Common use of Fire and Casualty Clause in Contracts

Fire and Casualty. Except as hereafter provided, if the Premises are wholly or partially destroyed or damaged by fire or other casualty, Landlord shall restore the Premises with reasonable diligence; provided, however, that Landlord shall have no obligation to restore improvements not originally provided by Landlord or to replace any of Tenant’s fixtures, furnishings, equipment, or personal property and Tenant shall be responsible for refixturing the Premises and reinstalling its equipment. Landlord need not commence repairs until a substantial portion of the insurance proceeds are available and shall not be required to expend more than the actual insurance proceeds received. Proceeds of insurance payable with respect to a fire or other casualty shall be received and held by Landlord. In the event the Premises are destroyed or damaged by any fire or casualty not covered by the insurance maintained by Landlord or to the extent of not less than 25% of the replacement cost thereof, or if the fire or casualty occurs within the last year of the Term of the Lease, then Landlord or Tenant shall have the option to terminate this Lease by giving notice to the other party within 60 days after the occurrence of such damage or destruction, in which case Landlord shall retain all insurance proceeds with respect to the Premises as its own property. If Landlord does not terminate this Lease as provided above, this Lease shall continue in full force and effect, but Base Rent shall be equitably abated until the restoration is substantially complete. The provisions of this Lease shall govern when this Lease is terminable as a result of a fire or casualty and no other rule or statute on the subject applies. In the event that the Lease is terminated, Tenant is entitled to reimbursement for any prepaid rent. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises, Building or Project requires that any insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice to Tenant within 15 days after such requirement is made by any such holder, whereupon the Lease shall end on the date of such notice as if the date of such notice were the date originally fixed in this Lease for the expiration of the Term.

Appears in 2 contracts

Samples: Lease (Go Daddy Group, Inc.), Purchase and Sale Agreement (Go Daddy Group, Inc.)

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Fire and Casualty. Except as hereafter provided, if If the Premises are wholly or partially the Building (including machinery used in its operation) shall be damaged or destroyed or damaged by fire or other casualtycause and if it appears that such Premises or Building may be repaired and restored within ninety (90) days after such damage, then Landlord shall commence to restore the Premises or Building within thirty (30) days after such damage, and shall repair and restore same with reasonable diligence; providedpromptness. Notwithstanding anything to the contrary herein contained, however, that Landlord shall have no obligation duty pursuant to this Section 17 to repair or restore any portion of the alterations, additions or improvements not originally in the Premises or the decorations thereto, except to the extent that same were provided by Landlord at Landlord’s cost. If Tenant desires any additional repairs or restoration beyond the lease improvements constructed by Landlord and existing immediately prior to replace any of destruction, and if Landlord consents thereto, the same shall be done by Landlord at Tenant’s fixtures, furnishings, equipment, or personal property and Tenant shall be responsible for refixturing expense. If the damage renders the Premises untenantable in whole or in part and reinstalling its equipment. Landlord need cannot commence repairs until a substantial portion of the insurance proceeds are available and shall not reasonably be required to expend more than the actual insurance proceeds received. Proceeds of insurance payable with respect to a fire repaired or other casualty shall be received and held by Landlord. In the event the Premises are destroyed or damaged by any fire or casualty not covered by the insurance maintained by Landlord or to the extent of not less than 25% of the replacement cost thereofrestored within one hundred eighty (180) days, or if Landlord elects to demolish the fire Building or casualty occurs within the last year of the Term of the Leasecease its operation, then Landlord or Tenant either party shall have the option right to cancel and terminate this Lease as of the date of such damage by giving notice to the other party within 60 said one hundred twenty (120) days after the occurrence of such damage or destruction, in which case Landlord shall retain all insurance proceeds with respect to the Premises as its own propertyhave occurred. If Landlord does not elect to cancel and terminate this Lease as provided aboveherein provided, this Lease Landlord shall continue in full force repair and effect, but Base Rent shall be equitably abated until restore the restoration is substantially complete. The provisions of this Lease shall govern when this Lease is terminable as a result of a fire Premises or casualty and no other rule or statute on the subject appliesBuilding with reasonable promptness. In the event that any such damage not caused by the act or neglect of Tenant, its agents or servants, renders the Premises untenantable, and if this Lease is terminated, Tenant is entitled to reimbursement for any prepaid rent. Notwithstanding anything herein to the contrary, in the event the holder shall not be canceled and terminated by reason of any indebtedness secured by a mortgage or deed of trust covering the Premises, Building or Project requires that any insurance proceeds be applied to such indebtednessdamage, then Landlord Rent shall have xxxxx during the right to terminate this Lease by delivering written notice to Tenant within 15 days after such requirement is made by any such holder, whereupon the Lease shall end on period beginning with the date of such notice as if fire or other cause and ending with the date when the Premises are again rendered tenantable by an amount bearing the same ratio to the total amount of Rent for such notice were period as the date originally fixed in this Lease for the expiration untenantable portion of the TermPremises bears to the entire Premises.

Appears in 2 contracts

Samples: Paylocity Holding Corp, Paylocity Holding Corp

Fire and Casualty. Except as hereafter provided, if 11.1 In case of any damage to or destruction of any portion of the building of which the Leased Premises are wholly or partially destroyed or damaged is a part by fire or other casualty occurring during the term of this Lease (or previous thereto), which shall render at least 1/3 of the floor area of the Leased Premises or the building untenantable or unfit for occupancy, which damage cannot be repaired within 180 days from the happening of such casualty, Landlord shall restore using reasonable diligence (“Total Destruction”) then the Premises with reasonable diligence; providedterm hereby created shall, however, that Landlord shall have no obligation to restore improvements not originally provided by at the option of the Landlord or to replace any of Tenant’s fixtures, furnishings, equipment, or personal property and Tenant shall be responsible for refixturing the Premises and reinstalling its equipment. Landlord need not commence repairs until a substantial portion of the insurance proceeds are available and shall not be required to expend more than the actual insurance proceeds received. Proceeds of insurance payable with respect to a fire or other casualty shall be received and held by Landlord. In the event the Premises are destroyed or damaged by any fire or casualty not covered by the insurance maintained by Landlord or to the extent of not less than 25% of the replacement cost thereof, or if the fire or casualty occurs within the last year of the Term of the Lease, then Landlord or Tenant shall have the option to terminate this Lease by giving upon written notice to the other party Tenant or Landlord, as the case may be, within 60 15 days after the occurrence of such fire or casualty, cease and become null and void from the date of such Total Destruction. In such event the Tenant shall immediately surrender the Leased Premises to the Landlord and this Lease shall terminate. The Tenant shall only pay rent to the time of such Total Destruction. However, in the event of Total Destruction if the Landlord shall elect not to cancel this Lease within the 15 day period the Landlord shall repair and restore the same to substantially the same condition as it was prior to the damage or destruction, with reasonable speed and dispatch. The rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after the premises are Substantially Complete as defined in which paragraph 3.6. In any case where Landlord must restore, consideration shall retain all insurance proceeds with respect to be given for delays under the Premises as its own propertyForce Majeure paragraph in this Lease. If Landlord does Whether or not terminate this Lease as provided above, this Lease shall continue in full force and effect, but Base Rent shall be equitably abated until the restoration is substantially complete. The provisions of this Lease shall govern when this Lease is terminable has been terminated as a result of a fire casualty, in every instance, all insurance proceeds payable as a result of damage or casualty and no other rule or statute on the subject applies. In the event that the Lease is terminated, Tenant is entitled to reimbursement for any prepaid rent. Notwithstanding anything herein destruction to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises, Building or Project requires that any insurance proceeds shall be applied paid to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice to Tenant within 15 days after such requirement is made by any such holder, whereupon the Lease shall end on the date of such notice as if the date of such notice were the date originally fixed in this Lease for the expiration of the Termits sole and exclusive property.

Appears in 2 contracts

Samples: Lease Agreement (Ligand Pharmaceuticals Inc), Lease Agreement (Pharmacopeia Inc)

Fire and Casualty. Except If, at any time during the term of the Lease and any extension thereto, the Premises shall be damaged in whole or in part by fire, the elements or other casualty, Tenant, at Tenant’s sole cost, as hereafter providedspeedily as circumstances permit, shall repair said damage and restore the Premises to the same condition which existed immediately prior to the occurrence of said casualty. The term shall be tolled by a period of time equal to the time between the date of the casualty and the date on which Tenant completes repair and restoration of the Premises. During the restoration, Tenant may operate its business out of a temporary structure such as a trailer, subject to compliance with municipal laws. In addition, Tenant shall be entitled to an abatement of Rent for the period during which the Premises is rendered incapable of use for the normal conduct of Tenant’s business, including a reasonable period, not to exceed ninety (90) days, for Tenant to refixture and restock. Said abatement will be pro rated, based on the number of square feet of the Premises which are so rendered untenantable or incapable of such use. Notwithstanding the foregoing, such abatement of Rent shall be effective only for so long as and only to the extent that Landlord is reimbursed for all Rent abated through lost rent insurance provided by Tenant in accordance with Paragraph 19. The foregoing notwithstanding, provided all insurance required to be carried by Tenant pursuant to the terms hereof is in effect and no action of Tenant would impair insurance recovery, if the Premises are wholly is partially or partially totally destroyed or damaged by fire or other casualtycasualty (i) between the Lease Commencement Date and the Store Opening, Landlord shall restore the Premises with reasonable diligence; provided, however, that Landlord shall have no obligation to restore improvements not originally provided by Landlord or to replace any of Tenant’s fixtures, furnishings, equipmentbuilder’s risk insurance proceeds shall be used to pay for the repair and restoration of the Premises, or personal (ii) between Store Opening and the termination of the Lease, the Landlord’s property and Tenant insurance proceeds less the deductible shall be responsible provided to Tenant to pay for refixturing the Premises repair and reinstalling its equipment. Landlord need not commence repairs until a substantial portion restoration of the insurance proceeds are available and shall not Premises. Should a portion (greater than 50%) of the Building be required to expend more than the actual insurance proceeds received. Proceeds of insurance payable with respect to a destroyed by fire or other casualty shall be received and held by Landlord. In during the event last two (2) years of the initial term, or during the last two (2) years of any extension period, then Tenant may elect not to restore the Premises are destroyed or damaged by any fire or casualty not covered by the insurance maintained by Landlord or to the extent of not less than 25% of the replacement cost thereof, or if the fire or casualty occurs within the last year of the Term of the Lease, then Landlord or Tenant shall have the option to and terminate this Lease by giving upon written notice to the other party Landlord within 60 forty-five (45) days of its intention to terminate after the such event, and all obligations of Tenant shall terminate upon such termination of this Lease and Landlord shall be entitled to any insurance proceeds due to occurrence of such damage or destructionsaid casualty. If Tenant shall terminate this Lease pursuant to this Paragraph, in which case then Tenant shall assign to Landlord shall retain all insurance proceeds with respect relating to the Premises as its own (and not to Tenant’s personal property. If , computer and other equipment, fixtures and shelving or inventory) and shall reimburse Landlord does not terminate this Lease as provided above, this Lease shall continue in full force and effect, but Base Rent shall be equitably abated until the restoration is substantially complete. The provisions of this Lease shall govern when this Lease is terminable as a result of a fire or casualty and no other rule or statute on the subject applies. In the event that the Lease is terminated, Tenant is entitled to reimbursement for any prepaid rent. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises, Building or Project requires that any all applicable insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice to Tenant within 15 days after such requirement is made by any such holder, whereupon the Lease shall end on the date of such notice as if the date of such notice were the date originally fixed in this Lease for the expiration of the Termdeductibles.

Appears in 2 contracts

Samples: Confidential Treatment (Ascend Wellness Holdings, LLC), Confidential Treatment (Ascend Wellness Holdings, LLC)

Fire and Casualty. Except as hereafter provided, if If the Premises are wholly or partially destroyed or damaged by fire or other casualty, Landlord shall restore the Premises with reasonable diligence; provided, however, that Landlord shall have no obligation to restore improvements not originally provided by Landlord or to replace any of Tenant’s 's fixtures, furnishings, equipment, equipment or personal property property; and Tenant shall be responsible for refixturing the Premises and reinstalling its equipment. provided further that Landlord need not commence repairs until a substantial portion of the insurance proceeds are available and shall not be required to expend more than are released in a sufficient amount for such purpose by any lender holding a lien on all or part of the actual insurance proceeds receivedCenter. Proceeds of insurance payable with respect to a fire or other casualty shall be received and held by Landlord. In Notwithstanding the foregoing, in the event the Premises are destroyed or damaged by any fire or casualty not covered by the insurance maintained by Landlord or to the extent of not less than 25% twenty-five percent of the replacement cost thereof, or if the fire or casualty occurs within the last year three years of the Term of the LeaseTerm, then Landlord or Tenant shall have the option to terminate this Lease by giving notice to the other party Tenant within 60 sixty days after the occurrence of such damage or destruction, in which case Landlord shall retain all insurance proceeds with respect to the Premises as its own propertyproperty and shall not be required to spend any more on the restoration than the amount of proceeds actually received by Landlord. If Landlord does not terminate this Lease as provided above, this Lease shall continue in full force and effect, but Base Minimum Annual Rent shall be equitably abated abate until the restoration is substantially completexxxxxete. However, in the event it is determined that Tenant's ability to continuously operate and conduct business on the Premises is not hindered, then Minimum Annual Rent shall abate in proportion to the Premises under resxxxxxion. The provisions of this Lease shall govern when this Lease is shall be terminable as a result of a fire or casualty casualty, and no other rule or statute on the subject appliesshall apply. 13. Condemnation In the event the entire Premises shall be appropriated or taken under the power of eminent domain, this Lease shall terminate and expire as of the date of such taking. In the event that more than twenty-five percent of the Lease Premises is terminatedtaken under the power of eminent domain, Tenant is entitled to reimbursement for any prepaid rent. Notwithstanding anything herein to the contrary, in the event the holder or if by reason of any indebtedness secured by a mortgage appropriation or deed taking, regardless of trust covering the Premisesamount so taken, Building the remainder of the Premises is not one undivided parcel of property, either Landlord or Project requires that any insurance proceeds be applied to such indebtedness, then Landlord Tenant shall have the right to terminate this Lease as of the date Tenant is required to vacate a portion of the Premises upon giving notice in writing of such election within thirty days after receipt by delivering Tenant from Landlord of written notice that the Premises have been so appropriated or taken. If neither Landlord nor Tenant elects to Tenant within 15 days after such requirement is made so terminate this Lease, or in the event less than twenty-five percent of the Premises shall be appropriated under the power of eminent domain by any public or quasi-public authority, and the remainder thereof is an undivided parcel of property, then Landlord shall restore the Premises to the extent practicable to their condition prior to the taking, provided that no such holder, whereupon restoration need commence until the Lease shall end condemnation proceeds are available and released in a sufficient amount for such purpose by any lender holding a lien on the date of such notice as if the date of such notice were the date originally fixed in this Lease for the expiration all or part of the TermCenter and further provided that Landlord shall not be required to spend more than the condemnation proceeds actually received by Landlord, and thereafter the Minimum Annual Rent shall be reduced on an equitable basis, taking into account the relative value of the portion taken as compared to the portion remaining. All awards or compensation for any taking of any part of the Premises, whether payable to Landlord or Tenant, shall be the sole property of Landlord. Notwithstanding anything to the contrary contained herein, Tenant shall be entitled to receive any portion of an award of compensation relating to damage to or loss of trade fixtures or other personal property belonging to Tenant, and Landlord shall be under no obligation to restore or replace Tenant's furnishings, fixtures, equipment and personal property. For the purposes of this Article 14, a voluntary sale or conveyance in lieu of condemnation shall be deemed an appropriation or a taking under the power of eminent domain. 14.

Appears in 2 contracts

Samples: Retail Lease (Giant Industries Inc), Retail Lease (Giant Industries Inc)

Fire and Casualty. Except as hereafter provided, if If the Premises are wholly Building or any part thereof shall be damaged or partially destroyed or damaged by fire or other casualty, the Tenant shall promptly notify the Landlord, and, at the Tenant's sole cost and expense, and whether or not the insurance proceeds are sufficient, restore, repair, replace, or rebuild the Building. Said restoration shall be at least equal in quality and class to the original construction, shall be of a design approved in writing by the Landlord, shall be performed pursuant to plans and specifications approved by the Landlord and in accordance with all provisions applicable to said work and all other provisions of this Lease. The restoration shall restore be commenced within ninety (90) days from the Premises with reasonable diligence; date of damage or partial destruction, provided, however, that the Landlord may grant such extensions of time for the adjustment of insurance and the preparation of plans and specifications as reasonably may be required. The architect or engineer in charge of such work shall have no obligation be selected by the Tenant and approved in writing by the Landlord. The Tenant shall diligently complete the restoration. The Landlord agrees to restore improvements not originally provided oversee and supervise all construction required under this paragraph 15; without altering or modifying the Tenant's responsibilities hereunder. No partial destruction or damage to the Building or any part thereof shall permit the Tenant to surrender this Lease or relieve the Tenant from its obligations to pay rent or from any other obligations hereunder. The Tenant waives any rights now or in the future conferred upon it by Landlord statute or otherwise to quit or surrender this Lease or to replace any of Tenant’s fixturesrebate, furnishingsrefund, equipmentsuspension, diminution, abatement, or personal property and reduction of rent on account of any partial destruction or damage to the Building. If the Building is totally destroyed by fire or by any other casualty, the Tenant shall be responsible for refixturing promptly notify the Premises and reinstalling its equipment. Landlord need not commence repairs until a substantial portion Landlord, and, at the Tenant's sole discretion, restore, replace, repair or rebuild the Building in accordance with the provisions of the insurance proceeds are available and shall not be required to expend more than the actual insurance proceeds received. Proceeds of insurance payable with respect to a fire this paragraph, or other casualty shall be received and held by Landlordterminate this Lease. In the event the Premises are destroyed or damaged by any fire or casualty not covered by the insurance maintained by Landlord or to the extent of not less than 25% of the replacement cost thereof, or if the fire or casualty occurs within the last year of the Term of the Lease, then Landlord or Tenant shall have the option elects to terminate this Lease by giving notice Lease, the Tenant shall, at the Tenant's sole expense, restore the building site to its condition as of the date hereof, prior to construction, to the other party within 60 days after the occurrence satisfaction of such damage or destruction, in which case Landlord shall retain all insurance proceeds with respect to the Premises as its own property. If Landlord does not terminate this Lease as provided above, this Lease shall continue in full force and effect, but Base Rent shall be equitably abated until the restoration is substantially complete. The provisions of this Lease shall govern when this Lease is terminable as a result of a fire or casualty and no other rule or statute on the subject applies. In the event that the Lease is terminated, Tenant is entitled to reimbursement for any prepaid rent. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises, Building or Project requires that any insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice to Tenant within 15 days after such requirement is made by any such holder, whereupon the Lease shall end on the date of such notice as if the date of such notice were the date originally fixed in this Lease for the expiration of the TermLandlord.

Appears in 1 contract

Samples: Lease Agreement (Urosurge Inc)

Fire and Casualty. Except as hereafter provided, if If during the Term of this Lease the buildings or improvements upon the Premises are wholly damaged or partially destroyed or damaged by fire fire, flood or other casualty, Landlord shall restore the Premises with reasonable diligence; provided, however, that Landlord shall have no obligation to restore improvements not originally provided by Landlord or to replace any of Tenant’s fixtures, furnishings, equipment, or personal property and Tenant shall be responsible for refixturing the Premises and reinstalling its equipment. Landlord need not commence repairs until a substantial portion of the insurance proceeds are available and shall not be required to expend more than the actual insurance proceeds received. Proceeds of insurance payable with respect to a fire or other casualty shall be received and held by Landlord. In the event the Premises are destroyed or damaged by any fire or casualty not covered by the insurance maintained by Landlord or to the extent of not less than 25% of the replacement cost thereof, or if the fire or casualty occurs within the last year of the Term of the Lease, then Landlord or Tenant shall have the option to terminate this Lease by giving notice to the other party within 60 days after the occurrence of such damage or destruction, in which case Landlord shall retain all insurance proceeds with respect to the Premises as its own property. If Landlord does not terminate this Lease as provided above, this Lease shall continue in full force and effecteffect and Tenant shall, but Base Rent at its cost and expense, rebuild, replace and/or repair said buildings and improvements so as to restore the same (as nearly as practicable) to the condition and fair market value thereof as existed immediately prior to such damage or destruction; provided however that if such destruction or damage (1) shall occur at any time prior to the third year next preceding the expiration of the original term hereof, or any extension thereof, and shall amount to fifty percent (50%) or more of the estimated replacement cost of said buildings and improvements (exclusive of foundations), or (2) shall occur during or after the third year next preceding the expiration of the original term hereof, or any extension thereof, and shall amount to thirty percent (30%) or more of such estimated replacement cost (exclusive of foundations), this Lease may be terminated and ended at the election of Tenant, provided that notice in writing of such election shall be equitably abated until sent by Tenant to Landlord within sixty (60) days after such destruction or damage as aforesaid. Upon termination as aforesaid by Tenant, the restoration is substantially complete. The provisions of this Lease shall govern when this Lease is terminable insurance proceeds payable as a result of a fire such damage or casualty destruction shall be paid to Landlord as provided in Section 17 of this Lease, and no other rule this Lease and the Term hereof shall cease and come to an end. If such destruction or statute on the subject applies. In the event that the Lease is terminated, Tenant is entitled to reimbursement for any prepaid rent. Notwithstanding anything herein damage to the contrary, in buildings or improvements upon the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises, Building or Project requires Premises is such that any insurance proceeds be applied to such indebtedness, then Landlord Tenant shall not have the right to terminate this Lease by delivering written notice to Tenant within 15 days after such requirement is made by under any such holder, whereupon of the Lease shall end on the date of such notice as if the date of such notice were the date originally fixed provisions in this Section 19 contained, or in the event that Tenant, having such right, shall elect not to terminate this Lease for as aforesaid within the expiration of time provided, Tenant shall .proceed forthwith to repair and restore the TermPremises as aforesaid. All such work shall be performed in a good and workmanlike manner and in accordance with the standards and procedures set forth in Section 9 hereof.

Appears in 1 contract

Samples: Lease Agreement (Camden National Corp)

Fire and Casualty. Except as hereafter provided, if the Premises are wholly or partially destroyed or damaged by fire or other casualty, Landlord shall restore the Premises with reasonable diligence; provided, however, that Landlord shall have no obligation to restore improvements not originally provided by Landlord or to replace any of Tenant’s 's fixtures, furnishings, equipment, or personal property and Tenant shall be responsible for refixturing refixturizing the Premises and reinstalling its equipment. Landlord need not commence repairs until a substantial portion of the insurance proceeds are available and shall not be required to expend more than the actual insurance proceeds receivedavailable. Proceeds of Landlord's insurance payable with respect to a fire or other casualty shall be received and held by Landlord. Proceeds of Tenant' s insurance payable with respect to a fire or other casualty shall be received and held by Tenant. In the event the Premises are destroyed or damaged by any fire or casualty not covered by the insurance maintained by Landlord Landlord, or insurance required under this Lease to be maintained by Landlord, whichever is greater, or to the extent of not less than 25% twenty-five percent of the replacement cost thereof, or if the fire or casualty occurs within the last year of the Term of the Lease, or if the Premises cannot reasonably be repaired within ninety (90) days from the date of the casualty, then Landlord or Tenant shall have the option to terminate this Lease by giving notice to the other party within 60 sixty days after the occurrence of such damage or destruction, in which case Landlord shall retain all insurance proceeds payable with respect to its insurance with respect to the Premises as its own property, and Tenant shall retain all insurance proceeds payable with respect to its insurance with respect to the Premises as its own property. If Landlord or Tenant does not terminate this Lease as provided above, this Lease shall continue in full force and effect, but Base Rent and Operating Costs shall be equitably abated with respect to the portion of the Premises that is not usable by Tenant for its normal business operations until the restoration is substantially complete. The provisions of this Lease shall govern when this Lease is terminable as a result of a fire or casualty and no other rule or statute on the subject applies. In the event that the Lease is terminated, Tenant is entitled to reimbursement for any prepaid rent. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises, Building or Project requires that any insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice to Tenant within 15 days after such requirement is made by any such holder, whereupon the Lease shall end on the date of such notice as if the date of such notice were the date originally fixed in this Lease for the expiration of the Term.

Appears in 1 contract

Samples: Lease (Inflow Inc)

Fire and Casualty. Except Lessor shall maintain in full force from the date of this Lease through the duration of the Lease Term a policy or policies of insurance upon the Building insuring against all risks of physical loss or damage under an "All Risk" coverage endorsement in an amount at least equal to the full replacement value of the property insured, with an agreed amount endorsement to satisfy co-insurance requirements, as hereafter providedwell as insurance against the breakdown of boilers and other machinery as customarily insured against for comparable buildings in the vicinity of the Building. Lessor may satisfy all or any portion of this obligation through self-insurance or by means of a blanket policy covering locations in addition to the Building. Upon written request by Lessee not more than one (1) time per calendar year, if Lessee shall provide certificates of such insurance to Lessee. To the extent to which the same are available on commercially reasonable terms, all policies of insurance maintained by Lessor shall contain the same waiver of subrogation provisions for the benefit of Lessee as Lessee is required to obtain in its insurance policies for the benefit of Lessor. Lessor shall have no obligation to insure any of Lessee's Personal Property, or any of "Lessee's Work" (as hereinafter defined), or any other alterations, additions, or improvements made or constructed by Lessee. If at any time during the Lease Term, the Leased Premises are wholly or partially a substantial portion of the Building shall be damaged or destroyed or damaged by fire or other casualty, Landlord Lessor shall restore the Premises with reasonable diligence; provided, however, that Landlord shall have no obligation to restore improvements not originally provided by Landlord or to replace any of Tenant’s fixtures, furnishings, equipment, or personal property and Tenant shall be responsible for refixturing the Premises and reinstalling its equipment. Landlord need not commence repairs until a substantial portion of the insurance proceeds are available and shall not be required to expend more than the actual insurance proceeds received. Proceeds of insurance payable with respect to a fire or other casualty shall be received and held by Landlord. In the event the Premises are destroyed or damaged by any fire or casualty not covered by the insurance maintained by Landlord or to the extent of not less than 25% of the replacement cost thereof, or if the fire or casualty occurs within the last year of the Term of the Lease, then Landlord or Tenant shall have the option to terminate this Lease by giving give written notice to the other party Lessee within 60 ninety (90) days after the occurrence of such damage or destructiondestruction whether Lessor elects, in its sole discretion, (i) to terminate this Lease or (ii) to repair and reconstruct the Leased Premises and the Building (in which case Landlord Lessor shall retain all insurance proceeds include with respect such notice a statement from Lessor's architect, engineer or contractor stating such person's good faith estimate of the time required to the Premises as its own propertycomplete such repairs and restoration). If Landlord does not such estimate exceeds twelve (12) months from the date of Lessor's notice to Lessee, then Lessee may, by written notice given to Lessor within thirty (30) days after Lessee's receipt of Lessor's notice, terminate this Lease as provided aboveeffective not more than thirty (30) days after such notice is given to Lessor. If Lessor elects to repair and reconstruct the Leased Premises and the Building, and this Lease is not terminated by Lessee pursuant to the provisions of the immediately preceding sentence, then this Lease shall continue in full force and effecteffect and Lessor shall proceed to repair and reconstruct the Leased Premises and the Building to substantially the same condition in which they existed immediately prior to such damage or destruction (subject to the exclusions hereinbelow described) within a reasonable time thereafter, but Base subject to delays arising from the settlement of insurance proceeds, shortages of labor or material, acts of God, or other conditions beyond Lessor's reasonable control. In any of the aforesaid circumstances, Rent shall be equitably abated until xxxxx proportionately during the restoration is substantially complete. The provisions of this Lease shall govern when this Lease is terminable as a result of a fire or casualty and no other rule or statute on period to the subject applies. In the event extent that the Lease is terminated, Tenant is entitled to reimbursement Leased Premises are unfit for any prepaid rent. Notwithstanding anything herein to the contrary, use by Lessee in the event ordinary conduct of its business. Lessor shall not be required to rebuild, repair, or replace any part of Lessee's Personal Property, "Lessee's Work" (as hereinafter defined), or any other alterations, additions or improvements made by Lessee, and Lessee shall be obligated to rebuild, repair and replace the holder same. Lessor's restoration obligation shall not require Lessor to spend an amount in excess of any indebtedness secured by a mortgage or deed of trust covering the Premises, Building or Project requires that any insurance proceeds be applied actually received by Lessor and allocable thereto. If Lessor fails to substantially complete such indebtednessrepair and reconstruction within twelve (12) months after it commenced the same (subject to delays as aforesaid), then Landlord Lessee shall have the right to terminate this Lease by delivering giving written notice of termination to Lessor within thirty (30) days after the expiration of such 12-month period; provided, however, that if Lessor substantially completes such work within such 30-day period, then Lessee's termination notice shall be deemed null and void and of no force and effect. Notwithstanding the foregoing to the contrary, if the Leased Premises is materially damaged by fire or other casualty during the last twelve (12) months of the Lease Term (excluding, for this purpose, the Extension Term unless Tenant has exercised the extension option in accordance with Section 2.B above prior to the occurrence of such fire or other casualty) such that the Leased Premises cannot be repaired and restored within 15 two (2) months of the occurrence of such fire or other casualty, then Lessee may, by written notice given to Lessor within thirty (30) days after the occurrence of such fire or other casualty, terminate this Lease effective not more than thirty (30) days after such requirement notice is made given to Lessor. In the event that this Lease is terminated in accordance with the provisions of this Section, Lessor shall refund to Lessee the prepaid unaccrued Rent, if any, less any sums then owing to Lessor by any such holderLessee, whereupon the Lease or Lessee shall end on pay all Rent and other sums owed to Lessor up to the date of such notice termination, as if the date of such notice were the date originally fixed in this Lease for the expiration of the Termcase may be.

Appears in 1 contract

Samples: Lease Agreement (Equallogic Inc)

Fire and Casualty. Except as hereafter provided, if If less than a Substantial Portion of the Premises are wholly or partially destroyed or Land is damaged by fire or other casualtycasualty ("Casualty"), Landlord shall repair and restore the Premises with reasonable diligence; provided, however, that Landlord shall have no obligation to restore improvements not originally provided by Landlord or to replace any of Tenant’s fixtures, furnishings, equipment, or personal property and Tenant shall be responsible for refixturing the Premises and reinstalling its equipment. Landlord need not commence repairs until a substantial damaged portion of the insurance proceeds are available and Land to substantially the same condition prior to such Casualty within one hundred eighty (180) days after the date of such Casualty, except that Landlord shall not be required to expend more than repair or restore any leasehold improvements installed in the actual insurance proceeds receivedLand by Tenant. Proceeds If Landlord fails to repair and restore the Land within one hundred eighty (180) days after the date of insurance payable with respect to a fire or other casualty shall be received such Casualty, then Tenant may, at any time after expiration of said one hundred eighty (180) day period and held before such repair and restoration is completed by Landlord. In the event the Premises are destroyed or damaged by any fire or casualty not covered by the insurance maintained by Landlord or to the extent of not less than 25% of the replacement cost thereof, or if the fire or casualty occurs within the last year of the Term of the Lease, then Landlord or Tenant shall have the option elect to terminate this Lease by written notice thereof to Landlord or to make or complete such repairs and restoration, and Landlord shall reimburse Tenant promptly upon demand for the reasonable costs thereof. To the extent that Landlord fails to reimburse Tenant within ten (10) days from the date Tenant has made a written demand for such reasonable costs, Tenant shall have the right to set off such unreimbursed costs against Rent. Notwithstanding the foregoing, to the extent Landlord's failure to timely repair and restore the Land is the result of the acts or omissions of Landlord or Landlord's agents, employees or contractors, the exercise by Tenant of the foregoing right to terminate or the right to restore on Landlord's behalf shall not preclude or otherwise prevent Tenant from pursuing any other rights or remedies which are available at law or in equity. If the entire Land or a Substantial Portion thereof is damaged by a Casualty such that it cannot be restored to substantially its condition prior to such Casualty within one hundred eighty (180) days (as determined by mutual agreement of Landlord and Tenant) after the Casualty date, or if the Casualty occurs during the last twelve (12) months of the term of this Lease, or if the insurance proceeds received by Landlord are insufficient to restore the Land to substantially its condition prior to the Casualty, then either party hereto may elect, by giving written notice to the other party within 60 sixty (60) days after the occurrence of such damage or destructionCasualty date, in which case to terminate this Lease. If this Lease has not been terminated by the date sixty (60) days after the Casualty date, then Landlord shall retain all insurance proceeds with due diligence repair and restore the Land to substantially its condition prior to the Casualty. Rent shall be abated equitably with respect to that portion of the Premises as its own property. If Landlord does not terminate this Lease as provided above, this Lease shall continue in full force and effect, but Base Rent shall be equitably abated until the restoration Land which is substantially complete. The provisions of this Lease shall govern when this Lease is terminable rendered untenantable as a result of a fire or casualty Casualty and/or as a result of repair and no other rule or statute on the subject applies. In the event that the Lease is terminated, Tenant is entitled to reimbursement for any prepaid rent. Notwithstanding anything herein to the contrary, restoration activities in the event the holder of any indebtedness secured by connection with a mortgage or deed of trust covering the Premises, Building or Project requires that any insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice to Tenant within 15 days after such requirement is made by any such holder, whereupon the Lease shall end on Casualty from the date of such notice as if casualty until the date of on which the Land have been restored to substantially its condition prior to such notice were the date originally fixed in Casualty. If this Lease is not terminated pursuant to this Section 13, Tenant shall as promptly as practicable after the occurrence of any damage or destruction make such repairs and replacements in the Land as are necessary to restore Tenant's leasehold improvements. A "Substantial Portion" of the Land, for the expiration purposes of Section 12 and 13 of this Lease, shall be deemed to mean that Tenant is unable to use thirty-five percent (35%) or more of the Termspace on the Land for expansion of its business from the First Premises to the Land as contemplated by this Lease.

Appears in 1 contract

Samples: Lease (Cintech Solutions Inc)

Fire and Casualty. Except as hereafter provided, if 14.1 In case of any damage to or destruction of the Building or the Leased Premises are wholly or partially destroyed or damaged by fire or other casualty, Landlord shall restore casualty occurring during the Premises with reasonable diligence; provided, however, that Landlord shall have no obligation to restore improvements not originally provided by Landlord or to replace any of Tenant’s fixtures, furnishings, equipment, or personal property and Tenant shall be responsible for refixturing the Premises and reinstalling its equipment. Landlord need not commence repairs until a substantial portion of the insurance proceeds are available and shall not be required to expend more than the actual insurance proceeds received. Proceeds of insurance payable with respect to a fire or other casualty shall be received and held by Landlord. In the event the Premises are destroyed or damaged by any fire or casualty Term which is not covered by the insurance maintained required by Article 9.1, or which cannot be repaired within one hundred fifty (150) days from the happening of such casualty, then the Term hereby created shall, at the option of either party, upon written notice to the other party, cease and become null and void from the date of such destruction or damage. Landlord shall notify Tenant within thirty (30) days from the happening of such fire or casualty as to whether or not the Leased Premises can be restored within the aforementioned one hundred fifty (150) day period. If neither party shall elect to cancel this Lease within the thirty (30) day period hereinabove provided, Landlord shall thereupon repair and restore the Leased Premises with reasonable speed and dispatch, and the Rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after said Leased Premises are restored. Landlord shall be obligated to restore the Leased Premises only to the extent of not less than 25% of such cost as will be equivalent to the replacement cost thereof, or if proceeds received by Landlord pursuant to the fire or casualty occurs within insurance coverage to be provided to Landlord as in Article 9 provided. If the last year of insurance proceeds are not sufficient to restore the Term of Leased Premises to substantially the Lease, then Landlord or Tenant shall have the option to terminate this Lease by giving notice same condition which they were in prior to the other party within 60 days after the occurrence of such damage or destruction, in which case Landlord shall retain all insurance proceeds with respect to the Premises as its own property. If Landlord does not terminate this Lease as provided above, this Lease shall continue in full force and effect, but Base Rent shall be equitably abated until the restoration is substantially complete. The provisions of this Lease shall govern when this Lease is terminable as a result of a fire or casualty and no other rule or statute on the subject applies. In the event that the Lease is terminated, Tenant is entitled to reimbursement for any prepaid rent. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises, Building or Project requires that any insurance proceeds be applied to such indebtednesscasualty, then Landlord shall have the right a period of thirty (30) days within which to determine whether to terminate the Term hereby created. In the event of cancellation in accordance with this Article, Tenant shall immediately surrender the Leased Premises and Tenant's interest in said Lease to Landlord, and Tenant shall only pay Rent to the time of such destruction or damage, in which event, Landlord may re-enter and repossess the Leased Premises thus discharged from this Lease by delivering written notice to Tenant within 15 days after such requirement is made by any such holder, whereupon the Lease shall end on the date of such notice as if the date of such notice were the date originally fixed in this Lease for the expiration of the Termand may remove all parties therefrom.

Appears in 1 contract

Samples: Lease Agreement (Majesco Holdings Inc)

Fire and Casualty. Except as hereafter provided17.1 Within fifteen (15) days from the date of any fire or casualty including, if without limitation, a force majeure type of event that renders the Premises are wholly or partially destroyed or damaged by untenantable, the Tenant to give Landlord notice of any fire or other casualty, Landlord shall restore the Premises with reasonable diligence; provided, however, that Landlord shall have no obligation to restore improvements not originally provided by Landlord or to replace any of Tenant’s fixtures, furnishings, equipmentobtain from its Architect, or personal property and Tenant shall be responsible for refixturing the Premises and reinstalling if its equipment. Landlord need not commence repairs until a substantial portion of the insurance proceeds are available and Architect shall not be required in existence from any AIA architect of reputation in the office-industrial building field, a certification certifying in his opinion the time within which the building can be restored and constructed under standard construction conditions (hereinafter called the "Restoration Time"). Landlord shall promptly deliver such certification to expend more than the actual insurance proceeds received. Proceeds of insurance payable with respect Tenant (hereinafter referred to a fire or other casualty shall be received as "Landlord's Notice"), and held by Landlord. In in the event the Premises are destroyed or damaged by any damage be so substantial that the Building cannot be restored within one hundred twenty(120) days from the date of such fire or casualty not covered by based on the insurance maintained by Landlord or to the extent of not less than 25% of the replacement cost thereof, or if the fire or casualty occurs within the last year of the Term of the Leasecertified Restoration Time hereinabove referred to, then Landlord or in that event the Tenant shall have the option right within thirty (30) days after receipt of such notice to advise Landlord that it elects to terminate this Lease by giving notice the Lease. Except as provided in Section 17.2 hereof, nothing herein contained, however, shall obligate the Landlord in any event to the other party within 60 days after the occurrence of such damage or destruction, in which case Landlord shall retain all insurance proceeds with respect to restore the Premises as its own property. If Landlord does not terminate this Lease as provided above, this Lease shall continue in full force and effect, but Base Rent shall be equitably abated until the restoration is substantially complete. The provisions of this Lease shall govern when this Lease is terminable as a result of a fire or casualty and no other rule or statute on the subject applies. In the event that the Lease is terminated, Tenant is entitled to reimbursement for any prepaid rent. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises, Building or Project requires that any insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice to Tenant within 15 days after such requirement is made by any such holder, whereupon the Lease at its sole election in the event the Premises cannot be restored within the one hundred twenty (120) day period. In the event Landlord or Tenant so elects then tenant shall end on surrender the Premises forthwith, provided that Tenant shall continue to pay pro-rata Annual Basic Rent and Additional Rent for any portion of the Premises which it continues to occupy and conduct business pending such surrender of the Premises. Rent shall abate frox xxx date of such notice as if the date of such notice were the date originally fixed in this Lease for the expiration casualty or damage with respect to that portion of the TermPremises the Tenant cannot occupy for its business purposes until the Premises is restored.

Appears in 1 contract

Samples: Lease Agreement (Computer Outsourcing Services Inc)

Fire and Casualty. Except Upon a fire or other casualty affecting the Premises or the Building, Landlord, with reasonable diligence, shall restore the Premises or the Building, as hereafter providedapplicable. Notwithstanding the foregoing, if 25% or more of the rentable area of the Premises are wholly or partially destroyed all or damaged a substantial part of the Building is rendered untenantable by reason of fire or other casualty, Landlord shall may, at its option, either restore the Premises with reasonable diligence; provided, however, that Landlord shall have no obligation to restore improvements not originally provided by Landlord or to replace any of Tenant’s fixtures, furnishings, equipmentand the Building, or personal property and Tenant shall be responsible for refixturing the Premises and reinstalling its equipment. Landlord need not commence repairs until a substantial portion terminate this Lease effective as of the insurance proceeds are available and shall not be required to expend more than the actual insurance proceeds received. Proceeds date of insurance payable with respect to a such fire or other casualty shall be received and held by Landlordcasualty. In the event the Premises are destroyed or damaged by any fire or casualty not covered by the insurance maintained by Landlord or agrees to the extent of not less than 25% of the replacement cost thereof, or if the fire or casualty occurs within the last year of the Term of the Lease, then Landlord or give Tenant shall have the option to terminate this Lease by giving written notice to the other party within 60 days after the occurrence of any such damage fire or destructionother casualty designating whether Landlord elects to so restore or terminate this Lease. If Landlord elects to terminate this Lease, Rent shall be paid through and apportioned as of the date of such fire or other casualty. If Landlord elects to restore, Landlord's obligation to restore the Premises shall be limited to restoring those improvements in the Premises existing as of the date of such fire or other casualty which case Landlord were made at Landlord's expense and shall retain all insurance proceeds with respect exclude any furniture, equipment, fixtures, additions, alterations or improvements in or to the Premises as its own propertywhich were made at Tenant's expense. If Landlord elects to restore, Rent shall xxxxx for that part of the Premises which is untenantable (as defined in Section 5F) on a per diem basis from the date of such fire or other casualty until Landlord has substantially completed its repair and restoration work, provided that Tenant does not occupy such part of the Premises during said period. Notwithstanding anything contained in this Section 12 to the contrary, within 60 days after the date of any fire or other casualty which renders all or a substantial part of the Premises or the Building untenantable, Landlord shall provide to Tenant in writing Landlord's good faith estimate of the time required by Landlord to restore the Premises ("Landlord's Restoration Estimate"). If Landlord's Restoration Estimate exceeds 270 days from the date of such fire or casualty, then Tenant shall have the right, exercisable by written notice to Landlord within 15 business days after delivery of Landlord's Restoration Estimate, to terminate this Lease as of the date of such fire or other casualty. Furthermore, if neither party elects to terminate this Lease as provided above, this Lease shall continue in full force above and effect, but Base Rent shall be equitably abated until Landlord fails to substantially complete the restoration is substantially complete. The provisions of this Lease shall govern when this Lease is terminable the Premises within the time period set forth in Landlord's Restoration Estimate (subject to delays caused by or attributable to Tenant or its agents, employees or contractors or to events of the type described in Section 25I), as a result Tenant's sole and exclusive remedy for such delay in substantial completion of a fire or casualty and no other rule or statute on the subject applies. In the event that the Lease is terminatedrestoration, Tenant is entitled to reimbursement for any prepaid rent. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises, Building or Project requires that any insurance proceeds be applied to such indebtedness, then Landlord shall have the right, exercisable by written notice to Landlord within 15 business days after the expiration of the time period set forth in Landlord's Restoration Estimate, to terminate this Lease as of the date of such fire or other casualty. Notwithstanding the foregoing, Tenant shall have no right to terminate this Lease by delivering written notice to Tenant within 15 days after such requirement is made by any such holder, whereupon the Lease shall end on the date of such notice as if the date fire or other casualty was caused, in whole or in part, by the negligence or intentional misconduct of such notice were the date originally fixed in this Lease for the expiration of the TermTenant or Tenant's agents, employees, contractors, invitees, subtenants or assigns.

Appears in 1 contract

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

Fire and Casualty. Except as hereafter provided, if 14.1 In case of any damage to or destruction of the Premises are wholly or partially destroyed or damaged Building by fire or other casualty, Landlord shall restore casualty occurring during the Premises with reasonable diligence; provided, however, that Landlord shall have no obligation to restore improvements not originally provided by Landlord or to replace any term of Tenant’s fixtures, furnishings, equipment, or personal property and Tenant shall be responsible for refixturing the Premises and reinstalling its equipment. Landlord need not commence repairs until a substantial portion of the insurance proceeds are available and shall not be required to expend more than the actual insurance proceeds received. Proceeds of insurance payable with respect to a fire or other casualty shall be received and held by Landlord. In the event the Premises are destroyed or damaged by any fire or casualty this lease which is not covered by the insurance maintained required to be carried by Article 9.1, or which occurs during the last two (2) years of the lease term, the term hereby created shall, at the option of the Landlord, upon written notice to the Tenant, within thirty (30) days of such fire or casualty, cease and become null and void from the date of such destruction or damage. In the case of damage to or destruction of the Building which cannot be repaired within one hundred eighty (180) days from the happening of such casualty, then, in such event, the term hereby created shall, at the option of the Tenant, upon written notice to the landlord within thirty (30) days of such fire or casualty, cease and become null and void from the date of such destruction or damage. However, if the Tenant shall not elect to cancel this lease within the thirty (30) day period hereinabove provided (and provided that Landlord has not cancelled this lease as hereinabove permitted), the Landlord shall thereupon repair and restore the Building with reasonable speed and dispatch, and the Rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after said Building is restored. Landlord, in any event, shall within thirty (30) days of such casualty advise Tenant in writing as to whether or not the Building can be restored within the one hundred eighty (180) day period from the date of such casualty. Anything in this Article 14 to the contrary notwithstanding, it is expressly understood and agreed that the Landlord shall be obligated to restore the Building only to the extent of not less than 25% of such cost as will be equivalent to the replacement cost thereof, or if proceeds received by Landlord pursuant to the fire or casualty occurs within insurance coverage to be provided to Landlord as in Article 9 provided. If the last year of insurance proceeds are not sufficient to restore the Term of Building to substantially the Leasesame condition which they were in prior to the casualty, then the Landlord or shall have a period of thirty (30) days within which to determine whether to terminate the term hereby created unless the Landlord and Tenant shall have the option to terminate this Lease by giving notice mutually agree to the other party within 60 days after the occurrence funding of any such damage or destruction, in which case Landlord shall retain all insurance proceeds with respect to the Premises as its own property. If Landlord does not terminate this Lease as provided above, this Lease shall continue in full force and effect, but Base Rent shall be equitably abated until the restoration is substantially complete. The provisions of this Lease shall govern when this Lease is terminable as a result of a fire or casualty and no other rule or statute on the subject appliesexcess construction costs. In the event that of cancellation in accordance with this Article, the Lease is terminated, Tenant is entitled to reimbursement for any prepaid rent. Notwithstanding anything herein shall immediately surrender the Leased Premises and the Tenant's interest in said lease to the contraryLandlord, and the Tenant shall only pay Rent to the time of such destruction or damage, in which event, the event Landlord may re-enter and repossess the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises, Building or Project requires that any insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate Leased Premises thus discharged from this Lease by delivering written notice to Tenant within 15 days after such requirement is made by any such holder, whereupon the Lease shall end on the date of such notice as if the date of such notice were the date originally fixed in this Lease for the expiration of the Termlease and may remove all parties therefrom.

Appears in 1 contract

Samples: Lease Agreement (Adams Respiratory Therapeutics, Inc.)

Fire and Casualty. Except as hereafter provided, if 14.1 In case of any damage to or destruction of the Premises are wholly or partially destroyed or damaged Building by fire or other casualty, Landlord shall restore casualty occurring during the Premises with reasonable diligence; provided, however, that Landlord shall have no obligation to restore improvements not originally provided by Landlord or to replace any term of Tenant’s fixtures, furnishings, equipment, or personal property and Tenant shall be responsible for refixturing the Premises and reinstalling its equipment. Landlord need not commence repairs until a substantial portion of the insurance proceeds are available and shall not be required to expend more than the actual insurance proceeds received. Proceeds of insurance payable with respect to a fire or other casualty shall be received and held by Landlord. In the event the Premises are destroyed or damaged by any fire or casualty this lease which is not covered by the insurance maintained required to be carried by Article 9.1, or in the case of damage to or destruction of the Leased Premises which cannot be repaired within one hundred eighty (180) days from the happening of such casualty, then, in such event, the term hereby created shall, at the option of either party, upon written notice to the other by certified mail, return receipt requested, within thirty (30) days of such fire or casualty, cease and become null and void from the date of such destruction or damage. However, if neither party shall elect to cancel this lease within the thirty (30) day period hereinabove provided, the Landlord shall thereupon repair and restore the Leased Premises with reasonable speed and dispatch, and the rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after said Leased Premises are restored. Landlord, in any event, shall advise Tenant in writing as to whether or not the Leased Premises can be restored within the one hundred eighty (180) day period from the date of such casualty. Anything in this Article 14 to the contrary notwithstanding, it is expressly understood and agreed that the Landlord shall be obligated to restore the Leased Premises only to the extent of not less than 25% of such cost as will be equivalent to the replacement cost thereof, or if proceeds received by Landlord pursuant to the fire or casualty occurs within insurance coverage to be provided to Landlord as in Article 9 provided. If the last year of insurance proceeds are not sufficient to restore the Term of Leased Premises to substantially the Leasesame condition which they were in prior to the casualty, then the Landlord or shall have a period of thirty (30) days within which to determine whether to terminate the term hereby created unless the Landlord and Tenant shall have the option to terminate this Lease by giving notice mutually agree to the other party within 60 days after the occurrence funding of any such damage or destruction, in which case Landlord shall retain all insurance proceeds with respect to the Premises as its own property. If Landlord does not terminate this Lease as provided above, this Lease shall continue in full force and effect, but Base Rent shall be equitably abated until the restoration is substantially complete. The provisions of this Lease shall govern when this Lease is terminable as a result of a fire or casualty and no other rule or statute on the subject appliesexcess construction costs. In the event that of cancellation in accordance with this Article, the Lease is terminated, Tenant is entitled to reimbursement for any prepaid rent. Notwithstanding anything herein shall immediately surrender the Leased Premises and the Tenant's interest in said lease to the contraryLandlord, and the Tenant shall only pay rent to the time of such destruction or damage, in which event, the event Landlord may re-enter and repossess the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises, Building or Project requires that any insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate Leased Premises thus discharged from this Lease by delivering written notice to Tenant within 15 days after such requirement is made by any such holder, whereupon the Lease shall end on the date of such notice as if the date of such notice were the date originally fixed in this Lease for the expiration of the Termlease and may remove all parties therefrom.

Appears in 1 contract

Samples: Agreement (Loehmanns Inc)

Fire and Casualty. Except If the Building or the Premises is damaged and made substantially untenantable by fire or other casualty, and Landlord shall determine not to restore the same or not to require Tenant to restore the Premises if Tenant causes the fire or other casualty, Landlord may, by notice to Tenant given within one hundred twenty (120) days after such damage, terminate this Lease. Such termination shall become effective as hereafter of the date of such damage if the Premises are so damaged, otherwise as of the date one hundred twenty (120) days following the service of such notice of termination. Unless the Lease is terminated as herein above provided, if the Premises are wholly or partially destroyed or damaged by fire or other casualty, not caused in whole or in part by Tenant, Landlord shall restore the Premises same substantially to their prior condition, or to a similar condition of substantially equal or better utility, at Landlord’s expense, with reasonable diligence; promptness. Unless the Lease is terminated as hereinabove provided, howeverif 50% or more of the Premises are made untenantable, that (other than as a result of fire or casualty caused in whole or in part by Tenant) and if Landlord fails, within one hundred twenty (120) days after Landlord is enabled to take possession of the Premises, to substantially restore the Premises Tenant may terminate this Lease as of the end of said one hundred twenty (120) day period by giving written notice to Landlord not later than thirty (30) days after the expiration of said one hundred twenty (120) day period. During any such period, Landlord will permit Tenant, at no cost to Landlord, to maintain temporary banking quarters about the Premises during any period of rebuilding. Said temporary quarters shall have in no obligation to restore improvements way interfere with any construction and repair work and shall not originally provided by Landlord or to replace any interfere with the operation of the “Cyclery” east of the Tenant’s fixturesspace. If the Premises are damaged or destroyed by fire or other casualty caused in whole or in part by Tenant, furnishingsand if Landlord does not elect to terminate this Lease as aforesaid, equipmentthis Lease shall remain in full force and effect and Tenant’s obligations to pay rent and all other sums hereunder shall continue unabated. In such event, or personal property Tenant promptly and diligently shall restore the Premises (in accordance with the other provisions of this Lease, including, but not limited to, the Section on “Alterations”); or, at Landlord’s election, Landlord may restore the Premises, and Tenant shall pay all costs incurred in connection therewith, including fifteen percent (15%) of the total restoration cost for Landlord’s administrative expense. In the event of termination of this Lease pursuant to this Section XII, rent shall be responsible for refixturing prorated on a per diem basis and shall be paid to the Premises and reinstalling its equipment. Landlord need not commence repairs until date of the fire or other casualty, unless a substantial portion of the insurance proceeds are available Premises shall be tenantable and reasonably accessible, in which case rent shall be prorated on a per diem basis and shall be payable to the date of termination. If this Lease is not be required to expend more than terminated in the actual insurance proceeds received. Proceeds event of insurance payable with respect to a fire or other casualty shall be received and held by Landlord. In the event but the Premises are destroyed rendered wholly untenantable or damaged by any fire or casualty are not covered by reasonably accessible, rent shall axxxx on a per diem basis from the insurance maintained by Landlord or to the extent date of not less than 25% of the replacement cost thereof, or if the fire or other casualty occurs within until the last year Premises are ready for occupancy and reasonably accessible to Tenant. If part of the Term Premises are rendered untenantable, rent shall be prorated on a square footage basis in accordance with the part of the LeasePremises which is usable by Tenant (as measured by Landlord) until termination or the damaged part is ready for Tenant’s occupancy as the case may be. In all cases, then due allowance shall be made for delays caused by adjustment of the insurance claim, strikes, labor difficulties, material shortages, weather conditions, and any other causes beyond Landlord’s reasonable control; and in no case shall Landlord or be liable to Tenant, shall Tenant shall have the option be entitled to terminate this Lease or shall Tenant be relieved of any obligation (other than as expressly provided above) by giving notice virtue of any delay in completing repairs and restoration. Notwithstanding anything to the other party within 60 days after contrary herein set forth, there shall be no rent abatement or proration if the occurrence loss or damage is due to the fault, neglect or violation of such damage any provision of this Lease by Tenant or destructionits employees, agents, contractors, customers or invitees; and in which case no event shall Landlord shall retain all insurance proceeds with respect be required to repair or restore any decorating, installations, alterations, additions or improvements in or to the Premises as which were not provided initially by Landlord at its own propertycost. If Landlord does not terminate this Lease as provided above, this Lease shall continue in full force and effect, but Base Rent shall be equitably abated until the restoration is substantially complete. The provisions of this Lease shall govern when this Lease is terminable as a result of a fire or covenants to maintain adequate casualty and no other rule or statute on the subject applies. In the event that the Lease is terminated, Tenant is entitled to reimbursement for any prepaid rent. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust insurance covering the PremisesBuilding, Building or Project requires that any insurance proceeds be applied to such indebtedness, then Landlord shall with replacement cost endorsement. Tenant should have the right to terminate this Lease by delivering written notice self-insure with respect to Tenant within 15 days after such requirement is made by any such holder, whereupon the Lease shall end on the date of such notice as if the date of such notice were the date originally fixed in this Lease for the expiration of the Termplate glass replacement.

Appears in 1 contract

Samples: Leasing Agreement (Midwest Banc Holdings Inc)

Fire and Casualty. Except as hereafter provided, The parties hereto mutually agree that if the Premises or Project are wholly partially or totally destroyed by fire or other casualty, then Landlord may, at Landlord's option, repair and restore the Premises and Project, to substantially the same condition in which the Premises and Project were before such damage, or it may terminate the Lease; provided, however, that in the event the Premises or Project are completely destroyed or so badly damaged that in Landlord's reasonable estimation, repairs cannot be commenced within ninety (90) days and completed within six (6) months thereafter, then Landlord shall so notify Tenant and this Lease shall be terminable as of the date of the occurrence of the damage or destruction, by either party hereto by serving written notice upon the other within thirty (30) days after such notice; and provided further, that in any event if repairs have not been commenced within ninety (90) days from the date of said damage and thereafter completed within nine (9) months from commencement, this Lease may be immediately terminated by Tenant as of the date of occurrence of the damage or destruction, by serving notice upon the Landlord at any time prior to commencement of construction if the grounds for termination is failure to commence construction within ninety (90) days, or at any time prior to completion of construction if termination is based upon the failure to complete construction within nine (9) months. In the event the Premises are completely destroyed or so damaged by fire or other casualty that it cannot reasonably be used by Tenant for the purposes herein provided and this Lease is not terminated as above provided, then there shall be a total abatement of Rent until the Premises are made usable. In the event the Premises are partially destroyed or damaged by fire or other casualty, Landlord shall restore hazard so that such Premises can be only partially used by Tenant for the Premises with reasonable diligence; purpose herein provided, however, that Landlord shall have no obligation to restore improvements not originally provided by Landlord or to replace any of Tenant’s fixtures, furnishings, equipment, or personal property and Tenant then there shall be responsible for refixturing a partial abatement in the Premises Rent corresponding to the time and reinstalling its equipmentextent which the Promises cannot be used by Tenant. Landlord need not commence repairs until a substantial portion of the insurance proceeds are available and shall not be required obligated in any way or manner to expend more than insure any personal property (including, but not limited to, any fixtures, furniture, machinery, goods, supplies or improvements) of Tenant or which Tenant may have upon or within the actual insurance proceeds receivedPremises or any fixtures installed by or paid for by Tenant upon or within the Premises. Proceeds Except as provided in Section 20 below, if any portion of insurance payable with respect to a the, Property shall be damaged by fire or other casualty resulting from the fault or negligence of Tenant, or the agents, employees, licensees, or invitees of Tenant, such damage shall be received repaired by and held by at the expense of Tenant under the direction and supervision of Landlord. In the event the Premises are destroyed or damaged by any fire or casualty not covered by the insurance maintained by Landlord or to the extent of not less than 25% of the replacement cost thereof, or if the fire or casualty occurs within the last year of the Term of the Lease, then Landlord or Tenant shall have the option to terminate this Lease by giving notice to the other party within 60 days after the occurrence of such damage or destruction, in which case Landlord shall retain all insurance proceeds with respect to the Premises as its own property. If Landlord does not terminate this Lease as provided above, this Lease and Rent shall continue in full force and effect, but Base Rent shall be equitably abated until the restoration is substantially complete. The provisions of this Lease shall govern when this Lease is terminable as a result of a fire or casualty and no other rule or statute on the subject applies. In the event that the Lease is terminated, Tenant is entitled to reimbursement for any prepaid rent. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises, Building or Project requires that any insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice to Tenant within 15 days after such requirement is made by any such holder, whereupon the Lease shall end on the date of such notice as if the date of such notice were the date originally fixed in this Lease for the expiration of the Termwithout abatement.

Appears in 1 contract

Samples: Industrial Lease Agreement (HPL Technologies Inc)

Fire and Casualty. Except as hereafter provided, if 13.1 In case of any damage to or destruction to the Premises are wholly or partially destroyed or damaged leased premises by fire or other casualty, Landlord shall restore tantamount to substantial destruction, so that Tenant cannot use its leased premises for its intended business purposes, occurring during the Premises with reasonable diligence; provided, however, that Landlord shall have no obligation to restore improvements not originally provided by Landlord or to replace any term of Tenant’s fixtures, furnishings, equipment, or personal property and Tenant shall be responsible for refixturing the Premises and reinstalling its equipment. Landlord need not commence repairs until a substantial portion of the insurance proceeds are available and shall not be required to expend more than the actual insurance proceeds received. Proceeds of insurance payable with respect to a fire or other casualty shall be received and held by Landlord. In the event the Premises are destroyed or damaged by any fire or casualty this lease which is not covered by the insurance maintained required to be carried by Landlord or to the extent of not less than 25% of the replacement cost thereofArticle 8, or if which cannot be repaired within sixty (60) days sixty (60) from the fire or casualty occurs within happening of such casualty, then, in such event, the last year of the Term of the Leaseterm hereby created shall, then Landlord or Tenant shall have at the option to terminate this Lease by giving of either party, upon written notice to the other party by certified mail, return receipt requested, within 60 fifteen (15) days after the occurrence of such damage or destruction, in which case Landlord shall retain all insurance proceeds with respect to the Premises as its own property. If Landlord does not terminate this Lease as provided above, this Lease shall continue in full force and effect, but Base Rent shall be equitably abated until the restoration is substantially complete. The provisions of this Lease shall govern when this Lease is terminable as a result of a fire or casualty casualty, cease and no other rule or statute on the subject applies. In the event that the Lease is terminated, Tenant is entitled to reimbursement for any prepaid rent. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises, Building or Project requires that any insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice to Tenant within 15 days after such requirement is made by any such holder, whereupon the Lease shall end on become null and void from the date of such destruction or damage. The party terminating shall certify to the other in connection with its notice as such facts upon which it has determined that reconstruction of the building cannot be accomplished within the sixty (60) day period hereinabove provided. In such event, the Tenant shall immediately surrender the leased premises and the Tenant's interest in said lease to the Landlord, and the Tenant shall only pay rent to the time of such destruction or damage in which event, the Landlord may re-enter and repossess the leased premises thus discharged from this lease and may remove all parties therefrom. However, if neither party shall elect to cancel this lease within the thirty (30) day period hereinabove provided, the Landlord shall thereupon repair and restore the leased premises with reasonable speed and dispatch, and the rent shall not be accrued after said damage from the date of such notice were on which Tenant is unable to use its Leased Premises for its intended business purposes, and while the date originally fixed in this Lease for the expiration of the Termrepairs and restorations are being made, but shall recommence immediately after said premises are restored.

Appears in 1 contract

Samples: Lease Agreement (Mti Technology Corp)

Fire and Casualty. Except as hereafter provided, if 15.1 In case of any damage to or destruction of any of the Premises are wholly building or partially destroyed or damaged leased premises by fire or other casualtyinsured casualty occurring during the term of this lease, Landlord (or previous thereto), which shall restore render the Premises with reasonable diligence; leased premises wholly untenantable or unfit for occupancy, or which damage shall be tantamount to total destruction or which damage cannot be repaired within one hundred twenty (120) days following the insurance adjustment covering such casualty provided, however, that Landlord shall have no obligation be obliged to restore improvements not originally provided make its insurance adjustment within sixty (60) days of the date of casualty, then, and in any such event, the term hereby created shall, at the option of either party upon written notice to the other by Landlord certified mail, return receipt requested, cease and become null and void from the date of such destruction or to replace any of Tenant’s fixtures, furnishings, equipment, or personal property and damage. In such event the Tenant shall be responsible for refixturing immediately surrender the Premises leased premises and reinstalling its equipmentthe Tenant's interest in said lease, to the Landlord, and the Tenant shall only pay rent to the time of such destruction or damage in which event, the Landlord may re-enter and re-possess the leased premises thus discharged from this lease and may remove all parties therefrom. However, in the event of total destruction as hereinbefore defined, if neither party shall elect to cancel this lease the Landlord need not commence repairs until a substantial portion shall, subject to the prior rights of the insurance proceeds are available mortgagee, thereupon repair and restore the leased premises with reasonable speed and dispatch, and the rent shall not be required accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after said premises are restored. Anything in this Article 15 to expend more than the actual insurance proceeds received. Proceeds of insurance payable with respect to a fire or other casualty contrary notwithstanding, it is expressly understood and agreed that the Landlord shall be received and held by Landlord. In obligated to restore the event the Premises are destroyed or damaged by any fire or casualty not covered by the insurance maintained by Landlord or leased premises only to the extent of not less than 25% of such cost as will be equivalent to the replacement cost thereof, or if proceeds received by Landlord pursuant to the fire or casualty occurs within the last year of the Term of the Lease, then Landlord or Tenant shall have the option to terminate this Lease by giving notice to the other party within 60 days after the occurrence of such damage or destruction, insurance coverage as in which case Landlord shall retain all insurance proceeds with respect to the Premises as its own property. If Landlord does not terminate this Lease as provided above, this Lease shall continue in full force and effect, but Base Rent shall be equitably abated until the restoration is substantially complete. The provisions of this Lease shall govern when this Lease is terminable as a result of a fire or casualty and no other rule or statute on the subject applies. In the event that the Lease is terminated, Tenant is entitled to reimbursement for any prepaid rent. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises, Building or Project requires that any insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice to Tenant within 15 days after such requirement is made by any such holder, whereupon the Lease shall end on the date of such notice as if the date of such notice were the date originally fixed in this Lease for the expiration of the TermArticle 10 provided.

Appears in 1 contract

Samples: Agreement (Gender Sciences Inc)

Fire and Casualty. Except as hereafter providedUpon a fire or other casualty affecting the Building, Landlord, with reasonable diligence, shall restore the Building. Notwithstanding the foregoing, if (i) all or a substantial part of the Premises are wholly or partially destroyed or damaged the Building is rendered untenantable by reason of fire or other casualty, or (ii) a fire or casualty occurs during the last twelve (12) months of the Term, Landlord shall may, at its option, either restore the Premises with reasonable diligence; provided, however, that Landlord shall have no obligation to restore improvements not originally provided by Landlord or to replace any of Tenant’s fixtures, furnishings, equipmentand the Building, or personal property and Tenant shall be responsible for refixturing terminate this Lease effective as of the Premises and reinstalling its equipmentdate of such fire or other casualty. Landlord need not commence repairs until a substantial portion agrees to give Tenant written notice within sixty (60) days after the occurrence of the insurance proceeds are available and shall not be required to expend more than the actual insurance proceeds received. Proceeds of insurance payable with respect to a any such fire or other casualty designating whether Landlord elects to so restore or terminate this Lease. If Landlord elects to terminate this Lease, Rent shall be received paid through and held by apportioned as of the date of such fire or other casualty. If Landlord elects to restore, Landlord’s obligation to restore the Premises shall be limited to restoring those improvements in the Premises existing as of the date of such fire or other casualty which were made at Landlord’s expense (and those improvements made at Tenant’s expense if and to the extent insurance proceeds are made available to Landlord for such improvements) and shall exclude Tenant’s Personal Property and any fixtures, additions, alterations or improvements in or to the Premises which were made at Tenant’s expense and for which insurance proceeds are not made available to Landlord. In the event If Landlord elects to restore, Base Rent and Adjustment Rent shall axxxx for that part of the Premises are destroyed which is untenantable on a per diem basis from the date of such fire or damaged by other casualty until Landlord has substantially completed its repair and restoration work, provided that Tenant does not occupy such part of the Premises during said period. Notwithstanding anything contained in this Section 12 to the contrary, within sixty (60) days after the date of any fire or other casualty not covered by which renders all or a substantial part of the insurance maintained Premises or the Building untenantable, Landlord shall provide to Tenant in writing Landlord’s good faith estimate of the time required by Landlord or to restore the extent Premises (“Landlord’s Restoration Estimate”). If Landlord’s Restoration Estimate exceeds two hundred forty (240) days from the date of not less than 25% of the replacement cost thereof, or if the such fire or casualty occurs within (or if, during the last year of the Term Term, more than 33% of the LeasePremises are rendered untenantable by fire or casualty), then Landlord or Tenant shall have the option right, exercisable by written notice to Landlord within thirty (30) days after delivery of Landlord’s Restoration Estimate, to terminate this Lease by giving notice to as of the other party within 60 days after the occurrence date of such damage fire or destructionother casualty. Furthermore, in which case Landlord shall retain all insurance proceeds with respect if neither party elects to the Premises as its own property. If Landlord does not terminate this Lease as provided above, this Lease shall continue in full force above and effect, but Base Rent shall be equitably abated until Landlord fails to substantially complete the restoration is substantially complete. The provisions of this Lease shall govern when this Lease is terminable the Premises within one hundred twenty (120) days after the time period set forth in Landlord’s Restoration Estimate (subject to delays caused by or attributable to Tenant or its agents, employees or contractors or to events of the type described in Section 25H), as a result Tenant’s sole and exclusive remedy for such delay in substantial completion of a fire or casualty and no other rule or statute on the subject applies. In the event that the Lease is terminatedrestoration, Tenant is entitled to reimbursement for any prepaid rent. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises, Building or Project requires that any insurance proceeds be applied to such indebtedness, then Landlord shall have the right, exercisable by written notice to Landlord within 15 days after the expiration of such 120-day period, to terminate this Lease as of the date of such fire or other casualty. Notwithstanding the foregoing, Tenant shall have no right to terminate this Lease by delivering written notice to Tenant within 15 days after such requirement is made by any such holder, whereupon the Lease shall end on the date of such notice as if the date fire or other casualty was caused, in whole or in part, by the gross negligence or intentional misconduct of such notice were the date originally fixed in this Lease Tenant or Tenant’s agents, employees, contractors, invitees, subtenants or assigns. Base Rent and Adjustment Rent for the expiration Premises shall not resume prior to the restoration date estimated by Landlord unless Tenant actually resumes use and occupancy of the TermPremises prior to such date.

Appears in 1 contract

Samples: Work Letter Agreement (Gtsi Corp)

Fire and Casualty. Except as hereafter provided, if If by reason of fire or other casualty all or a substantial part of the Premises are wholly or partially the Building reasonably cannot be used for its permitted uses hereunder, Landlord may, at its option, either restore the Premises and the Building, or terminate this Lease effective as of the date of such fire or other casualty. Landlord agrees to give Tenant written notice within sixty (60) days after the occurrence of any such fire or other casualty designating whether Landlord elects to so restore or terminate this Lease. If Landlord elects to terminate this Lease, Rent shall be paid through and apportioned as of the date of such fire or other casualty. If Landlord elects to restore, Landlord's obligation to restore the Premises shall be limited to restoring those improvements in the Premises existing as of the date of such fire or other casualty which were made at Landlord's expense and shall exclude any furniture, equipment, fixtures, additions, alterations or improvements in or to the Premises which were made at Tenant's expense. If Landlord elects to restore, Rent shall xxxxx for that part of the Premises which is untenantable on a per diem basis from the date of such fire or other casualty until the date which is ten (10) business days after the date that Landlord shall have substantially completed its repair and restoration work, provided that during said period Tenant does not occupy such part of the Premises for the operation of Tenant's business. In the event (i) the Building or the Premises shall be totally damaged or destroyed or damaged by fire or other casualty, Landlord shall restore or (ii) fifty percent (50%) or more of the Premises with reasonable diligence; provided, however, that Landlord shall have no obligation to restore improvements not originally provided by Landlord or to replace any of Tenant’s fixtures, furnishings, equipment, or personal property and Tenant Building shall be responsible for refixturing the Premises and reinstalling its equipment. Landlord need not commence repairs until a substantial portion of the insurance proceeds are available and shall not be required to expend more than the actual insurance proceeds received. Proceeds of insurance payable with respect to a so damaged or destroyed by fire or other casualty (irrespective of whether or not the Premises are damaged thereby), or (iii) fifty percent (50%) or more of the Premises shall be received so damaged or destroyed by fire or other casualty, or (iv) twenty-five percent (25%) or more of the Premises shall be so damaged or destroyed by fire or other casualty and held as a result thereof the remainder of the Premises or a substantial part thereof cannot reasonably be used for its permitted uses hereunder, then, and in any of said events, Tenant shall have the option, exercisable by Landlordnotice given to Landlord within thirty (30) days after the date of the casualty, to cancel and terminate this Lease as of a date specified in Tenant's termination notice which date shall be not more than sixty (60) days after the giving of Tenant's termination notice, in which event the Term of this Lease shall expire on the date specified in Tenant's notice with the same force and effect as if such date were originally provided herein as the Expiration Date of the Term without any obligation on the part of Tenant to make any Termination Payment as provided for in Section 29 hereof. In the event of any damage or destruction mentioned in this Section 12 which might give rise to a partial or full abatement, and if Landlord has not substantially completed the Premises are destroyed or damaged by any fire or casualty not covered by making of the insurance maintained repairs and restoration required to be made by Landlord or pursuant to the extent provisions of not less than 25% this Section 12 within a period of twelve (12) months from the replacement cost thereof, or if the fire or casualty occurs within the last year of the Term of the Lease, then Landlord or Tenant shall have the option to terminate this Lease by giving notice to the other party within 60 days after the occurrence date of such damage or destruction, in which case Landlord shall retain all insurance proceeds with respect to the Premises as its own property. If Landlord does not then Tenant may terminate this Lease by notice given to Landlord at any time after the expiration of such twelve (12) month period but prior to such substantial completion. In the event of any damage or destruction mentioned in this Section 12 which might give rise to a partial or full abatement and if Landlord has not substantially completed the making of the repairs and restoration required to be made by Landlord pursuant to the provisions of this Section 12 within fifteen (15) months prior to the Expiration Date (as provided abovethe same may be extended pursuant to Section 27 hereof), then Tenant may terminate this Lease shall continue in full force and effect, by notice given to Landlord at any time during such fifteen (15) month period but Base Rent prior to such substantial completion. Any termination by Tenant hereunder shall be equitably abated until effective as of the restoration is substantially complete. The provisions date specified in such notice, which shall be not more than sixty (60) days after the giving thereof, and the Term of this Lease shall govern when this Lease is terminable expire on such date with the same force and effect as a result if such date were originally provided herein as the Expiration Date of a fire or casualty and no other rule or statute the Term hereof without any obligation on the subject appliespart of Tenant to make any Termination Payment as provided in Section 29 hereof. In the event that of the Lease is terminated, Tenant is entitled to reimbursement for any prepaid rent. Notwithstanding anything herein to the contrary, in the event the holder termination of any indebtedness secured by a mortgage or deed of trust covering the Premises, Building or Project requires that any insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice pursuant to Tenant within 15 days after such requirement is made by any such holderof the provisions of this Section 12, whereupon this Lease and the Lease Term and estate hereby granted shall end on expire as of the date of such notice termination with the same effect as if the such date of such notice were the date originally fixed in this Lease for set forth herein as the expiration Expiration Date of the Term, and the Rent payable hereunder shall be apportioned as of such date subject, however, to any applicable abatement to which Tenant may be entitled pursuant to the provisions hereof, and provided that in no event shall Tenant be obligated to make any Termination Payment as provided for in Section 29 hereof in connection with any termination pursuant to this Section 12.

Appears in 1 contract

Samples: Lease (Ziplink Inc)

Fire and Casualty. Except If the Building or the Premises is damaged and made substantially untenable by fire or other casualty, and Landlord shall determine not to restore the same or not to require Tenant to restore the Premises if Tenant causes the fire or other casualty, Landlord may, by notice to Tenant given within one hundred twenty (120) days after such damage, terminate this Lease. Such termination shall become effective as hereafter of the date of such damage if the Premises are so damaged, otherwise as of the date one hundred twenty (120) days following the service of such notice of termination. Unless the Lease is terminated as herein above provided, if the Premises are wholly or partially destroyed or damaged by fire or other casualty, not caused in whole or in part by Tenant, Landlord shall restore the Premises same substantially to their prior condition, or to a similar condition of substantially equal or better utility, at Landlord's expense, with reasonable diligence; promptness. Unless the Lease is terminated as herein above provided, howeverif 50% or more of the Premises are made untenable, that (other than as a result of fire or casualty caused in whole or in part by Tenant) and if Landlord falls, within one hundred twenty (120) days after Landlord is enabled to take possession of the Premises, to substantially restore the Premises Tenant may terminate this Lease as of the end of said one hundred twenty (120) day period by giving written notice to Landlord not later than thirty (30) days after the expiration of said one hundred twenty (120) day period. During any such period, Landlord will permit Tenant, at no cost to Landlord, to maintain temporary banking quarters about the Premises during any period of rebuilding. Said temporary quarters shall have in no obligation way interfere with any construction and repair work and shall not interfere with the operation of the "Cyclery" east of the Tenant's space. If the Premises are damaged or destroyed by fire or other casualty caused in whole or in part by Tenant, and if Landlord does not elect to terminate this Lease as aforesaid, this Lease shall remain in full force and effect and Tenant's obligations to pay rent and all other sums hereunder shall continue unabated. In such event, Tenant promptly and diligently shall restore improvements the Premises (in accordance with the other provisions of this Lease, including, but not originally provided by limited to, the Section on "Alterations"); or, at Landlord's election, Landlord or to replace any of Tenant’s fixturesmay restore the Premises, furnishings, equipment, or personal property and Tenant shall pay all costs incurred in connection therewith, including fifteen percent (15%) of the total restoration cost for Landlord's administrative expense. In the event of termination of this Lease pursuant to this Section XII, rent shall be responsible for refixturing prorated on a per diem basis and shall be paid to the Premises and reinstalling its equipment. Landlord need not commence repairs until date of the fire or other casualty, unless a substantial portion of the insurance proceeds are available Premises shall be rentable and reasonably accessible, in which case rent shall be prorated on a per diem basis and shall be payable to the date of termination. If this Lease is not be required to expend more than terminated in the actual insurance proceeds received. Proceeds event of insurance payable with respect to a fire or other casualty shall be received and held by Landlord. In the event but the Premises are destroyed rendered wholly untenable or damaged by any fire or casualty are not covered by reasonably accessible, rent shall xxxxx on a per diem basis from the insurance maintained by Landlord or to the extent date of not less than 25% of the replacement cost thereof, or if the fire or other casualty occurs within until the last year Premises are ready for occupancy and reasonably accessible to Tenant. If part of the Term Premises are rendered untenable, rent shall be prorated on a square footage basis in accordance with the part of the LeasePremises which is usable by Tenant (as measured by Landlord) until termination or the damaged part is ready for Tenant's occupancy as the case may be. In all cases, then due allowance shall be made for delays caused by adjustment of the insurance claim, strikes, labor difficulties, material shortages, weather conditions, and any other causes beyond Landlord's reasonable control; and in no case shall Landlord or be liable to Tenant, shall Tenant shall have the option be entitled to terminate this Lease or shall Tenant be relieved of any obligation (other than as expressly provided above) by giving notice virtue of any delay in completing repairs and restoration. Notwithstanding anything to the other party within 60 days after contrary herein set forth, there shall be no rent abatement or proration if the occurrence loss or damage is due to the fault, neglect or violation of such damage any provision of this Lease by Tenant or destructionits employees, agents, contractors, customers or invitees; and in which case no event shall Landlord shall retain all insurance proceeds with respect be required to repair or restore any decorating, installations, alterations, additions or improvements in or to the Premises as which were not provided initially by Landlord at its own propertycost. If Landlord does not terminate this Lease as provided above, this Lease shall continue in full force and effect, but Base Rent shall be equitably abated until the restoration is substantially complete. The provisions of this Lease shall govern when this Lease is terminable as a result of a fire or covenants to maintain adequate casualty and no other rule or statute on the subject applies. In the event that the Lease is terminated, Tenant is entitled to reimbursement for any prepaid rent. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust insurance covering the PremisesBuilding, Building or Project requires that any insurance proceeds be applied to such indebtedness, then Landlord shall with replacement cost endorsement. Tenant should have the right to terminate this Lease by delivering written notice self-insure with respect to Tenant within 15 days after such requirement is made by any such holder, whereupon the Lease shall end on the date of such notice as if the date of such notice were the date originally fixed in this Lease for the expiration of the Termplate glass replacement.

Appears in 1 contract

Samples: Leasing Agreement (Village Bancorp Inc)

Fire and Casualty. Except as hereafter provided, if 11.1 In case of any damage to or destruction of any portion of the Building of which the Leased Premises are wholly or partially destroyed or damaged is a part by fire or other casualty occurring during the term of this Lease (or prior thereto), which shall render at least 1/3 of the floor area of the Leased Premises or the building untenantable or unfit for occupancy ("Total Destruction"), which damage cannot be repaired within 180 days from the happening of such casualty, Landlord shall restore the Premises with using reasonable diligence; provided, howeveras determined in a report prepared by an independent engineer, that Landlord shall have no obligation to restore improvements not originally provided by Landlord or to replace any of Tenant’s fixturesthen the term hereby created shall, furnishings, equipment, or personal property and Tenant shall be responsible for refixturing at the Premises and reinstalling its equipment. Landlord need not commence repairs until a substantial portion option of the insurance proceeds are available Landlord, upon written notice to the Tenant within 15 days of such fire or casualty, cease and shall become null and void from the date of such Total Destruction unless within fifteen (15) days of Landlord’s notice of Total Destruction Tenant sends notice to Landlord that it elects to continue the Lease notwithstanding the fact that the Leased Premises cannot be required to expend more than the actual insurance proceeds received. Proceeds of insurance payable with respect to a fire or other casualty shall be received and held by Landlordrepaired within 180 days. In the event of the termination, the Tenant shall immediately surrender the Leased Premises are destroyed or damaged by any fire or casualty not covered by the insurance maintained by Landlord or to the extent Landlord and this Lease shall terminate. The Tenant shall only pay Rent to the time of not less than 25% such Total Destruction. However, in the event of the replacement cost thereof, or Total Destruction if the fire or casualty occurs Landlord shall elect not to cancel this Lease within the last year of 15 day period the Term of Landlord shall repair and restore the Lease, then Landlord or Tenant shall have Building to substantially the option to terminate this Lease by giving notice same condition as it was prior to the other party within 60 days after the occurrence of such damage or destruction, with reasonable speed and dispatch, and in which case all events within 180 days, or if Tenant sends notice to Landlord that it elects to continue the Lease, Landlord shall retain all insurance proceeds with respect repair and restore the Building to substantially the same condition as it was prior to the damage or destruction, with reasonable speed and dispatch, and in all events within the timeframe stated in the independent engineer’s report. The Rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence upon 30 days notice from Landlord that the Leased Premises are substantially restored as its own propertyevidenced by the issuance of a CO by municipal authorities. If In any case where Landlord does must restore, consideration shall be given for delays under the Force Majeure paragraph in this Lease. Whether or not terminate this Lease as provided above, this Lease shall continue in full force and effect, but Base Rent shall be equitably abated until the restoration is substantially complete. The provisions of this Lease shall govern when this Lease is terminable has been terminated as a result of a fire casualty, in every instance, all insurance proceeds payable under policies of insurance carried by Landlord as a result of damage or casualty and no other rule or statute on the subject applies. In the event that the Lease is terminated, Tenant is entitled to reimbursement for any prepaid rent. Notwithstanding anything herein destruction to the contraryBuilding shall be paid to Landlord as its sole and exclusive property. Pursuant to 17 CFR 230.406, confidential information has been omitted in places marked “* * *” and has been filed separately with the event Securities and Exchange Commission pursuant to a Confidential Treatment Request with the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises, Building or Project requires that any insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice to Tenant within 15 days after such requirement is made by any such holder, whereupon the Lease shall end on the date of such notice as if the date of such notice were the date originally fixed in this Lease for the expiration of the TermCommission.

Appears in 1 contract

Samples: Lease Agreement (Rocket Pharmaceuticals, Inc.)

Fire and Casualty. Except as hereafter provided, if 11.1 In case of any damage to or destruction of any portion of the Building of which the Leased Premises are wholly or partially destroyed or damaged is a part by fire or other casualty occurring during the term of this Lease (or prior thereto), which shall render at least 1/3 of the floor area of the Leased Premises or the building untenantable or unfit for occupancy, which damage cannot be repaired within 180 days from the happening of such casualty, Landlord shall restore using reasonable diligence ("Total Destruction") then the Premises with reasonable diligence; providedterm hereby created shall, however, that Landlord shall have no obligation to restore improvements not originally provided by Landlord or to replace any of Tenant’s fixtures, furnishings, equipment, or personal property and Tenant shall be responsible for refixturing at the Premises and reinstalling its equipment. Landlord need not commence repairs until a substantial portion option of the insurance proceeds are available and shall not be required to expend more than the actual insurance proceeds received. Proceeds of insurance payable with respect to a fire or other casualty shall be received and held by Landlord. In the event the Premises are destroyed or damaged by any fire or casualty not covered by the insurance maintained by Landlord or to the extent of not less than 25% of the replacement cost thereof, or if the fire or casualty occurs within the last year of the Term of the Lease, then Landlord or Tenant shall have the option to terminate this Lease by giving upon written notice to the other party Tenant within 60 15 days after the occurrence of such fire or casualty, cease and become null and void from the date of such Total Destruction. In such event the Tenant shall immediately surrender the Leased Premises to the Landlord and this Lease shall terminate. The Tenant shall only pay Rent to the time of such Total Destruction. However, in the event of Total Destruction if the Landlord shall elect not to cancel this Lease within the 15 day period the Landlord shall repair and restore the Building to substantially the same condition as it was prior to the damage or destruction, with reasonable speed and dispatch. The Rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after the Leased Premises are substantially restored as evidenced by the issuance of a CO/CA by municipal authorities. In any case where Landlord must restore, consideration shall be given for delays under the Force Majeure Initial: Landlord Tenant (SNS) Lease Version Date: July 31, 2006 paragraph in which case Landlord shall retain all insurance proceeds with respect to the Premises as its own propertythis Lease. If Landlord does Whether or not terminate this Lease as provided above, this Lease shall continue in full force and effect, but Base Rent shall be equitably abated until the restoration is substantially complete. The provisions of this Lease shall govern when this Lease is terminable has been terminated as a result of a fire casualty, in every instance, all insurance proceeds payable as a result of damage or casualty and no other rule or statute on the subject applies. In the event that the Lease is terminated, Tenant is entitled to reimbursement for any prepaid rent. Notwithstanding anything herein destruction to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises, Building or Project requires that any insurance proceeds shall be applied paid to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice to Tenant within 15 days after such requirement is made by any such holder, whereupon the Lease shall end on the date of such notice as if the date of such notice were the date originally fixed in this Lease for the expiration of the Termits sole and exclusive property.

Appears in 1 contract

Samples: Lease Agreement (Amicus Therapeutics Inc)

Fire and Casualty. Except as hereafter provided, if 12.1 In case of any damage to or destruction of any part of the Building or Leased Premises are wholly or partially destroyed or damaged by fire or other casualty, Landlord shall restore the Premises with reasonable diligence; provided, however, that Landlord shall have no obligation to restore improvements not originally provided by Landlord or to replace any of Tenant’s fixtures, furnishings, equipment, or personal property and Tenant shall be responsible for refixturing the Premises and reinstalling its equipment. Landlord need not commence repairs until a substantial portion of the insurance proceeds are available and shall not be required to expend more than the actual insurance proceeds received. Proceeds of insurance payable with respect to a fire or other insured casualty shall be received and held by Landlord. In the event the Premises are destroyed or damaged by any fire or casualty not covered by the insurance maintained by Landlord or to the extent of not less than 25% of the replacement cost thereof, or if the fire or casualty occurs within the last year of ("Casualty") occurring during the Term of the this Lease, then which shall render the Leased Premises untenantable or unfit for occupancy, and which damage cannot reasonably be repaired within three hundred sixty-five (365) days following the adjustment of the loss in connection with such Casualty then, and in any such event, the Term hereby created shall, at the option of Landlord or Tenant shall have the option to terminate this Lease by giving upon written notice to the other party by certified mail, return receipt requested, within 60 thirty (30) days after of the occurrence insurance adjustment being finally determined, cease and become null and void from the date of such damage or destructionCasualty. In such event Tenant shall immediately surrender the Leased Premises and Tenant's interest in said Lease to Landlord, in which case Landlord and Tenant shall retain all insurance proceeds with respect only pay rent to the time of such Casualty, and Landlord may reenter and re-possess the Leased Premises as its own property. If Landlord does not terminate thus discharged from this Lease as provided above, this Lease shall continue in full force and effect, but Base Rent shall be equitably abated until the restoration is substantially completemay remove Tenant therefrom. The provisions of this Lease shall govern when this Lease is terminable as a result of a fire or casualty and no other rule or statute on the subject applies. In the event that the Lease is terminated, Tenant is entitled to reimbursement for any prepaid rent. Notwithstanding anything herein to the contraryHowever, in the event of Casualty as hereinbefore defined, if neither Landlord nor Tenant shall elect to cancel this Lease within the holder aforesaid allowable time period, Landlord shall, subject to the prior rights of any indebtedness secured by a mortgage or deed of trust covering its mortgagee to refuse to make available to Landlord the Premises, Building or Project requires that any insurance proceeds for rebuilding, thereupon repair and restore the Leased Premises and/or Building with reasonable speed and dispatch following receipt of insurance proceeds, and the Base Rent and Additional Rent shall not be applied accrued after said Casualty while the repairs and restorations are being made, but shall recommence immediately after the Leased Premises are restored and delivered back to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice to Tenant within 15 days after such requirement is made by any such holder, whereupon the Lease shall end on the date of such notice as if the date of such notice were the date originally fixed in this Lease for the expiration of the TermTenant.

Appears in 1 contract

Samples: Agreement (KMC Telecom Holdings Inc)

Fire and Casualty. Except as hereafter provided, if If all or a substantial part of the Premises are wholly or partially destroyed or damaged the Building is rendered untenantable by reason of fire or other casualty, Landlord shall may, at its option, either restore the Premises with reasonable diligence; provided, however, that Landlord shall have no obligation to restore improvements not originally provided by Landlord or to replace any of Tenant’s fixtures, furnishings, equipmentand the Building, or personal property and Tenant shall be responsible for refixturing the Premises and reinstalling its equipment. Landlord need not commence repairs until a substantial portion terminate this Lease effective as of the insurance proceeds are available and shall not be required to expend more than the actual insurance proceeds received. Proceeds date of insurance payable with respect to a such fire or other casualty shall be received and held by Landlordcasualty. In the event the Premises are destroyed or damaged by any fire or casualty not covered by the insurance maintained by Landlord or agrees to the extent of not less than 25% of the replacement cost thereof, or if the fire or casualty occurs give Tenant written notice within the last year of the Term of the Lease, then Landlord or Tenant shall have the option to terminate this Lease by giving notice to the other party within 60 ninety (90) days after the occurrence of any such fire or other casualty designating whether Landlord elects to so restore or terminate this Lease. If Landlord elects to terminate this Lease, Rent shall be paid through and apportioned as of the date of such fire or other casualty. If Landlord elects to restore, Landlord's obligation to restore the Premises shall be limited to restoring those improvements in the Premises existing as of the date of such fire or other casualty which were made at Landlord's expense and shall exclude any furniture, equipment, fixtures, additions, alterations or improvements in or to the Premises which were made at Tenant's expense. If Landlord elects to restore, Rent shall xxxxx for that part of the Premises which is untenantable on a per diem basis from the date of such fire or other casualty until Landlord has substantially completed its repair and restoration work, provided that Tenant does not occupy such part of the Premises during said period. Notwithstanding the foregoing, Tenant may elect to terminate this Lease upon thirty (30) days prior written notice to Landlord in the event (i) Landlord elects to restore and Landlord estimates that such restoration will take in excess of two hundred ten (210) days, or (ii) any damage to the Building or Premises occurs in the final year of the Lease and prevents Tenant from occupying all of the Premises for more than thirty (30) days. Notwithstanding the foregoing, there shall be no abatement of Rent or Tax Escalation or Expense Escalation by reason of any portion of the Building being unusable or inaccessible for a period equal to five (5) consecutive business days or less. If the cause of the damage or destruction is an earthquake or a flood, Tenant shall be entitled to an abatement of rent only when and if Landlord receives reimbursement for such rent from insurance proceeds, if any. If such damage or destruction, in which case Landlord shall retain all insurance proceeds with respect to the Premises as its own property. If Landlord does not terminate this Lease as provided above, this Lease shall continue in full force and effect, but Base Rent shall be equitably abated until the restoration is substantially complete. The provisions of this Lease shall govern when this Lease is terminable destruction occurs as a result of a fire the negligence or casualty the intentional acts of Tenant or Tenant's employees, agents, contractors or invitees, and no other rule or statute on the subject applies. In proceeds of insurance which are actually received by Landlord are not sufficient to pay for the event that repair of all of the Lease is terminateddamage, Tenant is entitled shall pay to reimbursement for any prepaid rent. Notwithstanding anything herein to Landlord upon demand, the contrary, in difference between the event cost of repairing the holder of any indebtedness secured by a mortgage or deed of trust covering damage and the Premises, Building or Project requires that any insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease received by delivering written notice to Tenant within 15 days after such requirement is made by any such holder, whereupon the Lease shall end on the date of such notice as if the date of such notice were the date originally fixed in this Lease for the expiration of the TermLandlord.

Appears in 1 contract

Samples: Office Lease (Privatebancorp Inc)

Fire and Casualty. Except as hereafter provided, if If less than a Substantial Portion (or defined in the last paragraph of this Section) of the Premises are wholly or partially destroyed or is damaged by fire or other casualty, Landlord shall repair and restore the damaged portion of the Premises with reasonable diligence; providedthe proceeds of insurance required to be maintained under this Lease to substantially the same condition prior to such fire or other casualty within two hundred seventy (270) days after the date of such destruction or damage, however, except that Landlord shall have no obligation to restore improvements not originally provided by Landlord or to replace any of Tenant’s fixtures, furnishings, equipment, or personal property and Tenant shall be responsible for refixturing the Premises and reinstalling its equipment. Landlord need not commence repairs until a substantial portion of the insurance proceeds are available and shall not be required to expend more than repair or restore the actual insurance Tenant Improvements, or any other leasehold improvements installed in the Premises by Tenant. If Landlord fails to repair and restore the Premises with the proceeds received. Proceeds of insurance payable with respect required to be maintained under this Lease within two hundred seventy (270) days after the date of such damage or destruction, subject to reasonable extension for Force Majeure, then Tenant may elect to make or complete such repairs and Landlord shall reimburse Tenant promptly upon demand for the reasonable costs thereof. If the entire Premises or a fire or other Substantial Portion thereof is damaged such that they cannot be reasonably restored to substantially their condition prior to such casualty shall be received and held by Landlord. In within twelve (12) months after the event the Premises are destroyed or damaged by any fire or casualty not covered by the insurance maintained by Landlord or to the extent of not less than 25% of the replacement cost thereofdate, or if the fire or casualty occurs within during the last year twelve (12) months of the Term term of the Lease, this Lease (including any outstanding Renewal Terms exercised by Tenant) then Landlord or Tenant shall have the option to terminate this Lease may elect, by giving written notice to the other party within 60 sixty (60) days after the casualty date, to terminate this Lease. If this Lease has not been terminated by the date sixty (60) days after the casualty date, then Landlord shall with due diligence repair and restore the Premises to substantially their condition prior to the casualty with the proceeds of insurance required to be maintained under this Lease. If Landlord fails to repair and restore the Premises as specified above within twelve (12) months after the casualty date with the proceeds of insurance, subject to reasonable extension for Force Majeure, then, in addition to any other remedy available at law or equity, Tenant may elect to terminate this Lease by written notice to Landlord. If this Lease is terminated in accordance with this Section 16, Rent shall be prorated as of the date of the casualty. If this Lease is not terminated pursuant to this Section 16, Tenant shall as promptly as practicable after the occurrence of such any damage or destruction, destruction and Landlord’s completion of its repairs and restorations make such repairs and replacements in which case Landlord shall retain all insurance proceeds with respect to the Premises as its own propertyare necessary to restore the Tenant Improvements and other leasehold improvements previously installed by Tenant. If Landlord does not terminate this Lease as provided aboveFurther, this Lease shall continue in full force and effect, but Base Rent shall be equitably abated until during the period of Landlord’s and Tenant’s restoration is substantially completework to the extent of the Premises that are not reasonably occupiable by Tenant, provided Tenant shall have a maximum of sixty (60) days to complete Tenant Improvements after Landlord delivers the Premises to Tenant with Landlord Improvements completed. The provisions A “Substantial Portion” of the Premises for the purposes of Sections 15 and 16 of this Lease shall govern when this Lease is terminable as a result of a fire or casualty and no other rule or statute on the subject applies. In the event be deemed to mean that the Lease is terminated, Tenant is entitled unable to reimbursement for any prepaid rent. Notwithstanding anything herein to (i) use fifty percent (50%) or more of the contrary, space in the event Building for the holder operation of any indebtedness secured by a mortgage or deed of trust covering Tenant’s business at the Premises, Building or Project requires that any insurance proceeds be applied (ii) as to such indebtednessSection 15, then Landlord shall have both of the right access curb cuts from Innovation Way to terminate this Lease by delivering written notice to Tenant within 15 days after such requirement is made by any such holder, whereupon the Lease shall end on Land are closed or more than thirty percent (30%) of the date of such notice as if the date of such notice were the date originally fixed in this Lease parking spaces for the expiration of the TermPremises are taken and no longer available for use by Tenant, and Landlord fails to provide reasonable replacement parking or access within a reasonable time.

Appears in 1 contract

Samples: Lease Agreement (AtriCure, Inc.)

Fire and Casualty. Except as hereafter provided, if In the Premises are wholly or partially destroyed or damaged by fire or other casualty, Landlord shall restore the Premises with reasonable diligence; provided, however, that Landlord shall have no obligation to restore improvements not originally provided by Landlord or to replace any event of Tenant’s fixtures, furnishings, equipment, or personal property and Tenant shall be responsible for refixturing the Premises and reinstalling its equipment. Landlord need not commence repairs until a substantial portion of the insurance proceeds are available and shall not be required to expend more than the actual insurance proceeds received. Proceeds of insurance payable with respect to a fire or other casualty in the Premises, Lessee shall immediately give notice thereof to Lessor. If the Premises, through no fault or neglect of Lessee, its agents, employees, invitees, licensees or visitors, shall be received and held destroyed by Landlord. In fire or other casualty so as to render the event Premises untenantable, the rental herein shall be reduced proportionally to the portion of the Premises rendered untenantable until such time as the Premises are destroyed or made tenantable by Lessor. If from such cause the same shall be so damaged by any fire that Lessor shall decide not to rebuild, then all rent and other sums owed hereunder up to the time of such destruction or casualty not covered shall be paid by the insurance maintained by Landlord or Lessee, and thenceforth this Lease shall cease and come to an end. Notwithstanding anything contained herein to the extent contrary, if within 60 days of not less than 25% of the replacement cost thereof, or if the fire or casualty occurs it is determined that the Premises cannot be restored within 150 days from the last year date of the Term of the Leasefire or casualty, then Landlord or Tenant Lessor shall give written notice to Lessee. Lessee shall have the option to terminate this Lease by giving notice to the other party right within 60 days after from the occurrence date of such damage or destructionLessor's notice to terminate the Lease. Further, in which case Landlord shall retain all insurance proceeds with respect to the Premises as its own property. If Landlord does not terminate this Lease as provided above, this Lease shall continue in full force and effect, but Base Rent shall be equitably abated until the restoration is substantially complete. The provisions of this Lease shall govern when this Lease is terminable as a result of a fire or casualty and no other rule or statute on the subject applies. In the event that the Lease is terminated, Tenant is entitled to reimbursement for any prepaid rent. Notwithstanding notwithstanding anything contained herein to the contrary, in the event the holder Building shall be destroyed or damaged prior to the final 2 years of any indebtedness secured by a mortgage the then current Lease Term to such extent that rebuilding or deed repairing can be completed within 150 days from the date of trust covering the Premisesdamage, Lessor shall, at its sole cost and expense, diligently proceed forthwith to rebuild and repair said Premises as closely as possible to the Building or Project requires to be constructed in accordance with Exhibit "B", except that any Lessor shall not be obligated for such repair in an amount in excess of the insurance proceeds recovered as a result of such damage or which could have been recovered had Lessor maintained the insurance Lessor was required to maintain in this Lease. If the Premises should be applied substantially damaged by fire or other casualty during the final 2 years of the Lease Term, Lessor shall not be required to rebuild or repair such indebtednessdamage and at Lessor or Lessee's option, by written notice to the other within 60 days after the date of the damage, this Lease shall terminate and all Base Rent and Additional Rent shall be abated as of the date of the damage. However, if during the last 2 years of the then Landlord current Lease Term, Lessor shall exercise said right of termination and at that time Lessee shall have the right to terminate this renew the Lease by delivering written Term, Lessee may render Lessor's notice of termination nugatory and reinstate Lessor's obligation to Tenant rebuild, provided that Lessee, within 15 days after such requirement is made by any such holderof receipt of Lessor's notice of termination, whereupon exercises its right to renew the Lease shall end on the date of such notice as if the date of such notice were the date originally fixed in this Lease for the expiration Term of the TermLease.

Appears in 1 contract

Samples: Lease Agreement (Aronex Pharmaceuticals Inc)

Fire and Casualty. Except as hereafter providedA. In the event of a fire or other casualty in the Leased Premises, if Tenant shall immediately give notice thereof to Landlord. If the Leased Premises are wholly or shall be partially destroyed or damaged by fire or other casualtycasualty so as to render the Leased Premises untenantable in whole or in part, Rent shall axxxx thereafter as to the portion of the Leased Premises rendered untenantable until such time as the Leased Premises are made tenantable as reasonably determined by Landlord shall restore the Premises and Landlord agrees to commence and prosecute such repair work promptly and with reasonable all due diligence; provided, however, that in the event such destruction (i) results in total or substantial damages to or destruction of the Building and Landlord shall decide not to rebuild or (ii) results in the Leased Premises being untenantable in whole or in substantial part and the reasonable estimation of a responsible contractor selected by Landlord as to the amount of time necessary to rebuild or restore such destruction to the Leased Premises and all other portions of the Building exceeds six (6) months from the time such work is commenced, then in either event, Landlord shall have no obligation to restore improvements not originally provided by Landlord or to replace any of Tenant’s fixtures, furnishings, equipment, or personal property and Tenant shall be responsible for refixturing the Premises and reinstalling its equipment. Landlord need not commence repairs until a substantial portion of the insurance proceeds are available and shall not be required to expend more than the actual insurance proceeds received. Proceeds of insurance payable with respect to a fire or other casualty shall be received and held by Landlord. In the event the Premises are destroyed or damaged by any fire or casualty not covered by the insurance maintained by Landlord or to the extent of not less than 25% of the replacement cost thereof, or if the fire or casualty occurs within the last year of the Term of the Lease, then Landlord or Tenant shall have the option to terminate this Lease by giving notice to the other party within 60 days after the occurrence of such damage or destruction, in which case Landlord shall retain all insurance proceeds with respect to the Premises as its own property. If Landlord does not terminate this Lease as provided above, this Lease shall continue in full force and effect, but Base Rent shall be equitably abated until the restoration is substantially complete. The provisions of this Lease shall govern when this Lease is terminable as a result of a fire or casualty and no other rule or statute on the subject applies. In the event that the Lease is terminated, Tenant is entitled to reimbursement for any prepaid rent. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises, Building or Project requires that any insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice to Tenant within 15 days after such requirement is made by any such holder, whereupon the Lease shall end on Agreement effective as of the date of casualty or destruction, and upon such termination, all Rent owed up to the time of such destruction or termination shall be paid by Tenant. Subject to reasonable delays for insurance adjustments, Landlord shall give Tenant written notice as if of its decisions, estimates or elections under this Section 13 within sixty (60) days after any such damage or destruction. If any portion of Rent is abated under this Section 13, Landlord may elect to extend the expiration date of such notice were the date originally fixed in Term of this Lease Agreement for the expiration period of the Termabatement.

Appears in 1 contract

Samples: Lease Agreement (Orion Marine Group Inc)

Fire and Casualty. Except as hereafter provided, if If all or a substantial part of the Premises are wholly or partially destroyed or damaged the Building is rendered untenantable by reason of fire or other casualty, Landlord shall may, at its option, either restore the Premises with reasonable diligence; provided, however, that Landlord shall have no obligation to restore improvements not originally provided by Landlord or to replace any of Tenant’s fixtures, furnishings, equipmentand the Building, or personal property and Tenant shall be responsible for refixturing the Premises and reinstalling its equipment. Landlord need not commence repairs until a substantial portion terminate this Lease effective as of the insurance proceeds are available and shall not be required to expend more than the actual insurance proceeds received. Proceeds date of insurance payable with respect to a such fire or other casualty shall be received and held by Landlordcasualty. In the event the Premises are destroyed or damaged by any fire or casualty not covered by the insurance maintained by Landlord or agrees to the extent of not less than 25% of the replacement cost thereof, or if the fire or casualty occurs give Tenant written notice within the last year of the Term of the Lease, then Landlord or Tenant shall have the option to terminate this Lease by giving notice to the other party within 60 sixty (60) days after the occurrence of any such damage fire or destruction, in which case other casualty designating whether Landlord shall retain all insurance proceeds with respect elects to the Premises as its own propertyso restore or terminate this Lease. If Landlord does not terminate the Lease is terminated pursuant to this Lease as provided aboveSection, this Lease shall continue in full force and effect, but Base Rent shall be equitably abated until the restoration is substantially complete. The provisions paid through and apportioned as of this Lease shall govern when this Lease is terminable as a result of a fire or casualty and no other rule or statute on the subject applies. In the event that the Lease is terminated, Tenant is entitled to reimbursement for any prepaid rent. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises, Building or Project requires that any insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice to Tenant within 15 days after such requirement is made by any such holder, whereupon the Lease shall end on the date of such notice fire or other casualty. Unless Landlord is entitled to terminate the Lease as set forth herein, if the Building (including the Premises) is damaged in part or whole from any fire or other casualty and can be substantially repaired and restored within one hundred twenty (120) days after the date of such notice were casualty using standard working methods and procedures, Landlord shall at its expense promptly and diligently repair and restore the Building and Premises to substantially the same condition as existed before the damage. If Landlord elects to restore or, is otherwise obligated to restore, Landlord’s obligation to restore the Premises shall be limited to restoring those improvements in the Premises existing as of the date originally fixed of such fire or other casualty which were made at Landlord’s expense and shall exclude any furniture, equipment, fixtures, additions, alterations or improvements in this Lease or to the Premises which were made at Tenant’s expense. Upon a casualty, rent shall xxxxx (a) for that part of the Premises which is untenantable on a per diem basis from the date of such fire or other casualty until Landlord has substantially completed its repair and restoration work, provided that Tenant does not occupy such part of the Premises for conduct of its business during said period or (b) for the expiration entire Premises from the date of such fire or other casualty until Landlord has substantially completed its repair and restoration work in the event that it is commercially impractical for Tenant to conduct its business in a portion of the Premises while another part of the business operation relocates to temporary space due to such damage (or Landlord’s restoration activities). Notwithstanding any of the foregoing, upon such a fire or other casualty, Tenant may terminate the Lease in the event that (a) Landlord elects not to restore the Premises or the Building or the restoration cannot be or is not otherwise completed within one hundred eighty (180) days following the date of such fire or other casualty, (b) any mortgagee of the Building does not allow insurance proceeds to be used for repair and restoration or any such insurance proceeds are not in an amount sufficient to complete the restoration or (c) a substantial part of the Premises or the Building is rendered untenantable by reason of fire or other casualty and such damage occurs during the final 365 days of the Term.

Appears in 1 contract

Samples: Office Lease (Telvent Git S A)

Fire and Casualty. Except as hereafter provided, if the Premises are wholly or partially destroyed or damaged by fire or other casualty, Landlord shall restore the Premises with reasonable diligence; provided, however, that Landlord shall have no obligation to restore improvements not originally provided by Landlord or to replace any of Tenant’s fixtures, furnishings, equipment, or personal property and Tenant shall be responsible for refixturing the Premises and reinstalling its equipment. Landlord need not commence repairs until a substantial portion of the insurance proceeds are available and shall not be required to expend more than the actual insurance proceeds received. Proceeds of insurance payable with respect to a fire or other casualty shall be received and held by Landlord. In the event the Premises are destroyed or damaged by any fire or casualty not covered by the insurance maintained by Landlord or to the extent of not less than 25% of the replacement cost thereof, or if the fire or casualty occurs within the last year of the Term of the Lease, then Landlord or Tenant shall have the option to terminate this Lease by giving notice to the other party within 60 days after the occurrence of such damage or destruction, in which case Landlord shall retain all insurance proceeds with respect to the Premises as its own property. If Landlord does not terminate this Lease as provided above, this Lease shall continue in full force and effect, but Base Rent shall be equitably abated until the restoration is substantially complete. The provisions of this Lease shall govern when this Lease is terminable as a result of a fire or casualty and no other rule or statute on the subject applies. In the event that the Lease Huts and/or any Equipment is terminatedpartially or wholly damaged or destroyed by fire or any other casualty, Tenant is entitled shall promptly restore, rebuild, replace, or repair the Huts and the Equipment substantially to reimbursement for any prepaid rentthe condition that existed prior to such event. Notwithstanding anything herein to the contraryforegoing, in the event that the holder Huts and/or the Equipment is partially or wholly damaged or destroyed by fire or any other casualty during the final Lease Year of any indebtedness secured by a mortgage the Initial Term, the initial Renewal Term, or deed the final Renewal Term of trust covering this Lease, or if applicable law will not permit the Premisesrestoration, Building repair, reconstruction or Project requires that any insurance proceeds be applied to such indebtednessreplacement of the Huts or the Equipment, then and in any such event, Tenant may elect to terminate this Lease without being obligated to reconstruct, restore, replace, or repair the Huts and the Equipment. If Tenant has the right to and elects to terminate the Lease, Tenant shall give Landlord written notice of such election not later than sixty (60) days after the date of the damage or destruction. Failure to give such notice within said sixty (60) day period shall have the be deemed to be a waiver by Tenant of its right to terminate this Lease, and in such event Tenant shall be obligated to rebuild, restore, reconstruct or repair the Huts and the Equipment as hereinabove provided. In the event such termination notice is timely given, this Lease by delivering written notice to Tenant within 15 shall terminate thirty (30) days after the date upon which such requirement notice is made delivered to Landlord, and all rents due or paid hereunder shall be prorated to the termination date; provided that Tenant shall remain responsible at its sole cost for removing the Huts, the Equipment, the Huts and Equipment foundation or base, and all rubble and debris caused by any or resulting from such holderdamage and destruction, whereupon and that Tenant shall cause the Leased Premises to be restored to a neat, clean, and attractive condition comparable or superior to the condition of the Leased Premises as of the Lease shall end on Date and coordinated with the date of such notice as if immediately surrounding Landlord Property, normal wear and tear and damage by the date of such notice were the date originally fixed in this Lease for the expiration of the Termelements excepted.

Appears in 1 contract

Samples: Telecommunications Equipment and Huts Ground Lease Agreement

Fire and Casualty. Except (a) In the event of partial or total destruction of the Building or the Premises by reason of fire or any other cause Tenant shall immediately after it becomes aware of such destruction notify Landlord of the same and Landlord shall promptly restore and rebuild the Building or the Premises at Landlord’s expense (but only to the extent of the insurance proceeds covering such damage), unless Landlord elects by notice to Tenant within ninety (90) days of such destruction not to restore and rebuild the Building or the Premises, and, in such case, this Lease shall terminate. Notwithstanding the foregoing, Landlord shall not have the right to terminate this Lease if the destruction is limited to the Common Areas of the Building or, if in Landlord’s reasonable opinion, the Premises can be restored to its original condition within one hundred eighty (180) days. If in Landlord’s reasonable opinion, as hereafter providedexpressed in a notice to Tenant given within forty-five (45) days after such destruction, the Premises cannot be restored to its original condition within one hundred eighty (180) days, or if the Premises are wholly not restored within two hundred seventy (270) days of the casualty (subject to Excusable Delays), or partially destroyed or damaged by fire or other casualty, Landlord shall restore if more than fifty percent (50%) of the Premises are destroyed, Tenant shall have the right to cancel this Lease by providing written notice to Landlord of such cancellation within ten (10) days of receipt of such notice from Landlord, time being of the essence with reasonable diligence; respect to such notice, and such termination shall be effective thirty (30) days after the date of such notice, provided, however, that Landlord shall have no obligation to restore improvements not originally provided may nullify any such notice by Landlord or to replace any of Tenant’s fixtures, furnishings, equipment, or personal property completing such restoration and Tenant shall be responsible for refixturing the Premises and reinstalling its equipment. Landlord need not commence repairs until a substantial portion of the insurance proceeds are available and shall not be required to expend more than the actual insurance proceeds received. Proceeds of insurance payable with respect to a fire or other casualty shall be received and held by Landlordrebuilding within such thirty (30) day period. In the event the Premises are totally or materially destroyed or damaged by any fire or casualty not covered by the insurance maintained by Landlord or to the extent of not less than 25% of the replacement cost thereof, or if the fire or casualty occurs within during the last year two (2) years of the Term or last two (2) years of the any extensions or renewals thereof, unless Tenant shall have exercised any further renewal options herein prior to such fire or destruction so that this Lease, then including only irrevocably exercised renewals, has a remaining Term of more than two (2) years, either Landlord or Tenant shall have the option right to terminate cancel this Lease by giving providing written notice to the other party within 60 days after the occurrence of such damage cancellation within ten (10) days of such fire or destruction, in which case Landlord shall retain all insurance proceeds time being of the essence with respect to the Premises as its own property. If Landlord does not terminate this Lease as provided abovesuch notice, this Lease shall continue in full force and effect, but Base Rent such termination shall be equitably abated until the restoration is substantially complete. The provisions of this Lease shall govern when this Lease is terminable as a result of a fire or casualty and no other rule or statute on the subject applies. In the event that the Lease is terminated, Tenant is entitled to reimbursement for any prepaid rent. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises, Building or Project requires that any insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice to Tenant within 15 effective thirty (30) days after such requirement is made by any such holder, whereupon the Lease shall end on the date of such notice notice. If Landlord is obligated to restore and rebuild the Premises or, if it is not obligated, Landlord elects to restore and rebuild the Premises, then during the period of restoration of any such area, and, if any portion of Premises are rendered untenantable by such damage, Tenant shall be relieved of the obligation to pay that portion of the Base Rent, Additional Rent, Tenant Electric Charge and Supplemental Electric Charge herein reserved which relates to such untenantable area until such time as if Tenant is able to reoccupy the date of such notice were the date originally fixed in this Lease Premises for the expiration regular conduct of the Termits business therein.

Appears in 1 contract

Samples: Lease Agreement (Pdi Inc)

Fire and Casualty. Except as hereafter provided, if If all or a substantial part of the Premises are wholly or partially destroyed or damaged the Building is rendered untenantable by reason of fire or other casualty, Landlord shall may, at its option, either restore the Premises with reasonable diligence; provided, however, that Landlord shall have no obligation to restore improvements not originally provided by Landlord or to replace any of Tenant’s fixtures, furnishings, equipmentand the Building, or personal property and Tenant shall be responsible for refixturing the Premises and reinstalling its equipment. Landlord need not commence repairs until a substantial portion terminate this Lease effective as of the insurance proceeds are available and shall not be required to expend more than the actual insurance proceeds received. Proceeds date of insurance payable with respect to a such fire or other casualty shall be received and held by Landlordcasualty. In the event the Premises are destroyed or damaged by any fire or casualty not covered by the insurance maintained by Landlord or agrees to the extent of not less than 25% of the replacement cost thereof, or if the fire or casualty occurs give Tenant written notice within the last year of the Term of the Lease, then Landlord or Tenant shall have the option to terminate this Lease by giving notice to the other party within 60 ninety (90) days after the occurrence of any such fire or other casualty designating whether Landlord elects to so restore or terminate this Lease. If Landlord elects to terminate this Lease, Rent shall be paid through and apportioned as of the date of such fire or other casualty. If Landlord elects to restore, Landlord's obligation to restore the Premises shall be limited to restoring those improvements in the Premises existing as of the date of such fire or other casualty which were made at Landlord's expense and shall exclude any furniture, equipment, fixtures, additions, alterations or improvements in or to the Premises which were made at Tenant's expense. If Landlord elects to restore, Rent shall abatx xxx that part of the Premises which is untenantable on a per diem basis from the date of such fire or other casualty until Landlord has substantially completed its repair and restoration work, provided that Tenant does not occupy such part of the Premises during said period. Notwithstanding the foregoing, there shall be no abatement of Rent or Tax Escalation or Expense Escalation by reason of any portion of the Building being unusable or inaccessible for a period equal to five (5) consecutive business days or less. If the cause of the damage or destruction is an earthquake or a flood, Tenant shall be entitled to an abatement of rent only when and if Landlord receives reimbursement for such rent from insurance proceeds, if any. If such damage or destruction, in which case Landlord shall retain all insurance proceeds with respect to the Premises as its own property. If Landlord does not terminate this Lease as provided above, this Lease shall continue in full force and effect, but Base Rent shall be equitably abated until the restoration is substantially complete. The provisions of this Lease shall govern when this Lease is terminable destruction occurs as a result of a fire the negligence or casualty the intentional acts of Tenant or Tenant's employees, agents, contractors or invitees, and no other rule or statute on the subject applies. In the event that the Lease is terminated, Tenant is entitled proceeds of insurance which are actually received by Landlord are not sufficient to reimbursement for any prepaid rent. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises, Building or Project requires that any insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice to Tenant within 15 days after such requirement is made by any such holder, whereupon the Lease shall end on the date of such notice as if the date of such notice were the date originally fixed in this Lease pay for the expiration repair of all of the Term.damage, Tenant

Appears in 1 contract

Samples: Office Lease (Hanover Capital Mortgage Holdings Inc)

Fire and Casualty. Except as hereafter providedA. In the event of a fire or other casualty in the Leased Premises, if Tenant shall immediately give notice thereof to Landlord. If the Leased Premises are wholly or shall be partially destroyed or damaged by fire or other casualty, casualty so as to render the Leased Premises untenantable in whole or in part. Rent shall xxxxx thereafter as to the portion of the Leased Premises rendered untenantable until such time as the Leased Premises are made tenantable as reasonably determined by Landlord shall restore the Premises and Landlord agrees to commence and prosecute such repair work promptly and with reasonable all due diligence; provided, however, that Landlord shall have no obligation in the event such destruction (i) results in total or substantial damages to restore improvements not originally provided or destruction of the Building or (ii) results in the Leased Premises being untenantable in whole or in substantial part and either (a) the reasonable estimation of a responsible contractor selected by Landlord and reasonably acceptable to Tenant as to the amount of time necessary to rebuild or restore such destruction to replace any the Leased Premises and all other portions of Tenant’s fixtures, furnishings, equipmentthe Building exceeds six (6) months from the time such work is commenced, or personal property and Tenant shall be responsible for refixturing the Premises and reinstalling its equipment. Landlord need not commence repairs until a substantial portion of the insurance proceeds are available and shall not be required to expend more than the actual insurance proceeds received. Proceeds of insurance payable with respect to a fire or other casualty shall be received and held by Landlord. In the event the Premises are destroyed or damaged by any fire or casualty not covered by the insurance maintained by Landlord or to the extent of not less than 25% of the replacement cost thereof, or if the fire or (b) such casualty occurs within during the last year two (2) years of the Term of the Leaseor any Extended Term, then in either event of item (i) or (ii), Landlord or Tenant shall have the option to terminate this Lease by giving notice to the other party within 60 days after the occurrence of such damage or destruction, in which case Landlord shall retain all insurance proceeds with respect to the Premises as its own property. If Landlord does not terminate this Lease as provided above, this Lease shall continue in full force and effect, but Base Rent shall be equitably abated until the restoration is substantially complete. The provisions of this Lease shall govern when this Lease is terminable as a result of a fire or casualty and no other rule or statute on the subject applies. In the event that the Lease is terminated, Tenant is entitled to reimbursement for any prepaid rent. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises, Building or Project requires that any insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease Agreement effective as of the date of casualty or destruction by delivering sending written notice to Tenant the other within 15 sixty (60) days after the casualty event, subject to reasonable delays for insurance adjustments and upon such requirement termination, all Rent owed up to the time of such destruction or termination shall be paid by Tenant. If any portion of Rent is made abated under this Section 13, the parties may elect by any such holder, whereupon mutual agreement to extend the Lease shall end on the expiration date of such notice as if the date Term of such notice were the date originally fixed in this Lease Agreement for the expiration period of the Termabatement.

Appears in 1 contract

Samples: Lease Agreement (TaxMasters, Inc.)

Fire and Casualty. Except as hereafter provided, if 14.1 In case of any damage to or destruction of any of the Premises are wholly building or partially destroyed or damaged the leased premises by fire or other casualty, Landlord shall restore casualty occurring during the Premises with reasonable diligence; provided, however, that Landlord shall have no obligation to restore improvements not originally provided by Landlord or to replace any term of Tenant’s fixtures, furnishings, equipment, or personal property and Tenant shall be responsible for refixturing the Premises and reinstalling its equipment. Landlord need not commence repairs until a substantial portion of the insurance proceeds are available and shall not be required to expend more than the actual insurance proceeds received. Proceeds of insurance payable with respect to a fire or other casualty shall be received and held by Landlord. In the event the Premises are destroyed or damaged by any fire or casualty this lease which is not covered by the insurance maintained required to be carried by Article 9.1 (but Landlord recognizes its obligation to maintain full replacement cost coverage), or which cannot be repaired within one hundred eighty (180) days from the happening of such casualty, then, in such event, the term hereby created shall, at the option of either party, upon written notice to the other by certified mail, return receipt requested, within thirty (30) days of such fire or casualty, cease and become null and void from the date of such destruction or damage. However, if neither party shall elect to cancel this lease within the thirty (30) day period hereinabove provided, the Landlord shall thereupon repair and restore the leased premises with reasonable speed and dispatch, and the rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after the leased premises are restored to substantially the same condition existing prior to such casualty. Landlord, in any event, shall advise Tenant in writing, within the aforementioned thirty (30) day period, as to whether or not the leased premises can be restored within the one hundred eighty (180) day period from the date of such casualty. Anything in this Article 14 to the contrary notwithstanding, it is expressly understood and agreed that the Landlord shall be obligated to restore the leased premises and the building only to the extent of not less than 25% of such cost as will be equivalent to the proceeds received by Landlord pursuant to the fire insurance and extended coverage to be provided to Landlord as in Article 9 provided (but Landlord recognizes its obligation to maintain full replacement cost thereof, or if coverage). If the fire or casualty occurs within insurance proceeds are not sufficient to restore the last year of leased premises and the Term of building to substantially the Leasesame condition which they were in prior to the casualty, then the Landlord or shall have a period of thirty (30) days within which to determine whether to terminate the term hereby created, unless the Landlord and Tenant shall have the option to terminate this Lease by giving notice mutually agree to the other party within 60 days after the occurrence funding of any such damage or destruction, in which case Landlord shall retain all insurance proceeds with respect to the Premises as its own property. If Landlord does not terminate this Lease as provided above, this Lease shall continue in full force and effect, but Base Rent shall be equitably abated until the restoration is substantially complete. The provisions of this Lease shall govern when this Lease is terminable as a result of a fire or casualty and no other rule or statute on the subject appliesexcess construction costs. In the event that of cancellation in accordance with this paragraph, the Lease is terminated, Tenant is entitled to reimbursement for any prepaid rent. Notwithstanding anything herein shall promptly surrender the leased premises and the Tenant's interest in said lease to the contraryLandlord, and the Tenant shall only pay rent to the time of such destruction or damage, in which event, the event Landlord may re-enter and repossess the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises, Building or Project requires that any insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate leased premises thus discharged from this Lease by delivering written notice to Tenant within 15 days after such requirement is made by any such holder, whereupon the Lease shall end on the date of such notice as if the date of such notice were the date originally fixed in this Lease for the expiration of the Termlease and may remove all parties therefrom.

Appears in 1 contract

Samples: Agreement (Andrx Corp)

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Fire and Casualty. Except as hereafter providedIn the event of destruction or any part thereof, if or any elevators, hallways, stairways or other approaches thereto, or the building of which the Premises are wholly a part or partially destroyed or damaged by fire or other casualty, Landlord shall restore the Premises with reasonable diligence; provided, however, that Landlord shall have no obligation to restore improvements not originally provided by Landlord or to replace any of Tenant’s fixtures, furnishings, equipment, or personal property and Tenant shall be responsible for refixturing the Premises and reinstalling its equipment. Landlord need not commence repairs until a substantial portion of the insurance proceeds are available and shall not be required to expend more than the actual insurance proceeds received. Proceeds of insurance payable with respect to a fire or other casualty shall be received and held by Landlord. In the event the Premises are destroyed or damaged by any fire or casualty not covered by the insurance maintained by Landlord or to the extent of not less than 25% of the replacement cost thereof, or if the fire any appurtenant facilities, by fire, other casualty or casualty occurs within the last year of the Term of the Leasefor any other reason whatsoever, then Landlord or Tenant shall have the option to terminate this Lease by giving notice to the other party within 60 days after the occurrence of such which damage or destruction, in which case the opinion of Landlord, is such that it cannot be repaired or restored within a reasonable time, Landlord, at its sole option, may declare this Lease Agreement terminated. If such damage or destruction is such that, in the opinion of Landlord, it may be restored within a reasonable time, Landlord shall retain all undertake the restoration involved and, if the damage or destruction involved was without the fault or neglect of Tenant, then Tenant's rent shall abatx xx an equitable and fair manner or in the same proportion as the business operates of Tenant have abated. In no event need Landlord expend a sum of money in completing any repair or restoration hereunder which shall exceed net available insurance proceeds with respect to nor need Landlord restore or replace any fixtures, equipment, personally, or other property located or stores in or about the Premises as its own property. If Landlord does not terminate this Lease as provided aboveand owned, this Lease shall continue leased, or otherwise in full force the possession of or under the dominion or control of Tenant, and effect, but Base Rent it shall be equitably abated until the restoration is substantially complete. The provisions sole responsibility of this Lease shall govern when this Lease is terminable as a result of a fire Tenant to adequately insure himself against loss thereof occasioned by damage or casualty and no other rule or statute on the subject appliesdestruction thereto. In the event that the Lease is terminatedPremises, or the building of which the premises are a part, or any portion thereof or any property thereon or thereabout be damaged or destroyed by fire or other cause as a result of any act omission or neglect of Tenant, Tenant is entitled shall be solely responsible to reimbursement for any prepaid rent. Notwithstanding anything herein reimburse Landlord to the contraryextent at any loss suffered by Landlord. Tenant shall give Landlord prompt notice of early accident, in the event the holder of any indebtedness secured by a mortgage damage to or deed of trust covering defect in, or about the Premises. No compensation, Building or Project requires that claim, or diminution of rent will be allowed, or paid, by Landlord, by reason of inconvenience, annoyance, or injury to business, arising from the necessity of repairing the Premises or any insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice to Tenant within 15 days after such requirement is made by any such holder, whereupon the Lease shall end on the date of such notice as if the date of such notice were the date originally fixed in this Lease for the expiration portion of the Termbuilding of which it is a part, however the necessity may occur.

Appears in 1 contract

Samples: Lease Agreement (Vasco Data Security International Inc)

Fire and Casualty. Except as hereafter provided, if If the Premises are wholly and/or the Building shall be damaged or partially destroyed or damaged by fire or other casualty, and if it appears that the Premises and/or the Building may be repaired or restored within one hundred eighty (180) days after such damage, and provided the Landlord's mortgagees allow sufficient insurance proceeds for the cost of said repair or restoration, the Landlord shall commence to repair or restore the Premises and/or the Building as soon as reasonably possible and diligently complete said repairs and restoration with reasonable diligence; providedpromptness. Notwithstanding anything to the contrary herein contained, however, that Landlord shall have no obligation duty pursuant to this Section 19. to repair or restore any portion of the alterations, additions, or improvements not originally in the Premises or the decorations thereto, except to the extent that same were provided by Landlord at Landlord's cost, i.e., the Tenant Improvements. If Tenant wants any other or to replace any of Tenant’s fixturesadditional repairs, furnishingsrestorations, equipmentadditions, or personal property alterations, and Tenant if Landlord consents thereto, the same shall be responsible for refixturing done by Landlord at the Tenant's expense. If the damage renders the Premises untenantable in whole or in part and reinstalling its equipment. Landlord need it cannot commence repairs until a substantial portion of reasonably be repaired or restored within one hundred eighty (180) days after the insurance proceeds are available and shall not be required to expend more than the actual insurance proceeds received. Proceeds of insurance payable with respect to a fire or other casualty shall be received and held by Landlord. In the event the Premises are destroyed or damaged by any fire or casualty not covered by the insurance maintained by Landlord or to the extent of not less than 25% of the replacement cost thereofdamage, or if Landlord elects to demolish the fire or casualty occurs within the last year of the Term of the Lease, then Landlord or Tenant shall have the option to terminate this Lease by giving notice to the other party within 60 days after the occurrence of such damage or destruction, in which case Landlord shall retain all insurance proceeds with respect to the Premises as its own property. If Landlord does not terminate this Lease as provided above, this Lease shall continue in full force and effect, but Base Rent shall be equitably abated until the restoration is substantially complete. The provisions of this Lease shall govern when this Lease is terminable as a result of a fire or casualty and no other rule or statute on the subject applies. In the event that the Lease is terminated, Tenant is entitled to reimbursement for any prepaid rent. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises, Building or Project requires that any insurance proceeds be applied to such indebtednesscease its operation, then Landlord shall have the right to cancel and terminate this Lease as of the date of such damage by delivering giving written notice to Tenant at any time within 15 sixty (60) days after such requirement is made damage shall have occurred. If the damage had not been caused by any such holderthe intentional act or neglect of the Tenant, whereupon and if this Lease was not cancelled or terminated in accordance with the Lease provisions in this Section 19., then Rental shall end on xxxxx during the period beginning with the date of such notice as if damage and ending with the date of when the Premises and/or the Building are again rendered tenantable; however such notice were abatement shall be limited to the date originally fixed in this Lease for ratio that the expiration untenantable portion of the TermPremises bears to the entirePremises, should only a portion of the Premises be untenantable. In the event the Premises is not restored or repaired within one hundred and eighty (180) days, the Tenant shall have the right to terminate the Lease upon notice to the Landlord. Should the damage be caused by the intentional or wilful acts of the Tenant or its agents or employees, Rental shall not xxxxx nor shall the Tenant have a right to cancel this Lease, and the Tenant shall continue to be liable therefor regardless that the Premises may not be habitable.

Appears in 1 contract

Samples: Lease Agreement (Delphi Information Systems Inc /De/)

Fire and Casualty. Except as hereafter provided, if If less than a Substantial Portion of the Premises are wholly or partially destroyed or is damaged by fire or other casualtycasualty ("Casualty"), Landlord shall repair and restore the Premises with reasonable diligence; provided, however, that Landlord shall have no obligation to restore improvements not originally provided by Landlord or to replace any of Tenant’s fixtures, furnishings, equipment, or personal property and Tenant shall be responsible for refixturing the Premises and reinstalling its equipment. Landlord need not commence repairs until a substantial damaged portion of the insurance proceeds are available and Premises to substantially the same condition prior to such Casualty within one hundred eighty (180) days after the date of such Casualty, except that Landlord shall not be required to expend more than repair or restore any leasehold improvements installed in the actual insurance proceeds receivedPremises by Tenant. Proceeds If Landlord fails to repair and restore the Premises within one hundred eighty (180) days after the date of insurance payable with respect to a fire or other casualty shall be received such Casualty, then Tenant may, at any time after expiration of said one hundred eighty (180) day period and held before such repair and restoration is completed by Landlord. In the event the Premises are destroyed or damaged by any fire or casualty not covered by the insurance maintained by Landlord or to the extent of not less than 25% of the replacement cost thereof, or if the fire or casualty occurs within the last year of the Term of the Lease, then Landlord or Tenant shall have the option elect to terminate this Lease by written notice thereof to Landlord or to make or complete such repairs and restoration, and Landlord shall reimburse Tenant promptly upon demand for the reasonable costs thereof. To the extent that Landlord fails to reimburse Tenant within ten (10) days from the date Tenant has made a written demand for such reasonable costs, Tenant shall have the right to set off such unreimbursed costs against Rent. Notwithstanding the foregoing, to the extent Landlord's failure to timely repair and restore the Premises is the result of the acts or omissions of Landlord or Landlord's agents, employees or contractors, the exercise by Tenant of the foregoing right to terminate or the right to restore on Landlord's behalf shall not preclude or otherwise prevent Tenant from pursuing any other rights or remedies which are available at law or in equity. If the entire Premises or a Substantial Portion thereof is damaged by a Casualty such that it cannot be restored to substantially its condition prior to such Casualty within one hundred eighty (180) days (as determined by mutual agreement of Landlord and Tenant) after the Casualty date, or if the Casualty occurs during the last twelve (12) months of the term of this Lease, or if the insurance proceeds received by Landlord are insufficient to restore the Premises to substantially its condition prior to the Casualty, then either party hereto may elect, by giving written notice to the other party within 60 sixty (60) days after the occurrence of such damage or destructionCasualty date, in which case to terminate this Lease. If this Lease has not been terminated by the date sixty (60) days after the Casualty date, then Landlord shall retain all insurance proceeds with due diligence repair and restore the Premises to substantially its condition prior to the Casualty. Rent shall be abated equitably with respect to that portion of the Premises as its own property. If Landlord does not terminate this Lease as provided above, this Lease shall continue in full force and effect, but Base Rent shall be equitably abated until the restoration which is substantially complete. The provisions of this Lease shall govern when this Lease is terminable rendered untenantable as a result of a fire or casualty Casualty and/or as a result of repair and no other rule or statute on the subject applies. In the event that the Lease is terminated, Tenant is entitled to reimbursement for any prepaid rent. Notwithstanding anything herein to the contrary, restoration activities in the event the holder of any indebtedness secured by connection with a mortgage or deed of trust covering the Premises, Building or Project requires that any insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice to Tenant within 15 days after such requirement is made by any such holder, whereupon the Lease shall end on Casualty from the date of such notice as if casualty until the date of on which the Premises have been restored to substantially its condition prior to such notice were the date originally fixed in Casualty. If this Lease for is not terminated pursuant to this Section 16, Tenant shall as promptly as practicable after the expiration occurrence of any damage or destruction make such repairs and replacements in the TermPremises as are necessary to restore Tenant's leasehold improvements (except the Building Improvements, and the Exterior Sign which shall be the responsibility of Landlord as provided above).

Appears in 1 contract

Samples: Lease (Cintech Solutions Inc)

Fire and Casualty. Except as hereafter providedA. In the event of a fire or other casualty in the Leased Premises, if Tenant shall immediately give notice thereof to Landlord. If the Leased Premises are wholly or shall be partially destroyed or damaged by fire or other casualtycasualty so as to render the Leased Premises untenantable in whole or in part, Rent shall xxxxx thereafter as to the portion of the Leased Premises rendered untenantable until such time as the Leased Premises are made tenantable as reasonably determined by Landlord shall restore the Premises and Landlord agrees to commence and prosecute such repair work promptly and with reasonable all due diligence; provided, however, that in the event such destruction (i) results in total or substantial damages to or destruction of the Building and Landlord shall decide not to rebuild or (ii) results in the Leased Premises being untenantable in whole or in substantial part and the reasonable estimation of a responsible contractor selected by Landlord as to the amount of time necessary to rebuild or restore such destruction to the Leased Premises and all other portions of the Building exceeds six (6) months from the time such work is commenced, then in either event, Landlord shall have no obligation to restore improvements not originally provided by Landlord or to replace any of Tenant’s fixtures, furnishings, equipment, or personal property and Tenant shall be responsible for refixturing the Premises and reinstalling its equipment. Landlord need not commence repairs until a substantial portion of the insurance proceeds are available and shall not be required to expend more than the actual insurance proceeds received. Proceeds of insurance payable with respect to a fire or other casualty shall be received and held by Landlord. In the event the Premises are destroyed or damaged by any fire or casualty not covered by the insurance maintained by Landlord or to the extent of not less than 25% of the replacement cost thereof, or if the fire or casualty occurs within the last year of the Term of the Lease, then Landlord or Tenant shall have the option to terminate this Lease by giving notice to the other party within 60 days after the occurrence of such damage or destruction, in which case Landlord shall retain all insurance proceeds with respect to the Premises as its own property. If Landlord does not terminate this Lease as provided above, this Lease shall continue in full force and effect, but Base Rent shall be equitably abated until the restoration is substantially complete. The provisions of this Lease shall govern when this Lease is terminable as a result of a fire or casualty and no other rule or statute on the subject applies. In the event that the Lease is terminated, Tenant is entitled to reimbursement for any prepaid rent. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises, Building or Project requires that any insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice to Tenant within 15 days after such requirement is made by any such holder, whereupon the Lease shall end on Agreement effective as of the date of casualty or destruction, and upon such termination, all Rent owed up to the time of such destruction or termination shall be paid by Tenant. Subject to reasonable delays for insurance adjustments, Landlord shall give Tenant written notice as if of its decisions, estimates or elections under this Section 13 within sixty (60) days after any such damage or destruction. If any portion of Rent is abated under this Section 13, Landlord may elect to extend the expiration date of such notice were the date originally fixed in Term of this Lease Agreement for the expiration period of the Termabatement.

Appears in 1 contract

Samples: Lease Agreement (Georesources Inc)

Fire and Casualty. Except as hereafter provided, if 11.1 In case of any damage to or destruction of any portion of the Building of which the Leased Premises are wholly or partially destroyed or damaged is a part by fire or other casualty occurring during the term of this Lease (or prior thereto), which shall render at least 1/3 of the floor area of the Leased Premises or the building untenantable or unfit for occupancy (“Total Destruction”), which damage cannot be repaired within 180 days from the happening of such casualty, Landlord shall restore the Premises with using reasonable diligence; provided, howeveras determined in a report prepared by an independent engineer, that Landlord shall have no obligation to restore improvements not originally provided by Landlord or to replace any of Tenant’s fixturesthen the term hereby created shall, furnishings, equipment, or personal property and Tenant shall be responsible for refixturing at the Premises and reinstalling its equipment. Landlord need not commence repairs until a substantial portion option of the insurance proceeds are available Landlord, upon written notice to the Tenant within 15 days of such fire or casualty, cease and shall become null and void from the date of such Total Destruction unless within fifteen (15) days of Landlord’s notice of Total Destruction Tenant sends notice to Landlord that it elects to continue the Lease notwithstanding the fact that the Leased Premises cannot be required to expend more than the actual insurance proceeds received. Proceeds of insurance payable with respect to a fire or other casualty shall be received and held by Landlordrepaired within 180 days. In the event of the termination, the Tenant shall immediately surrender the Leased Premises are destroyed or damaged by any fire or casualty not covered by the insurance maintained by Landlord or to the extent Landlord and this Lease shall terminate. The Tenant shall only pay Rent to the time of not less than 25% such Total Destruction. However, in the event of the replacement cost thereof, or Total Destruction if the fire or casualty occurs Landlord shall elect not to cancel this Lease within the last year of 15 day period the Term of Landlord shall repair and restore the Lease, then Landlord or Tenant shall have Building to substantially the option to terminate this Lease by giving notice same condition as it was prior to the other party within 60 days after the occurrence of such damage or destruction, with reasonable speed and dispatch, and in which case all events within 180 days, or if Tenant sends notice to Landlord that it elects to continue the Lease, Landlord shall retain all insurance proceeds with respect repair and restore the Building to substantially the same condition as it was prior to the damage or destruction, with reasonable speed and dispatch, and in all events within the timeframe stated in the independent engineer’s report. The Rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence upon 30 days notice from Landlord that the Leased Premises are substantially restored as its own propertyevidenced by the issuance of a CO by municipal authorities. If In any case where Landlord does must restore, consideration shall be given for delays under the Force Majeure paragraph in this Lease. Whether or not terminate this Lease as provided above, this Lease shall continue in full force and effect, but Base Rent shall be equitably abated until the restoration is substantially complete. The provisions of this Lease shall govern when this Lease is terminable has been terminated as a result of a fire casualty, in every instance, all insurance proceeds payable under policies of insurance carried by Landlord as a result of damage or casualty and no other rule or statute on the subject applies. In the event that the Lease is terminated, Tenant is entitled to reimbursement for any prepaid rent. Notwithstanding anything herein destruction to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises, Building or Project requires that any insurance proceeds shall be applied paid to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice to Tenant within 15 days after such requirement is made by any such holder, whereupon the Lease shall end on the date of such notice as if the date of such notice were the date originally fixed in this Lease for the expiration of the Termits sole and exclusive property.

Appears in 1 contract

Samples: Rocket Pharmaceuticals, Inc.

Fire and Casualty. Except as hereafter providedA. In the event of a fire or other casualty in the Leased Premises, if Tenant shall immediately give notice thereof to Landlord. If the Leased Premises are wholly or shall be partially destroyed or damaged by fire or other casualtycasualty so as to render the Leased Premises untenantable in whole or in part, Rent shall xxxxx thereafter as to the portion of the Leased Premises rendered untenantable until such time as the Leased Premises are made tenantable as reasonably determined by Landlord shall restore the Premises and Landlord agrees to commence and prosecute such repair work promptly and with reasonable all due diligence; provided, however, that in the event such destruction (i) results in total or substantial damage to or destruction of the Building and Landlord shall decide not to rebuild or (ii) results in the Leased Premises being untenantable in whole or in substantial part and the reasonable estimation of a responsible contractor selected by Landlord as to the amount of time necessary to rebuild or restore such destruction to the Leased Premises and all other portions of the Building exceeds six (6) months from the time such work is commenced, then in either event, Landlord shall have no obligation to restore improvements not originally provided by Landlord or to replace any of Tenant’s fixtures, furnishings, equipment, or personal property and Tenant shall be responsible for refixturing the Premises and reinstalling its equipment. Landlord need not commence repairs until a substantial portion of the insurance proceeds are available and shall not be required to expend more than the actual insurance proceeds received. Proceeds of insurance payable with respect to a fire or other casualty shall be received and held by Landlord. In the event the Premises are destroyed or damaged by any fire or casualty not covered by the insurance maintained by Landlord or to the extent of not less than 25% of the replacement cost thereof, or if the fire or casualty occurs within the last year of the Term of the Lease, then Landlord or Tenant shall have the option to terminate this Lease by giving notice to the other party within 60 days after the occurrence of such damage or destruction, in which case Landlord shall retain all insurance proceeds with respect to the Premises as its own property. If Landlord does not terminate this Lease as provided above, this Lease shall continue in full force and effect, but Base Rent shall be equitably abated until the restoration is substantially complete. The provisions of this Lease shall govern when this Lease is terminable as a result of a fire or casualty and no other rule or statute on the subject applies. In the event that the Lease is terminated, Tenant is entitled to reimbursement for any prepaid rent. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises, Building or Project requires that any insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice to Tenant within 15 days after such requirement is made by any such holder, whereupon the Lease shall end on Agreement effective as of the date of casualty or destruction, and upon such termination, all Rent owed up to the time of such destruction or termination shall be paid by Tenant. Subject to reasonable delays for insurance adjustments, Landlord shall give Tenant written notice as if of its decisions, estimates or elections under this Section 13 within sixty (60) days after any such damage or destruction. If any portion of Rent is abated under this Section 13, Landlord may elect to extend the expiration date of such notice were the date originally fixed in Term of this Lease Agreement for the expiration period of the Termabatement.

Appears in 1 contract

Samples: Lease Agreement

Fire and Casualty. Except as hereafter provided, if 11.1 In case of any damage to or destruction of any portion of the Premises are wholly or partially destroyed or damaged Building by fire or other casualty occurring during the term of this Lease (or previous thereto), which shall render at least 1/3 of the floor area of the Leased Premises or the building untenantable or unfit for occupancy, which damage cannot be repaired within 180 days from the happening of such casualty, Landlord shall restore using reasonable diligence ("Total Destruction") then the Premises with reasonable diligence; providedterm hereby created shall, however, that Landlord shall have no obligation to restore improvements not originally provided by at the option of the Landlord or to replace any of Tenant’s fixtures, furnishings, equipment, or personal property and Tenant shall be responsible for refixturing the Premises and reinstalling its equipment. Landlord need not commence repairs until a substantial portion of the insurance proceeds are available and shall not be required to expend more than the actual insurance proceeds received. Proceeds of insurance payable with respect to a fire or other casualty shall be received and held by Landlord. In the event the Premises are destroyed or damaged by any fire or casualty not covered by the insurance maintained by Landlord or to the extent of not less than 25% of the replacement cost thereof, or if the fire or casualty occurs within the last year of the Term of the Lease, then Landlord or Tenant shall have the option to terminate this Lease by giving upon written notice to the other party within 60 15 days after the occurrence of such fire or casualty, cease and become null and void from the date of such Total Destruction. In such event the Tenant shall immediately surrender the Leased Premises to the Landlord and this Lease shall terminate. The Tenant shall only pay Rent to the time of such Total Destruction. However, in the event of Total Destruction if neither Landlord nor Tenant shall elect to cancel this Lease within the 15 day period the Landlord shall repair and restore the Building to substantially the same condition as it was prior to the damage or destruction, with reasonable speed and dispatch. The Rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after the Leased Premises are substantially restored as evidenced by the issuance of a CO/CA by municipal authorities. Issuance of a CO/CA shall not relieve Landlord of its obligations to complete the repairs and restorations of the Building in which case Landlord shall retain all insurance proceeds with respect order to put the Building in substantially the same condition as it was prior to the Premises as its own propertydamage or destruction. If In any case where Landlord does not terminate must restore, consideration shall be given for delays under the Force Majeure paragraph in this Lease as provided above, (Paragraph 22). Whether or not this Lease shall continue in full force and effect, but Base Rent shall be equitably abated until the restoration is substantially complete. The provisions of this Lease shall govern when this Lease is terminable has been terminated as a result of a fire casualty, in every instance, all insurance proceeds payable as a result of damage or casualty and no other rule or statute on the subject applies. In the event that the Lease is terminated, Tenant is entitled to reimbursement for any prepaid rent. Notwithstanding anything herein destruction to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises, Building or Project requires that any insurance proceeds shall be applied paid to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice to Tenant within 15 days after such requirement is made by any such holder, whereupon the Lease shall end on the date of such notice as if the date of such notice were the date originally fixed in this Lease for the expiration of the Termits sole and exclusive property.

Appears in 1 contract

Samples: Lease Agreement (Valera Pharmaceuticals Inc)

Fire and Casualty. Except as hereafter providedAt all times during the term of this Lease, if including the period of construction or reconstruction of any improvement on the Premises, Lessee will have all buildings and improvements on the Premises are wholly insured against any loss or partially destroyed or damaged damage by fire, lightning, windstorm, hurricane, hail, explosion, riot, civil commotion, aircraft, smoke, land vehicles and boiler explosion with responsible insurance companies reasonably satisfactory to Lessor. If at any time, the Premises become totally untenantable by reason of damage of fire or other casualty, Landlord shall restore the Premises with reasonable diligence; provided, however, that Landlord shall have no obligation to restore improvements not originally provided by Landlord or to replace any of Tenant’s fixtures, furnishings, equipment, or personal property casualty and Tenant shall be responsible for refixturing the Premises and reinstalling its equipment. Landlord need not commence repairs until a substantial portion of the insurance proceeds are available and shall not be required to expend more than the actual insurance proceeds received. Proceeds of insurance payable with respect to a such fire or other casualty shall not have been caused by the negligence or wrongful act or omission of Lessee, Lessee's servants, agents, licensees, or invitees, the rent shall xxxxx until the Premises shall have been restored to tenantable condition, but nothing herein is to be received construed as requiring Lessor to restore or rebuild the Premises. If the Premises are so damaged, but not to the extent to the point that they are totally untenantable, Lessee shall continue to occupy same or the tenantable portion thereof, and held by Landlordthe rent shall xxxxx proportionately in the ratio that the unusable portion bears to the entire Premises. In the event the Premises are destroyed or damaged by any of a loss from fire or casualty not covered by the insurance maintained by Landlord or to the extent of not less than 25% of the replacement cost thereofcasualty, or if the fire or casualty occurs within the last year of the Term of the Lease, then Landlord or Tenant Lessor shall have an election not to rebuild or recondition the option Premises, which election shall be exercised by written notice thereof to terminate this Lease by giving notice to the other party within 60 Lessee, given with sixty (60) days after the occurrence from date of such damage or destruction, in which case Landlord shall retain all insurance proceeds with respect to the Premises as its own propertysaid loss. If Landlord does not terminate this Lease as provided aboveLessor exercises such election, this Lease shall continue in full force cease and effectterminate, but Base Rent shall be equitably abated until the restoration is substantially complete. The provisions of this Lease shall govern when this Lease is terminable as a result of a fire or casualty and no other rule or statute on the subject applies. In the event that the Lease is terminated, Tenant is entitled to reimbursement for any prepaid rent. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises, Building or Project requires that any insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice to Tenant within 15 days after such requirement is made by any such holder, whereupon the Lease shall end effective on the date of such notice as if loss, and Lessee shall pay the accrued rent up to the date of such notice were loss, or Lessor, if the rent has been paid beyond such date, will refund to Lessee the proportionate part of any such rent prepaid, and thereupon this Lease shall become null and void, with no further obligation on the part of either party hereto, even though the building may at a later date originally fixed be rebuilt, restored or reconditioned. No damage or destruction shall allow Lessee to surrender possession of the Premises, nor affect Lessee's liability for the payment of rent, except as specifically provided in this Lease for the expiration of the TermLease.

Appears in 1 contract

Samples: Ground Lease (Irv Inc)

Fire and Casualty. Except as hereafter providedUpon a fire or other casualty affecting the Building, Landlord, with reasonable diligence, shall restore the Building. Notwithstanding the foregoing, if all or a substantial part of the Premises are wholly or partially destroyed or damaged the Building is rendered untenantable by reason of fire or other casualty, Landlord shall may, at its option, either restore the Premises with reasonable diligence; provided, however, that Landlord shall have no obligation to restore improvements not originally provided by Landlord or to replace any of Tenant’s fixtures, furnishings, equipmentand the Building, or personal property and Tenant shall be responsible for refixturing the Premises and reinstalling its equipment. Landlord need not commence repairs until a substantial portion terminate this Lease effective as of the insurance proceeds are available and shall not be required to expend more than the actual insurance proceeds received. Proceeds date of insurance payable with respect to a such fire or other casualty shall be received and held by Landlordcasualty. In the event the Premises are destroyed or damaged by any fire or casualty not covered by the insurance maintained by Landlord or agrees to the extent of not less than 25% of the replacement cost thereof, or if the fire or casualty occurs within the last year of the Term of the Lease, then Landlord or give Tenant shall have the option to terminate this Lease by giving written notice to the other party within 60 days after the occurrence of any such damage fire or destructionother casualty designating whether Landlord elects to so restore or terminate this Lease. If Landlord elects to terminate this Lease, Rent shall be paid through and apportioned as of the date of such fire or other casualty. If Landlord elects to restore, Landlord's obligation to restore the Premises shall be limited to restoring those improvements in the Premises existing as of the date of such fire or other casualty which case Landlord were made at Landlord's expense and shall retain all insurance proceeds with respect exclude any furniture, equipment, fixtures, additions, alterations or improvements in or to the Premises as its own propertywhich were made at Tenant's expense. If Landlord elects to restore, Rent shall xxxxx for that part of the Premises which is untenantable on a per diem basis from the date of such fire or other casualty until Landlord has substantially completed its repair and restoration work, provided that Tenant does not occupy such part of the Premises during said period. Notwithstanding anything contained in this Section 12 to the contrary, within 60 days after the date of any fire or other casualty which renders all or a substantial part of the Premises or the Building untenantable, Landlord shall provide to Tenant in writing Landlord's good faith estimate of the time required by Landlord to restore the Premises. If Landlord's good faith estimate of the time required to restore the Premises exceeds 270 days from the date of such fire or casualty, then Tenant shall have the right, exercisable by written notice to Landlord within 15 days after delivery of Landlord's good faith estimate, to terminate this Lease as provided above, this Lease shall continue in full force and effect, but Base Rent shall be equitably abated until of the restoration is substantially complete. The provisions date of this Lease shall govern when this Lease is terminable as a result of a such fire or casualty and no other rule or statute on casualty. Notwithstanding the subject applies. In the event that the Lease is terminatedforegoing, Tenant is entitled to reimbursement for any prepaid rent. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises, Building or Project requires that any insurance proceeds be applied to such indebtedness, then Landlord shall have the no right to terminate this Lease by delivering written notice to Tenant within 15 days after such requirement is made by any such holder, whereupon the Lease shall end on the date of such notice as if the date fire or other casualty was caused, in whole or in part, by the negligence or intentional misconduct of such notice were the date originally fixed in this Lease for the expiration of the TermTenant or Tenant's agents, employees, contractors, invitees, subtenants or assigns.

Appears in 1 contract

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

Fire and Casualty. Except as hereafter provided, if 14.1 In case of any damage to the Premises are wholly or partially destroyed or damaged Building by fire or other casualty occurring during the term or previous thereto, which renders the Leased Premises wholly untenantable so that the same cannot be repaired within one hundred twenty (120) days from the happening of such damage, then the term hereby created shall, at the option of the Landlord or Tenant, terminate from the date of such damage. If the Landlord or Tenant elects to terminate the lease, the party electing to terminate shall notify the other party of such election within thirty (30) days of the happening of the fire or casualty, Landlord shall restore and in such event the Premises with reasonable diligence; provided, however, that Landlord shall have no obligation to restore improvements not originally provided by Landlord or to replace any of Tenant’s fixtures, furnishings, equipment, or personal property and Tenant shall be responsible for refixturing immediately surrender the Leased Premises and reinstalling its equipment. shall pay Fixed Rent and Additional Rent only to the time of such damage and the Landlord need not commence repairs until a substantial portion of may re- enter and re-possess the insurance proceeds are available and shall not be required to expend more than the actual insurance proceeds received. Proceeds of insurance payable with respect to a fire or other casualty shall be received and held by LandlordLeased Premises, discharged from this lease. In the event the Landlord can restore the Leased Premises are destroyed or damaged by any fire or casualty not covered by within one hundred twenty (120) days, it shall advise the insurance maintained by Landlord or to the extent of not less than 25% of the replacement cost thereof, or if the fire or casualty occurs within the last year of the Term of the Lease, then Landlord or Tenant shall have the option to terminate this Lease by giving notice to the other party within 60 days after the occurrence of such damage or destructionfact, in which case Landlord and the lease shall retain all insurance proceeds with respect to the Premises as its own property. If Landlord does not terminate this Lease as provided above, this Lease shall continue remain in full force and effecteffect during the period of Landlord's restoration, except that Fixed Rent and Additional Rent shall xxxxx, upon the happening of fire or casualty, and while the repairs and restorations are being made, but Base Rent the rent shall be equitably abated until recommence upon restoration of the restoration is substantially complete. The provisions Leased Premises and delivery of this Lease shall govern when this Lease is terminable as a result of a fire or casualty and no other rule or statute on the subject applies. In same by the event that the Lease is terminated, Tenant is entitled to reimbursement for any prepaid rent. Notwithstanding anything herein Landlord to the contraryTenant. Landlord agrees that it will undertake reconstruction and restoration of the Leased Premises with due diligence and reasonable speed and dispatch, in subject to the event terms and conditions of Article 26 (Force Majeure). Landlord agrees that it shall give Tenant two (2) weeks advanced notice of the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises, Building or Project requires that any insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice to Tenant within 15 days after such requirement is made by any such holder, whereupon the Lease shall end on the date completion of such notice as if the date of such notice were the date originally fixed in this Lease for the expiration of the Termrestoration.

Appears in 1 contract

Samples: Lease Agreement (Multilink Technology Corp)

Fire and Casualty. Except as hereafter provided, if If the Premises are wholly or partially destroyed or damaged by fire or other casualty, upon notice thereof given to Landlord by Tenant, the damages shall restore the Premises with reasonable diligence; provided, however, that Landlord shall have no obligation to restore improvements not originally provided be repaired by Landlord or to replace any of Tenant’s fixtures, furnishings, equipment, or personal property and Tenant shall be responsible for refixturing the Premises and reinstalling its equipment. Landlord need not commence repairs until a substantial portion of utilizing the insurance proceeds provided for in Article VIII, and all rent until such repairs are available and shall not be required to expend more than the actual insurance proceeds received. Proceeds of insurance payable with respect to a fire or other casualty made shall be received and held by Landlord. In reduced in the event proportion which the part of the Premises are destroyed or damaged which is not usable by any fire or casualty not covered by the insurance maintained by Landlord or Tenant bears to the extent rentable space in the Premises, provided, if so much of not less than 25% of Tenant's useable space in the replacement cost thereofPremises is so taken so that the remaining portion, or if in Tenant's reasonable judgment, is unsuitable for its continued occupation, Tenant may elect to vacate the fire or casualty occurs within the last year of the Term of the Lease, then Landlord or Tenant shall have the option to terminate this Lease by giving notice to the other party within 60 days after the occurrence of such damage or destructionPremises, in which case all rent shall so xxxxx. Landlord shall retain all insurance proceeds with respect not be obligated to repair damage to or to replace alterations or ·additions owned by Tenant or any fixtures, furniture, furnishings, equipment or other property of Tenant. Such repairs and replacements shall be made by and at the sole cost and expense of Tenant. If the Premises as are rendered wholly untenantable, all rent shall xxxxx from the date of such damage. If the Premises shall be so damaged, that in Landlord's opinion, more than twenty-five percent (25 %) of the Premises shall require alteration, demolition or reconstruction, then Landlord may, not later than thirty (30) 9ays following the damage, give Tenant notice in writing terminating this Lease. If Landlord elects to restore the Premises, then Landlord shall give Tenant notice of such intent within thirty (30) days following the damage, and Landlord shall promptly thereafter commence such reconstruction and diligently pursue such reconstruction in good faith, and shall complete such repairs, subject to matters beyond its own property. control, within a reasonable time but no later than one hundred and eighty (180) days after such damage If Landlord does not terminate this Lease as provided above, this Lease shall continue in full force and effect, but Base Rent shall be equitably abated until the restoration is substantially complete. The provisions give such notice of this Lease shall govern when this Lease is terminable as a result of a fire intent within thirty (30) days or casualty and no other rule or statute on the subject applies. In the event that the Lease is terminatedcomplete such repairs within one hundred eighty (180) days, Tenant is entitled to reimbursement for any prepaid rent. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises, Building or Project requires that any insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering giving written notice to Landlord at the end of said thirty (30) days or at the end of the one hundred eighty (180) day period if repairs are not substantially completed. If Tenant within 15 days after such requirement is made by any such holderso terminates this Lease, whereupon rent hereunder, to the Lease extent not otherwise abated, shall end on be due from Tenant to Landlord up to the date Tenant vacated the Premises. If any Tenant improvements are so damaged by fire or other casualty and the same are owned in whole or in part by Tenant, Tenant shall contribute to any repair or replacement therefor in proportion to Tenant's ownership. Tenant shall be responsible for all rent, damage or casualty to the premises not covered by insurance and which is caused by the acts, omissions or negligence of such notice as if the date of such notice were the date originally fixed in this Lease for the expiration of the TermTenant, its employees or agents.

Appears in 1 contract

Samples: Industrial Building Lease (Griffin Capital Essential Asset REIT II, Inc.)

Fire and Casualty. Except as hereafter provided, if 13.1 In the case of any damage to or destruction of any of the buildings or structures on the Leased Premises are wholly or partially destroyed or damaged by fire or other casualty, Landlord shall restore casualty occurring during the Premises with reasonable diligence; provided, however, that Landlord shall have no obligation to restore improvements not originally provided by Landlord or to replace any term of Tenant’s fixtures, furnishings, equipment, or personal property and Tenant shall be responsible for refixturing the Premises and reinstalling its equipment. Landlord need not commence repairs until a substantial portion of the insurance proceeds are available and shall not be required to expend more than the actual insurance proceeds received. Proceeds of insurance payable with respect to a fire or other casualty shall be received and held by Landlord. In the event the Premises are destroyed or damaged by any fire or casualty this Lease which is not covered by the insurance maintained required to be carried by ARTICLE 9.1, or which cannot be repaired within one hundred eighty (180) days from the happening of such casualty, then, in such event, the term hereby created shall, at the option of either party, upon written notice to the other by certified mail, return receipt requested, within thirty (30) days of such fire or casualty, cease and become null and void from the date of such destruction or damage. However, if neither party shall elect to cancel this Lease within the thirty (30) day period hereinabove provided, the Landlord shall thereupon repair and restore the Leased Premises with reasonable speed and dispatch, and the rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after said premises are restored. Landlord, in any event, shall advise Tenant in writing as to whether or not the Leased Premises can be restored within the one hundred eighty (180) day period from the date of such casualty. Anything in this ARTICLE 13 to the contrary notwithstanding, it is expressly understood and agreed that the Landlord shall be obligated to restore the Leased Premises only to the extent of not less than 25% of such cost as will be equivalent to the replacement cost thereof, or if proceeds received by Landlord pursuant to the fire or casualty occurs within insurance coverage to be provided to Landlord as in ARTICLE 9 provided. If the last year of insurance proceeds are not sufficient to restore the Term of premises to substantially the Leasesame condition which they were in prior to the casualty, then the Landlord or shall have a period of thirty (30) days within which to determine whether to terminate the term hereby created unless the Landlord and Tenant shall have the option to terminate this Lease by giving notice mutually agree to the other party within 60 days after the occurrence funding of any such damage or destruction, in which case Landlord shall retain all insurance proceeds with respect to the Premises as its own property. If Landlord does not terminate this Lease as provided above, this Lease shall continue in full force and effect, but Base Rent shall be equitably abated until the restoration is substantially complete. The provisions of this Lease shall govern when this Lease is terminable as a result of a fire or casualty and no other rule or statute on the subject appliesexcess construction costs. In the event that of cancellation in accordance with this Article, the Tenant shall immediately surrender the Leased Premises and the Tenant's interest in said Lease is terminated, Tenant is entitled to reimbursement for any prepaid rent. Notwithstanding anything herein to the contraryLandlord, and the Tenant shall only pay rent to the time of such destruction or damage, in which event, the event Landlord may re-enter and repossess the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises, Building or Project requires that any insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate Leased Premises thus discharged from this Lease by delivering written notice to Tenant within 15 days after such requirement is made by any such holder, whereupon the Lease shall end on the date of such notice as if the date of such notice were the date originally fixed in this Lease for the expiration of the Termand may removal all parties therefrom.

Appears in 1 contract

Samples: Lease Agreement (Transnet Corp)

Fire and Casualty. Except as hereafter provided, if If any part of the Leased Premises are wholly or partially destroyed or shall be damaged by fire fire, the elements, casualty or other casualtyotherwise, Landlord but is not thereby rendered untenable or unfit for occupancy, then the Lessor shall, at its expense, cause such damage to be repaired to substantially the condition as provided for in Paragraph 15 above, all work to be done in a good and workmanlike manner. The rent shall restore the Premises with reasonable diligence; provided, however, that Landlord shall have no obligation to restore improvements not originally provided by Landlord or to replace any of Tenant’s fixtures, furnishings, equipment, or personal property be abated and Tenant shall be responsible for refixturing the Premises and reinstalling its equipment. Landlord need not commence repairs until a substantial portion of the insurance proceeds from such damage shall be paid to and retained by the Lessor. If the Leased Premises shall be damaged by fire, the elements, casualty or otherwise so that the Leased Premises are available rendered partially untenable or unfit for occupancy, then the Lessor, at its expense, shall cause the damage to be repaired to substantially the condition as provided for in Paragraph 15 above, all work to be done in a good and workmanlike manner. The rent shall be bated proportionately from the time of the damage until the Leased Premises are repaired and fit for occupancy, and the insurance proceeds from such damage shall be paid to and retained by the Lessor. If the Leased Premises shall be damaged by fire, the elements, casualty or otherwise, so that the Leased Premises are totally destroyed or rendered more than 70% unfit for occupancy, and 117 cannot be required repaired in ninety (90) days, then either party reserves the right to expend more than cancel this lease within thirty (30) days after the actual casualty occurs, and if either party exercises such option, then this lease shall come to and end in the same manner as though the term had expired, and the insurance proceeds received. Proceeds of insurance payable with respect to a fire or other casualty from such damage shall be received paid to and held retained by Landlordthe Lessor. In the event the lease is not canceled, the Lessor shall, at its expense, rebuild the Leased Premises to substantially the condition as provided for in Paragraph 15 above, all repairs to be done in a good and workmanlike manner. The rent shall be abated during the time that Leased Premises are destroyed or damaged by any fire or casualty not covered unfit for occupancy, and the insurance proceeds shall be paid and retained by the insurance maintained by Landlord or to the extent of not less than 25% of the replacement cost thereof, or if the fire or casualty occurs within the last year of the Term of the Lease, then Landlord or Tenant shall have the option to terminate this Lease by giving notice to the other party within 60 days after the occurrence of such damage or destruction, in which case Landlord shall retain all insurance proceeds with respect to the Premises as its own property. If Landlord does not terminate this Lease as provided above, this Lease shall continue in full force and effect, but Base Rent shall be equitably abated until the restoration is substantially complete. The provisions of this Lease shall govern when this Lease is terminable as a result of a fire or casualty and no other rule or statute on the subject applies. In the event that the Lease is terminated, Tenant is entitled to reimbursement for any prepaid rent. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises, Building or Project requires that any insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice to Tenant within 15 days after such requirement is made by any such holder, whereupon the Lease shall end on the date of such notice as if the date of such notice were the date originally fixed in this Lease for the expiration of the TermLessor.

Appears in 1 contract

Samples: Lease Agreement (Tatonka Energy Inc)

Fire and Casualty. Except as hereafter provided, if If the Premises are wholly or partially destroyed or damaged by fire or other casualty, Landlord Lessor shall restore the Premises with reasonable diligence; provided, however, that Landlord Lessor shall have no obligation to restore improvements not originally provided by Landlord Lessor or to replace any of Tenant’s 's fixtures, furnishings, equipment, equipment or personal property property; and Tenant shall be responsible for refixturing the Premises and reinstalling its equipment. Landlord provided further that Lessor need not commence repairs until a substantial portion of the insurance proceeds are available and shall not be required to expend more than are released in a sufficient amount for such purpose by any lender holding a lien on all or part of the actual insurance proceeds receivedCenter. Proceeds of insurance payable with respect to a fire or other casualty shall be received and held by LandlordLessor. In Notwithstanding the foregoing, in the event the Premises are destroyed or damaged by any fire or casualty not covered by the insurance maintained by Landlord or to the extent of not less than 25% twenty-five percent of the replacement cost thereof, or if the fire or casualty occurs within the last year three years of the Term of the LeaseTerm, then Landlord or Tenant Lessor shall have the option to terminate this Lease by giving notice to the other party Tenant within 60 sixty days after the occurrence of such damage or destruction, in which case Landlord Lessor shall retain all insurance proceeds with respect to the Premises as its own propertyproperty and shall not be required to spend any more on the restoration than the amount of proceeds actually received by Lessor. If Landlord Lessor does not terminate this Lease as provided above, this Lease shall continue in full force and effect, but Base Minimum Annual Rent shall be equitably abated abate until the restoration is substantially completecoxxxxxe. However, in the event it is determined that Tenant's ability to continuously operate and conduct business on the Premises is not hindered, then Minimum Annual Rent shall abate in proportion to the Premises under resxxxxxion. The provisions of this Lease shall govern when this Lease is shall be terminable as a result of a fire or casualty casualty, and no other rule or statute on the subject appliesshall apply. 13. Condemnation In the event the entire Premises shall be appropriated or taken under the power of eminent domain, this Lease shall terminate and expire as of the date of such taking. In the event that more than twenty-five percent of the Lease Premises is terminatedtaken under the power of eminent domain, Tenant is entitled to reimbursement for any prepaid rent. Notwithstanding anything herein to the contrary, in the event the holder or if by reason of any indebtedness secured by a mortgage appropriation or deed taking, regardless of trust covering the Premisesamount so taken, Building the remainder of the Premises is not one undivided parcel of property, either Lessor or Project requires that any insurance proceeds be applied to such indebtedness, then Landlord Tenant shall have the right to terminate this Lease as of the date Tenant is required to vacate a portion of the Premises upon giving notice in writing of such election within thirty days after receipt by delivering Tenant from Lessor of written notice that the Premises have been so appropriated or taken. If neither Lessor nor Tenant elects to Tenant within 15 days after such requirement is made so terminate this Lease, or in the event less than twenty-five percent of the Premises shall be appropriated under the power of eminent domain by any public or quasi-public authority, and the remainder thereof is an undivided parcel of property, then Lessor shall restore the Premises to the extent practicable to their condition prior to the taking, provided that no such holder, whereupon restoration need commence until the Lease shall end condemnation proceeds are available and released in a sufficient amount for such purpose by any lender holding a lien on the date of such notice as if the date of such notice were the date originally fixed in this Lease for the expiration all or part of the TermCenter and further provided that Lessor shall not be required to spend more than the condemnation proceeds actually received by Lessor, and thereafter the Minimum Annual Rent shall be reduced on an equitable basis, taking into account the relative value of the portion taken as compared to the portion remaining. All awards or compensation for any taking of any part of the Premises, whether payable to Lessor or Tenant, shall be the sole property of Lessor. Notwithstanding anything to the contrary contained herein, Tenant shall be entitled to receive any portion of an award of compensation relating to damage to or loss of trade fixtures or other personal property belonging to Tenant, and Lessor shall be under no obligation to restore or replace Tenant's furnishings, fixtures, equipment and personal property. For the purposes of this Article 14, a voluntary sale or conveyance in lieu of condemnation shall be deemed an appropriation or a taking under the power of eminent domain. 14.

Appears in 1 contract

Samples: Retail Sublease (Giant Industries Inc)

Fire and Casualty. Except as hereafter provided, if If the Premises are wholly or partially destroyed or damaged by fire or other casualty, Landlord the damages shall restore be repaired by and at the expense of NWLSD. If the Premises with reasonable diligence; providedare damaged by fire or other casualty, howeverthe damages shall be promptly repaired by and at the expense of NWLSD. In the event that the fire or other casualty is due to to the acts or omissions of Xxxxxx Tech, that Landlord Xxxxxx Tech and/or its insurance provider, as required in Paragraph 15 of this Agreement, shall have no obligation reimburse Northwest for the expenses of repairs. Until such repairs can be made rent shall be reduced by the fraction of the Premises which is not usable to restore improvements Xxxxxx Tech. NWLSD shall not originally provided by Landlord be obligated to repair damage to, or to replace alterations made by and for Xxxxxx Tech or any of Tenant’s fixtures, furnishings, equipment, or personal other property and Tenant shall be responsible for refixturing the Premises and reinstalling its equipmentor effects of Xxxxxx Tech. Landlord need not commence repairs until a substantial portion of the insurance proceeds are available and shall not be required to expend more than the actual insurance proceeds received. Proceeds of insurance payable with respect to a fire or other casualty shall be received and held by Landlord. In the event If the Premises are totally damaged or destroyed or damaged by any fire or casualty not covered by rendered wholly untenantable, rent shall entirely xxxxx from the insurance maintained by Landlord or to the extent of not less than 25% of the replacement cost thereof, or if the fire or casualty occurs within the last year of the Term of the Lease, then Landlord or Tenant shall have the option to terminate this Lease by giving notice to the other party within 60 days after the occurrence date of such damage or destruction. If NWLSD determines not to restore the Premises, or if the Premises or building shall be so damaged that, in which case Landlord NWLSD’s opinion, substantial alteration, demolition or reconstruction shall retain all insurance proceeds be required, then NWLSD may, not later than sixty (60) days following the damage, give Xxxxxx Tech notice in writing terminating this Agreement. If NWLSD elects to restore the Premises, then NWLSD shall commence such restoration within sixty (60) days following the damage and shall complete such restoration within a reasonable time and this Agreement shall continue with respect the period of untenantability being added to the Premises as its own property. If Landlord does not terminate this Lease as provided above, this Lease shall continue in full force and effect, but Base Rent shall be equitably abated until term of the restoration is substantially complete. The provisions of this Lease shall govern when this Lease is terminable as a result of a fire or casualty and no other rule or statute on the subject appliesAgreement. In the event that the Lease is terminatedof termination, Tenant is entitled to reimbursement for any prepaid rent. Notwithstanding anything herein rent will be prorated to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises, Building or Project requires that any insurance proceeds be applied termination date and refunded to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice to Tenant within 15 days after such requirement is made by any such holder, whereupon the Lease shall end on the date of such notice as if the date of such notice were the date originally fixed in this Lease for the expiration of the TermXxxxxx Tech.

Appears in 1 contract

Samples: Lease Agreement

Fire and Casualty. Except as hereafter provided, if 11.1 In case of any damage to or destruction of any portion of the Building of which the Leased Premises are wholly or partially destroyed or damaged is a part by fire or other casualty occurring during the term of this Lease (or prior thereto), which shall render at least 1/3 of the floor area of the Leased Premises or portions of the building required for Tenant’s use of the Leased Premises untenantable or unfit for occupancy, which damage cannot be repaired within 180 days from the happening of such casualty, Landlord shall restore using reasonable diligence (“Total Destruction”) then the Premises with reasonable diligence; providedterm hereby created shall, however, that Landlord shall have no obligation to restore improvements not originally provided by Landlord or to replace any of Tenant’s fixtures, furnishings, equipment, or personal property and Tenant shall be responsible for refixturing at the Premises and reinstalling its equipment. Landlord need not commence repairs until a substantial portion option of the insurance proceeds are available and shall not be required to expend more than the actual insurance proceeds received. Proceeds of insurance payable with respect to a fire or other casualty shall be received and held by Landlord. In the event the Premises are destroyed or damaged by any fire or casualty not covered by the insurance maintained by Landlord or to the extent of not less than 25% of the replacement cost thereof, or if the fire or casualty occurs within the last year of the Term of the Lease, then Landlord or Tenant shall have the option to terminate this Lease by giving upon written notice to the other party Tenant within 60 15 days after the occurrence of such fire or casualty, cease and become null and void from the date of such Total Destruction. In such event the Tenant shall immediately surrender the Leased Premises to the Landlord and this Lease shall terminate. The Tenant shall only pay Rent to the time of such Total Destruction. However, in the event of Total Destruction if the Landlord shall elect not to cancel this Lease within the 15 day period the Landlord shall repair and restore the Building to substantially the same condition as it was prior to the damage or destruction, with reasonable speed and dispatch. The Rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after the Leased Premises are substantially restored as evidenced by the issuance of a TCO/CO/CA by municipal authorities. In any case where Landlord must restore, consideration shall be given for delays under the Force Majeure paragraph in which case Landlord this Lease, but such delays shall retain all insurance proceeds with respect to the Premises as its own propertynot impact Tenant’s rent abatement or termination rights hereunder, if any. If Landlord does Whether or not terminate this Lease as provided above, this Lease shall continue in full force and effect, but Base Rent shall be equitably abated until the restoration is substantially complete. The provisions of this Lease shall govern when this Lease is terminable has been terminated as a result of a fire casualty, in every instance, all property insurance proceeds payable as a result of damage or casualty and no other rule or statute on the subject applies. In the event that the Lease is terminated, Tenant is entitled to reimbursement for any prepaid rent. Notwithstanding anything herein destruction to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises, Building or Project requires that any insurance proceeds shall be applied paid to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice to Tenant within 15 days after such requirement is made by any such holder, whereupon the Lease shall end on the date of such notice as if the date of such notice were the date originally fixed in this Lease for the expiration of the Termits sole and exclusive property.

Appears in 1 contract

Samples: Lease Agreement (PMV Pharmaceuticals, Inc.)

Fire and Casualty. Except as hereafter provided, if the Premises are wholly or partially destroyed or damaged by fire or other casualty, Landlord shall restore the Premises with reasonable diligence; provided, however, that Landlord shall have no obligation to restore improvements not originally provided by Landlord or to replace any of Tenant’s fixtures, furnishings, equipment, or personal property and Tenant shall be responsible for refixturing the Premises and reinstalling its equipment. Landlord need not commence repairs until a substantial portion of the insurance proceeds are available and shall not be required to expend more than the actual insurance proceeds received. Proceeds of insurance payable with respect to Upon a fire or other casualty affecting the Building, Landlord, with commercially reasonable diligence and promptness, shall be received and held by Landlordrestore the Building. In Notwithstanding the event foregoing, if (i) all or a substantial part of the Premises are destroyed or damaged the Building is rendered untenantable by any reason of fire or other casualty not covered by the insurance maintained by Landlord or to the extent of not less than 25% of the replacement cost thereof, or if the (ii) a fire or casualty occurs within during the last year 12 months of the Term (taking into account any Extension Option [as hereinafter defined] that has been exercised prior to date of the Leasefire or casualty), then Landlord may, at its option, either restore the Premises and the Building, or Tenant shall have the option to terminate this Lease by giving effective as of the date of such fire or other casualty. Landlord agrees to give Tenant written notice to the other party within 60 days after the occurrence of any such damage fire or destructionother casualty designating whether Landlord elects to so restore or terminate this Lease. If Landlord elects to terminate this Lease, Rent shall be paid through and apportioned as of the date of such fire or other casualty. If Landlord elects to restore, Landlord's obligation to restore the Premises shall be limited to restoring those improvements in the Premises existing as of the date of such fire or other casualty which were made at Landlord's expense and shall exclude any furniture, equipment, fixtures, additions, alterations or improvements in or to the Premises which were made at Tenant's expense. Provided Landlord has carried the property insurance required to be carried by Landlord pursuant to Section 10B, Landlord shall not be obligated to restore the Premises if Landlord does not receive insurance proceeds in an amount sufficient to pay all of the costs of such restoration (in which case if Landlord elects not to restore, this Lease shall retain all insurance proceeds with respect to terminate as of the Premises as its own propertydate of the fire or casualty). If Landlord elects to restore, Rent shall xxxxx for that part of the Premises which is untenantable on a per diem basis from the date of such fire or other casualty until Landlord has substantially completed its repair and restoration work and obtained a certificate of occupancy relating to its work (if required), provided that Tenant does not occupy such part of the Premises during said period. Notwithstanding anything contained in this Section 12 to the contrary, within 60 days after the date of any fire or other casualty which renders all or a substantial part of the Premises or the Building untenantable, Landlord shall provide to Tenant in writing Landlord's good faith estimate of the time required by Landlord to restore the Premises. If Landlord's good faith estimate of the time required to restore the Premises exceeds 270 days from the date of such fire or casualty, then Tenant shall have the right, exercisable by written notice to Landlord within 15 days after delivery of Landlord's good faith estimate, to terminate this Lease as provided above, this Lease shall continue in full force and effect, but Base Rent shall be equitably abated until of the restoration is substantially complete. The provisions date of this Lease shall govern when this Lease is terminable as a result of a such fire or casualty and no other rule or statute on casualty. Notwithstanding the subject applies. In the event that the Lease is terminatedforegoing, Tenant is entitled to reimbursement for any prepaid rent. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises, Building or Project requires that any insurance proceeds be applied to such indebtedness, then Landlord shall have the no right to terminate this Lease by delivering written notice to Tenant within 15 days after such requirement is made by any such holder, whereupon the Lease shall end on the date of such notice as if the date fire or other casualty was caused, in whole or in part, by the negligence or intentional misconduct of such notice were the date originally fixed in this Lease for the expiration of the TermTenant or Tenant's agents, employees, contractors, invitees, subtenants or assigns.

Appears in 1 contract

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

Fire and Casualty. Except as hereafter providedUpon a fire or other casualty affecting the Building, Landlord, with reasonable diligence, shall restore the Building. Notwithstanding the foregoing, if all or a substantial part of the Premises are wholly or partially destroyed or damaged the Building is rendered untenantable by reason of fire or other casualty, Landlord shall may, at its option, either restore the Premises with reasonable diligence; provided, however, that Landlord shall have no obligation to restore improvements not originally provided by Landlord or to replace any of Tenant’s fixtures, furnishings, equipmentand the Building, or personal property and Tenant shall be responsible for refixturing the Premises and reinstalling its equipment. Landlord need not commence repairs until a substantial portion terminate this Lease effective as of the insurance proceeds are available and shall not be required to expend more than the actual insurance proceeds received. Proceeds date of insurance payable with respect to a such fire or other casualty shall be received and held by Landlordcasualty. In the event the Premises are destroyed or damaged by any fire or casualty not covered by the insurance maintained by Landlord or agrees to the extent of not less than 25% of the replacement cost thereof, or if the fire or casualty occurs within the last year of the Term of the Lease, then Landlord or give Tenant shall have the option to terminate this Lease by giving written notice to the other party within 60 days after the occurrence of any such damage fire or destructionother casualty designating whether Landlord elects to so restore or terminate this Lease. If Landlord elects to terminate this Lease, Rent shall be paid through and apportioned as of the date of such fire or other casualty. If Landlord elects to restore, Landlord's obligation to restore the Premises shall be limited to restoring those improvements in the Premises existing as of the date of such fire or other casualty which case Landlord were made at Landlord's expense and shall retain all insurance proceeds with respect exclude any furniture, equipment, fixtures, additions, alterations or improvements in or to the Premises as its own propertywhich were made at Tenant's expense. If Landlord elects to restore, Rent shall xxxxx for that part of the Premises which is untenantable on a per diem basis from the date of such fire or other casualty until Landlord has substantially completed its repair and restoration work, provided that Tenant does not occupy such part of the Premises during said period. Notwithstanding anything contained in this Section 12 to the contrary, within 60 days after the date of any fire or other casualty which renders all or a substantial part of the Premises or the Building untenantable, Landlord shall provide to Tenant in writing Landlord's good faith estimate of the time required by Landlord to restore the Premises ("Landlord's Restoration Estimate"). If Landlord's Restoration Estimate exceeds 270 days from the date of such fire or casualty, then Tenant shall have the right, exercisable by written notice to Landlord within 15 days after delivery of Landlord's Restoration Estimate, to terminate this Lease as of the date of such fire or other casualty. Furthermore, if neither party elects to terminate this Lease as provided above, this Lease shall continue in full force above and effect, but Base Rent shall be equitably abated until Landlord fails to substantially complete the restoration is substantially complete. The provisions of this Lease shall govern when this Lease is terminable the Premises within 60 days after the time period set forth in Landlord's Restoration Estimate (subject to delays caused by or attributable to Tenant or its agents, employees or contractors or to events of the type described in Section 25J), as a result Tenant's sole and exclusive remedy for such delay in substantial completion of a fire or casualty and no other rule or statute on the subject applies. In the event that the Lease is terminatedrestoration, Tenant is entitled to reimbursement for any prepaid rent. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises, Building or Project requires that any insurance proceeds be applied to such indebtedness, then Landlord shall have the right, exercisable by written notice to Landlord within 15 days after the expiration of such 60-day period, to terminate this Lease as of the date of such fire or other casualty. Notwithstanding the foregoing, Tenant shall have no right to terminate this Lease by delivering written notice to Tenant within 15 days after such requirement is made by any such holder, whereupon the Lease shall end on the date of such notice as if the date fire or other casualty was caused, in whole or in part, by the negligence or intentional misconduct of such notice were the date originally fixed in this Lease for the expiration of the TermTenant or Tenant's agents, employees, contractors, invitees, subtenants or assigns.

Appears in 1 contract

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

Fire and Casualty. Except as hereafter provided21. (a) If the Premises, if or any part of the building of which the Premises are wholly or partially destroyed or a part shall be damaged by fire or other casualty, Landlord shall restore the Premises with reasonable diligence; provided, however, that Landlord shall have no obligation to restore improvements casualty and if such damage does not originally provided by Landlord render all or to replace any of Tenant’s fixtures, furnishings, equipment, or personal property and Tenant shall be responsible for refixturing the Premises and reinstalling its equipment. Landlord need not commence repairs until a substantial portion of the Premises or such building untenantable in Lessor’s reasonable discretion, then Lessor shall proceed to repair and restore with reasonable promptness the Premises, subject to reasonable delays for insurance proceeds are available adjustments and shall not be required to expend more than the actual insurance proceeds receiveddelays caused by matters beyond Lessor’s reasonable control. Proceeds If any such damage renders all or a substantial portion of insurance payable with respect to a fire or other casualty shall be received and held by Landlord. In the event the Premises are destroyed or damaged by any fire or casualty not covered by the insurance maintained by Landlord or to the extent of not less than 25% of the replacement cost thereofbuilding untenantable, or if the fire or casualty occurs within the last year of the Term of the LeaseLessor shall, then Landlord or Tenant shall have the option to terminate this Lease by giving notice to the other party within 60 days with reasonable promptness after the occurrence of such damage or destructiondamage, in which case Landlord shall retain all insurance proceeds with respect estimate the length of time that will be required to substantially complete the repair and restoration of the damaged areas of the Premises as its own propertyor building and shall give notice to advise Lessee of such estimate. If Landlord does not terminate this Lease as provided above, this Lease shall continue in full force and effect, but Base Rent shall be equitably abated until the restoration it is substantially complete. The provisions of this Lease shall govern when this Lease is terminable as a result of a fire or casualty and no other rule or statute on the subject applies. In the event so estimated that the Lease is terminated, Tenant is entitled amount of time required to reimbursement for any prepaid rent. Notwithstanding anything herein to substantially complete such repair and restoration will exceed two hundred seventy (270) days from the contrary, in date such damage occurred or be beyond the event end of the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises, Building or Project requires that any insurance proceeds be applied to such indebtednessterm, then Landlord Lessor shall have the right to terminate this Lease by delivering written notice to Tenant within 15 days after such requirement is made by any such holder, whereupon the Lease shall end on as of the date of such damage upon giving notice as to the Lessee at any time within twenty (20) days after Lessor gives Lessee the notice containing said estimate (it being understood that Lessor may, if it elects to do so, also give such notice of termination together with the notice containing said estimate); and, if such damage or destruction shall occur during the last year of the term of this lease, Lessee may elect to terminate this lease by notice to Lessor within thirty (30) days of the date of such notice were damage or destruction. Unless this Lease is terminated as provided in the preceding sentence, Lessor shall proceed with reasonable promptness to repair and restore the base work applicable to the Premises, subject to reasonable delays for insurance adjustments and delays caused by matters beyond Lessor’s reasonable control, and also subject to zoning laws and building codes then in effect. Lessor shall have no liability to Lessee, and Lessee shall not be entitled to terminate this Lease (except as herein provided) if such repairs and restoration are not in fact completed within the time period estimated by Lessor, as aforesaid, or within said two hundred seventy (270) days or before the end of the term. If the Premises are not repaired or restored within twelve (12) months after the date originally fixed in of such fire or other casualty, then either party may terminate this Lease for Lease, effective as of the date written notice is given to the other party, if given not later than thirty (30) days after the expiration of said twelve (12) month period, but prior to substantial completion of repair or restoration; provided that such termination shall not limit or waive in any way Lessee’s rights to damages caused by Lessor’s failure to repair or restore the TermPremises within such two hundred seventy (270) days. Notwithstanding anything to the contrary herein set forth, (a) Lessor shall have no duty pursuant to this paragraph to repair or restore any portion of the alterations, additions, or improvements owned or made by Lessee in the Premises, or any personal property or fixtures of Lessee, and (b) Lessee shall not have the right to terminate this Lease pursuant to this paragraph if the damage or destruction was caused by the act or neglect of Lessee, its agents or employees.

Appears in 1 contract

Samples: Rubicon Technology, Inc.

Fire and Casualty. Except as hereafter provided, if 19.1 If the Premises are wholly or partially destroyed or any part thereof shall be damaged by fire or other casualty, Landlord shall restore the Premises with reasonable diligence; provided, however, that Landlord shall have no obligation to restore improvements not originally provided by Landlord or to replace any of Tenant’s fixtures, furnishings, equipment, or personal property and Tenant shall give prompt written notice thereof to Landlord. If the Project shall be responsible for refixturing the Premises and reinstalling its equipment. Landlord need not commence repairs until a substantial portion of the insurance proceeds are available and shall not be required to expend more than the actual insurance proceeds received. Proceeds of insurance payable with respect to a damaged by fire or other casualty shall be received and held by any of the following applies: (a) substantial alteration or reconstruction of the Building is, in Landlord. In the event ’s reasonable opinion, required (whether or not the Premises are destroyed or shall have been damaged by any such fire or casualty not covered by the insurance maintained by Landlord or to the extent of not less than 25% of the replacement cost thereofother casualty), or if the fire or casualty occurs within the last year of the Term of the Lease, then Landlord or Tenant shall have the option to terminate this Lease by giving notice to the other party within 60 days after the occurrence of such damage or destruction, in which case Landlord shall retain all insurance proceeds with respect to the Premises as its own property. If Landlord does not terminate this Lease as provided above, this Lease shall continue in full force and effect, but Base Rent shall be equitably abated until the restoration is substantially complete. The provisions of this Lease shall govern when this Lease is terminable as a result of a fire or casualty and no other rule or statute on the subject applies. In the event that the Lease is terminated, Tenant is entitled to reimbursement for (b) any prepaid rent. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by mortgagee under a mortgage or deed of trust covering the Premises, Building or Project requires that any more than $50,000.00 of the insurance proceeds payable as a result of said fire or other casualty be applied used to such indebtednessretire all or any portion of the mortgage debt, (c) the Project is damaged as a result of a risk that is not covered by Landlord’s insurance (unless covered by another tenant’s insurance and Landlord has unconditional access to the proceeds of that insurance and those proceeds are sufficient to pay all of the costs of the applicable restoration and repair), or (d) the Premises is materially damaged during the last year of the Term, then Landlord shall have the right to may, at its option, terminate this Lease by delivering written notice to notifying Tenant in writing of such termination within 15 thirty (30) days after such requirement is made by any such holder, whereupon the Lease shall end on the date of such notice damage or casualty, in which event the Rent hereunder shall be abated as if of the date that is the later of the date of such notice were the damage or casualty or the date originally fixed in this Lease upon which Tenant ceases to occupy the Premises; provided that if Tenant is unable to occupy a portion of the Premises by reason of that damage or casualty then the abatement as to that portion shall commence upon the date after the damage or destruction that Tenant ceases to occupy that portion of the Premises. In cases of less than such substantial damage and upon receipt of the insurance proceeds for the expiration damage, Landlord shall restore and repair the Premises, provided, Landlord shall not be required to repair (i) any damage caused by Tenant for which Landlord has not received insurance proceeds, (ii) any of the TermTenant’s trade fixtures, personal property, machinery or equipment or (iii) any alterations installed by Tenant.

Appears in 1 contract

Samples: Lease Agreement (Sypris Solutions Inc)

Fire and Casualty. Except as hereafter provided, if the Premises are wholly or partially destroyed or damaged by fire or other casualty, Landlord shall restore the Premises with reasonable diligence; provided, however, that Landlord shall have no obligation to restore improvements not originally provided by Landlord or to replace any of Tenant’s 's fixtures, furnishings, equipment, equipment or personal property and Tenant shall be responsible for refixturing the Premises and reinstalling its equipmentproperty. Landlord need not commence repairs until a substantial portion of the insurance proceeds are available and shall not be required to expend more than the actual insurance proceeds receivedavailable. Proceeds of insurance payable with respect to a fire or other casualty shall be received and held by Landlord. In the event the Premises are destroyed or damaged by any fire or casualty not covered by the insurance maintained by Landlord or to the extent of not less than 25% twenty-five percent of the replacement cost thereof, or if the fire or casualty occurs within the last year of the Term of the Lease, then Landlord or Tenant shall have the option to terminate this Lease by giving notice to the other party within 60 sixty days after the occurrence of such damage or destruction, in which case Landlord shall retain all insurance proceeds with respect to the Premises as its own property. If Landlord does not terminate this Lease as provided above, this Lease shall continue in full force and effect, but Base Rent shall be equitably abated as determined in Landlord's reasonable discretion until the restoration is substantially complete. The provisions of this Lease shall govern when this Lease is shall be terminable as a result of a fire or casualty casualty, and no other rule or statute on the subject appliesshall apply. In the event that the Lease is terminatedNotwithstanding anything in this Article 13, if, due to fire or other casualty, Tenant is entitled unable to reimbursement use the Premises for any prepaid rent. Notwithstanding anything herein to conduct of Tenant's business and the contraryfire or casualty damage, in the event parties' reasonable estimation, cannot be repaired and the holder Premises restored to Tenant within 60 days after the date of any indebtedness secured by a mortgage or deed of trust covering the Premisescasualty, Building or Project requires that any insurance proceeds be applied to such indebtedness, then Landlord shall have the right to Tenant may terminate this Lease by delivering written notice to Tenant Landlord within 15 30 days after such requirement is made by any such holder, whereupon the Lease shall end on the date of such notice as if the date of such notice were the date originally fixed in this Lease for the expiration of the Termcasualty.

Appears in 1 contract

Samples: License Agreement (Pac-West Telecomm Inc)

Fire and Casualty. Except as hereafter providedA. In the event of a fire or other casualty in the Leased Premises, if Lessee shall immediately give notice thereof to Lessor. If the Leased Premises are wholly or shall be partially destroyed or damaged by fire or other casualtycasualty so as to render the Leased Premises untenantable in whole or in part, Landlord Rent shall restore axxxx thereafter as to the portion of the Leased Premises rendered untenantable until such time as the Leased Premises are made tenantable as reasonably determined by Lessor and Lessor agrees to commence and prosecute such repair work promptly and with reasonable all due diligence; provided, however, that Landlord shall have no obligation to restore improvements not originally provided by Landlord or to replace any of Tenant’s fixtures, furnishings, equipment, or personal property and Tenant shall be responsible for refixturing the Premises and reinstalling its equipment. Landlord need not commence repairs until a substantial portion of the insurance proceeds are available and shall not be required to expend more than the actual insurance proceeds received. Proceeds of insurance payable with respect to a fire or other casualty shall be received and held by Landlord. In the event the Premises are destroyed or damaged by any fire or casualty not covered by the insurance maintained by Landlord or to the extent of not less than 25% of the replacement cost thereof, or if the fire or casualty occurs within the last year of the Term of the Lease, then Landlord or Tenant shall have the option to terminate this Lease by giving notice to the other party within 60 days after the occurrence of such damage or destruction, in which case Landlord shall retain all insurance proceeds with respect to the Premises as its own property. If Landlord does not terminate this Lease as provided above, this Lease shall continue in full force and effect, but Base Rent shall be equitably abated until the restoration is substantially complete. The provisions of this Lease shall govern when this Lease is terminable as a result of a fire or casualty and no other rule or statute on the subject applies. In the event that the Lease is terminated, Tenant is entitled to reimbursement for any prepaid rent. Notwithstanding anything herein to the contrary, in the event such destruction (i) results in total or substantial damages to or destruction of the holder Building and Lessor shall decide not to rebuild or (ii) results in the Leased Premises being untenantable in whole or in substantial part and the reasonable estimation of any indebtedness secured a responsible contractor selected by a mortgage Lessor as to the amount of time necessary to rebuild or deed restore such destruction to the Leased Premises and all other portions of trust covering the Premises, Building or Project requires that any insurance proceeds be applied to exceeds eight (8) months from the time such indebtednesswork is commenced, then Landlord in either event, Lessor or Lessee shall have the a right to terminate this Lease Agreement effective as of the date of casualty or destruction, and upon such termination, all Rent owed up to the time of such destruction or termination shall be paid by Lessee. Subject to reasonable delays for insurance adjustments, either party shall give written notice of its decision, estimates or elections under this Section 13 within sixty (60) days after any such damage or destruction (the “Damage Notice”). In the event this Lease Agreement is not terminated by either Lessor or Lessee, as provided above, and the actual time period of restoration of the Leased Premises exceeds eight (8) months, as the same may be extended by Force Majeure or delays caused by Lessee, Lessee may terminate this Lease Agreement by delivering written notice to Tenant Lessor within 15 ten (10) days after following the expiration of such requirement is made by any such holder, whereupon the Lease shall end on eight (8) month period (as same may be extended as set forth above) and prior to the date upon which Lessor substantially completes such restoration. Such termination shall be effective as of such notice the date specified in Lessee’s termination notice, as if the such date of such notice were the date originally fixed in this Lease for the expiration of the Term.

Appears in 1 contract

Samples: Lease Agreement (Bio-Path Holdings Inc)

Fire and Casualty. Except as hereafter provided, if 14.1 In case of any damage to or destruction of the Building or the Leased Premises are wholly or partially destroyed or damaged by fire or other casualty, Landlord shall restore casualty occurring during the Premises with reasonable diligence; provided, however, that Landlord shall have no obligation to restore improvements not originally provided by Landlord or to replace any term of Tenant’s fixtures, furnishings, equipment, or personal property and Tenant shall be responsible for refixturing the Premises and reinstalling its equipment. Landlord need not commence repairs until a substantial portion of the insurance proceeds are available and shall not be required to expend more than the actual insurance proceeds received. Proceeds of insurance payable with respect to a fire or other casualty shall be received and held by Landlord. In the event the Premises are destroyed or damaged by any fire or casualty this Lease which is not covered by the insurance maintained required to be carried by Article 9.1, or which cannot be repaired within two hundred ten (210) days from the happening of such casualty, or in the event that less than three (3) months will remain in the Term (inclusive of any exercised renewal options) upon completion of such repair, then, in such event, the term hereby created shall, at the option of either party, upon written notice to the other by certified mail, return receipt requested, within thirty (30) days of such fire or casualty, cease and become null and void from the date of such destruction or damage. Landlord shall notify Tenant within thirty (30) days from the happening of such fire or casualty as to whether or not the Leased Premises can be restored within the aforementioned two hundred ten (210) day period. However, if neither party shall elect to cancel this Lease within the thirty (30) day period hereinabove provided, Landlord shall thereupon repair and restore the Leased Premises with reasonable speed and dispatch, and the rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after said Leased Premises are restored. Anything in this Article 14 to the contrary notwithstanding, it is expressly understood and agreed that Landlord shall be obligated to restore the Leased Premises only to the extent of not less than 25% of such cost as will be equivalent to the replacement cost thereof, or if proceeds received by Landlord pursuant to the fire or casualty occurs within insurance coverage to be provided to Landlord as in Article 9 provided. If the last year of insurance proceeds are not sufficient to restore the Term of Leased Premises to substantially the Lease, then Landlord or Tenant shall have the option to terminate this Lease by giving notice same condition which they were in prior to the other party within 60 days after the occurrence of such damage or destruction, in which case Landlord shall retain all insurance proceeds with respect to the Premises as its own property. If Landlord does not terminate this Lease as provided above, this Lease shall continue in full force and effect, but Base Rent shall be equitably abated until the restoration is substantially complete. The provisions of this Lease shall govern when this Lease is terminable as a result of a fire or casualty and no other rule or statute on the subject applies. In the event that the Lease is terminated, Tenant is entitled to reimbursement for any prepaid rent. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises, Building or Project requires that any insurance proceeds be applied to such indebtednesscasualty, then Landlord shall have the right a period of thirty (30) days within which to determine whether to terminate the term hereby created unless Landlord and Tenant shall mutually agree to the funding of any such excess construction costs. In the event of cancellation in accordance with this Article, Tenant shall immediately surrender the Leased Premises and Tenant's interest in said Lease to Landlord, and Tenant shall only pay rent to the time of such destruction or damage, in which event, Landlord may re-enter and repossess the Leased Premises thus discharged from this Lease by delivering written notice to Tenant within 15 days after such requirement is made by any such holder, whereupon the Lease shall end on the date of such notice as if the date of such notice were the date originally fixed in this Lease for the expiration of the Termand may remove all parties therefrom.

Appears in 1 contract

Samples: Agreement (Able Laboratories Inc)

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