirely if the entire Leased Premises are untenantable, and proportionately for the portion rendered untenantable, in the case of partial untenantability, until such time as the Leased Premises should be damaged are restored to the extent of fifty percent (50%) or more of the then‑monetary value thereof, or (e) the proceeds of such insurance are not sufficient to repair tenantable condition. If the Leased Premises cannot be restored to the extent required above tenantable condition within a period of one hundred fifty (including any deficiency as a result of a mortgage lender’s election to apply such proceeds to the payment of the mortgage loan)150) days, then this Lease shall terminate as of the date of casualty; provided, however, Landlord and Tenant shall not each have the right to terminate this Lease if (i) such Casualty was caused by upon written notice to the negligent acts or omissions or willful misconduct of Tenant or the Tenant Related Parties or (b) as a result of the provisions in clauses (b) or (d) above if Landlord elects from its own proceeds other and any Rent paid for any period subsequent to complete such repairs. Tenant’s liability for rent upon the termination of this Lease shall cease as of the date of casualtysuch termination shall be refunded to Tenant. In the event Landlord elects to repair any damage, any abatement of rent shall end five (5) days after notice by Landlord to Tenant that If the Leased Premises have been repaired are damaged due to fire or other casualty, Landlord shall remove such of Tenant's furniture and other belongings from the Leased Premises as may be required hereinin order to repair and restore the Leased Premises. If the damage is caused by the negligence of Tenant or its employees, agents, invitees, or concessionaires, there shall be no abatement of rent. Unless this Lease is terminated by Landlord or Tenant as provided herein, and Tenant shall repair and refixture mutually agree to judge the interior extent of the untenantability of the Leased Premises and of the time required for the repair and restoration of the same. Notwithstanding any other provisions of this section, if more than thirty-five (35%) percent of the Building is destroyed by fire or other casualty, Landlord shall have the right to terminate this Lease upon written notice to Tenant, in which event any Rent paid for any period subsequent to the date of such destruction shall be refunded to Tenant. If Landlord elects not to terminate this Lease, Landlord agrees to proceed in a diligent manner and in at least a condition equal to that existing prior repair any damage caused by such fire or casualty. Any repair or restoration of the Leased Premises pursuant to the destruction or casualty and the proceeds of all insurance carried by Tenant on its property and fixtures this Paragraph shall be held effected in trust accordance with the working drawings originally approved by Tenant for the purpose Landlord. Unless otherwise provided herein, Landlord shall not be required to repair or replace any of said repair and replacementTenants' trade fixtures, furnishings, equipment or other property or improvements.

Appears in 1 contract

Samples: Lease (Complete Business Solutions Inc)

Destruction. 19.01 If the Leased Premises or any portion thereof are destroyed by storm, fire, lightning, earthquake or other casualty, Tenant shall immediately notify Landlord. In the event the Leased Premises cannot, in Landlord's judgment, be partially damaged by any casualty which is insured against under any insurance policy maintained by Landlord, Landlord shall, to the extent of and upon receipt of, the insurance proceeds, repair the portion of Landlord’s Improvements restored within one hundred twenty (as defined in Exhibit “C”) damaged by such casualty if such repairs can be completed within ninety (90120) days from of the date of casualty. Until such repair is complete, the Basic Annual Rent and Additional Rent shall be abated proportionately as to that portion of the Leased Premises rendered untenantable. If the Leased Premise are unable to be repaired within two hundred seventy (270) days from the date of casualty, Landlord or Tenant may either elect to repair the damage or may cancel this Lease by notice of cancellation to the other party within ninety (90) days after such event and thereupon this Lease shall expiredestruction, and Tenant shall vacate and surrender the Leased Premises to Landlord. If any of the following occur: (a) the Leased Premises by reason of such occurrence are rendered wholly untenantable, (b) the Leased Premises should be damaged as a result of a risk which is not covered by insurance, (c) the Leased Premises should be damaged in whole or in part during the last twelve (12) months of the term or of any renewal hereof, (d) the Leased Premises should be damaged to the extent of fifty percent (50%) or more of the then‑monetary value thereof, or (e) the proceeds of such insurance are not sufficient to repair the Leased Premises to the extent required above (including any deficiency as a result of a mortgage lender’s election to apply such proceeds to the payment of the mortgage loan), then this Lease shall terminate as of the date of casualty; providedsuch destruction, however, and all rent and other sums payable by Tenant hereunder shall not have the right to terminate this Lease if be accounted for as between Landlord and Tenant as of that date. Landlord shall notify Tenant within thirty (i30) such Casualty was caused by the negligent acts or omissions or willful misconduct of Tenant or the Tenant Related Parties or (b) as a result of the provisions in clauses (b) or (d) above if Landlord elects from its own proceeds to complete such repairs. Tenant’s liability for rent upon the termination of this Lease shall cease as days of the date of casualty. In the event Landlord elects to repair any damage, any abatement of rent shall end five (5) days after notice by Landlord to Tenant that damage or destruction whether the Leased Premises have been repaired can be restored within one hundred twenty (120) days. If this Lease is not terminated as provided in this Paragraph, Landlord shall, to the extent insurance proceeds payable on account of such damage or destruction are available to Landlord (with the excess proceeds belonging to Landlord), within a reasonable time, repair, restore, rebuild, reconstruct or replace the damaged or destroyed portion of the Leased Premises to a condition substantially similar to the condition which existed prior to the damage or destruction. Provided, however, Landlord shall only be required to repair, restore, rebuild, reconstruct and replace the Landlord's Work shown on Exhibit "B", and Tenant shall, at its sole cost and expense, upon completion of the Landlord's Work, repair, restore, rebuild, reconstruct and replace, as required, any and all improvements installed in the Leased Premises by Tenant and all trade fixtures, personal property, inventory, signs and other contents in the Leased Premises, and all other repairs not specifically required of Landlord hereunder, in a manner and to at least the condition existing prior to the damage. Tenant's obligation to pay Base Rent shall xxxxx until Landlord has repaired, restored, rebuilt, reconstructed or replaced the Leased Premises, as required herein, in proportion to the part of the Leased Premises which are unusable by Tenant. If the damage or destruction is caused by due to the negligence act, neglect, fault or omission of Tenant or its employees, agents, invitees, or concessionairesTenant, there shall be no rent abatement except to the extent of rentrent loss insurance. Unless In the event of any dispute between Landlord and Tenant relative to the provisions of this Lease is terminated by paragraph, they may each select an arbitrator, the two arbitrators so selected shall select a third arbitrator and the three arbitrators so selected shall hear and determine the controversy and their decision thereon shall be final and binding on both Landlord or and Tenant as provided herein, Tenant who shall bear the cost of such arbitration equally between them. Landlord shall not be required to repair and refixture the interior of any property installed in the Leased Premises in a manner by Tenant. Tenant waives any right under applicable laws inconsistent with the terms of this paragraph and in at least the event of a condition equal destruction agrees to that existing prior accept any offer by Landlord to provide Tenant with comparable space within the project in which the Leased Premises are located on the same terms as this Lease. Notwithstanding the provisions of this paragraph, if any such damage or destruction occurs within the final year of the term hereof, then Landlord or Tenant, in their sole discretion, may, without regard to the destruction or casualty and the proceeds of all insurance carried aforesaid 120 day period, terminate this Lease by Tenant on its property and fixtures shall be held in trust by Tenant for the purpose of said repair and replacementwritten notice to Tenant.

Appears in 1 contract

Samples: Lease Agreement (Checkmate Electronics Inc)

Destruction. 19.01 If the Leased Premises or any portion thereof are destroyed by storm, fire, lightning, earthquake or other casualty, Tenant shall immediately notify Landlord. In the event the Leased Premises cannot, in Landlord's judgment, be partially damaged by any casualty which is insured against under any insurance policy maintained by Landlord, Landlord shall, to the extent of and upon receipt of, the insurance proceeds, repair the portion of Landlord’s Improvements restored within one hundred eighty (as defined in Exhibit “C”) damaged by such casualty if such repairs can be completed within ninety (90180) days from of the date of casualty. Until such repair is complete, the Basic Annual Rent and Additional Rent shall be abated proportionately as to that portion of the Leased Premises rendered untenantable. If the Leased Premise are unable to be repaired within two hundred seventy (270) days from the date of casualty, Landlord or Tenant may either elect to repair the damage or may cancel this Lease by notice of cancellation to the other party within ninety (90) days after such event and thereupon this Lease shall expiredestruction, and Tenant shall vacate and surrender the Leased Premises to Landlord. If any of the following occur: (a) the Leased Premises by reason of such occurrence are rendered wholly untenantable, (b) the Leased Premises should be damaged as a result of a risk which is not covered by insurance, (c) the Leased Premises should be damaged in whole or in part during the last twelve (12) months of the term or of any renewal hereof, (d) the Leased Premises should be damaged to the extent of fifty percent (50%) or more of the then‑monetary value thereof, or (e) the proceeds of such insurance are not sufficient to repair the Leased Premises to the extent required above (including any deficiency as a result of a mortgage lender’s election to apply such proceeds to the payment of the mortgage loan), then this Lease shall terminate as of the date of casualty; providedsuch destruction, however, and all rent and other sums payable by Tenant hereunder shall not have the right to terminate this Lease if be accounted for as between Landlord and Xxxxxx as of that date. Landlord shall notify Tenant within thirty (i30) such Casualty was caused by the negligent acts or omissions or willful misconduct of Tenant or the Tenant Related Parties or (b) as a result of the provisions in clauses (b) or (d) above if Landlord elects from its own proceeds to complete such repairs. Tenant’s liability for rent upon the termination of this Lease shall cease as days of the date of casualty. In the event Landlord elects to repair any damage, any abatement of rent shall end five (5) days after notice by Landlord to Tenant that damage or destruction whether the Leased Premises have been repaired can be restored within one hundred eighty (180) days. If this Lease is not terminated as provided in this Paragraph, Landlord shall, to the extent insurance proceeds payable on account of such damage or destruction are available to Landlord (with the excess proceeds belonging to Landlord), within a reasonable time, repair, restore, rebuild, reconstruct or replace the damaged or destroyed portion of the Leased Premises to a condition substantially similar to the condition which existed prior to the damage or destruction. Provided, however, Landlord shall only be required to repair, restore, rebuild, reconstruct and replace the Landlord's Work shown on Exhibit "B", and Tenant shall, at its sole cost and expense, upon completion of the Landlord's Work, repair, restore, rebuild, reconstruct and replace, as required, any and all improvements installed in the Leased Premises by Tenant and all trade fixtures, personal property, inventory, signs and other contents in the Leased Premises, and all other repairs not specifically required of Landlord hereunder, in a manner and to at least the condition existing prior to the damage. Tenant's obligation to pay Base Rent shall xxxxx until Landlord has repaired, restored, rebuilt, reconstructed or replaced the Leased Premises, as required herein, in proportion to the part of the Leased Premises which are unusable by Tenant. If the damage or destruction is caused by due to the negligence act, neglect, fault or omission of Tenant or its employees, agents, invitees, or concessionairesTenant, there shall be no rent abatement except to the extent of rentrent loss insurance. Unless In the event of any dispute between Xxxxxxxx and Tenant relative to the provisions of this Lease is terminated by paragraph, they may each select an arbitrator, the two arbitrators so selected shall select a third arbitrator and the three arbitrators so selected shall hear and determine the controversy and their decision thereon shall be final and binding on both Landlord or and Tenant as provided herein, Tenant who shall bear the cost of such arbitration equally between them. Landlord shall not be required to repair and refixture the interior of any property installed in the Leased Premises in a manner by Tenant. Tenant waives any right under applicable laws inconsistent with the terms of this paragraph and in at least the event of a condition equal destruction agrees to that existing prior accept any offer by Landlord to provide Tenant with comparable space within the project in which the Leased Premises are located on the same terms as this Lease. Notwithstanding the provisions of this paragraph, if any such damage or destruction occurs within the final two (2) years of the term hereof, then Landlord, in its sole discretion, may, without regard to the destruction or casualty and the proceeds of all insurance carried aforesaid 180-day period, terminate this Lease by Tenant on its property and fixtures shall be held in trust by Tenant for the purpose of said repair and replacement.written notice, to Tenant. ASSIGNMENT AND SUBLETTING

Appears in 1 contract

Samples: Lease Agreement (Optio Software Inc)

Destruction. If 17.01 In the Leased Premises shall be partially damaged by case of total destruction of the Premises, or any casualty which is insured against under any insurance policy maintained by Landlord, Landlord shall, to the extent of and upon receipt of, the insurance proceeds, repair the portion of Landlord’s Improvements (as defined in Exhibit “C”) damaged by such casualty if such repairs can be completed within ninety (90) days from the date of casualty. Until such repair is complete, the Basic Annual Rent and Additional Rent shall be abated proportionately as to that portion of the Leased Premises rendered untenantable. If the Leased Premise are unable to be repaired within two hundred seventy (270) days from the date of substantially interfering with Tenant's use thereof, whether by fire or other casualty, Landlord not caused by the fault or Tenant may either elect to repair the damage negligence of Tenant, its agents, employees, servants, contractors, subtenants, licensees, customers or may cancel this Lease by notice of cancellation to the other party within ninety (90) days after such event and thereupon business invitees, this Lease shall expireterminate except as herein provided. If Landlord notifies Tenant in writing within forty-five (45) days of such destruction of Landlord's election to repair said damage, and if Landlord proceeds to and does repair such damage with reasonable dispatch not to exceed two hundred forty (240) days, this Lease shall not terminate, but shall continue in full force and effect, except that Tenant shall vacate and surrender be entitled to a reduction in the Leased Premises minimum rent in an amount equal to Landlord. If any that proportion of the following occur: minimum rent which the number of square feet of floor space in the unusable portion bears to the total number of square feet of floor space in the Premises. Said reduction shall be prorated so that the rent shall only be reduced for those days any given area is actually unusable. Landlord agrees to utilize commercially reasonable efforts in connection with such construction so that it does not materially and unreasonably interfere with Tenant's use of the Premises. In the event Landlord has not substantially completed such restoration within the two hundred forty (a240) the Leased Premises by reason day time period as provided above, then after expiration of such occurrence are rendered wholly untenantabletime period, Tenant may provide Landlord with a notice of its intention to terminate this Lease (ba "Termination Notice"). In the event Landlord substantially completes the restoration within thirty (30) the Leased Premises should be damaged as a result days of a risk which is not covered by insurance, (c) the Leased Premises should be damaged in whole or in part during the last twelve (12) months receipt of the term or of any renewal hereof, (d) the Leased Premises should be damaged to the extent of fifty percent (50%) or more of the then‑monetary value thereof, or (e) the proceeds of such insurance are not sufficient to repair the Leased Premises to the extent required above (including any deficiency as a result of a mortgage lender’s election to apply such proceeds to the payment of the mortgage loan)Termination Notice, then this Lease shall not terminate. In the event Landlord does not substantially complete the restoration within such thirty (30) day period, then the Lease shall terminate as of the date expiration of casualty; provided, however, Tenant such thirty (30) day period. Any such termination shall not have the right to terminate this Lease if (i) such Casualty was caused by the negligent acts or omissions or willful misconduct of Tenant or the Tenant Related Parties or (b) as a result of the provisions in clauses (b) or (d) above if Landlord elects from its own proceeds to complete such repairs. Tenant’s liability for rent upon the termination of this Lease shall cease be effective as of the date of casualtysuch damage or destruction. In the event Landlord elects to repair any damagethe Premises as provided above, any abatement Landlord agrees to exercise commercially reasonably efforts to locate temporary premises then owned by Landlord and not subject to lease or negotiation with another prospective tenant of rent Landlord (the "Temporary Premises"), for Tenant to occupy during such period of repair and reconstruction. During such period of occupancy, Tenant shall end five (5) days after notice be required to pay to Landlord the fair rental value of the Temporary Premises. The foregoing shall not constitute a requirement by Landlord to Tenant that construct or acquire a building for the Leased Premises have been repaired as required hereinTemporary Premises, attempt to cause the early termination of the occupancy rights of any existing tenants, or cease or defer negotiations with prospective tenants. In determining compliance with the time periods specified above, such periods shall be extended for delays caused by labor disputes, civil commotion, war, warlike operations, invasion, rebellion, hostilities, military or usurped power, sabotage, governmental regulations or control, fire or other casualty, inability to obtain any materials or services, acts of God and other causes beyond Landlord's control. If the damage is caused by the negligence of Tenant or its employees, agents, invitees, or concessionaires, there shall be no abatement of rent. Unless this Lease is terminated by Landlord or pursuant to this Section 17 and if Tenant is not in default hereunder, rent shall be prorated as provided herein, Tenant shall repair and refixture the interior of the Leased Premises in a manner and in at least a condition equal to that existing prior to the destruction or casualty and the proceeds date of all insurance carried by Tenant on its property and fixtures termination, any security deposited with Landlord shall be held in trust by Tenant for the purpose of said repair returned to Tenant, less any reasonable offsets and replacementall rights and obligations hereunder shall cease and terminate.

Appears in 1 contract

Samples: Igo Corp

Destruction. 19.01 If the Leased Premises or any portion thereof are destroyed by storm, fire, lightning, earthquake or other casualty, Tenant shall immediately notify Landlord. In the event the Leased Premises cannot, in Landlord's judgment, be partially damaged by any casualty which is insured against under any insurance policy maintained by Landlord, Landlord shall, to the extent of and upon receipt of, the insurance proceeds, repair the portion of Landlord’s Improvements restored within one hundred eighty (as defined in Exhibit “C”) damaged by such casualty if such repairs can be completed within ninety (90180) days from of the date of casualty. Until such repair is complete, the Basic Annual Rent and Additional Rent shall be abated proportionately as to that portion of the Leased Premises rendered untenantable. If the Leased Premise are unable to be repaired within two hundred seventy (270) days from the date of casualty, Landlord or Tenant may either elect to repair the damage or may cancel this Lease by notice of cancellation to the other party within ninety (90) days after such event and thereupon this Lease shall expiredestruction, and Tenant shall vacate and surrender the Leased Premises to Landlord. If any of the following occur: (a) the Leased Premises by reason of such occurrence are rendered wholly untenantable, (b) the Leased Premises should be damaged as a result of a risk which is not covered by insurance, (c) the Leased Premises should be damaged in whole or in part during the last twelve (12) months of the term or of any renewal hereof, (d) the Leased Premises should be damaged to the extent of fifty percent (50%) or more of the then‑monetary value thereof, or (e) the proceeds of such insurance are not sufficient to repair the Leased Premises to the extent required above (including any deficiency as a result of a mortgage lender’s election to apply such proceeds to the payment of the mortgage loan), then this Lease shall terminate as of the date of casualty; providedsuch destruction, however, and all rent and other sums payable by Tenant hereunder shall not have the right to terminate this Lease if be accounted for as between Landlord and Xxxxxx as of that date. Landlord shall notify Tenant within thirty (i30) such Casualty was caused by the negligent acts or omissions or willful misconduct of Tenant or the Tenant Related Parties or (b) as a result of the provisions in clauses (b) or (d) above if Landlord elects from its own proceeds to complete such repairs. Tenant’s liability for rent upon the termination of this Lease shall cease as days of the date of casualty. In the event Landlord elects to repair any damage, any abatement of rent shall end five (5) days after notice by Landlord to Tenant that damage or destruction whether the Leased Premises have been repaired can be restored within one hundred eighty (180) days. If this Lease is not terminated as provided in this Paragraph, Landlord shall, to the extent insurance proceeds payable on account of such damage or destruction are available to Landlord (with the excess proceeds belonging to Landlord), within a reasonable time, repair, restore, rebuild, reconstruct or replace the damaged or destroyed portion of the Leased Premises to a condition substantially similar to the condition which existed prior to the damage or destruction. Provided, however, Landlord shall only be required to repair, restore, rebuild, reconstruct and replace the Landlord's Work shown on Exhibit "B", and Tenant shall, at its sole cost and expense, upon completion of the Landlord's Work, repair, restore, rebuild, reconstruct and replace, as required, any and all improvements installed in the Leased Premises by Tenant and all trade fixtures, personal property, inventory, signs and other contents in the Leased Premises, and all other repairs not specifically required of Landlord hereunder, in a manner and to at least the condition existing prior to the damage. Tenant's obligation to pay Base Rent shall xxxxx until Landlord has repaired, restored, rebuilt, reconstructed or replaced the Leased Premises, as required herein, in proportion to the part of the Leased Premises which are unusable by Tenant. If the damage or destruction is caused by due to the negligence act, neglect, fault or omission of Tenant or its employees, agents, invitees, or concessionairesTenant, there shall be no rent abatement except to the extent of rentrent loss insurance. Unless In the event of any dispute between Xxxxxxxx and Tenant relative to the provisions of this Lease is terminated by paragraph, they may each select an arbitrator, the two arbitrators so selected shall select a third arbitrator and the three arbitrators so selected shall hear and determine the controversy and their decision thereon shall be final and binding on both Landlord or and Tenant as provided herein, Tenant who shall bear the cost of such arbitration equally between them. Landlord shall not be required to repair and refixture the interior of any property installed in the Leased Premises in a manner by Tenant. Tenant waives any right under applicable laws inconsistent with the terms of this paragraph and in at least the event of a condition equal destruction agrees to that existing prior accept any offer by Landlord to provide Tenant with comparable space within the project in which the Leased Premises are located on the same terms as this Lease. Notwithstanding the provisions of this paragraph, if any such damage or destruction occurs within the final two (2) years of the term hereof, then Landlord, in its sole discretion, may, without regard to the destruction or casualty and the proceeds of all insurance carried aforesaid 180-day period, terminate this Lease by Tenant on its property and fixtures shall be held in trust by Tenant for the purpose of said repair and replacementwritten notice to Tenant.

Appears in 1 contract

Samples: Lease Agreement (Bioshield Technologies Inc)

Destruction. If the Leased Premises Building or the Tenant Space shall be partially or totally damaged or destroyed by fire or other casualty (and if this Lease shall not be terminated as hereinafter provided in this Article), then Landlord shall rebuild, repair and restore the Building including the Building systems and the Common Areas but excluding any casualty which is insured against under any insurance policy maintained by Landlordalteration, Landlord shall, addition or improvement to the extent Tenant Space performed by or on behalf of and upon receipt of, the insurance proceedsTenant (all such rebuilding, repair and restoration work being herein called "Landlord's Restoration Work"), with reasonable dispatch after notice to it of the portion damage or destruction; provided, however, that in no event shall the collection of insurance proceeds delay the performance of the Landlord’s Improvements 's Restoration Work. If the Tenant Space and/or the Building shall be damaged or destroyed by fire or other casualty so as to render the Tenant Space completely or partially untenantable, then the Rent (as defined including Additional Rent) shall be abated in Exhibit “C”) damaged by such casualty if such repairs can be completed within ninety (90) days the proportion that the untenantable area of the Tenant Space bears to the total area of the Tenant Space for the period from the date of casualty. Until such repair is complete, the Basic Annual Rent and Additional Rent damage or destruction to the date which Landlord's Restoration Work shall be abated proportionately as completed. Landlord is not required to that portion repair or replace any of the Leased Premises rendered untenantableTenant's Property, unless originally installed by Landlord. If the Leased Premise are unable to Building shall be repaired within two damaged or destroyed by fire or other casualty such that Landlord's Restoration Work requires more than one hundred seventy fifty (270150) days from the date of casualty(as estimated by a reputable independent contractor, registered architect or licensed professional engineer designated by Landlord and reasonably acceptable to Tenant), then Landlord or Tenant may either elect to repair the damage or may cancel terminate this Lease by notice of cancellation to giving the other party notice to such effect within ninety thirty (9030) days after such event and thereupon this Lease shall expire, and Tenant shall vacate and surrender the Leased Premises to Landlord. If any date of the following occur: (a) the Leased Premises by reason of such occurrence are rendered wholly untenantablecasualty. In addition, (b) the Leased Premises should be damaged as a result of a risk which is not covered by insurance, (c) the Leased Premises should be damaged in whole or in part during the last twelve (12) months of the term or of any renewal hereof, (d) the Leased Premises should be damaged to the extent of if fifty percent (50%) or more of the then‑monetary value thereof, useable area of the Tenant Space is rendered untenantable or (e) the proceeds of such insurance are not sufficient to repair the Leased Premises Tenant is denied reasonable access to the extent required above (including any deficiency Tenant Space as a result of such damage by fire or other casualty and either (a) such damage occurs during the last two (2) years of the Term or (b) it is determined by a mortgage lender’s election reputable, independent contractor, licensed architect or licensed professional engineer designated by Landlord and reasonably acceptable to apply Tenant, that such proceeds part of the Tenant Space cannot be made tenantable or that reasonable access thereto cannot be restored within one hundred fifty (150) days after the occurrence of such fire or other casualty, or such part of the Tenant Space is not made tenantable or such reasonable access to the payment Tenant Space is not so restored within such one hundred fifty (150) days (the "Outside Restoration Date"), then, in the case of either clause (a) or clause (b) above, this Lease and the Term and estate hereby granted may be terminated by Tenant by a notice specifying a date for such termination, which date shall not be more than thirty (30) days after the filing of such notice. Tenant's notice specifying the date for such termination may be given within sixty (60) days after the date of such damage, if during the last two (2) years of the mortgage loan)Term, then or Tenant is notified that it has been determined that such part of the Tenant Space cannot be made tenantable or that reasonable access thereto cannot be restored within such one hundred fifty (150) day period, or within sixty (60) days after the Outside Restoration Date, but in any event prior to the date such part of the Tenant Space shall be made tenantable or that reasonable access shall be restored. In the event of the giving of any notice of termination, this Lease and the Term and estate hereby granted shall terminate expire as of the date of casualty; provided, however, Tenant shall not have specified in such notice with the right to terminate same effect as if such date were the date initially specified in this Lease if (i) such Casualty was caused by as the negligent acts end of the Term. The provisions of this Section shall be deemed an express agreement governing any case of damage or omissions or willful misconduct destruction of Tenant or the Tenant Related Parties Space by fire or (b) as a result other casualty, and Section 227 of the provisions in clauses (b) or (d) above if Landlord elects from its own proceeds to complete such repairs. Tenant’s liability for rent upon the termination of this Lease shall cease as Real Property Law of the date State of casualty. In New York, providing for such a contingency in the event Landlord elects to repair absence of an express agreement, and any damageother law of like import, any abatement of rent now or hereafter in force, shall end five (5) days after notice by Landlord to Tenant that the Leased Premises have been repaired as required herein. If the damage is caused by the negligence of Tenant or its employees, agents, invitees, or concessionaires, there shall be no abatement of rent. Unless this Lease is terminated by Landlord or Tenant as provided herein, Tenant shall repair and refixture the interior of the Leased Premises application in a manner and in at least a condition equal to that existing prior to the destruction or casualty and the proceeds of all insurance carried by Tenant on its property and fixtures shall be held in trust by Tenant for the purpose of said repair and replacementsuch case.

Appears in 1 contract

Samples: Agreement (National Medical Health Card Systems Inc)

Destruction. 19.01 If the Leased Premises or any portion thereof are destroyed by storm, fire, lightning, earthquake or other casualty, Tenant shall be partially damaged by any casualty which is insured against under any insurance policy maintained by immediately notify Landlord. In the event the Leased Premises cannot, Landlord shall, to the extent of and upon receipt of, the insurance proceeds, repair the portion of in Landlord’s Improvements reasonable, good faith judgment, be restored within one hundred eighty (as defined in Exhibit “C”) damaged by such casualty if such repairs can be completed within ninety (90180) days from of the date of casualty. Until such repair is complete, the Basic Annual Rent and Additional Rent shall be abated proportionately as to that portion of the Leased Premises rendered untenantable. If the Leased Premise are unable to be repaired within two hundred seventy (270) days from the date of casualty, Landlord or Tenant may either elect to repair the damage or may cancel this Lease by notice of cancellation to the other party within ninety (90) days after such event and thereupon this Lease shall expiredestruction, and Tenant shall vacate and surrender the Leased Premises to Landlord. If any of the following occur: (a) the Leased Premises by reason of such occurrence are rendered wholly untenantable, (b) the Leased Premises should be damaged as a result of a risk which is not covered by insurance, (c) the Leased Premises should be damaged in whole or in part during the last twelve (12) months of the term or of any renewal hereof, (d) the Leased Premises should be damaged to the extent of fifty percent (50%) or more of the then‑monetary value thereof, or (e) the proceeds of such insurance are not sufficient to repair the Leased Premises to the extent required above (including any deficiency as a result of a mortgage lender’s election to apply such proceeds to the payment of the mortgage loan), then this Lease shall terminate as of the date of casualtysuch destruction, and all rent and other sums payable by Tenant hereunder shall be accounted for as between Landlord and Tenant as of that date. Landlord shall notify Tenant within thirty (30) days of the date of the damage or destruction whether the Leased Premises can be restored within one hundred eighty (180) days. If this Lease is not terminated as provided in this Paragraph, Landlord shall, to the extent insurance proceeds payable on account of such damage or destruction are available to Landlord (with the excess proceeds belonging to Landlord), within a reasonable time, but in all events within one hundred eighty (180) days following the date of any such damage or destruction, repair, restore, rebuild, reconstruct or replace the damaged or destroyed portion of the Leased Premises to a condition substantially similar to the condition which existed prior to the damage or destruction; provided, however, Landlord shall only be required to repair, restore, rebuild, reconstruct and replace the Leased Premises to the condition as existing on the Commencement Date of this Lease, and Tenant shall shall, at its sole cost and expense, repair, restore, rebuild, reconstruct and replace, as required, any and all improvements installed in the Leased Premises by Tenant, including, without limitation, that work constituting the Tenant’s Work as more particularly described on Exhibit “D” attached hereto, and all trade fixtures, personal property, inventory, signs and other contents in the Leased Premises, and all other repairs not have specifically required of Landlord hereunder, in a manner and to at least the right condition existing prior to terminate this Lease if (i) such Casualty was caused by the negligent acts or omissions or willful misconduct of Tenant or the Tenant Related Parties or (b) as a result of the provisions in clauses (b) or (d) above if Landlord elects from its own proceeds to complete such repairsdamage. Tenant’s liability for rent upon obligation to pay Base Rent and Charges shall xxxxx until Landlord has repaired, restored, rebuilt, reconstructed or replaced the termination Leased Premises, as required herein, in proportion to the part of this Lease shall cease as of the date of casualty. In the event Landlord elects to repair any damage, any abatement of rent shall end five (5) days after notice by Landlord to Tenant that the Leased Premises have been repaired as required hereinwhich are unusable by Tenant. If the damage or destruction is caused by due to the negligence act, neglect, fault or omission of Tenant or its employees, agents, invitees, or concessionairesTenant, there shall be no rent abatement except to the extent of rentrent loss insurance. Unless In the event of any dispute between Landlord and Tenant relative to the provisions of this Lease is terminated paragraph, Landlord and Tenant agree that the dispute shall be resolved by Landlord or Tenant binding arbitration in accordance with O.C.G.A. § 9-9-1, et seq., and the American Arbitration Association’s “Arbitration Rules for the Real Estate Industry”, as provided herein, Tenant shall repair and refixture the interior in effect as of the Leased Premises in a manner and in at least a condition equal Commencement Date. In the event the parties cannot agree on the selection of one (1) arbitrator, they agree to that existing prior submit the dispute to the destruction or casualty and the proceeds of all insurance carried by Tenant on its property and fixtures American Arbitration Association, who shall be held in trust by Tenant for the purpose of said repair and replacement.select one (1)

Appears in 1 contract

Samples: Lease Agreement (Ceradyne Inc)

Destruction. If the Leased Premises shall be are partially damaged by any casualty which is insured against under any insurance policy maintained by Landlord, Landlord shall, to the extent of and upon receipt of, the insurance proceeds, repair the portion of Landlord’s Improvements (as defined in Exhibit “C”) the improvements constructed by Landlord pursuant to the Work Letter, if any, damaged by such casualty if such repairs can be completed within ninety (90) days from the date of casualty. Until such repair is complete, the Basic Annual Rent and Additional Rent shall be abated proportionately as to that portion of the Leased Premises rendered untenantable. If Notwithstanding the Leased Premise are unable to be repaired within two hundred seventy (270) days from the date of casualtyforegoing, Landlord or Tenant may either elect to repair the damage or may cancel this Lease by notice of cancellation to the other party within ninety (90) days after such event and thereupon this Lease shall expire, and Tenant shall vacate and surrender the Leased Premises to Landlord. If if any of the following occur: (a) the Leased Premises by reason of such occurrence are rendered wholly untenantable, (b) the Leased Premises should be damaged as a result of a risk which is not covered by insurance, (c) the Leased Premises should be damaged in whole or in substantial part during the last twelve six (126) months of the term Term or of any renewal hereof, (d) the Leased Premises or the Building (whether the Leased Premises are damaged or not) should be damaged to the extent of fifty percent (50%) or more of the then‑monetary value thereof, or (e) the proceeds of such insurance are not sufficient to repair the Leased Premises to the extent required above (including any deficiency as a result of a mortgage lender’s election to apply such proceeds to the payment of the mortgage loan), then Landlord may either elect to repair the damage or may cancel this Lease by notice of cancellation within ninety (90) days after such event and thereupon this Lease shall terminate as of the date of casualty; providedexpire, however, and Tenant shall not have vacate and surrender the right Leased Premises to terminate this Lease if (i) such Casualty was caused by the negligent acts or omissions or willful misconduct of Tenant or the Tenant Related Parties or (b) as a result of the provisions in clauses (b) or (d) above if Landlord elects from its own proceeds to complete such repairsLandlord. Tenant’s liability for rent upon the termination of this Lease shall cease as of the date day following Landlord’s giving notice of casualtycancellation. In the event Landlord elects to repair any damage, any abatement of rent shall end five (5) days after notice by Landlord to Tenant that the Leased Premises have been repaired as required herein. If the damage is caused by the gross negligence of Tenant or its employees, agents, invitees, or concessionaires, there shall be no abatement of rent. Unless this Lease is terminated by Landlord or Tenant as provided hereinLandlord, Tenant shall repair and refixture the interior of the Leased Premises in a manner and in at least a condition equal to that existing prior to the destruction or casualty and the proceeds of all insurance carried by Tenant on its property and fixtures shall be held in trust by Tenant for the purpose of said repair and replacement.

Appears in 1 contract

Samples: Lease Agreement (Pluralsight, Inc.)

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