Common use of Fire and Other Casualty Clause in Contracts

Fire and Other Casualty. In the event that at any time during the term hereof (including any extended term) the Leased Premises are totally damaged or destroyed by fire or other casualty or substantially damaged so as to render them or a material portion thereof untenantable, then there shall be a just and proportionate abatement of the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal to the time during which Rent so abated. In the event of such substantial (or total) damage to the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such casualty. Notwithstanding the foregoing, if Landlord in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord shall have the right to terminate this Lease by written notice given to Tenant within ninety (90) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Landlord or Tenant shall have the right to terminate this Lease by giving notice thereof to the other party within thirty (30) days after the expiration of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease and come to an end without further liability or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so to complete such restoration, and time shall be of the essence with respect thereto.

Appears in 4 contracts

Samples: Lease Between (Valeritas Inc), Lease Between (Valeritas Inc), Lease Between (Valeritas Holdings Inc.)

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Fire and Other Casualty. In If the event that at any time during the term hereof (including any extended term) the Leased Premises are totally shall be damaged or destroyed by fire or other casualty or substantially damaged so casualty, other than as to render them or a material portion thereof untenantable, then there shall be a just and proportionate abatement result of the Rent payable hereunder until negligence or misconduct of Tenant, this Lease shall not terminate and, upon adjustment of insurance claims, Landlord shall repair the Leased Premises are made suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal to the time during which Rent so abated. In the event of such substantial (or total) damage to the Leased Premisescondition existing on the Delivery Date, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such casualty. Notwithstanding the foregoing, if Landlord in its sole discretion determines provided that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord shall have no obligation to repair damage to or replace Tenant's Personal Property or Installations (as defined above). No compensation or reduction of Rent shall be paid or allowed for inconvenience, annoyance or injury to Tenant or Tenant's business arising from any damage to or repair of the Premises or the Building. Tenant, at its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, Unavoidable Delay or obtaining approval from any applicable governmental authority having jurisdiction over Hazardous Materials to restore the Premises (“Hazardous Material Clearances”), all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Provided Tenant fully and promptly cooperates with Landlord, following written or verbal notice to Tenant, with all reasonable procedures Landlord deems necessary for Landlord to obtain such Hazardous Materials Clearances, Rent shall be abated from the date of such casualty until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. Such abatement shall be the sole remedy of Tenant and Tenant waives any right to terminate this Lease by written notice given reason of damage or casualty loss. If Tenant fails to Tenant cooperate as described herein, neither Base Rent nor Additional Rent shall be abated until the date upon which Landlord is able to obtain such Hazardous Materials Clearances. Notwithstanding anything herein to the contrary, if (1) insurance proceeds are insufficient to pay the full cost of such repair and restoration, (2) the holder of any Mortgage fails or refuses to make insurance proceeds available for such repair and restoration, (3) zoning or other applicable Laws do not permit such repair and restoration, or (4) the Building is damaged by fire or casualty (whether or not the Premises has been damaged) to such an extent that Landlord decides, in its sole and absolute discretion, not to rebuild or reconstruct the Building, then Landlord, at its option, may give Tenant, within ninety sixty (9060) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Landlord or Tenant shall have the right to terminate written notice of termination of this Lease, and this Lease by giving notice thereof to and the other party within Term shall terminate (whether or not the Term has commenced) upon the expiration of thirty (30) days after from the date of the notice, with the same effect as if the new expiration date had been the Lease Expiration Date, and all Base Rent and Additional Rent payable pursuant to Section 5 of this Lease shall be apportioned as of such period date. Notwithstanding anything herein to the contrary, if Landlord estimates that the restoration of the Premises and the Building cannot be completed by the two hundred seventieth (as so extended270th) provided that day following the date of the casualty, and all or a substantial portion of the Premises will not be tenantable during such period, then Tenant may terminate this Lease by written notice to Landlord, which notice shall be given by Tenant, if at all, within ten (10) days following the date of such estimate. If the restoration of the Premises and the Building has not been completed by the two hundred seventieth (270th) day following the date of the casualty, and all or a substantial portion of the Premises is not completed tenantable as a result of the casualty, Tenant may terminate this Lease by written notice to Landlord, which notice shall be given by Tenant, if at all, within such period. This Lease shall cease and come to an end without further liability or obligation on the part of either party thirty ten (3010) days after following such giving two hundred seventieth (270th) day, but in any event prior to Landlord’s delivery of notice unless within such thirty-day period Landlord the Premises to Tenant with the restoration of the Premises substantially completes such restorationcomplete. Such right of termination If the Premises or the Building shall be damaged by fire or other casualty due to the negligence or misconduct of Tenant’s sole and exclusive remedy : (i) Tenant shall not be permitted to terminate this Lease pursuant to the immediately preceding paragraph, (ii) Landlord shall have no obligation to repair the Premises or the Building, (iii) this Lease shall, at law or in equity for Landlord’s failure so to complete such restoration's option, not terminate, (iv) Landlord may at Tenant's expense repair the damage, and time shall be of the essence with respect thereto(v) Landlord may pursue any legal and equitable remedies available to it.

Appears in 2 contracts

Samples: Office Lease (Cellular Biomedicine Group, Inc.), Office Lease (Cellular Biomedicine Group, Inc.)

Fire and Other Casualty. A. In the event that at any time during of a fire or other casualty in the term hereof (including any extended term) Leased Premises, Tenant shall immediately give notice thereof to Landlord. If the Leased Premises are totally damaged or shall be partially destroyed by fire or other casualty or substantially damaged so as to render them the Leased Premises untenantable in whole or a material in part, Rent shall xxxxx thereafter as to the portion thereof untenantable, then there shall be a just and proportionate abatement of the Rent payable hereunder Leased Premises rendered untenantable until such time as the Leased Premises are made suitable for Tenant’s occupancytenantable as reasonably determined by Landlord and Landlord agrees to commence and prosecute such repair work promptly and with all due diligence; provided, however, 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 Lease Term shall be extended, without the necessity reasonable estimation of further action a responsible contractor selected by any party, for a period equal Landlord as to the amount of time during which Rent so abated. In the event of necessary to rebuild or restore such substantial (or total) damage destruction to the Leased PremisesPremises and all other portions of the Building exceeds six (6) months from the time such work is commenced, then in either event, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such casualty. Notwithstanding the foregoing, if Landlord in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord 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 Tenant. Subject to reasonable delays for insurance adjustments, Landlord shall give Tenant written notice given to Tenant of its decisions, estimates or elections under this Section 13 within ninety sixty (9060) days after the occurrence of any such casualtydamage or destruction. If any portion of Rent is abated under this Section 13, Landlord proceeds with may elect to extend the repair and restoration expiration date of the Term of this Lease Agreement for the period of the abatement. Notwithstanding any provision herein to the contrary, if such casualty to the Leased PremisesPremises occurs during the last 12 months of the Term, or the repairs required will, in the event reasonable estimation of the Leased Premises have not been restored contractor selected by Landlord, take twelve (12) months or longer to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualtyrepair, then either Landlord or Tenant shall have the right to may terminate this Lease Agreement by giving delivering written notice thereof to the other party Landlord within thirty (30) days after of Landlord’s delivery to Tenant of the expiration estimation of the time period necessary to make the repairs, such termination to be effective as of the date of casualty or destruction, and upon such termination, all Rent owed up to the time of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease and come to an end without further liability destruction or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be paid by Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so to complete such restoration, and time shall be of the essence with respect thereto.

Appears in 2 contracts

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

Fire and Other Casualty. In (a) If the event that at any time during Building or other improvements on the term hereof (including any extended term) the Leased Premises are totally Land shall be damaged or destroyed by fire or other casualty casualty, Tenant, at Tenant's sole cost and expense, shall promptly and diligently proceed to adjust the loss with the insurance companies (subject to the approval of the Mortgagee (if applicable) and of Landlord, not to be unreasonably withheld, delayed or substantially damaged conditioned) and arrange for the disbursement of insurance proceeds, and repair, rebuild or replace such Building and other improvements, so as to render them or a material portion thereof untenantable, then there shall be a just and proportionate abatement of restore the Rent payable hereunder until the Leased Demised Premises are made suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal to the time during condition in which Rent so abated. In the event of such substantial (or total) damage to the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such casualtydamage or destruction. The net proceeds of any insurance recovered by reason of such damage or destruction in excess of the cost of adjusting the insurance claim and collecting the insurance proceeds (such excess being referred to herein as the "Net Insurance Proceeds") shall be held by the Mortgagee (provided that such Mortgagee is a bank, savings association, insurance company or other similar institutional lender; herein called "Institutional Lender"), or, if no Institutional Lender then holds a mortgage lien, or deed of trust on the Demised Premises, by any national or state chartered bank which is reasonably acceptable to Landlord and Tenant; and the Net Insurance Proceeds shall be released for the purpose of paying the fair and reasonable cost of restoring such Building and other improvements. Such Net Insurance Proceeds shall be released to Tenant, or to Tenant's contractors, from time to time as the work progresses, pursuant to such requirements and limitations as may be reasonably acceptable to Landlord and Mortgagee (if the Mortgagee so requires), including, without limitation, lien waivers from each of the contractors, subcontractors, materialmen and suppliers performing the work. If the Net Insurance Proceeds (less any applicable deductible) are insufficient to restore the Demised Premises, Tenant shall be obligated to pay such deficiency and the amount of any such deductible. Notwithstanding the foregoing, if Landlord the Net Insurance Proceeds are less than Twenty-Five Thousand Dollars ($25,000.00)(which amount will automatically be increased to $250,000.00 whenever the stockholder equity of Tenant equals or exceeds the Minimum Net Worth), and if the Mortgagee agrees in its sole discretion determines that timely restoration is writing, such Net Insurance Proceeds may be held by Tenant and used by Tenant to pay the fair and reasonable cost of restoring such Demised Premises and other improvements. If the Net Insurance Proceeds exceed the full cost of the repair, rebuilding or replacement of the damaged Building or other improvements, if the Mortgagee does not possible or practical or that there are or will be insufficient insurance retain such excess proceeds available and apply the same on account of the debt owed to Landlord to accomplish sameit, then Landlord the amount of such excess Net Insurance Proceeds shall have the right to terminate this Lease by written notice given be paid to Tenant within ninety (90) days after upon the occurrence completion of such casualtyrepair, rebuilding or replacement. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have agrees not been restored unreasonably to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either withhold or delay any approvals required to be obtained by Tenant from Landlord or Tenant shall have the right to terminate this Lease by giving notice thereof pursuant to the other party within thirty (30) days after the expiration provisions of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease and come to an end without further liability or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so to complete such restoration, and time shall be of the essence with respect theretothis Section 21(a).

Appears in 2 contracts

Samples: Suit Lease Agreement (Petco Animal Supplies Inc), Suit Lease Agreement (Petco Animal Supplies Inc)

Fire and Other Casualty. In the event that at any time during the term hereof (including any extended term) the Leased Demised Premises are totally damaged or destroyed by fire or other casualty or substantially damaged so as casualty, Landlord agrees to render them or a material portion thereof untenantablepromptly restore and repair the Demised Premises at Landlord's expense, then there including the Improvements to be insured by Tenant but only to the extent Landlord receives insurance proceeds therefor, including the proceeds from the insurance required to be carried by Tenant on the Improvements (provided that Landlord shall be a just and proportionate abatement of the Rent payable hereunder until the Leased Premises are made suitable responsible for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal to the time during which Rent so abated. In the event of such substantial (or total) damage to the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such casualtydeductible under Landlord's insurance policies). Notwithstanding the foregoing, if Landlord in its sole discretion determines the event that timely restoration is the Demised Premises are (i) in the reasonable opinion of Landlord, so destroyed that they cannot possible be repaired or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord shall have the right to terminate this Lease by written notice given to Tenant rebuilt within ninety (90) days after the occurrence date of such damage; or (ii) destroyed by a casualty which is covered by Landlord's insurance but Lender or other party entitled to insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Demised Premises reasonably acceptable to Tenant, then Landlord shall give written notice to Tenant of such determination (the "Determination Notice") within sixty (60) days of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Either Landlord or Tenant shall have the right to may terminate and cancel this Lease effective as of the date of such casualty by giving written notice thereof to the other party within thirty (30) days after Tenant's receipt of the expiration Determination Notice. Upon the giving of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease termination notice, all obligations hereunder with respect to periods from and come to an end without further liability or obligation on after the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right effective date of termination shall be Tenant’s sole thereupon cease and exclusive remedy at law or in equity for Landlord’s failure so terminate. If no such termination notice is given, Landlord shall, to complete such restoration, and time shall be the extent of the essence available insurance proceeds, make such repair or restoration of the Demised Premises to the approximate condition existing prior to such casualty, promptly and in such manner as not to unreasonably interfere with respect Tenant's use and occupancy of the Demised Premises (if Tenant is still occupying the Demised Premises). Base Rent and Additional Rent shall proportionately xxxxx during the time that the Demised Premises or any part thereof are unusable by reason of any such damage thereto.

Appears in 2 contracts

Samples: Industrial Lease Agreement (Daisytek International Corporation /De/), Industrial Lease Agreement (Pfsweb Inc)

Fire and Other Casualty. In the event that at any time during the term hereof (including any extended term) the Leased Premises are totally damaged or destroyed by case of fire or other casualty affecting the Demised Premises, Tenant shall give immediate notice to Landlord or, in case of fire or other casualty affecting the Property other than the Demised Premises, Tenant shall give immediate notice to Landlord upon Tenant obtaining knowledge of such fire or casualty. If the Demised Premises shall be partially damaged by fire, the elements or other casualty, Landlord shall repair the same as speedily as practicable, but Tenant’s obligation to pay the Rent hereunder shall not cease. If, in the opinion of Landlord, the Demised Premises is so exten­sively and substantially damaged so as to render them or a material portion thereof untenantable, then there the Rent shall cease until such time as the Demised Premises shall be made tenantable by Landlord. However, if, in the opinion of Landlord, the Demised Premises is totally destroyed or so extensively and substantially damaged as to require practically a just rebuilding thereof, then the Rent shall be paid up to the time of such destruction and proportionate abatement then and from thenceforth this Lease shall automatically and without notice come to an end. In no event however, shall the provisions of this clause become effective or be applicable, if the fire or other casualty and damage shall be the result of the carelessness, negligence or improper conduct of Tenant or Tenant’s agents, employees, guests, licensees, invitees, subtenants, assignees or successors. In such case, Tenant’s liability for the payment of the Rent payable hereunder until and the Leased Premises are made suitable for performance of all the cov­enants, conditions and terms hereof on Tenant’s occupancy, part to be performed shall continue and the Lease Term Tenant shall be extendedliable to Landlord for the damage and loss suffered by Landlord. If Tenant shall have been insured against any of the risks herein covered, without then the necessity of further action by any party, for a period equal to the time during which Rent so abated. In the event proceeds of such substantial (or total) damage to the Leased Premises, Landlord insurance shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such casualty. Notwithstanding the foregoing, if Landlord in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available paid over to Landlord to accomplish samethe extent of Landlord’s costs and expenses to make the repairs hereunder, then Landlord and such insurance carriers shall have the right to terminate this Lease by written notice given to Tenant within ninety (90) days after the occurrence of such casualty. If no recourse against Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Landlord or Tenant shall have the right to terminate this Lease by giving notice thereof to the other party within thirty (30) days after the expiration of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease and come to an end without further liability or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so to complete such restoration, and time shall be of the essence with respect theretoreimbursement.

Appears in 2 contracts

Samples: Lease Agreement (Tamir Biotechnology, Inc.), Lease Agreement (Insmed Inc)

Fire and Other Casualty. In the event that at any time during the term hereof (including any extended term) the Leased Demised Premises are totally damaged or destroyed by fire or other casualty or substantially damaged so as insured by Landlord, Landlord agrees to render them or a material portion thereof untenantablepromptly restore and repair the Demised Premises at Landlord’s expense, then there shall including the Improvements to be a just and proportionate abatement of the Rent payable hereunder until the Leased Premises are made suitable for insured by Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal but only to the time during which Rent so abated. In extent Landlord receives insurance proceeds therefor, including the event of such substantial (or total) damage proceeds from the insurance required to be carried by Tenant on the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such casualtyImprovements. Notwithstanding the foregoing, if Landlord in its sole discretion determines the event that timely restoration the Demised Premises are (i) in the reasonable opinion of Landlord, so destroyed that they cannot be repaired or rebuilt within two hundred seventy (270) days after the date of such damage; or (ii) destroyed by a casualty which is not possible covered by Landlord’s insurance, or practical if such casualty is covered by Landlord’s insurance but Lender or that there are or will be insufficient other party entitled to insurance proceeds fails to make such proceeds available to Landlord to accomplish samein an amount sufficient for restoration of the Demised Premises, then Landlord shall have the right to terminate this Lease by give written notice given to Tenant of such determination (the “Determination Notice”) within ninety sixty (9060) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Either Landlord or Tenant shall have the right to may terminate and cancel this Lease effective as of the date of such casualty by giving written notice thereof to the other party within thirty (30) days after Tenant’s receipt of the expiration Determination Notice. Upon the giving of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease termination notice, all obligations hereunder with respect to periods from and come to an end without further liability or obligation on after the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right effective date of termination shall be thereupon cease and terminate. If no such termination notice is given, Landlord shall, to the extent of the available insurance proceeds, make such repair or restoration of the Demised Premises to the approximate condition existing prior to such casualty, promptly and in such manner as not to unreasonably interfere with Tenant’s sole use and exclusive remedy at law or in equity for Landlord’s failure so to complete such restoration, and time shall be occupancy of the essence with respect Demised Premises (if Tenant is still occupying the Demised Premises). Base Rent and Additional Rent shall proportionately xxxxx during the time that the Demised Premises or any part thereof are unusable by reason of any such damage thereto.

Appears in 2 contracts

Samples: Industrial Lease Agreement (Systemax Inc), Industrial Lease Agreement (Dirtt Environmental Solutions LTD)

Fire and Other Casualty. In If the event that at any time during the term hereof (including any extended term) the Leased Premises are totally shall be damaged or destroyed by fire or other casualty or substantially damaged so casualty, other than as to render them or a material portion thereof untenantable, then there shall be a just and proportionate abatement result of the Rent payable hereunder until gross negligence or willful misconduct of Tenant, this Lease shall not terminate and, upon adjustment of insurance claims, Landlord shall repair the Leased damage, provided that Landlord shall have no obligation to repair damage to or replace Tenant’s Personal Property. Except as otherwise provided herein, if any part of the Premises are made suitable for Tenant’s occupancyrendered untenantable by reason of any such damage, and Rent shall xxxxx from the Lease Term shall be extended, without date of the necessity of further action by any party, for a period equal to the time during which Rent so abated. In the event of such substantial (or total) damage to the Leased date the damage is repaired, as determined by Landlord, in the proportion that the area of the untenantable part bears from time to time to the total area of the Premises. No compensation or reduction of Rent shall be paid or allowed for inconvenience, Landlord shall proceed at its expense and with reasonable diligence annoyance or injury to Tenant or Tenant’s business arising from any damage to or repair of the Premises or the Building. Notwithstanding anything herein to the contrary, if (i) (1) insurance proceeds are insufficient to pay the full cost of such repair and restore restoration, (2) the Leased holder of any Mortgage fails or refuses to make insurance proceeds available for such repair and restoration, (3) zoning or other applicable Laws do not permit such repair and restoration, or (4) the Building is damaged by fire or casualty (whether or not the Premises to substantially the same condition they were in immediately prior has been damaged) to such casualty. Notwithstanding the foregoingan extent that Landlord decides, if Landlord in its sole discretion determines that timely restoration is and absolute discretion, not possible to rebuild or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish samereconstruct the Building, then Landlord shall have the right to terminate this Lease by written notice given to Tenant Landlord, at its option, may give Tenant, within ninety sixty (9060) days after the occurrence casualty, written notice of termination of this Lease, and this Lease and the Term shall terminate (whether or not the Term has commenced) upon the expiration of thirty (30) days from the date of the notice, with the same effect as if the new expiration date had been the Lease Expiration Date, and all Base Rent and Additional Rent payable pursuant to Section 5 of this Lease shall be apportioned as of such casualty. If date and (ii) if Landlord proceeds with estimates to Tenant in writing that the repair and restoration of the Leased Premises, in Premises and the event Building cannot be completed by the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one two hundred eighty seventieth (180270th) days day following said the date of the casualty, then either Landlord or Tenant shall have the right to may terminate this Lease by giving written notice thereof to the other party of them, which notice shall be given by Tenant, if at all, within thirty ten (3010) business days after following the expiration date of such period written estimate. If the restoration of the Premises and the Building has not been completed by the two hundred seventieth (as so extended270th) provided that such restoration is not completed within such period. This day following the date of the casualty, either Landlord or Tenant may terminate this Lease shall cease and come by written notice to an end without further liability or obligation on the part other of either party thirty (30) days after such giving of them, which notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be given by Tenant’s sole and exclusive remedy , if at law all, within ten (10) business days following such 270th day. If the Premises or in equity for the Building shall be damaged by fire or other casualty due to the gross negligence or willful misconduct of Tenant: (i) Landlord shall have no obligation to repair the Premises or the Building, (ii) this Lease shall, at Landlord’s failure so to complete such restorationoption, not terminate, and time shall be of the essence with respect thereto(iii) Landlord may pursue any legal and equitable remedies available to it.

Appears in 2 contracts

Samples: Evolent Health, Inc., Evolent Health, Inc.

Fire and Other Casualty. In the event that 9.1 (A) If, at any time during from and after the term hereof (including Commencement Date, the Demised Premises or any extended term) the Leased Premises are totally part thereof shall be damaged or destroyed by fire fire, the elements or other casualty for which insurance is required to be carried by Tenant as hereinafter provided, then, except as provided in Section 9.2 hereof, Tenant shall, promptly thereafter, repair or substantially damaged so as to render them or a material portion thereof untenantable, then there shall be a just and proportionate abatement of the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal to the time during which Rent so abated. In the event of such substantial (or total) damage to the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Demised Premises to substantially the same condition they were in immediately prior to such casualty, and Tenant shall not be entitled to any rent abatement with respect thereto. Notwithstanding the foregoing, if Landlord in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient All insurance proceeds or damages recovered on account of any damage or destruction by fire, the elements or other casualty shall be made available for the payment of the cost of the aforesaid repair or restoration. If the amount of said insurance proceeds shall be less than Two Hundred Fifty Thousand Dollars ($250,000), said insurance proceeds shall be paid over to Landlord Tenant. If the amount of said insurance proceeds shall be greater than Two Hundred Fifty Thousand Dollars ($250,000), said insurance proceeds shall be deposited in escrow with instructions to accomplish same, then Landlord the escrow holder that the escrow holder shall have disburse the right to terminate this Lease by written notice given same to Tenant within ninety (90) days after as the occurrence work of repair or restoration progresses upon certificates of the architect or engineer supervising the repair or restoration that the disbursements then requested, plus all previous disbursements made from said insurance proceeds, plus the amount of such casualty. If Landlord proceeds with "deductible", do not exceed the cost of the repair or restoration already completed and paid for, and the balance in the escrow fund is sufficient to pay for the estimated cost of completing the repair and restoration restoration. The escrow holder shall be the institutional lender holding a first mortgage upon the Demised Premises or the property of which the Leased PremisesDemised Premises are a part if there shall be an institutional lender holding such first mortgage and if such institutional lender shall be willing to accept said escrow; otherwise the escrow holder shall be any bank mutually agreeable to Landlord and Tenant. If the insurance proceeds shall be less than the cost of repair or restoration, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Landlord or Tenant shall have pay the right to terminate this Lease by giving notice thereof excess cost and Tenant shall be responsible for the amount of any deductibles. If the insurance proceeds shall be greater than the cost of repair or restoration, the excess shall belong to the other party within thirty (30) days after the expiration of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease and come to an end without further liability or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so to complete such restoration, and time shall be of the essence with respect thereto.

Appears in 2 contracts

Samples: Agreement (Basic Us Reit Inc), Agreement (Basic Us Reit Inc)

Fire and Other Casualty. In (a) If the event that at any time during premises shall be damaged by fire, action of the term hereof (including any extended term) the Leased Premises are totally damaged or destroyed by fire elements or other casualty or substantially damaged so as cause which is within the risks covered by insurance required to render them or a material portion be carried by the Landlord hereunder, the Tenant shall give immediate notice thereof untenantableto the Landlord, then there and said damage shall be a just repaired by the Landlord, at the Landlord's expense, with all reasonable speed, making due allowance for delay due to labor troubles, settlement of loss and proportionate abatement other causes beyond the control of the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancyLandlord, and the Lease Term Tenant shall, in every reasonable way, facilitate the making of such repairs, and the rent shall be extended, without suspended during such period as the necessity of further action by any party, for a period equal to the time during which Rent so abated. In the event of such substantial (or total) damage to the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such casualty. Notwithstanding the foregoing, if Landlord in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord premises shall have the right to terminate this Lease by written notice given to Tenant within ninety been rendered wholly untenantable until five (905) days after the occurrence of such casualty. If Landlord proceeds with notifies the repair and restoration of Tenant that the Leased Premisespremises are substantially ready for the Tenant's occupancy (or the premises are sooner occupied by the Tenant) and, in the event that the Leased Premises have not been restored premises are rendered partially untenantable (but the Tenant is able to a condition operate in substantially suitable for their intended purpose within one hundred eighty (180) days following said casualtyits normal manner in the remaining tenantable portion of the premises), then either Landlord or Tenant the rent shall have be abated during such period, in the right to terminate this Lease by giving notice thereof proportion which the area of the premises which is rendered untenantable bears to the other party within area of the whole premises. The Landlord shall use good faith efforts to give the Tenant at least thirty (30) days after days' notice of the expiration anticipated date of substantial completion, and shall allow the Tenant to commence its restoration work in the premises during such time so long as the performance of such period work by the Tenant does not interfere with or delay the performance of the Landlord's work. No damage to the premises or the building by fire, or other cause, however extensive, shall terminate this lease, or give the Tenant the right to quit and surrender the premises, or impair any obligations of the Tenant hereunder, except with respect to the payment of rent (as and with respect thereto to the extent above provided) and except that (i) if the damage shall be so extendedextensive that the Landlord shall determine to demolish or substantially alter the building, whether or not the premises are affected, the Landlord may at any time within one hundred twenty (120) provided that such restoration is not completed within such period. This Lease shall cease and come days following the occurrence of the damage give to an end without further liability or obligation on the part of either party Tenant thirty (30) days after such giving days' notice of notice unless within such thirty-day period Landlord intention to terminate this lease; (ii) if the damage to the premises is substantial so that the whole or substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so to complete such restoration, and time shall be the whole of the essence with respect thereto.premises is rendered untenantable or inaccessible by the Tenant or if 50% or more of the common areas of the building are destroyed or substantially damaged and the Landlord does

Appears in 2 contracts

Samples: Starmedia Network Inc, Starmedia Network Inc

Fire and Other Casualty. In the event that at any time during the term hereof (including any extended term) the Leased Demised Premises are totally damaged or destroyed by fire or other casualty or substantially damaged so as casualty, Landlord agrees to render them or a material portion thereof untenantablepromptly restore and repair the Demised Premises at Landlord's expense, then there including the Improvements to be insured by Tenant but only to the extent Landlord receives insurance proceeds therefor, including the proceeds from the insurance required to be carried by Tenant on the Improvements (provided that Landlord shall be a just and proportionate abatement of the Rent payable hereunder until the Leased Premises are made suitable responsible for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal to the time during which Rent so abated. In the event of such substantial (or total) damage to the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such casualtydeductible under Landlord's insurance policies). Notwithstanding the foregoing, if Landlord in its sole discretion determines the event that timely restoration is the Demised Premises are (i) in the reasonable opinion of Landlord, so destroyed that they cannot possible be repaired or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord shall have the right to terminate this Lease by written notice given to Tenant rebuilt within ninety (90) days after the occurrence date of such damage; or (ii) destroyed by a casualty which is covered by Landlord's insurance but Lender or other party entitled to insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Demised Premises reasonably acceptable to Tenant, then Landlord shall give written notice to Tenant of such determination (the "Determination Notice") within sixty (60) days of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Either Landlord or Tenant shall have the right to may terminate and cancel this Lease effective as of the date of such casualty by giving written notice thereof to the other party within thirty (30) days after Tenant's receipt of the expiration Determination Notice. Upon the giving of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease termination notice, all obligations hereunder with respect to periods from and come to an end without further liability or obligation on after the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right effective date of termination shall be Tenant’s sole thereupon cease and exclusive remedy at law or in equity for Landlord’s failure so terminate. If no such termination notice is given, Landlord shall, to complete such restoration, and time shall be the extent of the essence available insurance proceeds, make such repair or restoration of the Demised Premises to the approximate condition existing prior to such casualty, promptly and in such manner as not to unreasonably interfere with respect Tenant's use and occupancy of the Demised Premises (if Tenant is still occupying the Demised Premises). Base Rent and Additional Rent shall proportionately abatx xxxing the time that the Demised Premises or any part thereof are unusable by reason of any such damage thereto.

Appears in 2 contracts

Samples: Industrial Lease Agreement (Pfsweb Inc), Industrial Lease Agreement (Daisytek International Corporation /De/)

Fire and Other Casualty. In 9. (a) If the event that demised premises or any part thereof shall be damaged by fire or other casualty, Tenant shall give immediate notice thereof to Owner and this lease shall continue in full force and effect except as hereinafter set forth. (b) If the demised premises are partially damaged or rendered partially unusable by fire or other casualty, the damages thereto shall be repaired by and at any time during the term hereof expense of Owner and the rent, until such repair shall be substantially completed, shall be apportioned from the day following the casualty according the part of the premises which is usable. (including any extended termc) If the Leased Premises demised premises are totally damaged or destroyed rendered wholly unusable by fire or other casualty or substantially damaged so as to render them or a material portion thereof untenantablecasualty, then there the rent shall be a just and proportionate abatement of the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal proportionately paid up to the time during which Rent of the casualty and thenceforth shall cease until the date when the premises shall have been repaired and restored by Owner, subject to Owner's right to elect not to restore the same as hereinafter provided. (d) If the demised premises are rendered wholly unusable or (whether or not the demised premises are damaged in whole or in part) if the building shall be so abated. In the event damaged that Owner shall decide to demolish it or to rebuild it, then, in any of such substantial (events, Owner may elect to terminate this lease by written notice to Tenant, given within 90 days after such fire or total) damage casualty, specifying a date for the expiration of the lease, which date shall not be more than 60 days after the giving of such notice, and upon the date specified in such notice the term of this lease shall expire as fully and completely as if such date were the date set forth above for the termination of this lease and Tenant shall forthwith quit surrender and vacate the premises without prejudice however, to Landlord's rights and remedies against Tenant under the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were lease provisions in immediately effect prior to such termination, and any rent owing shall be paid up to such date and an payments of rent made by Tenant which were on account of any period subsequent to such date shall be returned to Tenant. Unless Owner shall serve a termination notice as provided for herein, Owner shall make the repairs and restorations under the conditions of (b) and (c) hereof, with all reasonable expedition, subject to delays due to adjustment of insurance claims, labor troubles and causes beyond Owner's control. After any such casualty, Tenant shall cooperate with Owner's restoration by removing from the premises as promptly as reasonably possible, all of Tenant's salvageable inventory and movable equipment, furniture, and other property. Tenant's liability for rent shall resume five (5) days after written notice from Owner that the premises are substantially ready for Tenant's occupancy. (e) Nothing contained herein above shall relieve Tenant from liability that may exist as a result of damage from fire or other casualty. Notwithstanding the foregoing, if Landlord each party shall look first to any insurance in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord shall have the right to terminate this Lease by written notice given to Tenant within ninety (90) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Landlord or Tenant shall have the right to terminate this Lease by giving notice thereof to favor before making any claim against the other party for recovery for loss or damage resulting from fire or other casualty, and to the extent that such insurance is in force and collectible and to the extent permitted by law. Owner and Tenant each hereby releases and waives all right of recovery against the other or any one claiming through or under each of them by way of subrogation or otherwise. The foregoing release and waiver shall be in force only if both releasors' insurance policies contain a clause providing that such a release or waiver shall not invalidate the insurance. If, and to the extent, that such waiver can be obtained only by the payment of additional premiums, then the party benefiting from the waiver shall pay such premium within thirty (30) ten days after the expiration of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease and come to an end without further liability written demand or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so deemed to complete such restoration, and time have agreed that the party obtaining insurance coverage shall be free of any further obligation under the provisions hereof with respect to waiver of subrogation. Tenant acknowledges that Owner will not carry insurance on Tenant's furniture and/or furnishings or any fixtures or equipment, improvements, or appurtenances removable by Tenant and agrees that Owner will not be obligated to repair any damage thereto or replace the same. (f) Tenant hereby waives the provisions of Section 227 of the essence with respect theretoReal Property Law and agrees that the provisions of this article shall govern and control in lieu thereof.

Appears in 2 contracts

Samples: Callnow Com Inc, Callnow Com Inc

Fire and Other Casualty. A. In the event that at any time during of a fire or other casualty in the term hereof (including any extended term) Leased Premises, Tenant shall immediately give notice thereof to Landlord. If the Leased Premises are totally damaged or shall be partially destroyed by fire or other casualty or substantially damaged so as to render them the Leased Premises untenantable in whole or a material in part. Rent shall xxxxx thereafter as to the portion thereof untenantable, then there shall be a just and proportionate abatement of the Rent payable hereunder Leased Premises rendered untenantable until such time as the Leased Premises are made suitable for Tenant’s occupancytenantable as reasonably determined by Landlord and Landlord agrees to commence and prosecute such repair work promptly and with all due diligence; provided, however, 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 Lease Term shall be extended, without the necessity reasonable estimation of further action a responsible contractor selected by any party, for a period equal Landlord as to the amount of time during which Rent so abated. In the event of necessary to rebuild or restore such substantial (or total) damage destruction to the Leased PremisesPremises and all other portions of the Building exceeds six (6) months from the time such work is commenced, then in either event, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such casualty. Notwithstanding the foregoing, if Landlord in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord 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 Tenant. Subject to reasonable delays for insurance adjustments, Landlord shall give Tenant written notice given to Tenant of its decisions, estimates or elections under this Section 13 within ninety sixty (9060) days after the occurrence of any such casualtydamage or destruction. If any portion of Rent is abated under this Section 13, Landlord proceeds with may elect to extend the repair and restoration expiration date of the Term of this Lease Agreement for the period of the abatement. Notwithstanding any provision herein to the contrary, if such casualty to the Leased PremisesPremises occurs during the last 12 months of the Term, or the repairs required will, in the event reasonable estimation of the Leased Premises have not been restored contractor selected by Landlord, take twelve (12) months or longer to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualtyrepair, then either Landlord or Tenant shall have the right to may terminate this Lease Agreement by giving delivering written notice thereof to the other party Landlord within thirty (30) days after of Landlord’s delivery to Tenant of the expiration estimation of the time period necessary to make the repairs, such termination to be effective as of the date of casualty or destruction, and upon such termination, all Rent owed up to the time of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease and come to an end without further liability destruction or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be paid by Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so to complete such restoration, and time shall be of the essence with respect thereto.

Appears in 2 contracts

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

Fire and Other Casualty. In the event that at any time during the term hereof (including any extended term) the Leased Demised Premises are totally damaged or destroyed by fire or other casualty or substantially damaged so as insured by Landlord, Landlord agrees to render them or a material portion thereof untenantablepromptly restore and repair the Demised Premises at Landlord's expense, then there shall including the Improvements to be a just insured by Tenant, but only to the extent Landlord receives insurance proceeds therefor, including the proceeds from the insurance required to be carried by Tenant on the Improvements (Landlord being responsible for any deductible under Landlord's insurance policies and proportionate abatement the amount of any risk retained by Landlord to the extent Landlord does not carry coverage at one hundred percent (100%) of the Rent payable hereunder until replacement value of the Leased Premises are made suitable for Tenant’s occupancyBuilding, exclusive of fixtures and the Lease Term shall property required to be extended, without the necessity of further action insured by any party, for a period equal to the time during which Rent so abated. In the event of such substantial (or total) damage to the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such casualtyTenant under this Lease). Notwithstanding the foregoing, if Landlord in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord shall have the right to terminate this Lease by written notice given to Tenant within ninety (90) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event that the Leased Demised Premises have are (i) in the reasonable opinion of Landlord, so destroyed that they cannot been restored to a condition substantially suitable for their intended purpose be repaired or rebuilt within one hundred eighty (180) days following said casualtyafter the date of such damage; or (ii) destroyed by a casualty which is not covered by Landlord's insurance, or if such casualty is covered by Landlord's insurance but Lender or other party entitled to insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Demised Premises, then either Landlord shall give written notice to Tenant of such determination (the "Determination Notice") within sixty (60) days of such casualty. Either Landlord or Tenant shall have the right to may terminate and cancel this Lease effective as of the date of such casualty by giving written notice thereof to the other party within thirty (30) days after Tenant's receipt of the expiration Determination Notice. Upon the giving of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease termination notice, all obligations hereunder with respect to periods from and come to an end without further liability or obligation on after the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right effective date of termination shall be Tenant’s sole thereupon cease and exclusive remedy at law or in equity for Landlord’s failure so terminate. If no such termination notice is given, Landlord shall, to complete such restoration, and time shall be the extent of the essence available insurance proceeds, make such repair or restoration of the Demised Premises to the approximate condition existing prior to such casualty, promptly and in such manner as not to unreasonably interfere with respect Tenant's use and occupancy of the Demised Premises (if Tenant is still occupying the Demised Premises). Base Rent and Additional Rent and all other amounts payable by Tenant hereunder shall equitably xxxxx during the time that the Demised Premises or any part thereof are unusable by reason of any such damage thereto.

Appears in 1 contract

Samples: Industrial Lease Agreement (Pfsweb Inc)

Fire and Other Casualty. In (a) If the event that at any time during Building or other improvements on the term hereof (including any extended term) the Leased Premises are totally Land shall be damaged or destroyed by fire or other casualty casualty, Tenant, at Tenant's sole cost and expense, shall promptly and diligently proceed to adjust the loss with the insurance companies (subject to the approval of the Lender (if applicable) and of Landlord) and arrange for the disbursement of insurance proceeds, and repair, rebuild or substantially damaged replace such Building and other improvements, so as to render them or a material portion thereof untenantable, then there shall be a just and proportionate abatement of restore the Rent payable hereunder until the Leased Demised Premises are made suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal to the time during condition in which Rent so abated. In the event of such substantial (or total) damage to the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such casualtydamage or destruction. The net proceeds of any insurance recovered by reason of such damage or destruction in excess of the cost of adjusting the insurance claim and collecting the insurance proceeds (such excess being referred to herein as the "Net Insurance Proceeds") shall be held by the Lender (provided that such Lender is a bank, savings association, insurance company or other similar institutional lender; herein called "Institutional Lender"), or, if no Institutional Lender then holds a Mortgage on the Demised Premises, by any national or state chartered bank which is reasonably acceptable to Landlord and Tenant; and the Net Insurance Proceeds shall be released for the purpose of paying the fair and reasonable cost of restoring such Building and other improvements. Such Net Insurance Proceeds shall be released to Tenant, or to Tenant's contractors, from time to time as the work progresses, pursuant to such requirements and limitations as may be reasonably acceptable to Landlord and Lender (if the Lender so requires), including, without limitation, lien waivers from each of the contractors, subcontractors, materialmen and suppliers performing the work. If the Net Insurance Proceeds (less any applicable deductible) are insufficient to restore the Demised Premises Tenant shall be obligated to pay such deficiency and the amount of any such deductible. Notwithstanding the foregoing, if Landlord the Net Insurance Proceeds are less than Twenty-Five Thousand Dollars ($25,000.00), and if the Lender agrees in its sole discretion determines that timely restoration is not possible writing, such Net Insurance Proceeds may be held by Tenant and used by Tenant to pay the fair and reasonable cost of restoring such Demised Premises and other improvements. If the Net Insurance Proceeds exceed the full cost of the repair, rebuilding or practical replacement of the damaged Building or that there are or will be insufficient insurance proceeds available to Landlord to accomplish sameother improvements, then Landlord the amount of such excess Net Insurance Proceeds shall have the right to terminate this Lease by written notice given be paid to Tenant within ninety (90) days after upon the occurrence completion of such casualtyrepair, rebuilding or replacement. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have agrees not been restored unreasonably to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either withhold or delay any approvals required to be obtained by Tenant from Landlord or Tenant shall have the right to terminate this Lease by giving notice thereof pursuant to the other party within thirty provisions of this Section 21 (30) days after the expiration of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease and come to an end without further liability or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so to complete such restoration, and time shall be of the essence with respect theretoa).

Appears in 1 contract

Samples: Suit Industrial Lease Agreement (Act Manufacturing Inc)

Fire and Other Casualty. In The Tenant shall notify, orally or in writing, the event that at Landlord promptly of any time during fire or other casualty in the term hereof (including any extended term) Rental Space. The Tenant is not required to pay Rent when the Leased Premises are totally Rental Space is unusable. I If the Building is so damaged or destroyed by fire or other casualty or substantially damaged so as to render them or a material portion thereof untenantable, then there shall be a just and proportionate abatement that in the reasonable estimate of the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancy, and the Lease Term shall Landlord it cannot be extended, without the necessity of further action by any party, for a period equal to the time during which Rent so abated. In the event of such substantial (repaired or total) damage to the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such casualty. Notwithstanding the foregoing, if Landlord in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord shall have the right to terminate this Lease by written notice given to Tenant rebuilt within ninety (90) days after of the occurrence issuance of all requisite municipal building permits the Landlord shall have the option, to be exercised by written notice to the Tenant within forty-five (45) days of the casualty event, to (i) replace, repair and rebuild all damaged or destroyed improvements, or (ii) terminate this Lease as of a specified date, in which event all Rent shall be apportioned as of the date of such casualtydamage or destruction, and this lease shall terminate as of the specified date. If In the event the Landlord proceeds with the to replace, repair and restoration rebuild, this Lease shall not terminate, Landlord shall cause the Building and fixtures installed by Landlord to be repaired or restored to the extent insurance proceeds are available to the Landlord, as speedily as good faith efforts will allow, and there shall be a proportional abatement of the Leased PremisesRent reserved under this Lease during such period as the Building remains untenantable, based on the extent to which the Building is untenantable. Tenant shall also have the option to terminate this Lease effective as of the date of damage or destruction in the event (x) the Leased Premises have Building cannot been restored to a condition substantially suitable for their intended purpose reasonable be repaired within one hundred eighty (180) days following said casualtyof such date (as set forth in an opinion to that effect of an architect or engineer retained by the Tenant (at its expense) or the expiration date of the term of this Lease shall occur within one hundred eighty (180) days or less of such date; (y) the Landlord shall not give written notice of Landlord’s election under clause (i) above within the forty-five (45) day period; or (z) the Landlord after having elected to repair, then either Landlord shall not restore the Building substantially to its condition prior to the event causing the damage or Tenant shall have the right destruction in a timely fashion. Tenant’s option to terminate this Lease shall be exercised by giving written notice thereof to Landlord within sixty (60) days of the other party casualty event with respect to clauses (x) and (y) and within thirty (30) one hundred ninety five days after the expiration date of such period damage or destruction with respect to clause (as so extended) provided that such restoration z Notwithstanding the foregoing, if the Building is not completed within such period. This totally destroyed by fire or other casualty this Lease shall cease and come to an end without further liability or obligation on automatically terminate, in which event the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination Rent shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so to complete such restoration, and time shall be apportioned as of the essence with respect theretodate of such destruction.

Appears in 1 contract

Samples: Business Lease

Fire and Other Casualty. In If the event that at any time during Premises or the term hereof (including any extended term) the Leased Premises Building are totally damaged or destroyed made untenantable by fire or other casualty or substantially damaged extended coverage perils, Landlord shall with reasonable promptness take such action as is necessary to reconstruct, repair and rehabilitate them, provided, however, that if a registered architect selected by Landlord licensed to do business in the State of Illinois should certify that such repair and rehabilitation cannot be accomplished by using standard working methods and procedures so as to render them make the Premises tenantable within six (6) months from the date reconstruction, repair or a material portion thereof untenantablerehabilitation is started, then there shall be a just and proportionate abatement of the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal to the time during which Rent so abated. In the event of such substantial (or total) damage to the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such casualty. Notwithstanding the foregoing, if Landlord in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord shall have the right to terminate this Lease by written notice given to Tenant within ninety (90) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Landlord or Tenant party shall have the right to terminate this Lease by giving notice thereof to the other party notice of such election within thirty ten (3010) days after receipt of the expiration architect's certificate. Notwithstanding the foregoing, in the event such fire or casualty is caused by any act of such period Tenant or anyone acting through Tenant, Tenant shall not have the right to terminate this Lease. If neither party elects to terminate this Lease, then Landlord shall repair, reconstruct or rehabilitate the Premises by use of reasonable diligence. In case of fire or other casualty not resulting in termination of this Lease, Rent shall be apportioned on a per diem basis and be paid to the date of the fire or other casualty. Furthermore, if destruction or damage is caused by casualty other than by fire or extended coverage perils, then Landlord shall have the right to terminate the term of this Lease by notice to Tenant given within ninety (as so extended) provided that such restoration is not completed within such period. This Lease shall cease and come to an end without further liability or obligation on the part of either party thirty (3090) days after such giving of notice unless within such thirty-day period said casualty. Notwithstanding anything to the contrary herein set forth, in the event the Premises are repaired, reconstructed or rehabilitated by Landlord, Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole have no obligation to restore any leasehold improvements not initially installed and exclusive remedy at law or in equity paid for by Landlord’s failure so to complete such restoration, and time shall be of the essence with respect thereto.

Appears in 1 contract

Samples: Office Lease 1890 (Immtech International Inc)

Fire and Other Casualty. In the event that at of damage to, or total or partial destruction of, the Building or any time during fixtures, equipment, or systems which constitute a part of the term hereof (including any extended term) the Leased Premises are totally damaged or destroyed Building by fire or other casualty or substantially damaged so as (“Casualty Damage”), subject to render them or a material portion thereof untenantablethe terms and conditions of this Section, then there shall be a just Landlord shall, to the extent that insurance proceeds are available therefor, cause the prompt and proportionate abatement diligent repair and replacement of the Rent payable hereunder until Building and the Leased Premises are made suitable for Tenant’s occupancy, and as soon as reasonably possible so that it is in substantially the Lease Term shall be extended, without the necessity of further action by any party, for a period equal same condition as existed prior to the time during Casualty Damage; provided that Landlord shall not be obligated to repair or replace any item which Rent so abated. In was not part of the event Landlord’s Work, including without limitation, any alterations, improvements or additions of such substantial (or total) damage to the Leased PremisesPremises made by Tenant. Notwithstanding the foregoing provision of this Section, in the event: (a) the portions of the Leased Premises to be restored by Landlord shall proceed at are so damaged or destroyed that they cannot be restored within one hundred eighty (180) days after the date of the damage or destruction, (b) the damage or destruction is not covered by the “Special Form” property insurance policy to be maintained by Landlord in accordance with Section 12 hereof and Landlord does not undertake to commence restoration of the Leased Premises within ninety (90) days after the date of such damage or destruction, (c) the insurance proceeds (reduced by any application thereof by Landlord’s mortgagee to its expense mortgage debt) are insufficient for restoration of the Leased Premises and with reasonable diligence Landlord does not undertake to repair and restore commence such restoration within ninety (90) days after the date of such damage or destruction, or (d) applicable law does not permit the restoration of the Leased Premises to substantially the same condition they were in immediately prior as at the commencement of the Lease Term; then Landlord shall not be obligated to such casualtyrestore the Leased Premises and Landlord may, within ninety (90) days following the damage or destruction, terminate and cancel this Lease upon fifteen (15) days written notice to Tenant, and all obligations hereunder except those due or mature shall thereupon cease and terminate. Notwithstanding the foregoing, if Landlord in its sole discretion determines that timely restoration is not possible fails to complete repairs to the Premises within two hundred seventy (270) days of the date of the casualty, subject to Force Majeure and Tenant Delays, or practical or that there are or will be insufficient insurance proceeds available if Landlord ceases to Landlord to accomplish samediligently pursue the repairs, then Landlord shall have the right to terminate this Lease by written notice given to Tenant within ninety (90) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Landlord or Tenant shall have the right to terminate the Lease upon written notice delivered to Landlord at any time after such two hundred seventy (270) day period and prior to Landlord’s Substantial Completion of such repairs. If substantial Casualty Damage occurs during the last year of the Lease Term, unless Tenant exercises its Renewal Option (which Tenant may exercise at such time regardless of any time periods set forth in Section 2(b)), then Landlord or Tenant, at their respective option, may terminate this Lease by giving upon ninety (90) days’ written notice thereof to the other party within thirty (30) days after the expiration of such period (as so extended) provided that such restoration is not completed within such period. This Lease party, and all obligations hereunder, except those due or mature, shall cease and come to an end without further liability or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restorationterminate. Such right of termination Base Rent and Additional Rent shall be Tenant’s sole and exclusive remedy at law abated proportionately (based upon the proportion that the unusable space in the Building due to a Casualty Damage bears to the total space in the Building) for each day that the Building or in equity for Landlord’s failure so to complete any part thereof is unusable by reason of any such restoration, and time shall be of the essence with respect theretoCasualty Damage.

Appears in 1 contract

Samples: Lease (Dirtt Environmental Solutions LTD)

Fire and Other Casualty. In 9. (a) If the event that demised premises or any part thereof shall be damaged by fire or other casualty, Tenant shall give immediate notice thereof to Owner and this lease shall continue in full force and effect except as hereinafter set forth. (b) If the demised premises are partially damaged or rendered partially unusable by fire or other casualty, the damages thereto shall be repaired by and at any time during the term hereof expense of Owner and the rent, until such repair shall be substantially completed, shall be apportioned from the day following the casualty according to the part of the premises which is usable. (including any extended termc) If the Leased Premises demised premises are totally damaged or destroyed rendered wholly unusable by fire or other casualty or substantially damaged so as to render them or a material portion thereof untenantablecasualty, then there the rent shall be a just and proportionate abatement of the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal proportionately paid up to the time during which Rent of the casualty and thenceforth shall cease until the date when the premises shall have been repaired and restored by Owner, subject to Owner's right to elect not to restore the same as hereinafter provided. (d) If the demised premises are rendered wholly unusable or (whether or not the demised premises are damaged in whole or in part) if the building shall be so abated. In damaged that Owner shall decide to demolish it or to rebuild it, or if the event damage shall result in an election by the unit owners of the Condominium, pursuant to the provisions of Section 339-cc of the Real Property Law, not to repair or restore the Building, then, in any of such substantial (events. Owner may elect to terminate this lease by written notice to Tenant, given within 90 days after such fire or total) damage casualty, specifying a date for the expiration of the lease, which date shall not be more than 60 days after the giving of such notice, and upon the date specified in such notice the term of this lease shall expire as fully and completely as if such date were the date set forth above for the termination of this lease and Tenant shall forthwith quit, surrender and vacate the premises without prejudice however, to Landlord's rights and remedies against Tenant under the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were lease provisions in immediately effect prior to such termination, and any rent owing shall be paid up to such date and any payments of rent made by Tenant which were on account of any period subsequent to such date shall be returned to Tenant. Unless Owner shall serve a termination notice as provided for herein, Owner shall make the repairs and restorations under the conditions of (b) and (c) hereof, with all reasonable expedition, subject to delays due to adjustment of insurance claims, labor troubles and causes beyond Owner's control. After any such casualty, Tenant shall cooperate with Owner's restoration by removing from the premises as promptly as reasonably possible, all of Tenant's salvageable inventory and movable equipment, furniture, and other property. Tenant's liability for rent shall resume days after written notice from Owner that the premises are substantially ready for Tenant's occupancy. (c) Nothing contained hereinabove shall relieve Tenant from liability that may exist as a result of damage from fire or other casualty. Notwithstanding the foregoing, if Landlord each party shall look first to any insurance in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord shall have the right to terminate this Lease by written notice given to Tenant within ninety (90) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Landlord or Tenant shall have the right to terminate this Lease by giving notice thereof to favor before making any claim against the other party for recovery for loss or damage resulting from fire or other casualty, and to the extent that such insurance is in force and collectible and to the extent permitted by law. Owner and Tenant each hereby releases and waives all right of recovery against the other or any one claiming through or under each of them by way of subrogation or otherwise. The foregoing release and waiver shall be in force only if both releasors' insurance policies contain a clause providing that such a release 5 or waiver shall not invalidate the insurance. If, and to the extent, that such waiver can be obtained only by the payment of additional premiums, then the party benefitting from the waiver shall pay such premium within thirty (30) ten days after the expiration of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease and come to an end without further liability written demand or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so deemed to complete such restoration, and time have agreed that the party obtaining insurance coverage shall be free of any further obligation under the provisions hereof with respect to waiver of subrogation. Tenant acknowledges that Owner will not carry insurance on Tenant's furniture and/or furnishings or any fixtures or equipment, improvements, or appurtenances removable by Tenant and agrees that Owner will not be obligated to repair any damage thereto or replace the same. (f) Tenant hereby waives the provisions of Section 227 of the essence with respect theretoReal Property Law and agrees that the provisions of this article shall govern and control in lieu thereof.

Appears in 1 contract

Samples: Launch Media Inc

Fire and Other Casualty. In If the event that at any time during the term hereof (including any extended term) the Leased Premises are totally shall be damaged or destroyed by fire or other casualty or substantially damaged so casualty, other than as to render them or a material portion thereof untenantable, then there shall be a just and proportionate abatement result of the Rent payable hereunder until gross negligence or willful misconduct of Tenant, the Leased Lease shall not terminate and, upon adjustment of insurance claims, Landlord shall repair the damage, provided that Landlord shall have no obligation to repair damage to or replace Tenant’s Personal Property. Except as otherwise provided herein, if any part of the Premises are made suitable for Tenant’s occupancyrendered untenantable by reason of any such damage, and Rent shall xxxxx from the Lease Term shall be extended, without date of the necessity of further action by any party, for a period equal to the time during which Rent so abated. In the event of such substantial (or total) damage to the Leased date the damage is repaired, as determined by Landlord, in the proportion that the area of the untenantable part bears from time to time to the total area of the Premises; provided, however, that, if more than fifty percent (50%) of the rentable area of the Premises is damaged and Tenant is not in occupancy of any part of the Premises, Landlord then Rent shall proceed at its expense and with reasonable diligence be fully abated until the date that the damage is repaired. No compensation or reduction of Rent shall be paid or allowed for inconvenience, annoyance or injury to Tenant or Tenant’s business arising from any damage to or repair and restore of the Leased Premises to substantially or the same condition they were in immediately prior to such casualtyBuilding. Notwithstanding the foregoing, if Landlord in its sole discretion determines that timely restoration is does not possible or practical or that there are or will be insufficient receive sufficient insurance proceeds available to Landlord to accomplish samefully repair the damage, or if the Building shall be so damaged that, as determined by Landlord, substantial reconstruction of the Premises or the Building is required (whether or not the Premises have been damaged), then (i) Landlord, at its option, may give Tenant, within sixty (60) days after the casualty, written notice of termination of this Lease and of all other leases in the Building which Landlord is entitled to terminate pursuant to such leases, and this Lease and the Term shall have terminate (whether or not the right Term has commenced) upon the expiration of thirty (30) days from the date of the notice, with the same effect as if the new expiration date had been the date initially fixed for expiration of the Term, and all Rent shall be apportioned as of the date of the casualty, unless Tenant has continued to occupy the Premises, and (ii) if Landlord estimates to Tenant in writing that the restoration of the Premises and the Building cannot be completed by the two hundred seventieth (270th) day following the date of the casualty, then Tenant may terminate this lease by written notice to Landlord, which notice shall be given by Tenant, if at all, within ten (10) business days following the date of such written estimate. If the restoration of the Premises and the Building has not been completed by the two hundred seventieth (270th) day following the date of the casualty, Tenant may terminate this Lease by written notice to Landlord, which notice shall be given to Tenant by Tenant, if at all, within ninety ten (9010) business days after the occurrence of following such casualty270th day. If the Premises or the Building shall be damaged by fire or other casualty due to the gross negligence or willful misconduct of Tenant: (i) Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Landlord or Tenant shall have no obligation to repair the right to terminate Premises or the Building, (ii) this Lease by giving notice thereof to the other party within thirty (30) days after the expiration of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease and come to an end without further liability or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy shall, at law or in equity for Landlord’s failure so to complete such restorationoption, not terminate, and time shall be of the essence with respect thereto(iii) Landlord may pursue any legal and equitable remedies available to it.

Appears in 1 contract

Samples: Lease (Learning Tree International Inc)

Fire and Other Casualty. In the event that at of damage to, or total or partial destruction of, the Building or any time during fixtures, equipment, or systems which constitute a part of the term hereof (including any extended term) the Leased Premises are totally damaged or destroyed Building by fire or other casualty or substantially damaged so (“Casualty Damage”), the insurance proceeds, if any, which, as a result of the Casualty Damage, are payable under any “Special Form” property insurance maintained by Tenant pursuant to render them or a material portion thereof untenantable, then there Section 12(b) above shall be a just payable to, and proportionate abatement be the sole property of, Landlord, and Tenant shall pay to Landlord the amount of any deductible or co-insurance feature applicable to such insurance policy. Subject to the terms and conditions of this Section, Landlord shall, to the extent that insurance proceeds (including any deductible or co-insurance amounts provided by Tenant) are available therefor, cause the prompt and diligent repair and replacement of the Rent payable hereunder until Building and the Leased Premises are made suitable for Tenant’s occupancy, and as soon as reasonably possible so that it is in substantially the Lease Term shall be extended, without the necessity of further action by any party, for a period equal same condition as existed prior to the time during Casualty Damage; provided that Landlord shall not be obligated to repair or replace any item which Rent so abated. In was not part of the event Improvements existing as of such substantial (the Effective Date or total) damage the Tenant Finish Work, including without limitation, any alterations, improvements or additions of or to the Leased PremisesPremises made by Tenant. Notwithstanding the foregoing provision of this Section, in the event: (a) the portions of the Leased Premises to be restored by Landlord shall proceed at are so damaged or destroyed that they cannot be restored within nine (9) months after the date of the damage or destruction, (b) the damage or destruction is not covered by the “Special Form” property insurance policy to be maintained by Landlord in accordance with Section 12 hereof and Landlord does not undertake to commence restoration of the Leased Premises within one hundred fifty (150) days after the date of such damage or destruction, (c) the insurance proceeds (reduced by any application thereof by Landlord’s mortgagee to its expense mortgage debt) are insufficient for restoration of the Leased Premises and with reasonable diligence Landlord does not undertake to repair and restore commence such restoration within one hundred fifty (150) days after the date of such damage or destruction, or (d) applicable law does not permit the restoration of the Leased Premises to substantially the same condition they were in immediately prior as at the commencement of the Lease Term; then Landlord shall not be obligated to such casualtyrestore the Leased Premises and Landlord may, after one hundred fifty (150) days following the damage or destruction, terminate and cancel this Lease upon fifteen (15) days written notice to Tenant, and all obligations hereunder except those due or mature shall thereupon cease and terminate. Notwithstanding If substantial Casualty Damage occurs during the foregoing, if Landlord in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish samelast year of the Lease Term, then Landlord shall have the right to or Tenant, at their respective option, may terminate this Lease by written notice given to Tenant within upon ninety (90) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Landlord or Tenant shall have the right to terminate this Lease by giving days’ written notice thereof to the other party within thirty (30) days after the expiration of such period (as so extended) provided that such restoration is not completed within such period. This Lease party, and all obligations hereunder, except those due or mature, shall cease and come to an end without further liability or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restorationterminate. Such right of termination Base Rent shall be Tenant’s sole and exclusive remedy at law abated proportionately (based upon the proportion that the unusable space in the Building due to a Casualty Damage bears to the total space in the Building) for each day that the Building or in equity for Landlord’s failure so to complete any part thereof is unusable by reason of any such restoration, and time shall be of the essence with respect theretoCasualty Damage.

Appears in 1 contract

Samples: Lease (Aqua Power Systems Inc.)

Fire and Other Casualty. In the event that at any time during the term hereof (including any extended term) the Leased Demised Premises are totally damaged or destroyed by fire or other casualty or substantially damaged so as insured by Landlord, Landlord agrees to render them or a material portion thereof untenantablepromptly restore and repair the Demised Premises at Landlord’s expense, then there shall including the Improvements to be a just and proportionate abatement of the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action insured by any party, for a period equal Tenant but only to the time during which Rent so abated. In extent Landlord receives insurance proceeds therefor, including the event of such substantial (or total) damage proceeds from the insurance required to be carried by Tenant on the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such casualtyImprovements. Notwithstanding the foregoing, if Landlord in its sole discretion determines the event that timely restoration the Demised Premises are (i) in the reasonable opinion of Landlord, so destroyed that they cannot be repaired or rebuilt within two hundred ten (210) days after the date of such damage; or (ii) destroyed by a casualty which is not possible covered by Landlord’s insurance, or practical if such casualty is covered by Landlord’s insurance but Lender or that there are or will be insufficient other party entitled to insurance proceeds fails to make such proceeds available to Landlord to accomplish samein an amount sufficient for restoration of the Demised Premises, then Landlord shall have the right to terminate this Lease by give written notice given to Tenant of such determination (the “Determination Notice”) within ninety forty-five (9045) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Either Landlord or Tenant shall have the right to may terminate and cancel this Lease effective as of the date of such casualty by giving written notice thereof to the other party within thirty (30) days after Tenant’s receipt of the expiration Determination Notice. Upon the giving of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease termination notice, all obligations hereunder with respect to periods from and come to an end without further liability or obligation on after the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right effective date of termination shall be thereupon cease and terminate. If no such termination notice is given, Landlord shall, to the extent of the available insurance proceeds, make such repair or restoration of the Demised Premises to substantially the condition existing prior to such casualty, promptly and in such manner as not to unreasonably interfere with Tenant’s sole use and exclusive remedy at law or in equity for Landlord’s failure so to complete such restoration, and time shall be occupancy of the essence with respect Demised Premises (if Tenant is still occupying the Demised Premises). Base Rent and Additional Rent shall proportionately xxxxx during the time that the Demised Premises or any part thereof are unusable by reason of any such damage thereto.

Appears in 1 contract

Samples: Industrial Lease Agreement (Tandy Brands Accessories Inc)

Fire and Other Casualty. In If the event that at any time during the term hereof (including any extended term) the Leased Premises are totally damaged or destroyed by fire or other casualty or substantially damaged so as (a “Casualty“), Landlord shall, within ninety (90) days after such Casualty, deliver to render them or Tenant a good faith estimate (the “Damage Notice“) of the time needed to repair the damage caused by such Casualty. If a material portion thereof untenantableof the Premises is damaged by Casualty such that Tenant is prevented from conducting its business in the Premises in a manner reasonably comparable to that conducted immediately before such Casualty (a “Material Casualty”) and Landlord estimates in the Damage Notice that the damage caused thereby cannot be repaired within two hundred seventy (270) days after such casualty (the “Repair Period“), then there shall be a just and proportionate abatement Tenant may terminate this Lease by delivering written notice to Landlord of its election to terminate within thirty (30) days after the Rent payable hereunder until the Leased Premises are made suitable for Damage Notice has been delivered to Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal to the time during which Rent so abated. In the event of such substantial (or total) damage to the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such casualty. Notwithstanding the foregoing, if Landlord Landlord, in its sole discretion discretion, determines that timely restoration is the Premises will not possible or practical be restored within the Repair Period or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord shall have the right to terminate this Lease by written notice given to Tenant within ninety (90) days after the occurrence of the Casualty (in such casualty. If Landlord proceeds with the repair and restoration event, such notice of termination shall be in lieu of Landlord’s delivery of the Leased PremisesDamage Notice). Notwithstanding any provision of this Section 9.1 to the contrary, in the event of a Material Casualty that occurs during the Leased last Lease Year of the Lease Term that Landlord estimates in the Damage Notice will take more than 180 days following the date of the Casualty to restore, either party may terminate this lease upon thirty (30) days written notice to the other party. If this Lease is not terminated pursuant to the preceding paragraph, then Landlord shall, promptly following the availability of insurance proceeds for such purpose, begin to repair the Premises and shall proceed with reasonable diligence to restore the Premises to substantially the same condition as they existed immediately before such Casualty; however, Landlord shall not be required to repair or replace any Alterations or improvements made by Tenant or at Tenant’s request within the Premises or any furniture, equipment, trade fixtures or personal property of Tenant or others in the Premises or the Building, and Landlord’s obligation to repair or restore the Premises shall be limited to the extent of the insurance proceeds actually received by Landlord for the Casualty in question. In the event the Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualtyon or before expiration of the Repair Period, then either Landlord or Tenant shall have the right to may terminate this Lease by giving written notice thereof to the other party within thirty five (305) business days after the following expiration of such period (the Repair Period. In the event that at any time during the Lease Term the Premises are damaged or destroyed by fire or other casualty so as so extended) provided that such restoration is not completed within such period. This Lease shall cease and come to an end without further liability render the Premises or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination any portion thereof untenantable, then there shall be a just and proportionate abatement of the Rent payable hereunder until the Premises are made suitable for Tenant’s sole occupancy (including a reasonable period of time for the repair or replacement of tenant’s improvements in the Premises and exclusive remedy at law or in equity for Landlordthe installation of Tenant’s failure so to complete such restorationfurniture, equipment, trade fixtures and time other personal property) and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal to the essence with respect theretotime during which Rent so abated.

Appears in 1 contract

Samples: Lease by And (Avici Systems Inc)

Fire and Other Casualty. In (a) if the event that Demised Premises or any part thereof shall be damaged by fire or other casualty, Tenant shall give immediate notice thereof to Landlord and this lease shall continue in full force and effect except as hereinafter set forth. (b) If the Demised Premises are partially damaged or rendered partially unusable by fire or other casualty, the damages thereto shall be repaired by and at any time during the term hereof expense of Landlord and the rent, until such repair shall be substantially completed, shall be apportioned from the day following the casualty according to the portion of the Demised Premises which is usable. (including any extended termc) If the Leased Demised Premises are totally damaged or destroyed rendered wholly unusable by fire or other casualty or substantially damaged so as to render them or a material portion thereof untenantablecasualty, then there the rent shall be a just and proportionate abatement of the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal proportionately paid up to the time during of the casualty and thenceforth shall cease until the date when the Demised Premises shall have been repaired and restored by Landlord, subject to Landlord's right to elect not to restore the same as hereinafter provided. (d) If the Demised Premises are rendered wholly unusable or (whether or not the Demised Premises are damaged in whole or in part) if the building shall be so damaged that Landlord shall decide to demolish, or to rebuild it, then, in any such events, Landlord may elect to terminate this lease by written notice to Tenant, given within 90 days after such fire or casualty, specifying a date for the expiration of the leased which Rent so abated. In date shall not be more than 60 days after the event giving of such substantial (or total) damage notice, and upon the date specified in such notice the term of this lease shall expire as fully and completely as if such date were the date set forth above for the termination of this lease and Tenant shall forthwith quit, surrender and vacate the Demised Premises without prejudice however, to Landlord's rights and remedies against Tenant under the Leased Premiseslease provisions in effect prior to such termination, and any rent owing shall be paid up to such date and any payments of rent made by Tenant which were on account of any period subsequent to such date shall be returned to Tenant. Unless Landlord shall serve a termination notice as provided for herein, Landlord shall proceed at its expense make the repairs and restorations under the conditions of (b) and (c) hereof with all reasonable diligence expedition, subject to repair delays due to adjustment of insurance claims, labor troubles and restore causes beyond Landlord's control. After any such casualty, Tenant shall cooperate with Landlord's restoration by removing from the Leased Demised Premises to as promptly as reasonably possible, all of Tenant's salvageable inventory and movable equipment, furniture and other property. Tenant's liability for rent shall resume five (5) days after written notice from Landlord that the Demised Premises are substantially the same condition they were in immediately prior to such ready for Tenant occupancy, (e) Nothing contained hereinabove shall relieve Tenant from liability that may exist as a result of damage from fire or other casualty. Notwithstanding the foregoing, if Landlord each party shall look first to any insurance in its sole discretion determines favor before making any claim against the other party for recovery for loss or damage resulting from fire or other casualty, and to the extent that timely restoration such insurance is in force and collectible and to the extent permitted by law, Landlord and Tenant each hereby releases and waives all right of recovery against the other or any one claiming through or under each of them by way of subrogation or otherwise. The foregoing release and waiver shall be in force only if both releasors, insurance policies contain a clause providing that such a release or waiver shall not possible or practical or invalidate the insurance. If, and to the extent, that there are or will such waiver can be insufficient insurance proceeds available to Landlord to accomplish same, obtained only by the payment of additional premiums then Landlord the party benefitting from the waiver shall have the right to terminate this Lease by written notice given to Tenant pay such premium within ninety ten (9010) days after written demand or shall be deemed to have agreed that the occurrence party obtaining insurance coverage shall be free of such casualtyany further obligation under the provisions hereof with respect to waiver of subrogation. If Tenant acknowledges that Landlord proceeds with will not carry insurance on Tenant's furniture and or furnishing or any fixtures or equipment, improvements, or appurtenances removable by Tenant and agrees that Landlord will not be obligated to repair any damage thereto or replace the repair and restoration same. (f) Tenant hereby waives the provisions of Section 227 of the Leased Premises, Real Property Law and agrees that the provisions of this Article shall govern and control in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Landlord or Tenant shall have the right to terminate this Lease by giving notice thereof to the other party within thirty (30) days after the expiration of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease and come to an end without further liability or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so to complete such restoration, and time shall be of the essence with respect theretolieu thereof.

Appears in 1 contract

Samples: Office Lease (Access Integrated Technologies Inc)

Fire and Other Casualty. In case of the event that at any time during destruction of the term hereof (including any extended term) Premises or the Leased Buildings of which the Premises are totally damaged or destroyed a part by fire or other casualty during the term of this Lease, or substantially damaged such partial destruction or damage thereto so as to render them the Premises wholly untenantable or a material portion thereof untenantable, then there shall be a just and proportionate abatement of the Rent payable hereunder until the Leased Premises are made suitable unfit for Tenant’s occupancy, and or should the Lease Term shall Premises be extended, without the necessity of further action by any party, for a period equal to the time during which Rent so abated. In the event of such substantial (or total) damage to the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially badly injured that the same condition they were in immediately prior to such casualty. Notwithstanding the foregoing, if Landlord in its sole discretion determines that timely restoration is cannot possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord shall have the right to terminate this Lease by written notice given to Tenant within ninety (90) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose repaired within one hundred eighty (180) days following said casualtyfrom the happening of such damage, or should the holder of any indebtedness secured by the Premises not make the proceeds of insurance policies available for the rebuilding of the damaged portion of the Premises and Landlord does not agree to provide the necessary funds for such rebuilding, then and in any such case, at the election of either Landlord or Tenant shall have the right to terminate this Lease by giving Tenant, upon written notice thereof to the other party exercised within thirty (30) days after of the expiration date it is determined that the Premises cannot be repaired within one hundred eighty (180) days from the happening of such period (as so extended) provided that such restoration is not completed within such period. This Lease damage, the Term hereby created shall cease and come become null and void from the date of such damage or destruction and then Tenant shall immediately surrender the Premises and all interest therein to an end without further liability Landlord, and Tenant shall pay the Rent within said Term only to the time of such destruction or obligation on damage; and in case of such destruction or partial destruction of said Buildings by fire, or other casualty, and the part termination of either party this Lease pursuant to the provisions of this Article X of this Lease, Landlord may re-enter and repossess the Premises discharged from this Lease and may remove all parties therefrom; provided, however, that the option to terminate this Lease pursuant to the provisions of this Article X shall be null and void if not exercised within thirty (30) days after from the date it is determined that the Premises cannot be repaired within one hundred eighty (180) days from the happening of such giving damage. In the event the Premises, or any part thereof so damaged, are repairable within one hundred eighty (180) days from the happening of notice unless within such thirty-day period damage, and also if the Lease is not terminated by reason of such damage, Landlord substantially completes shall enter and repair any such restorationdamage with all reasonable speed. Such right From the date of termination such injury and until repairs shall have been completed, the Rent, or such proportionate share thereof as may be attributable to the portion damaged or destroyed or rendered unusable in whole or part, shall be Tenant’s sole abated, provided, if more than fifty percent (50%) of the balance of the Premises cannot be used by Tenant in a manner contemplated by Article VII, Rent shall xxxxx completely during said one hundred eighty (180) day period. In the event the Premises shall be so slightly injured by fire, or other casualty, as not to be rendered untenantable and exclusive remedy at law or in equity unfit for Landlord’s failure so occupancy, then Landlord agrees to complete such restorationrepair the same with reasonable promptness, and time in that case the Rent accrued and accruing shall not cease but shall continue without abatement. In performing any acts pursuant to the provisions hereunder, Landlord shall use its best efforts to cause the least practical interference with Tenant's business. In no event however, shall the provisions of this Article become effective or be applicable if the fire or other casualty and damage shall be the result of the essence with respect theretocarelessness, negligence or improper conduct of Tenant or Tenant's agents, employees, guests, licensees, invitees, subtenants, assignees or successors. In such case, Tenant's liability for payment of the Rent and the performance of all the covenants, conditions and terms hereof on Tenant's part to be performed shall continue and Tenant shall be liable for the damage and loss suffered by Landlord. Notwithstanding anything to the contrary, this provision shall not in any way limit the Landlord's right to collect any Fixed Rent or Additional Rent from any insurance company.

Appears in 1 contract

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

Fire and Other Casualty. In 9. (a) If the event that demised premises of any part thereof shall be damaged by fire or other casualty, Tenant shall give immediate notice thereof to Landlord and this lease shall continue in full force and effect except as hereinafter set forth. (b) If the demised premises are partially damaged or rendered partially unusable by fire or other casualty, the damages thereto shall be repaired by and at any time during the term hereof expense of Landlord and the rent, until such repair shall be substantially completed, shall be apportioned from the day following the casualty according to the part of the premises which is usable. (including any extended termc) If the Leased Premises demised premises are totally damaged or destroyed rendered wholly unusable by fire or other casualty or substantially damaged so as to render them or a material portion thereof untenantablecasualty, then there the rent shall be a just and proportionate abatement of the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal proportionately paid up to the time during which Rent of the casualty and thenceforth shall cease until the date when the premises shall have been repaired and restored by Landlord, subject to Landlord's right to elect not to restore the same as hereinafter provided. (d) If the demised premises are rendered wholly unusable or (whether or not the demised premises are damaged in whole or in part) if the building shall be so abated. In the event damaged that Landlord shall decide to demolish it or to rebuild it, then, in any of such substantial (events, Landlord may elect to terminate this lease by written notice to Tenant given within 90 days after such fire or total) damage casualty specifying a date for the expiration of the lease, which date shall not be more than 60 days after the giving of such notice, and upon the date specified in such notice the term of this lease shall expire as fully and completely as if such date were the date set forth above for the termination of this lease and Tenant shall forthwith quit, surrender and vacate the premises without prejudice however, to Landlord's rights and remedies against Tenant under the Leased Premiseslease provisions in effect prior to such termination, and any rent owing shall be paid up to such date and any payments of rent made by Tenant which were on account of any period subsequent to such date shall be returned to Tenant. Unless Landlord shall serve a termination notice as provided for herein, Landlord shall proceed at its expense make the repairs and restorations under the conditions of (b) and (c) hereof, with all reasonable diligence expedition subject to repair delays due to adjustment of insurance claims, labor troubles and restore causes beyond Landlord's control. After any such casualty, Tenant shall cooperate with Landlord's restoration by removing from the Leased Premises to premises as promptly as reasonably possible, all of Tenant's salvageable inventory and movable equipment, furniture, and other property. Tenant's liability for rent shall resume five (5) days after written notice from Landlord that the premises are substantially the same condition they were in immediately prior to such ready for Tenant's occupancy. (e) Nothing contained hereinabove shall relieve Tenant from liability that may exist as a result of damage from fire or other casualty. Notwithstanding the foregoing, if Landlord each party shall look first to any insurance in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord shall have the right to terminate this Lease by written notice given to Tenant within ninety (90) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Landlord or Tenant shall have the right to terminate this Lease by giving notice thereof to favor before making any claim against the other party within thirty (30) days after for recovery for loss or damage resulting from fire or other casualty, and to the expiration extent that such insurance is in force and collectible and to the extent permitted by law, Landlord and Tenant each hereby releases and waives all right of recovery against the other or any one claiming through or under each of them by way of subrogation or otherwise. The foregoing release and waiver shall be in force only if both releasors' insurance policies contain a clause providing that such period (as so extended) a release or waiver shall not invalidate the insurance and also, provided that such restoration is a policy can be obtained without additional premiums. Tenant acknowledges that Landlord will not completed within such periodcarry insurance on Tenant's furniture and/or furnishings or any fixtures or equipment, improvements, or appurtenances removable by Tenant and agrees that Landlord will not be obligated to repair any damage thereto or replace the same. This Lease shall cease and come to an end without further liability or obligation on (f) Tenant hereby waives the part provisions of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so to complete such restoration, and time shall be Section 227 of the essence with respect theretoReal Property Law and agrees that the provisions of this article shall govern and control in lieu thereof.

Appears in 1 contract

Samples: Icc Technologies Inc

Fire and Other Casualty. In 9. (a) if the event that demised premises or any part thereof shall be damaged by fire or other casualty, Tenant shall give immediate notice thereof to Owner and this lease shall continue in full force and effect except as hereinafter set forth. (b) If the demised premises are partially damaged or rendered partially unusable by fire or other casualty, the damage thereto shall be repaired by and at any time during the term hereof expense of Owner and the rent and other items of additional rent, until such repair shall be substantially completed, shall be apportioned from the day following the casualty according to the part of the premises which is usable. (including any extended termc) If the Leased Premises demised premises are totally damaged or destroyed rendered wholly unusable by fire or other casualty or substantially damaged so as to render them or a material portion thereof untenantablecasualty, then there the rent and other items of additional rent as hereinafter expressly provided shall be a just and proportionate abatement of the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal proportionately paid up to the time during of the casualty and thenceforth shall cease until the date when the premises shall have been repaired and restored by Owner (or sooner reoccupied in part by Tenant then rent shall be apportioned as provided in subsection (b) above) subject to Owner's right to elect not to restore the same as hereinafter provided. (d) If the demised premises are rendered wholly unusable or (whether or not the demised premises are damaged in whole or in part) if the building shall be so damaged that Owner shall decide to demolish it or to rebuild it, then, in any such events, Owner may elect to terminate this lease by written notice to Tenant, given within 90 days after such fire or casualty, or 30 days after adjustment of the insurance claim for such fire or casualty, whichever is sooner, specifying a date for the expiration of the lease, which Rent so abated. In date shall not be more than 60 days after the event giving of such substantial (or total) damage notice, and upon the date specified in such notice the term of this lease shall expire as fully and completely as if such date were the date set forth above for the termination of this lease and Tenant shall forthwith quit, surrender and vacate the premises without prejudice however, to Owner's rights and remedies against Tenant under the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were lease provisions in immediately effect prior to such termination, and any rent owing shall be paid up to such date and any payments of rent made by Tenant which were on account of any period subsequent to such date shall be returned to Tenant. Unless Owner shall serve a termination notice as provided for herein, Owner shall make the repairs and restorations under the conditions of (b) and (c) hereof, with all reasonable expedition, subject to delays due to adjustment of insurance claims, labor troubles and causes beyond Owner's control. After any such casualty, Tenant shall cooperate with Owner's restoration by removing from the premises as promptly as reasonably possible, all of Tenant's salvageable inventory and movable equipment, furniture, and other property. Tenant's liability for rent shall resume five (5) days after written notice from Owner that the premises are substantially ready for Tenant's occupancy. (e) Nothing contained hereinabove shall relieve Tenant from liability that may exist as a result of damage from fire or other casualty. Notwithstanding the foregoingforegoing including Owner's obligation to restore under subparagraph (b) above, if Landlord each party shall look first to any insurance in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord shall have the right to terminate this Lease by written notice given to Tenant within ninety (90) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Landlord or Tenant shall have the right to terminate this Lease by giving notice thereof to favor before making any claim against the other party for recovery for loss or damage resulting from fire or other casualty, and to the extent that such insurance is in force and collectible and to the extent permitted by law, Owner and Tenant each hereby releases and waives all right of recovery with respect to subparagraph (b), (d) and (e) above, against the other or any one claiming through or under each of them by way of subrogation or otherwise. The release and waiver herein referred shall be deemed to include any loss or damage to the demise premises and/or to any personal property, equipment, trade fixtures, goods and merchandise located therein. The foregoing release and waiver shall be in force only if both releasors' insurance policies contain a clause providing that such a release or waiver shall not invalidate the insurance. If, and to the extent, that such waiver can be obtained only by the payment of additional premiums, then the party benefitting from the waiver shall pay such premium within thirty (30) ten days after the expiration of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease and come to an end without further liability written demand or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so deemed to complete such restoration, and time have agreed that the party obtaining insurance coverage shall be free of any further obligation under the provisions hereof with respect to waiver of subrogation. Tenant acknowledges that Owner will not carry insurance on Tenant's furniture and/or furnishings or any fixtures or equipment, improvements, or appurtenances removable by Tenant and agrees that Owner will not be obligated to repair any damage thereto or replace the same. (f) Tenant hereby waives the provisions of Section 227 of the essence with respect theretoReal Property Law and agrees that the provisions of this article shall govern and control in lieu thereof.

Appears in 1 contract

Samples: Fania Entertainment Group LTD

Fire and Other Casualty. SECTION 9. In the event that at any time during the term hereof (including any extended term) building on the Leased Premises are totally demised premises is damaged or destroyed by fire, casualty, or disaster, the Landlord shall promptly cause the same to be substantially restored to the prior existing condition, subject to such changes as the Tenant may reasonably require (provided, however, that such changes will not increase the cost of restoration unless Tenant agrees to pay for such increased cost); due allowance, however, shall be made for a reasonable time necessary for the Landlord to adjust the loss with insurance companies insuring the demised premises at the time of the happening of the fire, or other casualty, and due allowance is to be made for delay occasioned by strikes, lockouts, and conditions beyond the control of the Landlord. In the event of total destruction of the demised premises, and the Landlord fails to completely restore and rebuild same within one year after such fire, casualty, or disaster, then and in that event Tenant may, at its option, elect to terminate and cancel this lease, in which event this lease shall, upon written notice from the Tenant to the Landlord, be terminated, and cancelled, and neither party shall thereafter have any further obligation with respect to the other. Should the demised premises, or a portion thereof, be rendered untenantable by reason of damage or destruction thereof by fire, casualty or disaster during the term of this lease as provided in this section, the rent shall xxxxx in proportion to the areas of the demised premises rendered untenantable from the date of the happening of the fire or other casualty or substantially damaged so as disaster, up to render them or a material portion thereof untenantable, then there shall be a just and proportionate abatement the date of the Rent payable hereunder until restoration of the Leased Premises are made suitable premises. However, no rent shall accrue for Tenant’s occupancyany portion of the premises unless Tenant is able to conduct its usual business on that portion of the premises that remain tenantable. If, and at the Lease Term date of the happening of the fire or other disaster, the Tenant shall be extended, without the necessity of further action by have paid any party, rent for a period equal beyond such date, the Tenant shall be entitled to a proportionate refund. It is further agreed that if such damage occurs during the time during which Rent so abated. In last two (2) years of the event original term or any extended term and the cost of such substantial restoration amounts to more than one-third (or total1/3) damage of the replacement value of the building, as certified to the Leased Premisesby a reputable, registered architect, Landlord and Tenant shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such casualty. Notwithstanding the foregoing, if Landlord in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord shall each have the right to terminate this Lease by lease, on written notice given to Tenant within ninety (90) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Landlord or Tenant shall have the right to terminate this Lease by giving notice thereof to the other party within thirty (30) days after the expiration of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease and come to an end without further liability or obligation on the part of either party given thirty (30) days after such giving occurrence unless the Tenant shall elect to renew this lease for an additional period of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so to complete such restoration, and time shall be of the essence with respect theretofive (5) years.

Appears in 1 contract

Samples: Lease Agreement (Basic Us Reit Inc)

Fire and Other Casualty. In (A) If the event that at any time during the term hereof (including any extended term) the Leased Demised Premises are totally shall be damaged or destroyed by fire or other casualty or substantially damaged so as to render them or a material portion thereof untenantablecasualty, then there Tenant shall be a just and proportionate abatement of the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancygive notice thereof to Landlord, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal to the time during which Rent so abated. In the event of such substantial (or total) damage to the Leased Premisesexcept as hereinafter otherwise provided, Landlord shall proceed at its expense and with shall, within reasonable diligence to time thereafter, repair and or restore the Leased Demised Premises to substantially the same condition they the Demised Premises were in immediately prior to such casualty. Notwithstanding the foregoing, Landlord shall not be obligated to spend for such repairs and restoration any amount in excess of such insurance proceeds, if Landlord in its sole discretion determines that timely restoration is not possible or practical or that there are or will any, as shall be insufficient insurance proceeds available paid to Landlord as the result of such damage or destruction, and subject to accomplish samethe prior rights thereto, then Landlord if any, of any mortgagees. If the damage to the Demised Premises should be so extensive as to render the whole or any part of thereof untenable or unsuitable for use and occupancy by Tenant, a just proportion of the minimum rent, according to the nature and extent of the injury to the Demised Premises, shall have be suspended or abated until occupancy the right Demised Premises shall be repaired or restored as provided in the first sentence of this Section (A). It is agreed and understood that if during the term of this Lease either the Demised Premises or the Building shall be damaged or destroyed as aforesaid to the extent of twenty five percent (25%) or more of their insurable value, Landlord, at its election may terminate the term of this Lease by written a notice given to Tenant within ninety (90) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Landlord or Tenant shall have the right to terminate this Lease by giving notice thereof to the other party within thirty (30) days after such damage or destruction. It is also agreed and understood that if during the expiration last six (6) months of such period the term of this Lease the Demised Premises shall be damaged or destroyed as aforesaid to the extent of twenty five percent (as so extended25%) provided that such restoration is not completed or more of their insurable value, Tenant at its election, may terminate the term of this Lease by a notice to Landlord within such period. This Lease shall cease and come to an end without further liability or obligation on the part of either party thirty (30) days after such giving damage or destruction. In the event of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right any termination of the term of this Lease pursuant to the provisions of this Article, the termination shall be Tenant’s sole effective on the fifteenth (15th) day after the giving of the notice of termination. A just proportion of the minimum rent, according to the nature and exclusive remedy at law extent of the injury to the Demised Premises, shall be suspended or in equity for Landlord’s failure so to complete such restorationabated until the time of termination, and time minimum rent shall be apportioned as of the essence with respect theretotime of termination. If Landlord is required or elects to repair or restore the Demised Premises as hereinabove provided, then Tenant shall resume its business therein. If Landlord shall not substantially complete repair and restoration of the Demised Premises to the extent required under this Section (A) on or before the one hundred eightieth (180th) day following the occurrence of such casualty ("the Deadline"), then the term of this Lease shall terminate upon the Deadline unless prior to the Deadline Tenant shall give notice to the Landlord that Tenant then elects to continue the term of this Lease thereafter, and if Tenant shall so elect then this sentence shall thereafter be void and of no further force or effect.

Appears in 1 contract

Samples: Lease Agreement (A123 Systems Inc)

Fire and Other Casualty. In the event that at any time during the term hereof (including any extended term) the Leased Premises are totally damaged or destroyed by case of fire or other casualty casualty, the Tenant shall give immediate notice to the Landlord. If the Demised Premises shall be partially damaged by fire, the elements or other casualty, the Landlord shall repair the same as speedily as practicable, but the Tenant's obligation to pay the Base Rent and Additional Rent hereunder shall not cease. If, in the opinion of the Landlord, the Demised Premises are so extensively and substantially damaged so as to render them or a material portion thereof untenantable, then there the Base Rent shall cease until such time as the Demised Premises shall be a just and proportionate abatement of made tenantable by the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancyLandlord. However, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal to the time during which Rent so abated. In the event of such substantial (or total) damage to the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such casualty. Notwithstanding the foregoing, if Landlord in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord shall have the right to terminate this Lease by written notice given to Tenant within ninety (90) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premisesif, in the event opinion of the Leased Landlord the Demised Premises have are totally destroyed or so extensively and substantially damaged as to require practically a rebuilding thereof, and if such rebuilding is likely to require a period of not been restored to a condition substantially suitable for their intended purpose within less than one hundred eighty (180) days following said to be completed, then the Base Rent shall be paid up to the time of such destruction and then, at the option of either party, exercised within sixty (60) days of the occurrence of the casualty, then either this Lease shall come to an end. In no event, however, shall the provisions of this clause become effective or be applicable, if the fire or other casualty and damage shall be the result of the carelessness or improper conduct of the Tenant or the Tenant's agents, employees, guests, licensees, invitees, subtenants, assignees or successors. In such case, the Tenant's liability for the payment of the Base Rent and Additional Rent and the performance of all the covenants, conditions and terms hereof on the Tenant's part to be performed shall continue and the Tenant shall be liable to the Landlord or for the damage and loss suffered by the Landlord. If the Tenant shall have been insured against any of the right to terminate this Lease by giving notice thereof risks herein covered, then the proceeds of such insurance shall be paid over to the other party within thirty (30) days after Landlord to the expiration extent of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease the Landlord's costs and come expenses to an end without further liability or obligation on make the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so to complete such restorationrepairs hereunder, and time such insurance carriers shall be of have no recourse against the essence with respect theretoLandlord for reimbursement.

Appears in 1 contract

Samples: Lease (Diplomat Corp)

Fire and Other Casualty. In 9. (a) If the event that at demised premises or any time during part thereof shall be damaged by fire or other casualty, Tenant shall give immediate notice thereof to Owner and this lease shall continue in full force and effect except as hereinafter set forth. b) If the term hereof (including any extended term) the Leased Premises demised premises are totally partially damaged or destroyed rendered partially unusable by fire or other casualty or substantially damaged so as to render them or a material portion thereof untenantable, then there the damages thereto shall be a just repaired by and proportionate abatement at the expense of Owner and the rent, until such repair shall be substantially completed, shall be apportioned from the day following the casualty according to the part of the Rent payable hereunder until premises which is usable. (c) If the Leased Premises demised premises are made suitable for Tenant’s occupancytotally damaged or rendered wholly unusable by fire or other casualty, the damages thereto shall be repaired by and at the expense of Owner and the Lease Term rent, until such repair shall be extendedsubstantially completed, without the necessity of further action by any party, for a period equal shall be proportionately paid up to the time during which Rent of the casualty and thenceforth shall cease until the date when the premises shall have been repaired and restored by Owner, subject to Owner's right to elect not to restore the same as hereinafter provided. (d) If the building shall be so abated. In the event damaged that Owner shall decided to demolish it or to rebuild it, then, in any of such substantial (events, Owner may elect to terminate this lease by written notice to Tenant, given with 90 days after such fire or total) damage casualty, specifying a date for the explanation of the lease, which date shall not be more than 60 days after the giving of such notice, and upon the date specified in such notice the term of this lease shall expire as fully and completely as if such date were the date set forth above for the termination of this lease and Tenant shall forthwith quit, surrender and vacate the premises without prejudice however, to Owner's rights and remedies against Tenant under the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were lease provisions in immediately effect prior to such termination, and any rent owing shall be paid up to such date and any payments of rent made by Tenant which were on account of any period subsequent to such date shall be returned to Tenant. Unless Owner shall 4 serve a termination notice as provided herein, Owner shall make the repairs and restorations under the conditions of (b) and (c) hereof, with all reasonable expedition, subject to delays due to adjustment of insurance claims, labor troubles and causes beyond Owner's control. After any such casualty, Tenant shall cooperate with Owner's restoration by removing from the premises as promptly as reasonably possible, all of Tenant's salvageable inventory and movable equipment, furniture, and other property. Tenant's liability for rent shall resume five (5) days after written notice from Owner that the premises are substantially ready for Tenant's occupancy. (e) Nothing contained hereinabove shall relieve Tenant from liability that may exist as a result of damage from fire or other casualty. Notwithstanding the foregoing, if Landlord each party shall look first in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient any insurance proceeds available to Landlord to accomplish same, then Landlord shall have the right to terminate this Lease by written notice given to Tenant within ninety (90) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Landlord or Tenant shall have the right to terminate this Lease by giving notice thereof to his favor before making any claim against the other party for recovery for loss or damage resulting from fire or other casualty, and to the extent that such insurance is in force and collectible and to the extent permitted by law, Owner and Tenant each hereby releases and waives all right of recovery against the other or any one claiming through or under each of them by way of subrogation or otherwise. The foregoing release and waiver shall be in force only if both releasors' insurance policies contain a clause providing that such a release or waiver shall not invalidate the insurance. If, and to the extent, that such waiver can be obtained only by the payment of additional premiums, then the party benefiting from the waiver shall pay such premium within thirty (30) ten days after the expiration of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease and come to an end without further liability written demand or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so deemed to complete such restoration, and time have agreed that the party obtaining insurance coverage shall be free of any further obligation under the provisions hereof with respect to waiver of subrogation. Tenant acknowledges that Owner will not be obligated to repair any damages of Section 227 of the essence with respect thereto.Real Property Law and agrees that the provisions of this article shall govern and control in lieu thereof.(D)

Appears in 1 contract

Samples: Agreement (Advanced Viral Research Corp)

Fire and Other Casualty. In 9. (a) If the event that demised premises or any part thereof shall be damaged by fire or other casualty, Tenant shall give immediate notice thereof to Owner and this lease shall continue in full force and effect except as hereinaher set forth. (b) If the demised premises are partially damaged or rendered partially unusable by fire or other casualty, the damages thereto shall be repaired by and at any time during the term hereof expense of Owner and the rent and other items of additional rent, until such repair shall be substantially completed, shall be apportioned from the day following the casualty according to the part of the premises which is usable. (including any extended termc) If the Leased Premises demised premises are totally damaged or destroyed rendered wholly unusable by fire or other casualty or substantially damaged so as to render them or a material portion thereof untenantablecasualty, then there the rent and other items of additional rent as hereinafter expressly provided shall be a just and proportionate abatement of the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal proportionately paid up to the time during which Rent of the casualty and thenceforth shall cease until the date when the premises shall have been repaired and restored by Owner (or sooner reoccupied by Tenant then rent shall be apportioned as provided in subsection (b), subject to Owner's right to elect not to restore the same as hereinafter provided. (d) If the demised premises are rendered wholly unusable or (whether or not the demised premises are damaged in whole or in part) if the building shall be so abated. In the event damaged that Owner shall decide to demolish it or to rebuild it, then, in any of such substantial (events, Owner may elect to terminate this lease by written notice to Tenant, given with 90 days after such fire or total) damage casualty, or 30 days after adjustment of the insurance claim for such fire or casualty, whchever is sooner, specifying a date for the expiration of the lease, which date shall not be more than 60 days after the giving of such notice, and upon the date specified in such notice the term of this lease shall expire as fully and completely as if such date were the date set forth above for the termination of this lease and Tenant shaft forthwith quit, surrender and vacate the premises without prejudice however, to 4 rights and remedies against Tenant under the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were lease provisions in immediately effect prior to such termination, and any rent Owing shad be paid up to such date and any payments of rent made by Tenant which were on account of any period subsequent to such date shall be returned to Tenant. Unless Owner shall serve a termination notice as provided for herein, Owner shall make the repairs and restorations under the conditions of (b) and (c) hereof, with all reasonable expedition, subject to delays due to adjustment of insurance claims, labor troubles and causes beyond Owner's control. After any such casualty, Tenant shall cooperate with Owner's restoration by removing from the premises as promptly as reasonably possible, all of Tenant's salvageable inventory and moveable equipment, furniture, and other property. Tenant's liability for rent shall resume five (5) days after written notice from Owner that the premises are substantially ready for Tenant's occupancy. (e) Nothing contained hereinabove shall relieve Tenant from liability that may exist as a result of damage from fire or other casualty. Notwithstanding the foregoing, if Landlord including Owner's obligation to restore under subparagraph (b) above, each party shall look first to any insurance in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord shall have the right to terminate this Lease by written notice given to Tenant within ninety (90) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Landlord or Tenant shall have the right to terminate this Lease by giving notice thereof to favor before making any claum against the other party for recovery for loss or damage resulting from fire or other casualty, and to the extent that such insurance is in force and collectible and to the extent permitted by law, Owner and Tenant each hereby releases and waives all right of recovery with respect to subpaAgApbs (b), (d), and (e) above, against the other or any one claiming through or under each of them by way of subrogation or otherwise. The release and waiver herein referred to shall be deemed to include any loss or damage to the demised premises and/or to any personal property, equipment, trade fixtures, goods and merchandise located therein. The foregoing release and waiver shall be in force only if both releasers' insurance policies contain a clause providing that such a release or waiver shil not invalidate the insurance. If, and to the extent, that such waiver can be obtained only by the payment of additional premiums, then the party benefiting from the waiver shil pay such premium within thirty (30) ten days after the expiration of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease and come to an end without further liability written demand or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so deemed to complete such restoration, and time have agreed that the party obtaining insurance coverage shall be free of any further obligation under the provisions hereof with respect to waiver of subrogation. Tenant acknowledges that Owner will not carry insurance on Tenant's furniture and/or Furnishings or any fixtures or equipment, improvements, or appurtenences 5 Tenant and agrees that Owner will not be obligated to repair any damage thereto or replace the same. (f) Tenant hereby waives the provisions of Section 227 of the essence with respect theretoReal Properly Law and agrees that the provisions of this article shall govern and control in lieu thereof.

Appears in 1 contract

Samples: Allstate Financial Corp /Va/

Fire and Other Casualty. In 9. (a) If the event that demised premises or any partner of shall be damaged by fire or other casualty, Tenant shall get immediate notice thereof to Owner and this lease shall continue in full force in effect except as hereinafter set forth. (b) if the demised premises are partially damaged or tendered partially unusable by fire or other casualty, the damages thereto shall be repaired by and at any time during the term hereof expense of Owner and the rent and other items of additional rent, until such repair shall be substantially completed, shall be apportioned from the day following the casualty according to the part of the premises which is usable. (including any extended termc) if the Leased Premises demised premises are totally damaged or destroyed rendered wholly unusable by fire or other casualty or substantially damaged so as to render them or a material portion thereof untenantablecasualty, then there the rent and other items of additional rent as hereinafter expressly provided shall be a just and proportionate abatement of the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal proportionately paid up to the time during of the casualty and thenceforth shall cease until the date when the premises shall have been repaired and restored by Owner (or sooner reoccupied in part by Tenant then rent shall be apportioned as provided in subsection (b)above). Subject to Owner's right to elect not to restore the same as hereinafter provided. (d) if the demised premises are rendered wholly unusable or (whether or not the demised premises are damaged in whole or in part) if the building shall be so damaged that Owner decide to demolish it or to rebuild it, then, in any as such events, Owner may elect to terminate this lease by written notice to Tenant, given within 90 days after such fire or casualty, or 30 days after adjustments of the insurance claim for such fire or casualty, whichever is sooner, specifying a date for the expiration of the lease, which Rent so abated. In date shall not be more than 60 days after the event giving of such substantial (notice, and upon the date specified in such notice the term of this lease shall expire as fully and completely as if such date or total) damage the date set forth above for the termination of this lease and Tenant shall forthwith quit, surrender and vacate the premises without prejudice however to landlord's rights and remedies against Tenants under the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were lease provisions in immediately effect prior to such termination, and any rent owing shall be paid up to such date and any payment of rent made by Tenant which were on account of any period subsequent to such date shall be returned to Tenant. Unless Owner shall serve a termination notice as provided for herein, Owner shall make the repairs and restorations under the conditions of (b) hereof, with all reasonable expedition, subject to delays due to adjustment of insurance claims, labor troubles and clauses beyond Owner's control. After any such casualty, Tenant shall cooperate with Owner's restoration, by removing from the premises as promptly as reasonably possible, all of Tenant's salvageable inventory and moveable equipment, furniture, and other property. Tenant's liability for rent shall resume five (5) days after written notice from Owner that the premises are substantially ready for Tenant's occupancy. (c) Nothing contained hereinabove shall relieve Tenant from liability that may exist as a result of damage from fire or other casualty. Notwithstanding the foregoing, if Landlord including Owner's obligation to restore under subparagraph (b) above, each party shall look first to any insurance in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord shall have the right to terminate this Lease by written notice given to Tenant within ninety (90) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Landlord or Tenant shall have the right to terminate this Lease by giving notice thereof to favor before making any claim against the other party for recovery, or loss or damage resulting from fire or other casualty , and to the extent that such insurance is in force and collectible and to the extent permitted by law. Owner and Tenant such hereby releases and waives all rights of recovery with respect to subparagraphs (b), (d) and (e) above, against the other or anyone claiming through or under each of them by way of subrogation or otherwise. The release and waiver herein referred to shall be deemed to include any loss or damage to the demised premises and/or to any personal property, equipment, trade fixtures, goods and merchandise located therein. The foregoing release and waiver shall be enforced only if both releasors insurance policy contain a clause providing that such a release or waiver shall not invalidate the insurance. If, and to the extent, that such waiver can be obtained only by the payment of additional premiums, then the party benefiting from the waiver shall pay such premium within thirty (30) 10 days after the expiration of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease and come to an end without further liability written demand or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so deemed to complete such restoration, and time have agreed that the party obtaining insurance coverage shall be free of any further obligation under the provisions hereof with respect to waiver of subrogation. Tenant acknowledges that Owner will not carry insurance on Tenant's furniture and/or furnishings or any fixtures or equipment, improvements, or at the appurtenances removable by Tenant and agrees that Owner will not be obligated to repair any damage thereto or replace the same. (f) Tenant hereby waves the provisions of Section 227 of the essence with respect theretoReal Property Law and agrees that the provisions of this Article shall govern and control in lieu thereof.

Appears in 1 contract

Samples: Ijc Ventures Corp

Fire and Other Casualty. (a) In the event that at any time during the term hereof (including any extended term) the Leased Premises are totally damaged or destroyed by case of fire or other casualty or substantially damaged so as casualty, Tenant shall give immediate notice to render them or a material portion thereof untenantable, then there Landlord. If the Premises shall be a just and proportionate abatement of damaged by fire, the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancy, elements or other casualty and the Lease Term lease shall be extended, without the necessity of further action by any party, for a period equal to the time during which Rent so abated. In the event of such substantial (or total) damage to the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were not terminate as hereinafter provided in immediately prior to such casualty. Notwithstanding the foregoing, if Landlord in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish samethis paragraph 9, then Landlord shall have repair the right to terminate this Lease by written notice given to Tenant within ninety (90) days after the occurrence of such casualty. If Landlord proceeds same in accordance with the provisions of this Paragraph 9. Landlord shall proceed diligently to repair or restore the Premises to a condition of like kind and quality as delivered by Landlord at the Commencement Date, and Tenant's obligation to pay Rental hereunder shall abate, in the same proportion whicx xxx square footage of the portion of the Building rendered untenantable bears to the total square footage of the Building, until such time as Landlord shall Substantially Complete the repair or restoration of the Leased PremisesBuilding. If any casualty should result in all or any portion of the Building not being able to be refrigerated in accordance with the provisions of Exhibit B, the Building or such portion thereof shall be deemed to be untenantable for purposes of this Paragraph 9. So long as Landlord is not in default of any of the terms, covenants or conditions of this lease, a sum equal to the deductible amounts set forth in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualtycasualty and/or comprehensive boiler and machinery insurance policies, then either Landlord or if applicable, maintained by Tenant shall have the right to terminate this Lease by giving notice thereof pursuant to the other party provisions of paragraph 7 of this lease, and an amount equal to all insurance proceeds not received by Landlord as a result of acts of commission and/or omission of Tenant, shall be paid over by Tenant to Landlord, within thirty (30) days after following demand therefor, whether or not Landlord shall be required to rebuild which payment shall be deemed to constitute Additional Rental. Landlord shall be required to repair, restore or replace any work, non-trade fixtures, alterations, additions or improvements installed by Tenant which became part of the expiration of such period Building, and which shall have been included within the casualty insurance to be maintained by Tenant pursuant to Paragraph 7. In no event shall Landlord be required to repair, restore or replace any furniture, trade fixtures, equipment or contents (as so extendedincluding without limitation Tenant's racks) provided that such restoration is not completed within such period. This Lease shall cease and come to an end without further liability by Tenant or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or any Personal Property as defined in equity for Landlord’s failure so to complete such restoration, and time shall be of the essence with respect theretoParagraph 27.

Appears in 1 contract

Samples: Lease Agreement (Di Giorgio Corp)

Fire and Other Casualty. In the event that at any time during the term hereof (including any extended term) the Leased Demised Premises are totally damaged or destroyed by fire or other casualty insured by Landlord, Landlord agrees to promptly restore and repair the Demised Premises at Landlord’s expense, including the Improvements to be insured by Tenant, but only to the extent Landlord receives insurance proceeds therefor (plus the amount of any deductible, which Landlord must pay), including the proceeds from the insurance required to be carried by Tenant on the Improvements. Notwithstanding the foregoing, in the event that the Demised Premises are (i) in the reasonable opinion of Landlord, so destroyed that they cannot be repaired or substantially damaged so as rebuilt within two hundred ten (210) days after the date of such damage; or (ii) destroyed by a casualty which is not fully covered by Landlord’s insurance (plus the amount of any deductible, which Landlord must pay), or if such casualty is covered by Landlord’s insurance but Lender or other party entitled to render them or a material portion thereof untenantableinsurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Demised Premises, then there Landlord shall be a just give written notice to Tenant of such determination (the “Determination Notice”) within forty-five (45) days of such casualty. Either Landlord or Tenant may terminate and proportionate abatement cancel this Lease effective as of the Rent payable hereunder until date of such casualty by giving written notice to the Leased Premises are made suitable for other party within twenty (20) days after Tenant’s occupancyreceipt of the Determination Notice. Upon the giving of such termination notice, all obligations hereunder with respect to periods from and after the Lease Term effective date of termination shall be extendedthereupon cease and terminate. If no such termination notice is given, without the necessity of further action by any partyLandlord shall, for a period equal to the time during extent of the available insurance proceeds, promptly make such repair or restoration of the Demised Premises to a condition which Rent so abated. In the event of such substantial (or total) damage is comparable to the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore condition of the Leased Demised Premises to substantially the same condition they were in immediately prior to such casualty. Notwithstanding the foregoing, if Landlord promptly and in its sole discretion determines that timely restoration is such manner as not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord shall have the right to terminate this Lease by written notice given to Tenant within ninety (90) days after the occurrence of such casualty. If Landlord proceeds unreasonably interfere with the repair Tenant’s use and restoration occupancy of the Leased Demised Premises (if Tenant is still occupying the Demised Premises, ). Base Rent and Additional Rent shall xxxxx in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Landlord or Tenant shall have the right to terminate this Lease by giving notice thereof proportion to the other party within thirty (30) days after the expiration loss of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease and come to an end without further liability or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so to complete such restoration, and time shall be use of the essence with respect Demised Premises suffered by Tenant during the time that the Demised Premises or any part thereof are unusable by reason of any such damage thereto.

Appears in 1 contract

Samples: Industrial Lease Agreement (Syratech Corp)

Fire and Other Casualty. In the event that at any time during the term hereof (including any extended term) the Leased Demised Premises are totally damaged or destroyed by ----------------------- fire or other casualty or substantially damaged so as insured by Landlord, Landlord agrees to render them or a material portion thereof untenantablepromptly restore and repair the Demised Premises at Landlord's expense, then there shall including the Improvements to be a just and proportionate abatement of the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action insured by any party, for a period equal Tenant but only to the time during which Rent so abated. In extent Landlord receives insurance proceeds therefor, including the event of such substantial (or total) damage proceeds from the insurance required to be carried by Tenant on the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such casualtyimprovements. Notwithstanding the foregoing, if Landlord in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord shall have the right to terminate this Lease by written notice given to Tenant within ninety (90) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event that the Leased Demised Premises have are (i) in the reasonable opinion of Landlord, so destroyed that they cannot been restored to a condition substantially suitable for their intended purpose be repaired or rebuilt within one hundred eighty (180) days following said casualtyafter the date of such damage; or (ii) destroyed by a casualty which is not covered by Landlord's insurance, or if such casualty is covered by Landlord's insurance but Lender or other party entitled to insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Demised Premises, then either Landlord shall give written notice to Tenant of such determination (the "Determination Notice") within sixty (60) days of such casualty. Either Landlord or Tenant shall have may terminate and cancel this lease effective as of the right to terminate this Lease date of such casualty by giving written notice thereof to the other party within thirty (30) days after Tenant's receipt of the expiration Determination Notice. Upon the giving of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease termination notice, all obligations hereunder with respect to periods from and come to an end without further liability or obligation on after the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right effective date of termination shall be Tenant’s sole thereupon cease and exclusive remedy at law or in equity for Landlord’s failure so terminate. If no such termination notice is given, Landlord shall, to complete such restoration, and time shall be the extent of the essence available insurance proceeds, make such repair and restoration of the Demised Premises to the approximate condition existing prior to such casualty, promptly and in such manner as not to unreasonably interfere with respect Tenant's use and occupancy of the Demised Premises (if Tenant is still occupying the Demised Premises). Base Rent and Additional Rent shall proportionately xxxxx during the time that the Demised Premises or any part thereof are unusable by reason of any such damage thereto.

Appears in 1 contract

Samples: Industrial Lease Agreement (Mohawk Industries Inc)

Fire and Other Casualty. In Effective upon the event that at any time during Lease Commencement Date, in case of fire or other casualty, the term hereof (including any extended term) Tenant/Purchaser shall give immediate notice to the Landlord/Seller. If the Leased Premises are shall be partially damaged by fire, the elements or other casualty so that Tenant/Purchaser is able to satisfactorily operate its business, as Tenant/Purchaser may in its sole discretion determine, then the Tenant/Purchaser shall repair the same as speedily as practicable, but the Tenant/Purchaser's obligation to pay the rent hereunder shall not cease unless and until the Lease is terminated in accordance with this Section 20. If, however, in the reasonable opinion of the Tenant/Purchaser and the Landlord/Seller, the Premises shall be totally destroyed or so extensively and substantially damaged as to require practically a rebuilding thereof, then the rent shall be paid to the time of such destruction and then and from thenceforth this Lease shall come to an end unless Tenant/Purchaser in its sole discretion should decide to rebuild the Premises. In no event, however, shall the provisions of this clause become effective or destroyed by be applicable, if the fire or other casualty and damage shall be the result of the carelessness, negligence or substantially damaged so improper conduct of the Tenant/Purchaser or the Tenant/Purchaser's agents, employees, guests, licensees, invitees, subtenants, assignees or successors and, as a result thereof, insurance proceeds shall be not collectible. In such case, the Tenant/Purchaser's liability for the payment of the rent and the performance of all the covenants, conditions, and terms hereof on the Tenant/Purchaser's part to render them or a material portion thereof untenantablebe performed shall continue and the Tenant/Purchaser shall be liable to the Landlord/Seller for the damage and loss suffered by the Landlord/Seller. If the Tenant/Purchaser shall have been insured against any of the risks herein covered, then there the proceeds of such insurance shall be a just and proportionate abatement paid over to the Tenant/Purchaser to the extent of the Rent payable hereunder until Tenant/Purchaser's costs and expenses to make the Leased Premises are made suitable for Tenant’s occupancyrepairs hereunder, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal to the time during which Rent so abated. In the event of such substantial (or total) damage to the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such casualty. Notwithstanding the foregoing, if Landlord in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord carriers shall have no recourse against the right to terminate this Lease Landlord/Seller for reimbursement, unless the damage is caused by written notice given to Tenant within ninety (90) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration action of the Leased Premises, Landlord/Seller in which case the event the Leased Premises have not been restored Tenant/Purchaser may proceed to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Landlord or Tenant shall have the right to terminate this Lease by giving notice thereof to the other party within thirty (30) days after the expiration of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease and come to an end without further liability or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for collect all expenses from Landlord’s failure so to complete such restoration, and time shall be of the essence with respect thereto/Seller.

Appears in 1 contract

Samples: Lease Agreement (Community Partners Bancorp)

Fire and Other Casualty. In 9. (a) If the event that demised premises or any part thereof shall be damaged by fire or other casualty, Tenant shall give immediate notice thereof to Owner and this lease shall continue in full force and effect except as hereinafter set forth. (b) If the demised premises are partially damaged or rendered partially unusable by fire or other casualty, the damages thereto shall be repaired by and at any time during the term hereof expense of Owner and the rent and other items of additional rent, until such repair shall be substantially completed, shall be apportioned from the day following the casualty according to the part of the premises which is usable. (including any extended termc) If the Leased Premises demised premises are totally damaged or destroyed rendered wholly unusable by fire or other casualty or substantially damaged so as to render them or a material portion thereof untenantablecasualty, then there the rent and other items of additional rent as hereinafter expressly provided shall be a just and proportionate abatement of the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal proportionately paid up to the time during which Rent of the casualty and thenceforth shall cease until the date when the premises shall have been repaired and restored by Owner (or sooner reoccupied in part by Tenant then rent shall be apportioned as provided in subsection (b) above), subject to Owner’s right to elect not to restore the same as hereinafter provided. (d) If the demised premises are rendered wholly unusable or (whether or not the demised premises are damaged in whole or in part) if the building shall be so abated. In the event damaged that Owner shall decide to demolish it or to rebuild it, then, in any of such substantial (events, owner may elect to terminate this lease by written notice to Tenant, given within 90 days after such fire or total) damage casualty, or 30 days after adjustment of the insurance claim for such fire or casualty, whichever is sooner, specifying a date for the expiration of the lease, which date shall not be more than 60 days after the giving of such notice, and upon the date specified in such notice the term of this lease shall expire as fully and completely as if such date were the date set forth above for the termination of this lease and Tenant shall forthwith quit, surrender and vacate the premises without prejudice however, to Landlord rights and remedies against Tenant under the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were lease provisions in immediately effect prior to such casualtytermination, and any rent owing shall be paid up to such date and any payments of rent made by Tenant which were on account of any period subsequent to such date shall be returned to Tenant. Notwithstanding Unless Owner shall serve a termination notice as provided for herein, Owner shall make the foregoingrepairs and restorations under the conditions of (b) and (c) hereof, if Landlord in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient with all reasonable expedition, subject to delays due to adjustment of insurance proceeds available to Landlord to accomplish sameclaims, then Landlord shall have the right to terminate this Lease by written notice given to Tenant within ninety (90) days after the occurrence of labor troubles and causes beyond Owner’s control. After any such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Landlord or Tenant shall have the right to terminate this Lease by giving notice thereof to the other party within thirty (30) days after the expiration of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease and come to an end without further liability or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so to complete such restoration, and time shall be of the essence with respect thereto.cooperate with

Appears in 1 contract

Samples: Agreement (American Fiber Systems, Inc.)

Fire and Other Casualty. In 9. (a)Subject to Tenant’s right to terminate pursuant to Article 69, if the event that demised premises or any part thereof shall be damaged by fire or other casualty, Tenant shall give immediate notice thereof to Owner and this lease shall continue in full force and effect except as hereinafter set forth. (b) If the demised premises are partially damaged or rendered partially unusable for Tenant’s business by fire or other casualty, the damages thereto shall be repaired by and at any time during the term hereof expense of Owner and the rent and other items of additional rent, until such repair shall be substantially completed, shall be apportioned from the day following the casualty according to the part of the premises which is usable for Tenant’s business. (including any extended termc) If the Leased Premises demised premises are totally damaged or destroyed rendered wholly unusable for Tenant’s business by fire or other casualty or substantially damaged so as to render them or a material portion thereof untenantablecasualty, then there the rent and other items of additional rent as hereinafter expressly provided shall be a just and proportionate abatement proportionately paid up to the time of the Rent payable hereunder casualty and thenceforth shall cease until the Leased Premises date when the premises shall have been repaired and restored by Owner (or sooner reoccupied in part by Tenant then rent shall be apportioned as provided in subsection (b) above), subject to Tenant’s right to terminate pursuant to Article 69 and Owner’s right to elect not to restore the same as hereinafter provided. (d) If the demised premises are made suitable rendered wholly unusable for Tenant’s occupancy, and business or (whether or not the Lease Term demised premises are damaged in whole or in part) if the building shall be extendedso damaged that Owner shall decide to demolish it or to rebuild it, without the necessity of further action by then in any party, for a period equal to the time during which Rent so abated. In the event of such substantial (or total) damage to the Leased Premisesevents, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were but, in immediately prior to such casualty. Notwithstanding the foregoingeither case, only if Landlord also terminates all other office leases in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord shall have the right Building (other than those with Landlord’s affiliates) Owner may elect to terminate this Lease lease by written notice to Tenant, given to Tenant within ninety sixty (9060) days after the occurrence of such fire or casualty. If Landlord proceeds with the repair and restoration , or 30 days after adjustment of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable insurance claim for their intended purpose within one hundred eighty (180) days following said such fire or casualty, then either Landlord or Tenant whichever is sooner, specifying a date for the expiration of the lease, which date shall have the right to terminate this Lease by giving notice thereof to the other party within not be more than thirty (30) days after the expiration giving of such notice, and upon the date specified in such notice the term of this lease shall expire as fully and completely as if such date were the date set forth above for the termination of this lease and Tenant shall forthwith quit, surrender and vacate the premises without prejudice however, to Landlord’s rights and remedies against Tenant under the lease provisions in effect prior to such termination, and any rent owing shall be paid up to such date and any payments of rent made by Tenant which were on account of any period subsequent to such date shall be returned to Tenant. Unless Owner or Tenant shall serve a termination notice as provided for herein, Owner shall make the repairs and restorations under the conditions of (b) and (c) hereof, with all reasonable expedition, subject to delays due to adjustment of insurance claims, labor troubles and causes beyond Owner’s control. After any such casualty, Tenant shall cooperate with Owner’s restoration by removing from the premises as so extended) provided that such restoration is not completed within such periodpromptly as reasonably possible, to the extent reasonably necessary, all of Tenant’s salvageable inventory and moveable equipment, furniture, and other property. This Lease Tenant’s liability for rent shall cease and come to an end without further liability or obligation on the part of either party resume thirty (30) days after such giving of written notice unless within such thirty-day period Landlord from Owner that the premises are substantially completes such restoration. Such right of termination shall be ready for Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so occupancy, subject to complete such restoration, and time shall be of the essence with respect thereto.punchlist items that do not interfere

Appears in 1 contract

Samples: Smith & Wollensky Restaurant Group Inc

Fire and Other Casualty. In the event that at any time during the term hereof (including any extended term) the Leased Demised Premises are totally damaged or destroyed by fire or other casualty or substantially damaged so as insured by Landlord, Landlord agrees to render them or a material portion thereof untenantablepromptly restore and repair the Demised Premises at Landlord's expense, then there shall including the Improvements to be a just and proportionate abatement of the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action insured by any party, for a period equal Tenant but only to the time during which Rent so abated. In extent Landlord receives insurance proceeds therefor, including the event of such substantial (or total) damage proceeds from the insurance required to be carried by Tenant on the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such casualtyImprovements. Notwithstanding the foregoing, if Landlord in its sole discretion determines the event that timely restoration the Demised Premises are (i) in the reasonable opinion of Landlord, so destroyed that they cannot be repaired or rebuilt within two hundred seventy (270) days after the date of such damage; or (ii) destroyed by a casualty which is not possible covered by Landlord's insurance, or practical if such casualty is covered by Landlord's insurance but Lender or that there are or will be insufficient other party entitled to insurance proceeds fails to make such proceeds available to Landlord to accomplish samein an amount sufficient for restoration of the Demised Premises, then Landlord shall have the right to terminate this Lease by give written notice given to Tenant of such determination (the "Determination Notice") within ninety sixty (9060) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Either Landlord or Tenant shall have the right to may terminate and cancel this Lease effective as of the date of such casualty by giving written notice thereof to the other party within thirty (30) days after Tenant's receipt of the expiration Determination Notice. Upon the giving of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease termination notice, all obligations hereunder with respect to periods from and come to an end without further liability or obligation on after the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right effective date of termination shall be Tenant’s sole thereupon cease and exclusive remedy at law or in equity for Landlord’s failure so terminate. If no such termination notice is given, Landlord shall, to complete such restoration, and time shall be the extent of the essence available insurance proceeds, make such repair or restoration of the Demised Premises to the approximate condition existing prior to such casualty, promptly and in such manner as not to unreasonably interfere with respect Tenant's use and occupancy of the Demised Premises (if Tenant is still occupying the Demised Premises). Base Rent and Additional Rent shall proportionately xxxxx during the time that the Demised Premises or any part thereof are unusable by reason of any such damage thereto.

Appears in 1 contract

Samples: Industrial Lease Agreement (Cell Genesys Inc)

Fire and Other Casualty. In If the event that at any time during the term hereof (including any extended term) the Leased Premises are totally shall be damaged or destroyed by fire or other casualty or substantially damaged so casualty, other than as to render them or a material portion thereof untenantable, then there shall be a just and proportionate abatement result of the Rent payable hereunder until negligence or misconduct of Tenant, the Leased Lease shall not terminate and, upon adjustment of insurance claims, Landlord shall repair the damage, provided that Landlord shall have no obligation to repair damage to or replace Tenant’s Personal Property. Except as otherwise provided herein, if any part of the Premises are made suitable for Tenant’s occupancyrendered untenantable by reason of any such damage, and Rent shall axxxx from the Lease Term shall be extended, without date of the necessity of further action by any party, for a period equal to the time during which Rent so abated. In the event of such substantial (or total) damage to the Leased date the damage is repaired, as determined by Landlord, in the proportion that the area of the untenantable part bears from time to time to the total area of the Premises. No compensation or reduction of Rent shall be paid or allowed for inconvenience, Landlord shall proceed at its expense and with reasonable diligence annoyance or injury to Tenant or Tenant’s business arising from any damage to or repair and restore of the Leased Premises to substantially or the same condition they were in immediately prior to such casualtyBuilding. Notwithstanding the foregoing, if Landlord in its sole discretion determines that timely restoration is does not possible or practical or that there are or will be insufficient receive sufficient insurance proceeds available to Landlord to accomplish samefully repair the damage, or if the Building shall be so damaged that, as determined by Landlord, substantial reconstruction of the Premises or the Building is required (whether or not the Premises have been damaged), then Landlord shall have the right to terminate this Lease by written notice given to Tenant Landlord, at its option, may give Tenant, within ninety sixty (9060) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Landlord or Tenant shall have the right to terminate written notice of termination of this Lease, and this Lease by giving notice thereof to and the other party within Term shall terminate (whether or not the Term has commenced) upon the expiration of thirty (30) days after from the date of the notice, with the same effect as if the new expiration date had been the date initially fixed for expiration of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease the Term, and come to an end without further liability or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination all Rent shall be apportioned as of such date. If the Premises or the Building shall be damaged by fire or other casualty due to the negligence or misconduct of Tenant’s sole and exclusive remedy : (i) Landlord shall have no obligation to repair the Premises or the Building, (ii) this Lease shall, at law or in equity for Landlord’s failure so to complete such restorationoption, and time shall be of the essence with respect thereto.not terminate,

Appears in 1 contract

Samples: Office Lease (Global Secure Corp.)

Fire and Other Casualty. In (A) If the event that at any time during the term hereof (including any extended term) the Leased Demised Premises are totally shall be damaged or destroyed by fire or other casualty or substantially damaged so as to render them or a material portion thereof untenantablecasualty, then there Tenant shall be a just and proportionate abatement of the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancygive notice thereof to Landlord, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal to the time during which Rent so abated. In the event of such substantial (or total) damage to the Leased Premisesexcept as hereinafter otherwise provided, Landlord shall proceed at its expense and with shall, within reasonable diligence to time thereafter, repair and or restore the Leased Demised Premises to substantially the same condition they the Demised Premises were in immediately prior to such casualty. Notwithstanding the foregoing, Landlord shall not be obligated to spend for such repairs and restoration any amount in excess of such insurance proceeds, if Landlord in its sole discretion determines that timely restoration is not possible or practical or that there are or will any, as shall be insufficient insurance proceeds available paid to Landlord as the result of such damage or destruction, and subject to accomplish samethe prior rights thereto, then Landlord if any, of any mortgagees. If the damage to the Demised Premises should be so extensive as to render the whole or any part thereof untenable or unsuitable for use and occupancy by Tenant, a just proportion of the minimum rent, according to the nature and extent of the injury to the Demised Premises, shall have be suspended or abated until occupancy the right Demised Premises shall be repaired or restored as provided in the first sentence of this Section (A). It is agreed and understood that if during the term of this Lease either the Demised Premises or the Building shall be damaged or destroyed as aforesaid to the extent of twenty five percent (25%) or more of their insurable value, Landlord, at its election, may terminate the term of this Lease by written a notice given to Tenant within ninety (90) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Landlord or Tenant shall have the right to terminate this Lease by giving notice thereof to the other party within thirty (30) days after such damage or destruction. It is also agreed and understood that if during the expiration last six (6) months of such period the term of this Lease the Demised Premises shall be damaged or destroyed as aforesaid to the extent of twenty five percent (as so extended25%) provided that such restoration is not completed or more of their insurable value, Tenant at its election, may terminate the term of this Lease by a notice to Landlord within such period. This Lease shall cease and come to an end without further liability or obligation on the part of either party thirty (30) days after such giving damage or destruction. In the event of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right any termination of the term of this Lease pursuant to the provisions of this Article, the termination shall be Tenant’s sole effective on the fifteenth (15th) day after the giving of the notice of termination. A just proportion of the minimum rent, according to the nature and exclusive remedy at law extent of the injury to the Demised Premises, shall be suspended or in equity for Landlord’s failure so to complete such restorationabated until the time of termination, and time minimum rent shall be apportioned as of the essence with respect theretotime of termination. If Landlord is required or elects to repair or restore the Demised Premises as hereinabove provided, then Tenant shall resume its business therein. If Landlord shall not substantially complete repair and restoration of the Demised Premises to the extent required under this Section (A) on or before the one hundred eightieth (180th) day following the occurrence of such casualty ("the Deadline"), then the term of this Lease shall terminate upon the Deadline unless prior to the Deadline Tenant shall give notice to the Landlord that Tenant then elects to continue the term of this Lease thereafter, and if Tenant shall so elect then this sentence shall thereafter be void and of no further force or effect.

Appears in 1 contract

Samples: Lease Agreement (A123 Systems Inc)

Fire and Other Casualty. In the event that at If all or any time during the term hereof (including portion of any extended term) the Leased Premises are totally Property is damaged or destroyed by fire or other casualty, Seller will promptly notify Purchaser of the nature and extent of such damage or destruction, the amount estimated to be expended to repair or restore such damaged or destroyed Property or portion thereof, the amount, if any, of insurance proceeds that are available to make such repairs or restoration and the estimated period of time it would take to make such repairs and restoration. If the damage by fire or other casualty to any Property has not been repaired to the reasonable satisfaction of Purchaser prior to the Closing hereunder and requires ONE MILLION AND NO/100 DOLLARS ($1,000,000.00) or substantially less (in the aggregate across the Properties) to be expended to repair or restore such damaged so as or destroyed Property or portion thereof, this Agreement shall remain in full force and effect, and in such event Seller shall assign to render them Purchaser any and all claims for the insurance proceeds of such damage to or destruction of such Property, and Purchaser shall take title to the Properties with the assignment of such proceeds and subject to such damage to or destruction of such Property with a material reduction of the Purchase Price equal to the amount of any deductible due under the terms of any applicable insurance policy (unless such damage is less than the insurance deductible, in which case the amount of the reduction in the Purchase Price shall be limited to the amount of the damage). If the amount required to be expended to repair or restore such damaged or destroyed Property or portion thereof untenantableexceeds ONE MILLION AND NO/100 DOLLARS ($1,000,000.00) as of the Closing Date (in the aggregate across Properties), then there Purchaser shall have, as its sole and exclusive remedies: (i) the option to terminate this Agreement within fifteen (15) days following notice in writing from Seller to Purchaser of such casualty, in which event the parties shall have no further rights or obligations hereunder (other than the obligations that survive the termination of this Agreement, including without limitation, the indemnity and confidentiality obligations set forth in Section 13 and Section 37, respectively) and the Xxxxxxx Money shall be a just and proportionate abatement returned to Purchaser, subject to Purchaser's satisfaction of the Rent payable hereunder until conditions set forth in Section 38; or (ii) if Purchaser fails to elect to terminate, this Agreement shall remain in full force and effect, and in such event Seller shall assign to Purchaser any and all claims for the Leased Premises are made suitable for Tenant’s occupancyinsurance proceeds of such damage to or destruction of such Property, and Purchaser shall take title to the Properties with the assignment of such proceeds and subject to such damage to or destruction of such Property with a reduction in the Purchase Price equal to the lesser of the amount of the insurance deductible or the amount of damage to such Property. If Purchaser does not elect to terminate within the fifteen (15) day period following such notice of the casualty by Seller, Seller and Purchaser shall be deemed to have waived all rights to terminate pursuant to this provision and this Agreement shall remain in full force and effect. The provisions of this Section 18 supersede the provisions of Section 5-1311 of the General Obligations Law of the State of New York, and the Lease Term shall parties waive all rights thereunder that would be extended, without applicable absent the necessity provisions of further action by any party, for a period equal to the time during which Rent so abated. In the event of such substantial (or total) damage to the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such casualty. Notwithstanding the foregoing, if Landlord in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord shall have the right to terminate this Lease by written notice given to Tenant within ninety (90) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Landlord or Tenant shall have the right to terminate this Lease by giving notice thereof to the other party within thirty (30) days after the expiration of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease and come to an end without further liability or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so to complete such restoration, and time shall be of the essence with respect theretoSection 18.

Appears in 1 contract

Samples: Purchase and Sale Agreement (NorthStar Healthcare Income, Inc.)

Fire and Other Casualty. In Subject to compliance with terms and conditions of the Prime Lease relating to repairs, reconstruction, and restoration, in the event that at any time during the term hereof (including any extended term) the Leased Subleased Premises are totally damaged or destroyed by fire or other casualty or substantially damaged so as insured by Sublessor, Sublessor agrees to render them or a material portion thereof untenantablepromptly restore and repair the Subleased Premises at Sublessor’s expense, then there shall including the Sublessor’s Work and any other improvements to be a just and proportionate abatement of the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancyinsured by Sublessor, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal but only to the time during extent Sublessor receives insurance proceeds therefor (plus the amount of any deductible in the insurance carried by Sublessor, which Rent so abated. In deductible will be paid by Sublessor, in addition to available insurance proceeds, toward restoration costs), including the event of such substantial (or total) damage proceeds from both the insurance required to be carried by Sublessor pursuant to the Leased Premises, Landlord shall proceed at its expense Prime Lease and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such casualtythis Sublease. Notwithstanding the foregoing, if Landlord in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord shall have the right to terminate this Lease by written notice given to Tenant within ninety (90) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event that the Leased Subleased Premises have are (i) so destroyed that they cannot been restored to a condition substantially suitable for their intended purpose be repaired or rebuilt within one hundred eighty (180) days following said casualtyafter the date of such damage; or (ii) destroyed by a casualty which is not covered by Sublessor’s insurance carried by Sublessor, or if such casualty is covered by Sublessor’s insurance but Prime Lessor or other party entitled to insurance proceeds fails to make such proceeds available to Sublessor in an amount sufficient for restoration of the Subleased Premises, then either Landlord Sublessor shall give written notice to Sublessee of such determination (the “Determination Notice”) within sixty (60) days of such casualty. Either Sublessor or Tenant shall have the right to Sublessee may terminate and cancel this Lease effective as of the date of such casualty by giving written notice thereof to the other party within thirty (30) days after Sublessee’s receipt of the expiration Determination Notice. Upon the giving of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease termination notice, all obligations hereunder with respect to periods from and come to an end without further liability or obligation on after the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right effective date of termination shall be Tenant’s sole thereupon cease and exclusive remedy at law or in equity for Landlord’s failure so terminate. If no such termination notice is given, Sublessor shall, to complete such restoration, and time shall be the extent of the essence available insurance proceeds, make such repair or restoration of the Subleased Premises to the approximate condition existing prior to such casualty, promptly and in such manner as not to unreasonably interfere with respect Sublessee’s use and occupancy of the Subleased Premises (if Sublessee is still occupying the Subleased Premises). Base Rent and Additional Rent shall proportionately xxxxx during the time that the Subleased Premises or any part thereof are unusable by reason of any such damage thereto. In the event of any conflict between the terms of this Section 7 and the Prime Lease, the terms of the Prime Lease shall control notwithstanding the terms of Section 27 below to the contrary.

Appears in 1 contract

Samples: Sublease Agreement (Cymer Inc)

Fire and Other Casualty. In If the event Leased Premises, or any portion thereof, are partially or totally destroyed or damaged by fire or other casualty covered by the fire and extended coverage insurance carried by Lessor on the Building, Lessor shall repair and restore the damaged portion of the Leased Premises (excluding any tenant fit up work in excess of the building standard and any additions, equipment, furniture and alterations made by tenant) as soon as it is reasonably practicable to substantially the same condition in which the Leased Premises were before such damage to the extent permitted by the available insurance proceeds. Provided, however, that at any time during the term hereof (including any extended term) if the Leased Premises are completely destroyed or badly damaged that repairs cannot be completed within six (6) months thereafter, the Lease Agreement may be terminated by either party hereto by serving written notice upon the other. If the Building is totally damaged or partially destroyed by fire or other casualty or substantially damaged so as to render them or a material portion thereof untenantableand cannot be restored within six (6) months thereafter, then there shall be a just and proportionate abatement of the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancyLessor may, and at its option, terminate the Lease Term shall be extended, without Agreement by serving written notice on the necessity of further action by any party, for a period equal to the time during which Rent so abatedLessee. In the event of such substantial (or total) damage to the Leased Premises, Landlord or any portion thereof, is destroyed or damaged by fire or other casualty covered by the fire and extended coverage insurance carried by Lessor that such damaged portion can not reasonably be used by Lessee for the purpose herein provided and the Lease Agreement is not terminated as above provided, there shall proceed at its expense and with reasonable diligence be an abatement of rent to repair and restore the extent that the damaged portion of the Leased Premises to substantially is unfit for use by Lessee in the same condition they were in immediately prior to such casualtyordinary course of its business until said damaged portion of the Leased Premises is made useable. Notwithstanding In the foregoing, if Landlord in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord shall have the right to terminate this Lease by written notice given to Tenant within ninety (90) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of event the Leased Premises, in or any portion thereof, shall be destroyed or damaged by fire or other casualty resulting from the event fault or negligence of Lessee, or the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty agents, employees, licensees or invitees of Lessee, such damage shall be repaired by and at the expense of Lessee (180) days following said casualty, then either Landlord or Tenant shall have the right to terminate this Lease by giving notice thereof to the other party within thirty (30) days after the expiration of such period (as so extended) provided extent that such restoration destruction or damage is not completed within such period. This Lease shall cease covered by the fire and come to an end without further liability or obligation on extended coverage insurance carried by Lessor) under the part direction and supervision of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so to complete such restorationLessor, and time rent shall be of the essence with respect theretocontinue without abatement.

Appears in 1 contract

Samples: McDaniel Building Lease Agreement (Travelnowcom Inc)

Fire and Other Casualty. In the event that at any time during the term hereof (including any extended term) the Leased Demised Premises are totally damaged or destroyed by fire or other casualty or substantially damaged so as insured by Landlord, Landlord agrees to render them or a material portion thereof untenantablepromptly restore and repair the Demised Premises at Landlord's expense, then there shall including the Improvements to be a just and proportionate abatement of the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action insured by any party, for a period equal Tenant but only to the time during which Rent so abated. In extent Landlord receives insurance proceeds therefor, including the event of such substantial (or total) damage proceeds from the insurance required to be carried by Tenant on the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such casualtyImprovements. Notwithstanding the foregoing, if Landlord in its sole discretion determines the event that timely restoration the Demised Premises are (i) in the reasonable opinion of Landlord, so destroyed that they cannot be repaired or rebuilt within two hundred forty (240) days after the date of such damage; or (ii) destroyed by a casualty which is not possible covered by Landlord's insurance, or practical if such casualty is covered by Landlord's insurance but Lender or that there are or will be insufficient other party entitled to insurance proceeds fails to make such proceeds available to Landlord to accomplish samein an amount sufficient for restoration of the Demised Premises, then Landlord shall give written notice to Tenant of such determination (the "Determination Notice") within forty five (45) days of such casualty. Either Landlord or Tenant may terminate and cancel this Lease effective as of the date of such casualty by giving written notice to the other party within fifteen (15) days after Tenant's receipt of the Determination Notice. Upon the giving of such termination notice, all obligations hereunder with respect to periods from and after the effective date of termination shall thereupon cease and terminate. If no such termination notice is given, Landlord shall, to the extent of the available insurance proceeds, make such repair or restoration of the Demised Premises to the approximate condition existing prior to such casualty, promptly and in such manner as not to unreasonably interfere with Tenant's use and occupancy of the Demised Premises (if Tenant is still occupying the Demised Premises). Base Rent and Additional Rent shall proportionately xxxxx during the time that the Demised Premises or any part thereof are unusable by reason of any such damage thereto. In addition to the foregoing, if this Lease is not cancelled and the Landlord undertakes such reconstruction or repair but does not complete the reconstruction or repair within eight (8) months after the date of the fire or other casualty, then the Tenant shall have the additional right to terminate this Lease by written notice given to Tenant within ninety (90) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Landlord or Tenant shall have the right to terminate this Lease by giving notice thereof to the other party Landlord delivered within thirty (30) days after the expiration of such period eight (as so extended) 8) month period, provided that such restoration said notice is not completed within such period. This Lease shall cease and come received by Landlord prior to an end without further liability or obligation on the part substantial completion of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination said reconstruction, whereupon both parties shall be Tenant’s sole and exclusive remedy at law or in equity relieved of all further obligations hereunder, except for Landlord’s failure so to complete such restoration, and time shall be those obligations which expressly survive a termination of the essence with respect theretothis Lease.

Appears in 1 contract

Samples: Industrial Lease Agreement (Andrx Corp)

Fire and Other Casualty. In the event that at any time during the term hereof (including any extended term) the Leased Demised Premises are totally damaged or destroyed by fire or other casualty or substantially damaged so as insured by Landlord, Landlord agrees to render them or a material portion thereof untenantablepromptly restore and repair the Demised Premises at Landlord's expense, then there shall including the Improvements to be a just and proportionate abatement of the Rent payable hereunder until the Leased Premises are made suitable for insured by Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal but only to the time during which Rent so abated. In extent Landlord receives insurance proceeds therefor, including the event of such substantial (or total) damage proceeds from the insurance required to be carried by Tenant on the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such casualtyImprovements. Notwithstanding the foregoing, if Landlord in its sole discretion determines the event that timely restoration the Demised Premises are (i) in the reasonable opinion of Landlord, so destroyed that they cannot be repaired or rebuilt within two hundred ten (210) days after the date of such damage; or (ii) destroyed by a casualty which is not possible covered by Landlord's insurance, or practical if such casualty is covered by Landlord's insurance but Lender or that there are or will be insufficient other party entitled to insurance proceeds fails to make such proceeds available to Landlord to accomplish samein an amount sufficient for restoration of the Demised Premises, then Landlord shall have the right use commercially reasonable efforts to terminate this Lease by give written notice given to Tenant of such determination (the "Determination Notice") within ninety forty-five (9045) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Either Landlord or Tenant shall have the right to may terminate and cancel this Lease effective as of the date of such casualty by giving written notice thereof to the other party within thirty (30) days after Tenant's receipt of the expiration Determination Notice. Upon the giving of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease termination notice, all obligations hereunder with respect to periods from and come to an end without further liability or obligation on after the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right effective date of termination shall be Tenant’s sole thereupon cease and exclusive remedy at law or in equity for Landlord’s failure so terminate. If no such termination notice is given, Landlord shall, to complete such restoration, and time shall be the extent of the essence available insurance proceeds, make such repair or restoration of the Demised Premises to the approximate condition existing prior to such casualty, promptly and in such manner as not to unreasonably interfere with respect Tenant's use and occupancy of the Demised Premises (if Tenant is stiff occupying the Demised Premises). Base Rent and Additional Rent and all other amounts payable by Tenant hereunder shall equitably xxxxx during the time that the Demised Premises or any part thereof are unusable by reason of any such damage thereto.. Priority Fulfillment Services, Inc. Lease Agreement — Stateline Business Park Bldg. H Initial Initial

Appears in 1 contract

Samples: Industrial Lease Agreement (Pfsweb Inc)

Fire and Other Casualty. In the event that at any time during the term hereof (including any extended term) Lease Term the Leased Premises are totally damaged or destroyed by fire or other casualty or substantially damaged so as to render them or a material portion thereof untenantable, then there shall be a just and proportionate abatement of the Rent payable hereunder hereunder, until the Leased Premises are made suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal to the time during which Rent so abated. In the event of such substantial (or total) any casualty damage to the Leased Premises or the Common Areas serving the Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises (not including Tenant’s trade fixtures, business equipment and furniture) and the damaged Common Areas serving the Premises to substantially the same condition they were in immediately prior to such casualty. Notwithstanding the foregoing, if Landlord in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord shall have the right to terminate this Lease by written notice given to Tenant within ninety sixty (9060) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in In the event the Leased Premises and the damaged Common Areas serving the Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred and eighty (180) days following said casualtythe issuance of all permits required for such restoration, then either Landlord or Tenant shall have may terminate this Lease by written notice given to the right other within five (5) business days following such one hundred and eighty (180) day period. If (a) the Premises are totally damaged or destroyed by fire or other casualty or substantially damaged so as to render them or a material portion thereof untenantable, and (b) Landlord does not elect to terminate this Lease by giving notice thereof pursuant to this Section, and (c) Landlord fails to commence the other party repair or restoration of the Premises within thirty ninety (3090) days after the expiration issuance of all permits required for such period repair or restoration, then Tenant may terminate this Lease by written notice given to Landlord within five (as so extended5) provided that business days following such restoration is not completed within such ninety (90) day period. This If, during the final Lease shall cease and come to an end without further liability or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so to complete such restoration, and time shall be Year of the essence with respect theretoTerm, the Premises are totally damaged or destroyed by fire or other casualty or substantially damaged so as to render them or a material portion thereof untenantable, Tenant may terminate this Lease by written notice given to Landlord within ten (10) business days following the date such casualty occurred.

Appears in 1 contract

Samples: Lease Agreement (Energy Focus, Inc/De)

Fire and Other Casualty. In the event that at any time during the term hereof (including any extended term) the Leased Demised Premises are totally damaged or destroyed by fire or other casualty or substantially damaged so as insured by Landlord, Landlord agrees to render them or a material portion thereof untenantablepromptly restore and repair the Demised Premises at Landlord’s expense, then there shall including the Improvements to be a just and proportionate abatement of the Rent payable hereunder until the Leased Premises are made suitable for insured by Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal but only to the time during which Rent so abated. In extent Landlord receives insurance proceeds therefor, including the event of such substantial (or total) damage proceeds from the insurance required to be carried by Tenant on the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such casualtyImprovements. Notwithstanding the foregoing, if Landlord in its sole discretion determines the event that timely restoration the Demised Premises are (i) in the reasonable opinion of Landlord, so destroyed that they cannot be repaired or rebuilt within two hundred seventy (270) days after the date of such damage; or (ii) destroyed by a casualty which is not possible covered by Landlord’s insurance, or practical if such casualty is covered by Landlord’s insurance but Lender or that there are or will be insufficient other party entitled to insurance proceeds fails to make such proceeds available to Landlord to accomplish samein an amount sufficient for restoration of the Demised Premises, then Landlord shall have the right to terminate this Lease by give written notice given to Tenant of such determination (the “Determination Notice”) within ninety sixty (9060) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Either Landlord or Tenant shall have the right to may terminate and cancel this Lease effective as of the date of such casualty by giving written notice thereof to the other party within thirty (30) days after Tenant’s receipt of the expiration Determination Notice. Upon the giving of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease termination notice, all obligations hereunder with respect to periods from and come to an end without further liability or obligation on after the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right effective date of termination shall be thereupon cease and terminate. If no such termination notice is given, Landlord shall, to the extent of the available insurance proceeds, make such repair or restoration of the Demised Premises to the approximate condition existing prior to such casualty, promptly and in such manner as not to unreasonably interfere with Tenant’s sole use and exclusive remedy at law or in equity for Landlord’s failure so to complete such restoration, and time shall be occupancy of the essence with respect Demised Premises (if Tenant is still occupying the Demised Premises). Base Rent and Additional Rent shall proportionately axxxx during the time that the Demised Premises or any part thereof are unusable by reason of any such damage thereto.

Appears in 1 contract

Samples: Industrial Lease Agreement (NationsHealth, Inc.)

Fire and Other Casualty. In the event that at of damage to, or total or partial destruction of, the Building, EnerDel Parking areas, EnerDel Loading areas or any time during fixtures, equipment, or systems which constitute a part of the term hereof (including any extended term) the Leased Premises are totally damaged or destroyed Building by fire or other casualty (“Casualty Damage”), the insurance proceeds, if any, which, as a result of the Casualty Damage, are payable under any fire or substantially damaged so as to render them or a material portion thereof untenantable, then there casualty insurance maintained by Landlord shall be a just payable to, and proportionate abatement be the sole property of, Landlord, and, subject to the terms and conditions of this Section, Landlord shall cause the prompt and diligent repair and replacement of the Rent payable hereunder until Building, EnerDel Parking areas, EnerDel Loading areas, Landlord’s Work and any other alterations, improvements or additions of or to the Leased Premises are made suitable for which were completed by BCI on behalf of Tenant’s occupancy, and as soon as reasonably possible so that it is in substantially the Lease Term shall be extended, without the necessity of further action by any party, for a period equal same condition as existed prior to the time during Casualty Damage; provided that Landlord shall not be obligated to repair or replace any item which Rent so abated. In the event was not part of such substantial (Landlord’s Work, including without limitation, any alterations, improvements or total) damage additions of or to the Leased PremisesPremises made by Tenant, unless any of such alterations, improvements or additions of or to the Leased Premises were completed by BCI on behalf of Tenant. Notwithstanding the foregoing provision of this Section 14, in the event: (a) the portions of the Leased Premises to be restored by Landlord shall proceed at are so damaged or destroyed that they cannot be restored within twelve (12) months after the date of the damage or destruction, (b) the damage or destruction is not covered by the policy of property insurance to be maintained by Landlord in accordance with Section 13 hereof and Landlord does not otherwise undertake to restore the Leased Premises within ninety (90) days after the date of such damage or destruction, (c) the insurance proceeds (without regard to any reduction thereof by Landlord’s mortgagee to its expense mortgage debt) are when coupled with any deductible or retention amount, insufficient for restoration of the Leased Premises and with reasonable diligence to repair and restore Landlord does not otherwise undertake such restoration within ninety (90) days after the date of such damage or destruction, or (d) applicable law does not permit the restoration of the Leased Premises to substantially the same condition they were in immediately prior to as at the commencement of the term of this Lease and Landlord, after reasonable efforts, cannot obtain a variance from such casualty. Notwithstanding the foregoing, if Landlord in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, limitations within 120 days; then Landlord shall have not be obligated to restore the right to terminate this Lease by written notice given to Leased Premises and Landlord or Tenant within may, after ninety (90) days after following the occurrence of such casualtydamage or destruction, terminate and cancel this Lease upon fifteen (15) days written notice to the other party, and all obligations hereunder except those due or mature shall thereupon cease and terminate. If Landlord proceeds with the repair and restoration more than 50% of the Leased PremisesPremises is damaged by a Casualty Damage that occurs during the last two (2) years of the Extension Term, then Landlord or Tenant, at their respective option, may terminate this Lease upon ninety (90) days’ written notice to the other party, and all obligations hereunder, except those due or mature, shall cease and terminate. Rent shall be abated proportionately (based upon the proportion that the unusable space in the event the Leased Premises have not been restored due to a condition substantially suitable Casualty Damage bears to the total space in the Leased Premises) for their intended purpose within one hundred eighty (180) days following said casualty, then either each day that the Leased Premises or any part thereof is unusable by reason of any such Casualty Damage. If the Leased Premises are so damaged by casualty that Tenant’s operations are materially impaired and Landlord or its affiliate has other space available in the Project, Landlord shall use good faith efforts to make such space available to Tenant shall have during the right to terminate this Lease by giving notice thereof to the other party within thirty (30) days after the expiration of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease and come to an end without further liability or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be at Tenant’s sole and exclusive remedy request at law or in equity for Landlord’s failure so to complete such restoration, and time shall be of the essence with respect theretocommercially reasonable rates.

Appears in 1 contract

Samples: Lease (Ener1 Inc)

Fire and Other Casualty. In 9. (a) If the event that demised premises or any part thereof shall be damaged by fire or other casualty, Tenant shall give immediate notice thereof to Owner and this lease shall continue in full force and effect except as hereinafter set forth. (b) If the demised premises are partially damaged or rendered partially unusable by fire or other casualty, the damages thereto shall be repaired by and at any time during the term hereof expense of Owner and the rent, until such repair shall be substantially completed, shall be apportioned from the day following the casualty according to the part of the premises which is usable. (including any extended termc) If the Leased Premises demised premises are totally damaged or destroyed rendered wholly unusable by fire or other casualty or substantially damaged so as to render them or a material portion thereof untenantablecasualty, then there the rent shall be a just and proportionate abatement of the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal proportionately paid up to the time during which Rent of the casualty and thenceforth shall cease until the date when the premises shall have been repaired and restored by Owner, subject to Owner's right to elect not to restore the same as hereinafter provided and Tenant's right to terminate. (d) If the demised premises are rendered wholly unusable or (whether or not the demised premises are damaged in part) if the building shall be so abated. In the event damaged that Owner shall decide to demolish it or to rebuild it, then, in any of such substantial (events, Owner may elect to terminate this lease by written notice to Tenant, given within 30 days after such fire or total) damage casualty, specifying a date for the expiration of the lease, which date shall not be more than 60 days after the giving of such notice, and upon the date specified in such notice the term of this lease shall expire as fully and completely as if such date were the date set forth above for the termination of this lease and Tenant shall forthwith quit, surrender and vacate the premises without prejudice however, to Owner's rights and remedies against Tenant under the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were leases provisions in immediately effect prior to such casualtytermination, and any rent owing shall be paid up to such date and any payments of rent made by Tenant which were on account of any period subsequent to such date shall be returned to Tenant. Notwithstanding If more than 50% of the foregoing, if Landlord in its sole discretion determines that timely restoration is not possible or practical or that there demised premises are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord shall have the right to terminate this Lease by written notice given to Tenant within ninety (90) rendered wholly unusable and remain so for at least 360 days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said fire or casualty, then either Landlord or Tenant shall have the right to terminate this Lease Lease, as of the date of such casualty by giving written notice thereof to Landlord, with the same force and effect as if such date were the date set forth above for the termination of this Lease. This right to terminate shall not apply if Landlord has commenced re-construction work at the building and/or the demised premises within 360 days of such casualty and Landlord proceeds diligently to completion of such reconstruction shall serve a termination notice as provided for herein. Owner shall make the repairs and restorations under the conditions of (b) and (c) hereof, with all reasonable expedition, subject to delays due to adjustment of insurance claims, labor troubles and causes beyond Owner's control. After any such casualty, Tenant shall cooperate with Owner's restoration by removing from the premises as promptly as reasonably possible, all of Tenant's salvageable inventory and movable equipment, furniture, and other party within property. Tenant's liability for rent shall resume thirty (30) days after written notice from Owner that the expiration of such period premises are substantially ready for Tenant's occupancy. (as so extendede) provided Notwithstanding the foregoing, each party shall look only to any insurance in its favor before making any claim against the other party for recovery for loss or damage resulting from fire or other casualty, and to the extent that such restoration insurance is not completed within such periodin force and collectible and to the extent permitted by law. This Lease shall cease Owner and come to an end without further liability or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such Tenant each hereby releases and waives all right of termination shall be Tenant’s sole and exclusive remedy at law recovery against the other or in equity for Landlord’s failure so to complete such restoration, and time shall be any one claiming through or under each of the essence with respect thereto.them by way of subrogation or otherwise. The foregoing

Appears in 1 contract

Samples: Agreement of Lease (Alloy Online Inc)

Fire and Other Casualty. 11.01. In the event that at any time during the term hereof (including any extended term) of a fire or other casualty in the Leased Premises are totally damaged or the Building Tenant shall immediately give notice hereof to Landlord, and, subject to the other terms an conditions hereof, Landlord shall use its best reasonable efforts to cause the repairs to be made with due diligence and reasonable dispatch, provided, however, that Landlord shall not be required to repair or replace furnishings, furniture, or other personal property which Tenant may be entitled to remove from the Leased Premises or any property improvement constructed and installed by or for Tenant in excess of "building standard" as shown on/ Exhibit "B" attached hereto. If the Leased Premises, or any portion thereof, through no/ willful misconduct of Tenant, its agents, employee or visitors, shall be partially destroyed r by fire or other casualty or substantially damaged so as to render them the Leased Premises, or a material any portion thereof untenantable, then there the rental herein shall be a just and proportionate abatement of the Rent payable hereunder proportionately xxxxx thereafter until the Leased Premises are made suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal to the such time during which Rent so abated. In the event of such substantial (or total) damage to as the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such casualty. Notwithstanding the foregoingor any portion thereof, if Landlord in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord shall have the right to terminate this Lease by written notice given to Tenant within ninety (90) days after the occurrence of such casualtymade tenantable. If Landlord proceeds with the has elected t repair and restoration of reconstruct the Leased Premises, this Lease shall continue in full force and effect and such repairs will be made within a reasonable time thereafter, subject to delays arising from shortages of labor or material, strikes, acts of God, war or other conditions beyond Landlord's reasonable control, provided, however, that Landlord shall use its best efforts to not interfere with Tenant's use and occupancy of the event portion of the Leased Premises have not been restored to a condition substantially suitable destroyed or damaged. No damages, compensation, or claims shall be payable by Landlord for their intended purpose within one hundred eighty (180) days following said casualtyany inconvenience, then either loss of business, or annoyance arising from such repair and reconstruction. Tenant and Landlord or Tenant shall have agree that the right to terminate term of this Lease shall be extended by giving notice thereof a period of time equal to the other party within thirty (30) days after the expiration period of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease repair and come to an end without further liability or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so to complete such restoration, and time shall be of the essence with respect theretoreconstruction.

Appears in 1 contract

Samples: Lease Agreement (Pinnacle Global Group Inc)

Fire and Other Casualty. (a) In the event that at any time during the term hereof (including any extended term) the Leased Demised Premises are totally damaged or destroyed by fire or other casualty insured (or substantially damaged so as required to render them or a material portion thereof untenantablebe insured) by Landlord, then there shall Landlord agrees to promptly restore and repair the Demised Premises at Landlord’s expense (not including the Improvements to be a just insured by Tenant, which must be restored by Tenant in the manner hereinafter described in this Section 20) to the condition in which the Demised Premises existed on the Lease Date (ordinary wear and proportionate abatement tear excepted), to the extent Landlord receives insurance proceeds therefor, provided, that Landlord shall, at its expense, pay (i) the full amount of the Rent payable hereunder until deductible under the Leased Premises are made suitable for Tenant’s occupancy, policy provided by Landlord in accordance with this Lease and the Lease Term shall be extended, without the necessity of further action by (ii) any party, for a period equal to the time during which Rent so abated. In the event of such substantial (or total) damage to the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence cost to repair and or restore footings or foundation damaged by the Leased Premises to substantially casualty (collectively, the same condition they were in immediately prior to such casualty“Landlord Contribution”). Notwithstanding the foregoing, if Landlord in its sole discretion determines the event that timely restoration is the Demised Premises are, in the reasonable opinion of Landlord’s architect (subject to Tenant’s rights set forth in Section 20(b) below), so destroyed that they cannot possible be repaired or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish samerebuilt within two hundred seventy (270) days after the date of such damage, then Landlord shall have the right to terminate this Lease by give written notice given to Tenant of such determination (the “Determination Notice”) within ninety sixty (9060) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Either Landlord or Tenant shall have the right to may terminate and cancel this Lease effective as of the date of such casualty by giving written notice thereof to the other party within thirty (30) days after Tenant’s receipt of the expiration Determination Notice. Upon the giving of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease termination notice, all obligations hereunder with respect to periods from and come to an end without further liability or obligation on after the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right effective date of termination shall thereupon cease and terminate. If no such termination notice is given or if restoration and repair can be completed within two hundred seventy (270) days, then Landlord shall, to the extent of the available insurance proceeds (plus payment of the Landlord Contribution), make the repair or restoration of the Demised Premises required of Landlord by this Section 20, promptly and in such manner as not to unreasonably interfere with Tenant’s use and occupancy of the Demised Premises (if Tenant is still occupying the Demised Premises). If Landlord is required under the provisions of this Section 20 to restore the Demised Premises after a casualty, Tenant shall be obligated to perform all work required to restore the Improvements and any Tenant’s Change made by Tenant to the Demised Premises to the extent of the available insurance proceeds related thereto, plus the full amount of the deductible under the policy provided by Tenant in accordance with this Lease; provided that Tenant will have the right, at the sole option of Tenant, in lieu of restoring the Improvements, to construct leasehold improvements in a manner such that the Demised Premises will be comprised of approximately 3000 square feet of office space (including HVAC), with a level of finish and exclusive remedy at law or in equity for Landlord’s failure so to complete such restorationconfiguration consistent with warehouse/distribution use, and based on plans and specifications reasonably acceptable to Landlord, and the warehouse area (and the demising wall, if affected by the casualty) will be restored to a level of finish the same as existed on the Lease Date, including the same lighting, HVAC and mechanical systems. Base Rent and Additional Rent shall proportionately xxxxx during the time shall be that the Demised Premises or any part thereof are unusable by reason of the essence with respect any such damage thereto. LANDLORD SHALL OBTAIN AN AGREEMENT FROM ITS LENDER OR ANY OTHER PARTY ENTITLED TO LANDLORD’S PROPERTY INSURANCE PROCEEDS THAT THE TERMS AND CONDITIONS OF THIS SECTION SHALL GOVERN AND BE BINDING ON LENDER (OR ANY OTHER PARTY ENTITLED TO LANDLORD’S PROPERTY INSURANCE PROCEEDS) IN THE EVENT OF A CASUALTY. TENANT SHALL OBTAIN AN AGREEMENT FROM ANY LENDER OR ANY OTHER PARTY ENTITLED TO TENANT’S PROPERTY INSURANCE PROCEEDS THAT THE TERMS AND CONDITIONS OF THIS SECTION SHALL GOVERN AND BE BINDING ON SUCH LENDER (OR ANY OTHER PARTY ENTITLED TO TENANT’S PROPERTY INSURANCE PROCEEDS) IN THE EVENT OF A CASUALTY.

Appears in 1 contract

Samples: Industrial Lease Agreement (Elevance Renewable Sciences, Inc.)

Fire and Other Casualty. In the event that at any time during the term hereof (including any extended term) the Leased Demised Premises are totally damaged or destroyed by fire or other casualty or substantially damaged so as insured by Landlord, Landlord agrees to render them or a material portion thereof untenantablepromptly restore and repair the Demised Premises at Landlord's expense, then there shall including the Improvements to be a just and proportionate abatement insured by Tenant, but only to the extent Landlord receives insurance proceeds therefor, including the proceeds from the insurance required to be carried by Tenant on the Improvements (Landlord being responsible for the amount of any risk retained by Landlord to the extent Landlord does not carry coverage at one hundred percent (100%) of the Rent payable hereunder until replacement value of the Leased Premises are made suitable for Tenant’s occupancyBuilding, exclusive of fixtures and the Lease Term shall property required to be extended, without the necessity of further action insured by any party, for a period equal to the time during which Rent so abated. In the event of such substantial (or total) damage to the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such casualtyTenant under this Lease). Notwithstanding the foregoing, if Landlord in its sole discretion determines the event that timely restoration the Demised Premises are (i) in the reasonable opinion of Landlord, so destroyed that they cannot be repaired or rebuilt within two hundred seventy (270) days after the date of such damage; or (ii) destroyed by a casualty which is not possible covered by Landlord's insurance, or practical if such casualty is covered by Landlord's insurance but Lender or that there are or will be insufficient other party entitled to insurance proceeds fails to make such proceeds available to Landlord to accomplish samein an amount sufficient for restoration of the Demised Premises, then Landlord shall have the right to terminate this Lease by give written notice given to Tenant of such determination (the "Determination Notice") within ninety sixty (9060) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Either Landlord or Tenant shall have the right to may terminate and cancel this Lease effective as of the date of such casualty by giving written notice thereof to the other party within thirty (30) days after Tenant's receipt of the expiration Determination Notice. Upon the giving of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease termination notice, all obligations hereunder with respect to periods from and come to an end without further liability or obligation on after the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right effective date of termination shall be Tenant’s sole thereupon cease and exclusive remedy at law or in equity for Landlord’s failure so terminate. If no such termination notice is given, Landlord shall, to complete such restoration, and time shall be the extent of the essence available insurance proceeds, make such repair or restoration of the Demised Premises to the approximate condition existing prior to such casualty, promptly and in such manner as not to unreasonably interfere with respect Tenant's use and occupancy of the Demised Premises (if Tenant is still occupying the Demised Premises). Base Rent and Additional Rent and all other amounts payable by Tenant hereunder shall equitably xxxxx during the time that the Demised Premises or any part thereof are unusable by reason of any such damage thereto.

Appears in 1 contract

Samples: Industrial Lease Agreement (Pfsweb Inc)

Fire and Other Casualty. In (a) If the event that at any time during Premises shall be damaged by fire, action of the term hereof (including any extended term) the Leased Premises are totally damaged or destroyed by fire elements or other casualty or substantially damaged so as cause which is within the risks covered by standard fire and extended coverage insurance, the Tenant shall give immediate notice thereof to render them or a material portion thereof untenantablethe Landlord, then there and said damage shall be a just repaired by the Landlord, at the Landlord's expense, with all reasonable speed, making due allowance for delay due to labor troubles, settlement of loss and proportionate abatement other causes beyond the control of the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancyLandlord, and the Lease Term Tenant shall, in every reasonable way, facilitate the making of such repairs, and the rent shall be extended, without suspended during such period as the necessity of further action by any party, for a period equal to the time during which Rent so abated. In the event of such substantial (or total) damage to the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such casualty. Notwithstanding the foregoing, if Landlord in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord shall have the right to terminate this Lease by written notice given to Tenant within ninety been rendered wholly untenantable until five (905) days after the occurrence of such casualty. If Landlord proceeds with notifies the repair and restoration of Tenant that the Leased PremisesPremises are substantially ready for the Tenant's occupancy (or the Premises are sooner occupied by the Tenant) and, in the event that the Leased Premises have not been restored are rendered partially untenantable, the rent shall be abated during such period, in the proportion which the area of the Premises which is rendered untenantable bears to the area of the whole Premises. In addition to the foregoing rental abatement, provided that (i) Tenant promptly commences and diligently prosecutes such alterations to the Premises as are necessary for Tenant to recommence operations within the Premises, and (ii) Landlord continues to be reimbursed by Landlord's insurance company for its rental loss, then Tenant shall be entitled to a condition further abatement of rent during Tenant's refixturing of the Premises, which abatement shall be coextensive with the rental loss reimbursement received by Landlord from Landlord's insurance company. The decision of Landlord's insurance company shall be conclusive and Landlord shall have no obligation to contest the same, by litigation or otherwise. No damage to the Premises or the building by fire, or other cause, however extensive, shall terminate this lease, or give the Tenant the right to quit and surrender the Premises, or impair any obligations of the Tenant hereunder, except with respect to the payment of rent (and with respect thereto to the extent above provided) and except that (i) if the damage shall be so extensive that the Landlord shall determine to demolish or substantially suitable for their intended purpose alter the building, whether or not the Premises are affected, the Landlord may at any time within one hundred eighty twenty (180120) days following said casualty, then either Landlord or Tenant shall have the right to terminate this Lease by giving notice thereof occurrence of the damage give to the other party within Tenant thirty (30) days' notice of intention to terminate this lease; (ii) if the damage to the Premises is substantial so that the whole or substantially the whole of the Premises is rendered untenantable by the Tenant or if 50% or more of the common areas of the building are destroyed or substantially damaged and the Landlord does not within 60 days after following the occurrence of the damage notify the Tenant of the Landlord's intention to repair the damage to the Premises so that the Premises are again useable by the Tenant within a period of not more than 180 days following the occurrence of the damage subject to delays due to settlement of loss or causes of the kinds described in Article THIRTY-FOUR of this lease, the Tenant may cancel this lease by notice given within 10 days following the expiration of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease and come to an end without further liability or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirtysaid 60-day period for the Landlord's notice of election to repair, time being of the essence; (iii) if the Landlord has given notice of its intention to restore the Premises, but fails to substantially completes complete such restorationrestoration within 180 days following the occurrence of the damage, subject to delays due to settlement of loss or delays of the kind described in Article THIRTY-FOUR of this lease, the Tenant may cancel this lease by notice given within 10 days following the expiration of the said 180-day period, time being of the essence; and (iv) in the event of the occurrence of damage to the Premises of the degree described above in clause (ii) of this paragraph (a), the Landlord may also elect to terminate this lease by notice of election to do so given within 60 days following the occurrence of the damage. Such right If notice of termination election to terminate this lease shall be Tenant’s sole given as above provided, then, upon the date for termination designated in any such notice, this lease and exclusive remedy at law or in equity for Landlord’s failure so to complete such restoration, the term hereby granted shall terminate and time the rent shall be apportioned as of the essence with respect theretodate of the damage or as of such later date as the Tenant may actually surrender possession. Nothing herein contained shall be deemed to obligate the Landlord to restore the Tenant's trade fixtures, equipment, stocks, furnishings, improvements or other property remaining the property of the Tenant. The Tenant acknowledges that the Landlord will not carry insurance on the Tenant's furniture or any fixtures or equipment, improvements or appurtenances removable by Tenant and agrees that the Landlord will not be obligated to repair any damage thereto or replace the same. The Tenant hereby waives the provisions of Section 227 of the Real Property Law and agrees that the provisions of this Article SIXTEEN shall govern and control in lieu thereof.

Appears in 1 contract

Samples: Lease (Getty Images Inc)

Fire and Other Casualty. In If the event that at any time during the term hereof (including any extended term) the Leased Premises are totally shall be damaged or destroyed by fire or other casualty or substantially damaged so casualty, other than as to render them or a material portion thereof untenantable, then there shall be a just and proportionate abatement result of the Rent payable hereunder until negligence or misconduct of Tenant, this Lease shall not terminate and, upon adjustment of insurance claims, Landlord shall repair the Leased damage, provided that Landlord shall have no obligation to repair damage to or replace Tenant's Personal Property. Except as otherwise provided herein, if any part of the Premises are made suitable for Tenant’s occupancyrendered untenantable by reason of any such damage, and Rent shall axxxx from the Lease Term shall be extended, without date of the necessity of further action by any party, for a period equal to the time during which Rent so abated. In the event of such substantial (or total) damage to the Leased date the damage is repaired, as determined by Landlord, in the proportion that the area of the untenantable part bears from time to time to the total area of the Premises. No compensation or reduction of Rent shall be paid or allowed for inconvenience, annoyance or injury to Tenant or Tenant's business arising from any damage to or repair of the Premises or the Building. Tenant, at its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, Unavoidable Delay or obtaining approval from any applicable governmental authority having jurisdiction over Hazardous Materials to restore the Premises (“Hazardous Material Clearances”), all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Provided Tenant fully and promptly cooperates with Landlord, following written or verbal notice to Tenant, with all reasonable procedures Landlord deems necessary for Landlord to obtain such Hazardous Materials Clearances, Rent shall be abated from the date of such casualty until the Premises are repaired and restored, in the proportion which the area of the Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such casualty. Notwithstanding the foregoingif any, if Landlord in its sole discretion determines that timely restoration which is not possible or practical or usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space during the period of repair that there are or will is suitable for the temporary conduct of Tenant’s business. Such abatement shall be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord shall have the sole remedy of Tenant and Tenant waives any right to terminate this Lease by written notice given reason of damage or casualty loss. If Tenant fails to Tenant cooperate as described herein, neither Base Rent nor Additional Rent shall be abated until the date upon which Landlord is able to obtain such Hazardous Materials Clearances. Notwithstanding anything herein to the contrary, if (1) insurance proceeds are insufficient to pay the full cost of such repair and restoration, (2) the holder of any Mortgage fails or refuses to make insurance proceeds available for such repair and restoration, (3) zoning or other applicable Laws do not permit such repair and restoration, or (4) the Building is damaged by fire or casualty (whether or not the Premises has been damaged) to such an extent that Landlord decides, in its sole and absolute discretion, not to rebuild or reconstruct the Building, then Landlord, at its option, may give Tenant, within ninety sixty (9060) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Landlord or Tenant shall have the right to terminate written notice of termination of this Lease, and this Lease by giving notice thereof to and the other party within Term shall terminate (whether or not the Term has commenced) upon the expiration of thirty (30) days after from the date of the notice, with the same effect as if the new expiration date had been the Lease Expiration Date, and all Base Rent and Additional Rent payable pursuant to Section 5 of this Lease shall be apportioned as of such period (as so extended) provided that such restoration is not completed within such perioddate. This Lease shall cease and come to an end without further liability If the Premises or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination Building shall be damaged by fire or other casualty due to the negligence or misconduct of Tenant’s sole and exclusive remedy : (i) Landlord shall have no obligation to repair the Premises or the Building, (ii) this Lease shall, at law or in equity for Landlord’s failure so to complete such restoration's option, not terminate, (iii) Landlord may at Tenant's expense repair the damage, and time shall be of the essence with respect thereto(iv) Landlord may pursue any legal and equitable remedies available to it.

Appears in 1 contract

Samples: Deed of Lease (Novavax Inc)

Fire and Other Casualty. In the event that at any time during the term hereof (including any extended term) If the Leased Premises Premises, or any portion thereof, are partially or totally destroyed or damaged or destroyed by fire or other casualty or substantially damaged so as to render them or a material portion thereof untenantablecovered by the fire and extended coverage insurance carried by Lessor on the XxXxxxxx Building, then there shall be a just and proportionate abatement of the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancyLessor shall, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal to the time during which Rent so abated. In the event of such substantial (or total) damage to the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the damaged portion of the Leased Premises (excluding any tenant fit up work in excess of the building standard and any additions, equipment, furniture and alterations made by tenant) as soon as it is reasonably practicable to substantially the same condition they in which the Leased Premises were before such damage to the extent permitted by the available insurance proceeds. Provided, however, that if the Leased Premises are completely destroyed or badly damaged such that repairs cannot be completed within six (6) months thereafter, the Lease Agreement may be terminated by either party hereto by serving written notice upon the other, and in immediately prior to such casualty. Notwithstanding the foregoingevent, if Landlord in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient all insurance proceeds available shall be the sole property of Lessor. Under no circumstances shall Lessor be liable to Landlord to accomplish same, then Landlord shall have Lessee for business interruption or other consequential losses or damages. In the right to terminate this Lease by written notice given to Tenant within ninety (90) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of event the Leased Premises, or any portion thereof, is destroyed or damaged by fire or other casualty covered by the fire and extended coverage insurance carried by Lessor that such damaged portion can not reasonably be used by Lessee for the purpose herein provided and the Lease Agreement is not terminated as above provided, there shall be an abatement of rent to the extent that the damaged portion of the Leased Premises is unfit for use by Lessee in the ordinary course of its business until said damaged portion of the Leased Premises is made useable. In the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty Premises, or any portion thereof, shall be destroyed or damaged by fire or other casualty resulting from the fault or negligence of Lessee, or the agents, employees, licensees or invitees of Lessee, such damage shall be repaired by and at the expense of Lessee (180) days following said casualty, then either Landlord or Tenant shall have the right to terminate this Lease by giving notice thereof to the other party within thirty (30) days after the expiration of such period (as so extended) provided extent that such restoration destruction or damage is not completed within such period. This Lease shall cease covered by the fire and come to an end without further liability or obligation on extended coverage insurance carried by Lessor) under the part direction and supervision of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so to complete such restorationLessor, and time rent shall be of the essence with respect theretocontinue without abatement.

Appears in 1 contract

Samples: Office Lease Agreement (Travelnowcom Inc)

Fire and Other Casualty. In 9. (a) If the event that demised premises or any part thereof shall be damaged by fire or other casualty, Tenant shall give immediate notice thereof to Owner and this lease shall continue in full force and effect except as hereinafter set forth. (b) If the demised premises are partially damaged or rendered partially unusable by fire or other casualty, the damages thereto shall be repaired by and at any time during the term hereof expense of Owner and the rent, until such repair shall be substantially completed, shall be apportioned from the day following the casualty according to the part of the premises which is usable. (including any extended termc) If the Leased Premises demised premises are totally damaged or destroyed rendered wholly unusable by fire or other casualty or substantially damaged so as to render them or a material portion thereof untenantablecasualty, then there the rent shall be a just and proportionate abatement of the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal proportionately paid up to the time during which Rent of the casualty and thenceforth shall cease until the date when the premises shall have been repaired and restored by Owner, subject to Owner's right to elect not to restore the same as hereinafter provided. (d) If the demised premises are rendered wholly unusable or (whether or not the demised premises are damaged in whole or in part) if the building shall be so abated. In the event damaged that Owner shall decide to demolish it or to rebuild it, then, in any of such substantial (events, Owner may elect to terminate this lease by written notice to Tenant, given within 90 days after such fire or total) damage casualty, specifying a date for the expiration of the lease, which date shall not be more than 60 days after the giving of such notice, and upon the date specified in such notice the term of this lease shall expire as fully and completely as if such date were the date set forth above for the termination of this lease and Tenant shall forthwith quit, surrender and vacate the premises without prejudice however, to Landlord's rights and remedies against Tenant under the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were lease provisions in immediately effect prior to such termination, and any rent owing shall be paid up to such date and any payments of rent made by Tenant which were on account of any period subsequent to such date shall be returned to Tenant. Unless Owner shall serve a termination notice as provided for herein, Owner shall make the repairs and restorations under the conditions of (b) and (c) hereof, with all reasonable expedition, subject to delays due to adjustment of insurance claims, labor troubles and causes beyond Owner's 3 control. After any such casualty, Tenant shall cooperate with Owner's restoration by removing from the premises as promptly as reasonably possible, all of Tenant's salvageable inventory and movable equipment, furniture, and other property. Tenant's liability for rent shall resume five (5) days after written notice from Owner that the premises are substantially ready for Tenant's occupancy. (e) Nothing contained hereinabove shall relieve Tenant from liability that may exist as a result of damage from fire or other casualty. Notwithstanding the foregoing, if Landlord each party shall look first to any insurance in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord shall have the right to terminate this Lease by written notice given to Tenant within ninety (90) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Landlord or Tenant shall have the right to terminate this Lease by giving notice thereof to favor before making any claim against the other party for recovery for loss or damage resulting from fire or other casualty, and to the extent that such insurance is in force and collectible and to the extent permitted by law, Owner and Tenant each hereby releases and waives all right of recovery against the other or any one claiming through or under each of them by way of subrogation or otherwise. The foregoing release and waiver shall be in force only if both releasors' insurance policies contain a clause providing that such a release or waiver shall not invalidate the insurance. If, and to the extent, that such waiver can be obtained only by the payment of additional premiums, then the party benefitting from the waiver shall pay such premium within thirty (30) ten days after the expiration of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease and come to an end without further liability written demand or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so deemed to complete such restoration, and time have agreed that the party obtaining insurance coverage shall be free of any further obligation under the provisions hereof with respect to waiver of subrogation. Tenant acknowledges that Owner will not carry insurance on Tenant's furniture and/or furnishings or any fixtures or equipment, improvements, or appurtenances removable by Tenant and agrees that Owner will not be obligated to repair any damage thereto or replace the same. (f) Tenant hereby waives the provisions of Section 227 of the essence with respect theretoReal Property Law and agrees that the provisions of this article shall govern and control in lieu thereof.

Appears in 1 contract

Samples: Agreement of Lease (Martha Stewart Living Omnimedia Inc)

Fire and Other Casualty. In (A) If the event that at any time during the term hereof (including any extended term) the Leased Demised Premises are totally shall be damaged or destroyed by fire or other casualty or substantially damaged so as to render them or a material portion thereof untenantablecasualty, then there Tenant shall be a just give notice thereof to Landlord and proportionate abatement of the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal to the time during which Rent so abated. In the event of such substantial (or total) damage to the Leased Premisesexcept as hereinafter otherwise provided, Landlord shall proceed at its expense and with shall, within reasonable diligence to time thereafter, repair and or restore the Leased Demised Premises to substantially the same condition they the Demised Premises were in immediately prior to such casualtycasualty and capable of being and for the uses permitted hereby. Notwithstanding the foregoing, Landlord shall not be obligated to spend for such repairs and restoration any amount in excess of such insurance proceeds, if Landlord in its sole discretion determines that timely restoration is not possible or practical or that there are or will any, as shall be insufficient insurance proceeds available paid to Landlord as the result of such damage or destruction, and subject to accomplish samethe prior rights thereto, then Landlord if any, of any mortgagees. If the damage to the Demised Premises should be so extensive as to render the whole or any part thereof untenable or unsuitable for use and occupancy by Tenant for the uses permitted hereunder, a just proportion of the Minimum Rent, Real Estate Taxes and Operating Expenses, according to the nature and extent of the injury to the Demised Premises, shall have be suspended or abated until occupancy of the right Demised Premises shall be repaired or restored as provided in the first sentence of this Section (A). It is agreed and understood that if during the term of this Lease either the Demised Premises or the Building shall be damaged or destroyed as aforesaid to the extent of twenty-five percent (25%) or more of their insurable value, Landlord, at its election, may terminate the term of this Lease by written a notice given to Tenant within ninety (90) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Landlord or Tenant shall have the right to terminate this Lease by giving notice thereof to the other party within thirty (30) days after such damage or destruction. It is also agreed and understood that if during the expiration last six (6) months of such period the term of this Lease the Demised Premises shall be damaged or destroyed as aforesaid to the extent of twenty-five percent (as so extended25%) provided that such restoration is not completed or more of their insurable value, Tenant at its election, may terminate the term of this Lease by a notice to Landlord within such period. This Lease shall cease and come to an end without further liability or obligation on the part of either party thirty (30) days after such giving damage or destruction. In the event of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right any termination of the term of this Lease pursuant to the provisions of this Article, the termination shall be Tenant’s sole effective upon the fifteenth (15th) day after the giving of the notice of termination. A just proportion of the Minimum Rent, Real Estate Taxes and exclusive remedy at law Operating Expenses, according to the nature and extent of the injury to the Demised Premises, shall be suspended or in equity for Landlord’s failure so to complete such restorationabated until the time of termination, and time Minimum Rent shall be apportioned as of the essence with respect theretotime of termination. If Landlord is required or elects to repair or restore the Demised Premises as hereinabove provided, then Tenant shall, subject to the conditions hereof, resume its business therein. If Landlord shall not substantially complete repair and restoration of the Demised Premises the extent required under this Section (A) on or before the fifteenth (15th) day following the occurrence of such casualty (hereinafter referred to as the “Deadline”), then the term of this Lease shall terminate upon the Deadline unless prior to the Deadline Tenant shall give notice to the Landlord that Tenant then elects to continue the term of this Lease thereafter, and if Tenant shall so elect then this sentence shall thereafter be void and of no further force or effect.

Appears in 1 contract

Samples: Lease Agreement (RXi Pharmaceuticals Corp)

Fire and Other Casualty. In the event that at any time during the term hereof (including any extended term) the Leased Premises are Building should be totally damaged or destroyed destroyed, without limitation, by fire or other casualty casualty, or substantially should be so damaged so as to render them that rebuilding or a material portion thereof untenantable, then there shall repairs cannot be a just and proportionate abatement of the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal to the time during which Rent so abated. In the event of such substantial (or total) damage to the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such casualty. Notwithstanding the foregoing, if Landlord in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord shall have the right to terminate this Lease by written notice given to Tenant within ninety (90) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose completed within one hundred eighty (180) days following said after the date of such casualty, then either Tenant or Landlord or Tenant shall have the right to may at its option terminate this Lease by giving notice thereof Lease, to the other party be exercised within thirty (30) days after the expiration date of such period (as so extended) provided that such restoration casualty. In the event this Lease is not so terminated, rent shall be abated during the unexpired portion of this Lease effective with the date of such damage, and Landlord may proceed to rebuild and repair the Building and the Demised Premises, except that Landlord shall not be required to rebuild, repair or replace any part of the partitions, fixtures, and other improvements which may have been placed by Tenant or other tenants within the Building. In the event the Building should be damaged by fire or other casualty, but only to such extent that rebuilding or repair can be completed within such period. This Lease shall cease and come to an end without further liability or obligation on the part of either party thirty one hundred eighty (30180) days after the date of such giving casualty, or if the casualty should be more serious but neither Landlord or Tenant elect to terminate this Lease, in either such event Landlord shall within forty (40) days after the date of notice unless such casualty commence to rebuild or repair the Building and shall proceed with reasonable diligence to restore the Building to substantially the same condition in which it was immediately prior to the happening of the casualty, except that Landlord shall not be required to rebuild repair or replace any part of the partitions, fixtures, and other improvements which may have been placed by Tenant or other tenants within such thirty-day period the Building. Landlord substantially completes such restorationshall allow Tenant a fair diminution of rent during the time the Demised Premises are unfit for occupancy. Such right of termination Any insurance which may be collected by Landlord or Tenant against loss or casualty to the Building or to the Demised Premises shall be Tenant’s for the sole benefit of the party, carrying such insurance and exclusive remedy at law or in equity for Landlord’s failure so under its sole control. Notwithstanding any of the foregoing to complete such restorationthe contrary, and time neither Landlord nor Tenant shall be required to continue under this Lease if the Demised Premises have been damaged to such an extent that Tenant has been required to vacate all or a substantial portion of the essence with respect theretoDemised Premises and at the time such casualty occurred, less than twelve (12) months remain on the Term.

Appears in 1 contract

Samples: Lease Agreement (Mpsi Systems Inc)

Fire and Other Casualty. In 9. (a)If the event that demised premises or any part thereof shall be damaged by fire or other casualty, Tenant shall give immediate notice thereof to Owner and this lease shall continue in full force and effect except as hereinafter set forth. (b) If the demised premises are partially damaged or rendered partially unusable by fire or other casualty, the damages thereto shall be repaired by and at any time during the term hereof expense of Owner and the rent and other items of additional rent, until such repair shall be substantially completed, shall be apportioned from the day following the casualty according to the part of the premises which is usable. (including any extended termc) If the Leased Premises demised premises are totally damaged or destroyed rendered wholly unusable by fire or other casualty or substantially damaged so as to render them or a material portion thereof untenantablecasualty, then there the rent and other items of additional rent as hereinafter expressly provided shall be a just and proportionate abatement of the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal proportionately paid up to the time during of the casualty and thenceforth shall cease until the date when the premises shall have been repaired and restored by Owner (or sooner reoccupied in part by Tenant then rent shall be apportioned as provided in subsection (b) above), subject to Owner's right to elect not to restore the same as hereinafter provided. (d) If the demised premises are rendered wholly unusable or (whether or not the demised premises are damaged in whole or in part) if the building shall be so damaged that Owner shall decide to demolish it or to rebuild it, then, in any such events, Owner may elect to terminate this lease by written notice to Tenant, given within 90 days after such fire or casualty, or 30 days after adjustment of the insurance claim for such fire or casualty, whichever is sooner, specifying a date for the expiration of the lease, which Rent so abated. In date shall not be more than 60 days after the event giving of such substantial (or total) damage notice, and upon the date specified in such notice the term of this lease shall expire as fully and completely as if such date set forth above for the termination of this lease and Tenant shall forthwith quit, surrender and vacate the premises without prejudice however, to Landlord's rights and remedies against Tenant under the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were lease provisions in immediately effect prior to such termination, and any rent owing shall be paid up to such date and any payments of rent made by Tenant which were on account of any period subsequent to such date shall be returned to Tenant. Unless Owner shall serve a termination notice as provided for herein, Owner shall make the repairs and restorations under the conditions of (b) and (c) hereof, with all reasonable expedition, subject to delays due to adjustment of insurance claims, labor troubles and causes beyond Owner's control. After any such casualty, Tenant shall cooperate with Owner's restoration by removing from the premises as promptly as reasonably possible, all of Tenant's salvageable inventory and moveable equipment, furniture, and other property. Tenant's liability for rent shall resume five (5) days after written notice from Owner that the premises are substantially ready for Tenant's occupancy. (e) Nothing contained hereinabove shall relieve Tenant from liability that may exist as a result of damage from fire or other casualty. Notwithstanding the foregoing, if Landlord including Owner's obligation to restore under subparagraph (b) above, each party shall look first to any insurance in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord shall have the right to terminate this Lease by written notice given to Tenant within ninety (90) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Landlord or Tenant shall have the right to terminate this Lease by giving notice thereof to favor before making any claim against the other party for recovery for loss or damage resulting form fire or other casualty and to the extent that such insurance is in force and collectible and to the extent permitted by law, Owner and Tenant each hereby releases and waives all right of recovery with respect to subparagraphs (b), (d), and (e) above, against the other or any one claiming through or under each of them by way of subrogation or otherwise. The release and waiver herein referred to shall be deemed to include any loss or damage to the demised premises and/ or to any personal property, equipment, trade fixtures, goods and merchandise located therein. The foregoing release and waiver shall be in force only if both releasors' insurance policies contain a clause providing that such a release or waiver shall not invalidate the insurance. If, and to the extent , that such waiver can be obtained only by the payment of additional premiums, then the party benefiting from the waiver shall pay such premium within thirty (30) ten days after the expiration of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease and come to an end without further liability written demand or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so deemed to complete such restoration, and time have agreed that the party obtaining insurance coverage shall be free of any further obligations under the provisions hereof with respect to waiver of subrogation. Tenant acknowledges that Owner will not carry insurance on Tenant's furniture and/or furnishings or any fixtures or equipment, improvements, or appurtenances removable by Tenant and agrees that Owner will not be obligated to repair any damage thereto or replace the same. (f) Tenant hereby waives the provisions of Section 227 of the essence with respect theretoReal Property Law and agrees that the provisions of this article shall govern and control in lieu thereof.

Appears in 1 contract

Samples: Manchester Equipment Co Inc

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Fire and Other Casualty. In 9. (a) If the event that demised premises or any part thereof shall be damaged by fire or other casualty, Tenant shall give immediate notice thereof to Owner and this lease shall continue in full force and effect except as hereinafter set forth. (b) If the demised premises are partially damaged or rendered partially unusable by fire or other casualty, the damages thereto shall be repaired by and at any time during the term hereof expense of Owner and the rent, until such repair shall be substantially completed, shall be apportioned from the day following the casualty according to the part of the premises which is usable. (including any extended termc) If the Leased Premises demised premises are totally damaged or destroyed rendered wholly unusable by fire or other casualty or substantially damaged so as to render them or a material portion thereof untenantablecasualty, then there the rent shall be a just and proportionate abatement of the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal proportionately paid up to the time during which Rent of the casualty and thenceforth shall cease until the date when the premises shall have been repaired and restored by Owner, subject to Owner's right to elect not to restore the same as hereinafter provided. (d) If the demised premises are rendered wholly unusable (whether or not the demised premises are damaged in whole or in part) the building shall be so abated. In the event damaged that Owner shall decide to demolish it to rebuild it, then, in any of such substantial (or total) damage events, owner may elect to terminate this lease by written notice to Tenant, given within 90 days after such fire casualty, specifying a date for the Leased Premisesexpiration of the lease, Landlord which date shall proceed at its expense not be more than 60 days after the giving of such notice, and with reasonable diligence upon the date specified in such notice the term of this lease shall expire as fully and completely as if such date were the date set forth above for the termination of this lease and Tenant shall forthwith quit, surrender and vacate the premises without prejudice however, to repair Owner's rights and restore remedies against Tenant under the Leased Premises to substantially the same condition they were lease provisions in immediately effect prior to such termination, and any rent owing shall be paid up to such date and any payments of rent made by Tenant which were on account of any period subsequent to such date shall be returned to Tenant. Unless Owner shall serve a termination notice as provided for herein. Owner shall make the repairs and restorations under the conditions of (b) and (c) hereof, with all reasonable expedition, subject to delays due to adjustment of insurance claims, labor troubles and causes beyond Owner's control. After any such casualty, Tenant shall cooperate with Owner's restoration by removing from the premises as promptly as reasonably possible, all of Tenant's salvageable inventory and movable equipment, furniture, and other property. Tenant's liability for rent shall resume five (5) days after written notice from Owner that the premises are substantially ready for Tenant's occupancy. (e) Nothing contained hereinabove shall relieve Tenant from liability that may exist as a result of damage from fire or other casualty. Notwithstanding the foregoing, if Landlord each party shall look first to any insurance in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord shall have the right to terminate this Lease by written notice given to Tenant within ninety (90) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Landlord or Tenant shall have the right to terminate this Lease by giving notice thereof to favor before making any claim against the other party within thirty (30) days after for recovery for loss or damage resulting from fire or other casualty, and to the expiration of such period (as so extended) provided extent that such restoration insurance is not completed within such period. This Lease shall cease in force and come collectible and to an end without further liability or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such extent permitted by law, Owner and Tenant each hereby releases and waives all right of termination shall be Tenant’s sole and exclusive remedy at law recovery against the other or in equity for Landlord’s failure so to complete such restoration, and time shall be of the essence with respect thereto.any one claiming through or

Appears in 1 contract

Samples: Agreement of Lease (Jupiter Communications Inc)

Fire and Other Casualty. In the event that at any time during the term hereof (including any extended term) the Leased Premises are totally damaged or destroyed by fire or other unavoidable casualty or substantially damaged so to such an extent as to render them or a material portion thereof in excess of twenty-five (25%) percent of the Leased Premises untenantable, then there the Lessor shall be a just and proportionate abatement have the option to rebuild or repair the Leased Premises. The Lessor shall have sixty (60) days after the date of written notification by the Lessee of the Rent payable hereunder happening of such event in which to notify the Lessee of the Lessor's intention to rebuild or repair the Leased Premises or the parts thereof so damaged or destroyed. If the Lessor elects to rebuild or repair the Leased Premises, the Lessor shall prosecute the work of such rebuilding or repairing without unreasonable delay, and during the period from the damage until the Leased Premises are made suitable for Tenant’s occupancytenantable, and the rent payable under this Lease Term shall be extended, without abated in the necessity same ratio that the of further action by any party, for a period equal to the time during which Rent so abated. In the event portion of such substantial (or total) damage to the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises rendered unfit for occupancy shall bear to substantially the same condition they were in immediately prior to such casualty. Notwithstanding the foregoing, if Landlord in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord shall have the right to terminate this Lease by written notice given to Tenant within ninety (90) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration area of the Leased PremisesPremises as at the commencement of this Lease. If the Lessor fails to give such notice before the expiration of the sixty (60) days, this Lease shall terminate and be of no further force or effect after the date of such event in the event the Leased Premises have not been restored are damaged by fire or other casualty to a condition substantially suitable an extent so as to render them untenantable, the Lessor shall rebuild or repair the same without unnecessary delay, and during such period the rent shall be abated at the same ratio that the area of the portion of the Leased Premises rendered, for their intended purpose within one hundred eighty (180) days following said casualtythe time being, then either Landlord or Tenant unfit for occupancy shall have the right to terminate this Lease by giving notice thereof bear to the other party within thirty (30) days after the expiration of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease and come to an end without further liability or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so to complete such restoration, and time shall be area of the essence with respect theretoLeased Premises as at the commencement of the Lease.

Appears in 1 contract

Samples: Indenture of Lease (Datawave Systems Inc)

Fire and Other Casualty. In A. If the event Building or the Complex shall be damaged, this Lease shall not terminate except as otherwise provided in this Lease and Landlord shall promptly commence and diligently proceed to repair the damage, provided that at Landlord shall have no obligation to repair damage to or replace Tenant’s Personal Property. Landlord’s restoration obligations hereunder shall be effective regardless of any time during delays in obtaining insurance proceeds. All Alterations shall be restored by Landlord in accordance with the term hereof (including as-built plans for the same. Except as otherwise provided herein, if any extended term) part of the Leased Premises are totally damaged or destroyed rendered untenantable by fire or other casualty or substantially damaged so as to render them or a material portion thereof untenantablereason of any such damage, then there Rent shall be a just and proportionate abatement xxxxx from the date of the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal to the time during which Rent so abated. In the event of such substantial (or total) damage to the Leased Premisesdate the damage is repaired, Landlord shall proceed at its expense and with reasonable diligence to repair and restore in the Leased Premises to substantially proportion that the same condition they were in immediately prior to such casualty. Notwithstanding the foregoing, if Landlord in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord shall have the right to terminate this Lease by written notice given to Tenant within ninety (90) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration rentable area of the Leased portion of the Premises that Tenant is prevented from using, and does not use, bears to the total rentable area of the Premises. However, in the event the Leased remaining portion of the Premises have is not sufficient to allow Tenant to effectively conduct its business therein, and if Tenant does not conduct its business from such remaining portion, then the Rent for the entire Premises (including all of Tenant’s parking charges) shall be abated; provided, however, if Tenant reoccupies and conducts its business from any portion of the Premises, then Rent (including parking charges) applicable to such reoccupied portion, based on the proportion that the rentable area of such reoccupied portion of the Premises bears to the total rentable area of the Premises, shall be payable by Tenant from the date such business operations commence. If Tenant’s right to abatement occurs during the Free Rent Period, then the Free Rent Period shall be extended for the number of days that the abatement period overlaps the Free Rent Period. Tenant’s right to abatement shall commence upon the occurrence of damage and shall continue until Tenant has been restored given sufficient time, and sufficient access to a condition substantially suitable the Premises, to rebuild the portion of the Premises it is required to rebuild, to install its property, furniture, fixtures and equipment and to move in over one (1) weekend, provided that such time for their intended purpose within Tenant to rebuild the portion of the Premises which it is required to rebuild shall not exceed one hundred eighty (180) days following said casualty, then either Landlord or from the date upon which Tenant shall have the right to terminate this Lease by giving notice thereof is given sufficient access to the other party within thirty (30) days after the expiration of Premises for such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease and come to an end without further liability or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so to complete such restoration, and time shall be of the essence with respect theretorebuilding.

Appears in 1 contract

Samples: Deed of Lease (Watson Wyatt & Co Holdings)

Fire and Other Casualty. In the event that at any time during the term hereof (including any extended term) the Leased Demised Premises are totally damaged or destroyed by fire or other casualty insured by Landlord (or substantially damaged so as required to render them or a material portion thereof untenantable, then there shall be a just and proportionate abatement of the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action insured by any party, for a period equal Landlord pursuant to the time during which Rent so abated. In terms of this Lease), Landlord agrees to promptly restore and repair the event of such substantial (or total) damage Demised Premises at Landlord’s expense, including the Improvements to be insured by Tenant to the Leased Premisesextent Landlord receives insurance proceeds therefor, Landlord shall proceed at its expense and with reasonable diligence including the proceeds from the insurance required to repair and restore be carried by Tenant on the Leased Premises to substantially the same condition they were in immediately prior to such casualtyImprovements. Notwithstanding the foregoing, if Landlord in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord shall have the right to terminate this Lease by written notice given to Tenant within ninety (90) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event that the Leased Demised Premises have are (i) in the reasonable opinion of Landlord, so destroyed that they cannot been restored to a condition substantially suitable for their intended purpose be repaired or rebuilt within one hundred eighty (180) days following said casualtyafter the date of such damage; or (ii) destroyed by a casualty which is not covered by Landlord’s insurance (or insurance that Landlord is required to carry pursuant to the terms of this Lease), or if such casualty is covered by Landlord’s insurance but Lender or other party entitled to insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Demised Premises, then either Landlord shall give written notice to Tenant (the “Determination Notice”) within forty-five (45) days of such casualty. Either Landlord or Tenant shall have the right to may terminate and cancel this Lease effective as of the date of such casualty by giving written notice thereof to the other party within thirty (30) days after Tenant’s receipt of the expiration Determination Notice. Upon the giving of such period termination notice, all obligations hereunder with respect to periods from and after the effective date of termination shall thereupon cease and terminate. If no such termination notice is given, Landlord shall (but only to the extent of the available insurance proceeds) make such repair or restoration of the Demised Premises to the approximate condition existing prior to such casualty, promptly and in such manner as not to unreasonably interfere with Tenant’s use and occupancy of the Demised Premises (if Tenant is still occupying the Demised Premises). Base Rent and Additional Rent shall proportionately xxxxx during the time that the Demised Premises or any part thereof are unusable by reason of any such damage thereto, and shall xxxxx entirely if the Demised Premises cannot be practicably used by Tenant for the normal conduct of its business therein as a result of such casualty. In the event that Landlord is unable to Substantially Complete the repair or restore the Demised Premises on or before the date which is the one hundred eightieth (180th) day after Tenant’s receipt of the Determination Notice, as extended by Tenant Delay (as so extendeddefined in Special Stipulation 3(c)) provided that such restoration is not completed and as may be extended for a period of up to sixty (60) days for Force Majeure Delay (as defined in Special Stipulation 3(c)), Tenant may, at its option and as its sole remedy, terminate this Lease by written notice to Landlord given within such period. This Lease shall cease and come to an end without further liability or obligation on the part of either party thirty (30) days after thereafter (provided that Landlord has not completed such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law repair or in equity for restoration prior to Landlord’s failure so to complete such restorationreceipt of said termination notice), and time thereafter neither Landlord nor Tenant shall be of the essence with respect theretohave any further obligation hereunder.

Appears in 1 contract

Samples: Industrial Lease Agreement (Scansource Inc)

Fire and Other Casualty. In the event that that, at any time during the term ----------------------- hereof (including any extended term) ), the Leased Premises are totally damaged or destroyed by fire or other casualty or substantially damaged so as to render them or a material portion thereof untenantable, then there shall be a just and proportionate abatement of the Rent payable hereunder hereunder, until the Leased Premises are made suitable for Tenant’s 's occupancy, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal to the time during which Rent so abated. In the event of such substantial (any destruction or total) damage to the Leased PremisesPremises caused by fire or other casualty, Landlord shall proceed at its expense (except that Tenant shall promptly fund any insurance deductible) and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such casualty. Notwithstanding the foregoing, if Landlord the Landlord, in its sole discretion reasonable discretion, determines that either (i) timely restoration is not possible or practical and more than forty percent (40%) of the Leased Premises has been damaged or destroyed; or (ii) that there are or will be insufficient insurance proceeds available to accomplish timely restoration of the Leased Premises (provided that Landlord has maintained the all risk insurance on the Leased Premises as provided for in Section 5.5); or (iii) the ----------- Landlord's Mortgagee will not authorize the release of insurance proceeds to accomplish samepay for the restoration of the Leased Premises, then Landlord shall have the right to terminate this Lease by written notice given to Tenant within sixty (60) days after the Landlord receives notice from the Tenant of the occurrence of any destruction or damage to the Leased Premises by fire or other casualty. In the event that the Landlord has not terminated this Lease as provided for in the preceding sentence, then the Landlord shall use reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such destruction or damage to the Leased Premises. If the Landlord has not commenced the repair or restoration of the Leased Premises within ninety (90) days after the Landlord receives notice from the Tenant of the occurrence of such casualty. If destruction or damage or, after such commencement, the Landlord proceeds is not proceeding with reasonable diligence to repair or restore the repair and restoration Leased Premises (subject to the funding of the Leased Premisesinsurance proceeds, in the payment of the insurance deductible by the Tenant and force majeure) then the Tenant may terminate this Lease by sending written notice to the Landlord. In the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualtyafter the Landlord receives notice from the Tenant of such destruction or damage to the Leased Premises, then either Landlord or Tenant shall have the right to may terminate this Lease by giving written notice given to the other within fifteen (15) days following such one hundred eighty (180) day period, (provided, however, that in the case of a notice of termination coming from Tenant, Tenant must give its notice of termination to Landlord before the Leased Premises are so restored). If Landlord sends a notice of termination as aforesaid, then Tenant may, within one week of receiving such notice, give the Landlord a written notice extending the time period for such restoration by an additional ninety days (90) (provided that Tenant must have promptly funded to Landlord the insurance deductible); in which case the Lease Term shall automatically be extended, without the necessity of further action by any party, for a period equal to the time Rent abates beyond one hundred eighty (180) days from the date the Landlord received notice from the Tenant of such destruction or damage to the Leased Premises. In the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within said ninety (90) additional days, then either Landlord or Tenant may terminate this Lease by written notice given to the other within fifteen (15) days following such ninety (90) day additional period (provided that, in the case of a notice of termination coming from Tenant, such notice must also be sent before the Leased Premises has been so restored) In the event that, during the last two (2) years of the Lease Term the Leased Premises are totally damaged or destroyed by fire or other casualty or damaged so as to render them or a material portion thereof untenantable, then either Landlord or Tenant may terminate this Lease by written notice given to the other party within thirty sixty (3060) days after the expiration Landlord receives notice from the Tenant of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease and come to an end without further liability total damage or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so to complete such restoration, and time shall be destruction of the essence with respect theretoLeased Premises by the occurrence of fire or other casualty.

Appears in 1 contract

Samples: Lifeline Systems Inc

Fire and Other Casualty. In If the event that at any time during the term hereof (including any extended term) the Leased Premises are totally Building shall be damaged or destroyed by fire or other casualty otherwise to the extent of twenty-five (25%) or substantially damaged less of the replacement value and no material portion of the Premises is rendered untenantable, the Building and the Premises shall be repaired within one hundred and twenty (120) days of the date on which the damage occurred at the expense of LESSOR, with the Rent paid by LESSEE to be reduced proportionately based upon the percentage of useable space. If the damage to the Building shall be in excess of twenty-five percent (25%) of the replacement value, or so extensive as to render them or a any material portion thereof of the Premises untenantable, then there shall be a just and proportionate abatement of the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal to the time during which Rent so abated. In the event of such substantial (or total) damage to the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such casualty. Notwithstanding the foregoing, if Landlord in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord LESSOR shall have the right option to terminate this Lease by written providing LESSEE notice given to Tenant thereof within ninety sixty (9060) days after the occurrence of such casualty; provided, however, if LESSOR does not terminate this Lease, the Rent shall cease until such time as the Building repair shall be substantially complete. If Landlord proceeds Said repairs to be completed by LESSOR within eight (8) months after serving LESSEE with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Landlord or Tenant aforementioned notice. LESSEE shall have the right option to terminate this Lease by giving providing LESSOR notice thereof within sixty (60) days of such casualty (the "NOTICE PERIOD"), provided, however that LESSEE shall have no such right to terminate under this Article XIV if LESSOR has undertaken the repair or restoration of the Building during the Notice Period and is diligently pursuing the same. If there is a total destruction of the Premises, by fire or otherwise, either LESSOR or LESSEE shall have the option to terminate this Lease within sixty (60) days of such casualty and the Rent shall cease until such time as the Building Repair shall be substantially complete. If the casualty is caused by LESSEE'S negligence or neglect, LESSEE shall be responsible for the cost of all repairs or reconstruction of the Premises (to the other party within thirty (30) days after the expiration of such period (as so extended) provided that such restoration extent no insurance is not completed within such period. This Lease shall cease and come to an end without further liability or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so to complete such restoration, and time shall be of the essence paid with respect thereto) and for all Rent.

Appears in 1 contract

Samples: Lease (First Valley Bancorp, Inc.)

Fire and Other Casualty. In the event that at any time during the term hereof (including any extended term) the Leased Premises are totally damaged or destroyed Self-Help. Subject to delays caused by fire or other casualty or substantially damaged so as to render them or a material portion thereof untenantable, then there shall be a just and proportionate abatement events of the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal to the time during which Rent so abated. In the event of such substantial (or total) damage to the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such casualty. Notwithstanding the foregoing, if Landlord in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord shall have the right to terminate this Lease by written notice given to Tenant within ninety (90) days after the occurrence of such casualty. force majeure: If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualtyafter the occurrence of any damage to the Security or the condemnation of any portion of the Security in excess of Three Hundred Thousand Dollars ($300,000), then either Landlord Mortgagors shall not have submitted to Mortgagee for Mortgagee's approval the plans and specifications for the Work, or Tenant shall not have obtained or be diligently seeking to obtain approval of such plans and specifications from all governmental authorities whose approval is required, or if, after such plans and specifications are approved by Mortgagee and all such governmental authorities, Mortgagors shall fail to promptly commence such Work, or if thereafter Mortgagors fail to perform the Work diligently or are delinquent in the payment to mechanics, materialmen or others of the costs incurred in connection with the Work (provided that Mortgagee shall have made proceeds available therefor), or, if Mortgagors shall fail to complete the right Work promptly, then, in addition to terminate this Lease by all other rights herein set forth, and after giving Mortgagors twenty (20) days written notice thereof of the nonfulfillment of one or more of the foregoing conditions and if such conditions remain uncured, Mortgagee, or, following an Event of Default, any lawfully appointed receiver of the Security, may at its option, perform or cause the Work to be performed, and may take such other steps as it deems advisable to perform the Work, and may enter upon the Security for any of the foregoing purposes, and Mortgagors hereby waive (to the extent Mortgagors may lawfully do so) any claim against Mortgagee or such receiver arising out of anything done by Mortgagee or such receiver pursuant to this Section (other party within thirty than claims arising by reason of the gross negligence or willful misconduct of Mortgagee or such receiver) and Mortgagee may apply insurance proceeds (30without the need to fulfill the requirements of Section 9 hereof) days after to pay for restoration costs or to reimburse Mortgagee and/or such receiver for all amounts expended or incurred by them, respectively, in connection with the expiration performance of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease the Work, and come to an end without further liability or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination any excess costs incurred by Mortgagee shall be Tenant’s sole paid by Mortgagors to Mortgagee upon demand with interest at the Default Rate (hereinafter defined) from the date of demand and exclusive remedy at law or in equity for Landlord’s failure so to complete such restoration, and time payment shall be secured by the lien of the essence with respect theretothis Mortgage.

Appears in 1 contract

Samples: Mortgage, Security Agreement (Beacon Properties Corp)

Fire and Other Casualty. In (a) If the event that at any time during Building or other improvements on the term hereof (including any extended term) the Leased Premises are totally Land shall be damaged or destroyed by fire or other casualty casualty, Tenant, at Tenant's sole cost and expense, shall promptly and diligently proceed to adjust the loss with the insurance companies (subject to the approval of the Mortgagee (if applicable) and of Landlord) and arrange for the disbursement of insurance proceeds, and repair, rebuild or substantially damaged replace such Building and other improvements, so as to render them or a material portion thereof untenantable, then there shall be a just and proportionate abatement of restore the Rent payable hereunder until the Leased Demised Premises are made suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal to the time during condition in which Rent so abated. In the event of such substantial (or total) damage to the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such casualtydamage or destruction. The net proceeds of any insurance recovered by reason of such damage or destruction in excess of the cost of adjusting the insurance claim and collecting the insurance proceeds (such excess being referred to herein as the "Net Insurance Proceeds") shall be held by the Mortgagee (provided that such Mortgagee is a bank, savings association, insurance company or other similar institutional lender; herein called "Institutional Lender"), or, if no Institutional Lender then holds a mortgage lien, or deed of trust on the Demised Premises, by any national or state chartered bank which is reasonably acceptable to Landlord and Tenant; and the Net Insurance Proceeds shall be released for the purpose of paying the fair and reasonable cost of restoring such Building and other improvements. Such Net Insurance Proceeds shall be released to Tenant, or to Tenant's contractors, from time to time as the work progresses, pursuant to such requirements and limitations as may be reasonably acceptable to Landlord and Mortgagee (if the Mortgagee so requires), including, without limitation, lien waivers from each of the contractors, subcontractors, materialmen and suppliers performing the work. If the Net Insurance Proceeds (less any applicable deductible) are insufficient to restore the Demised Premises, Tenant shall be obligated to pay such deficiency and the amount of any such deductible. Notwithstanding the foregoing, if Landlord the Net Insurance Proceeds are less than Twenty-Five Thousand Dollars ($25,000.00), and if the Mortgagee agrees in its sole discretion determines that timely restoration is writing, such Net Insurance Proceeds may be held by Tenant and used by Tenant to pay the fair and reasonable cost of restoring such Demised Premises and other improvements. If the Net Insurance Proceeds exceed the full cost of the repair, rebuilding or replacement of the damaged Building or other improvements, if the Mortgagee does not possible or practical or that there are or will be insufficient insurance retain such excess proceeds available and apply the same on account of the debt owed to Landlord to accomplish sameit, then Landlord the amount of such excess Net Insurance Proceeds shall have the right to terminate this Lease by written notice given be paid to Tenant within ninety (90) days after upon the occurrence completion of such casualtyrepair, rebuilding or replacement. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have agrees not been restored unreasonably to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either withhold or delay any approvals required to be obtained by Tenant from Landlord or Tenant shall have the right to terminate this Lease by giving notice thereof pursuant to the other party within thirty (30) days after the expiration provisions of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease and come to an end without further liability or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so to complete such restoration, and time shall be of the essence with respect theretothis Section 21(a).

Appears in 1 contract

Samples: Industrial Lease Agreement (Wells Real Estate Fund Ix Lp)

Fire and Other Casualty. In the event that at any time during the term hereof (including any extended term) the Leased Demised Premises are totally damaged or destroyed ----------------------- by fire or other casualty or substantially damaged so as insured by Landlord, Landlord agrees to render them or a material portion thereof untenantablepromptly restore and repair the Demised Premises at Landlord's expense, then there shall including the Improvements to be a just and proportionate abatement of the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action insured by any party, for a period equal Tenant but only to the time during which Rent so abated. In extent Landlord receives insurance proceeds therefor, including the event of such substantial (or total) damage proceeds from the insurance required to be carried by Tenant on the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such casualtyImprovements. Notwithstanding the foregoing, if Landlord in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord shall have the right to terminate this Lease by written notice given to Tenant within ninety (90) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event that the Leased Demised Premises have are (i) in the reasonable opinion of Landlord, so destroyed that they cannot been restored to a condition substantially suitable for their intended purpose be repaired or rebuilt within one hundred eighty (180) days following said casualtyafter the date of such damage or two hundred forty (240) days after the date of such damage in the event such damage is the result of a hurricane; or (ii) destroyed by a casualty which is not covered by Landlord's insurance, or if such casualty is covered by Landlord's insurance but Lender or other party entitled to insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Demised Premises, then either Landlord shall give written notice to Tenant of such determination (the "Determination Notice") within sixty (60) days of such casualty. Either Landlord or Tenant shall have the right to may terminate and cancel this Lease effective as of the date of such casualty by giving written notice thereof to the other party within thirty (30) days after Tenant's receipt of the expiration Determination Notice. Upon the giving of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease termination notice, all obligations hereunder with respect to periods from and come to an end without further liability or obligation on after the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right effective date of termination shall be Tenant’s sole thereupon cease and exclusive remedy at law or in equity for Landlord’s failure so terminate. If no such termination notice is given, Landlord shall, to complete such restoration, and time shall be the extent of the essence available insurance proceeds, make such repair or restoration of the Demised Premises to the approximate condition existing prior to such casualty, promptly and in such manner as not to unreasonably interfere with respect Tenant's use and occupancy of the Demised Premises (if Tenant is still occupying the Demised Premises). Base Rent and Additional Rent shall proportionately xxxxx during the time that the Demised Premises or any part thereof are unusable by reason of any such damage thereto.

Appears in 1 contract

Samples: Industrial Lease Agreement (D & K Healthcare Resources Inc)

Fire and Other Casualty. In 9. (a) If the event that demised premises or any part thereof shall be damaged by fire or other casualty, Tenant shall give immediate notice thereof to Landlord and this lease shall continue in full force and effect except as hereinafter set forth. (b) If the demised premises are partially damaged or rendered partially unusable by fire or other casualty, the damages thereto shall be repaired by and at any time during the term hereof expense of Landlord and the rent, until such repair shall be substantially completed, shall be apportioned from the day following the casualty according to the part of the premises which is usable. (including any extended termc) If the Leased Premises demised premises are totally damaged or destroyed rendered wholly unusable or inaccessible by fire or other casualty or substantially damaged so as to render them or a material portion thereof untenantablecasualty, then there the rent shall be a just and proportionate abatement of the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal proportionately paid up to the time during which Rent of the casualty and thenceforth shall cease until the date when the premises shall have been repaired and restored by, subject to Landlord's right to elect not to restore the same as hereinafter provided. (d) If the demised premises are rendered wholly unusable or (whether or not the demised premises pro damaged in whole or in part) if the building shall be so abated. In the event damaged that Landlord shall decide to demolish it or to rebuild it, then, in any of such substantial (events, Landlord may elect to terminate this lease by written notice to Tenant, given within 90 days after such fire or total) damage casualty specifying a date for the expiration of the lease, which date shall not be more than 60 days after the giving of such notice, and upon the date specified in such notice the term of this lease shall expire as fully and completely as if such date were the date set forth above for the termination of this lease and Tenant shall forthwith quit, surrender and vacate the premises without prejudice however, to Landlord's rights and remedies against Tenant under the Leased Premiseslease provisions in effect prior to such termination, and any rent owing shall be paid up to such date and any payments of rent made by Tenant which were on account of any period subsequent to such date shall be returned to Tenant. Unless Landlord shall serve a termination notice as provided for herein, Landlord shall proceed at its expense make the repairs and restorations under the conditions of (b) and (c) hereof, with all reasonable diligence expedition, subject to repair delays due to adjustment of insurance claims, labor troubles and restore causes beyond Landlord's control. After any such casualty, Tenant shall cooperate with Landlord's restoration by removing from the Leased Premises to premises as promptly as reasonably possible, all of Tenant's salvageable inventory and movable equipment, furniture, and other property. Tenant's liability for rent shall resume five (5) days after written notice from Landlord that the premises are substantially the same condition they were in immediately prior to such ready for Tenant's occupancy. (e) Nothing contained hereinabove shall relieve Tenant from liability that may exist as a result of damage from fire or other casualty. Notwithstanding the foregoing, if Landlord each party shall look first to any insurance in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord shall have the right to terminate this Lease by written notice given to Tenant within ninety (90) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Landlord or Tenant shall have the right to terminate this Lease by giving notice thereof to favor before making any claim against the other party within thirty (30) days after for recovery for loss or damage resulting from fire or other casualty, and to the expiration extent that such insurance is in force and collectible and to the extent permitted by law, Landlord and Tenant each hereby releases and waives all right of recovery against the other or any one claiming through or under each of them by way of subrogation or otherwise. The foregoing release and waiver shall be in force only if both releasors' insurance policies contain a clause providing that such period (as so extended) a release or waiver shall not invalidate the insurance and also, provided that such restoration is a policy can be obtained without additional premiums. Tenant acknowledges that Landlord will not completed within such periodcarry insurance on Tenant's furniture and or furnishings or any fixtures or equipment, improvements, or appurtenances removable by Tenant and agrees that Landlord will not be obligated to repair any damage thereto or replace the same. This Lease shall cease and come to an end without further liability or obligation on (f) Tenant hereby waives the part provisions of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so to complete such restoration, and time shall be Section 227 of the essence with respect thereto.Real Property Law and agrees that the provisions of this article shall govern and control in lieu thereof. 6

Appears in 1 contract

Samples: Health Management Systems Inc

Fire and Other Casualty. In If the event that at any time during the term hereof (including any extended term) the Leased Premises are totally shall be damaged or destroyed by fire or other casualty or substantially damaged so casualty, other than as to render them or a material portion thereof untenantable, then there shall be a just and proportionate abatement result of the Rent payable hereunder until negligence or misconduct of Tenant, the Leased Lease shall not terminate and, upon adjustment of insurance claims, Landlord shall repair the damage, provided that Landlord shall have no obligation to repair damage to or replace Tenant’s Personal Property. Except as otherwise provided herein, if any part of the Premises are made suitable for Tenant’s occupancyrendered untenantable by reason of any such damage, and Rent, shall axxxx from the Lease Term shall be extended, without date of the necessity of further action by any party, for a period equal to the time during which Rent so abated. In the event of such substantial (or total) damage to the Leased date the damage is repaired, as determined by Landlord, in the proportion that the area of the untenantable part bears from time to time to the total area of the Premises. No compensation or reduction of Rent shall be paid or allowed for inconvenience, Landlord shall proceed at its expense and with reasonable diligence annoyance or injury to Tenant or Tenant’s business arising from any damage to or repair and restore of the Leased Premises to substantially or the same condition they were in immediately prior to such casualtyBuilding. Notwithstanding the foregoing, if Landlord in its sole discretion determines that timely restoration is does not possible or practical or that there are or will be insufficient receive sufficient insurance proceeds available to Landlord to accomplish samefully repair the damage or if the Building shall be so damaged that, as determined by Landlord, substantial reconstruction of the Premises or the Building is required (whether or not the Premises have been damaged), then Landlord Landlord, at its option, may give Tenant, within sixty (60) days after the casualty, written notice of termination of this Lease and this Lease and the Term shall have terminate (whether or not the right to Term has commenced) upon the expiration of thirty (30) days from the date of the notice, with the same effect as if the new expiration date had been the date initially fixed for expiration of the Term, and all Rent shall be apportioned as of such date. If the restoration of the Premises and the Building has not been completed by the one hundred eightieth (180th) day following the date of the casualty, Tenant may terminate this Lease by written notice to Landlord, which notice shall be given to Tenant by Tenant, if at all, within ninety ten (9010) business days after the occurrence of following such casualty180th day. If the Premises or the Building shall be damaged by fire or other casualty due to the gross negligence or any act of intentional misconduct of Tenant (i) Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Landlord or Tenant shall have no obligation to repair the right to terminate Premises or the Building, (ii) this Lease by giving notice thereof shall at Landlord’s option, not terminate, and subject to clause (iii) of this sentence, Landlord shall repair the Premises or the Building, as the case may be, (iii) Landlord may at Tenant’s expense (subject to the other party within thirty (30provisions of Section 17.E. hereof) days after repair the expiration of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease and come to an end without further liability or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so to complete such restorationdamage, and time shall be of the essence with respect thereto(iv) Landlord may pursue any legal and equitable remedies available to it.

Appears in 1 contract

Samples: Office Lease (Sucampo Pharmaceuticals, Inc.)

Fire and Other Casualty. In 9. (a) If the event that demised premises or any part thereof shall be damaged by fire or other casualty, Tenant shall give immediate notice thereof to Owner and this lease shall continue in full force and effect except as hereinafter set forth. (b) If the demised premises are partially damaged or rendered partially unusable by fire or other casualty, the damages thereto shall be repaired by and at any time during the term hereof expense of Owner and the rent and other items of additional rent, until such repair shall be substantially completed, shall be apportioned from the day following the casualty according to the part of the premises which is usable. (including any extended termc) If the Leased Premises demised premises are totally damaged or destroyed rendered wholly unusable by fire or other casualty or substantially damaged so as to render them or a material portion thereof untenantablecasualty, then there the rent and other items of additional rent as hereinafter expressly provided shall be a just and proportionate abatement of the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal proportionately paid up to the time during which Rent of the casualty and thenceforth shall cease until the date when the premises shall have been repaired and restored by Owner (or sooner reoccupied in part by Tenant then rent shall be apportioned as provided in subsection (b) above), subject to Owner's right to elect not to restore the same as hereinafter provided. (d) If the demised premises are rendered wholly unusable or (whether or not the demised premises are damaged in whole or in part) if the building shall be so abated. In the event damaged that Owner shall decide to demolish it or to rebuild it, then, in any of such substantial (events, Owner may elect to terminate this lease by written notice to Tenant, given within 90 days after such fire or total) damage casualty, or 30 days after adjustment of the insurance claim for such fire or casualty, whichever is sooner, specifying a date for the expiration of the lease, which date shall not be more than 60 days after the giving of such notice, and upon the date specified in such notice the term of this lease shall expire as fully and completely as if such date were the date set forth above for the termination of this lease and Tenant shall forthwith quit, surrender and vacate the premises without prejudice however, to Owner's rights and remedies against Tenant under the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were lease provisions in immediately effect prior to such termination, and any rent owing shall be paid up to such date and any payments of rent made by Tenant which were on account of any period subsequent to such date shall be returned to Tenant. Unless Owner shall serve a termination notice as provided for herein, Owner shall make the repairs and restorations under the conditions of (b) and (c) hereof, with all reasonable expedition, subject to delays due to adjustment of insurance claims, labor troubles and causes beyond Owner's control. After any such casualty, Tenant shall cooperate with Owner's restoration by removing from the premises as promptly as reasonably possible, all of Tenant's salvageable inventory and movable equipment, furniture, and other property. Tenant's liability for rent shall resume five (5) days after written notice from Owner that the premises are substantially ready for Tenant's occupancy. (e) Nothing contained hereinabove shall relieve Tenant from liability that may exist as a result of damage from fire or other casualty. Notwithstanding the foregoing, if Landlord including Owner's obligation to restore under subparagraph (b) above, each party shall look first to any insurance in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord shall have the right to terminate this Lease by written notice given to Tenant within ninety (90) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Landlord or Tenant shall have the right to terminate this Lease by giving notice thereof to favor before making any claim against the other party for recovery for loss or damage resulting from fire or other casualty, and to the extent that such insurance is in force and collectible and to the extent permitted by law. Owner and Tenant each hereby releases and waives all right of recovery with respect to subparagraphs (b), (d) and (e) above, against the other or any one claiming through or under each of them by way of subrogation or otherwise. The release and waiver herein referred to shall be deemed to include any loss or damage to the demised premises and/or to any personal property, equipment trade fixtures, goods and merchandise located therein. The foregoing release and waiver shall be in force only if both releasor's insurance policies contain a clause providing that such a release or waiver shall not invalidate the insurance. If, and to the extent, that such waiver can be obtained only by the payment of additional premiums, then the party benefitting from the waiver shall pay such premium within thirty (30) ten days after the expiration of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease and come to an end without further liability written demand or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so deemed to complete such restoration, and time have agreed that the party obtaining insurance coverage shall be free of any further obligation under the provisions hereof with respect to waiver of subrogation. Tenant acknowledges that Owner will not carry insurance on Tenant's furniture and or furnishings or any fixtures or equipment, improvements, or appurtenances removable by Tenant and agrees that Owner will not be obligated to repair any damage thereto or replace the same. (f) Tenant hereby waives the provisions of Section 227 of the essence with respect theretoReal Property Law and agrees that the provisions of this article shall govern and control in lieu thereof.

Appears in 1 contract

Samples: Agreement (Younetwork Corp)

Fire and Other Casualty. In 9. (a) If the event that demised premises or any part thereof shall be damaged by fire or other casualty, Tenant shall give immediate notice thereof to Owner and this lease shall continue in full force and effect except as hereinafter set forth. (b) If the demised premises are partially damaged or rendered partially unusable by fire or other casualty, Owner shall notify Tenant of its intention to restore said damage which shall be repaired by and at any time during the term hereof expense of Owner and the rent, until such repair shall be substantially completed, shall be apportioned from the day following the casualty according to the part of the premises which is usable. (including any extended termc) If the Leased Premises demised premises are totally damaged or destroyed rendered wholly unusable by fire or other casualty, then the rent shall be proportionately paid up to the time of the casualty and thenceforth shall cease until the date when the premises shall have been repaired and restored by Owner, subject to Owner's right to elect not to restore the same as hereinafter provided. (d) If the demised premises are rendered wholly unusable or (whether or not the demised premises are damaged in whole or in part) if the building shall be so damaged that Owner shall decide to demolish it or to rebuild it, then, in any of such events, Owner may elect to terminate this lease by written notice to Tenant, given within 90 days after such fire or casualty, specifying a date for the expiration of the lease, which date shall not be more than 60 days after the giving of such notice, and upon the date specified in such notice the term of this lease shall expire as fully and completely as if such date were the date set forth above for the termination of this lease and Tenant shall forthwith quit, surrender and vacate the premises without prejudice however, to Landlord's rights and remedies against Tenant under the lease provisions in effect prior to such termination, and any rent owing shall be paid up to such date and any payments of rent made by Tenant which were on account of any period subsequent to such date shall be returned to Tenant. Unless Owner shall serve a termination notice as provided for herein, Owner shall make the repairs and restorations under the conditions of (b) and (c) hereof, with all reasonable expedition, subject to delays due to adjustment of insurance claims, labor troubles and causes beyond Owner's reasonable control. After any such casualty, Tenant shall cooperate with Owner's restoration by removing from the premises as promptly as reasonably possible, all of Tenant's salvageable inventory and movable equipment, furniture, and other property. Tenant's liability for rent shall resume ten (10) days after written notice from Owner that the premises are substantially ready for Tenant's occupancy. In the event (i) the demised premises shall be damaged by fire or other casualty or substantially damaged so as to render them or a material portion thereof untenantable, then there during the term and Tenant shall be unable to use the demised premises as a just result of such damage and proportionate abatement (ii) Owner shall not exercise the right to terminate this Lease and shall, accordingly, be obligated to repair any such damage pursuant to the provisions hereof, and (iii) Owner shall have failed to repair such damage within six (6) months after the date of such fire or other casualty, as such period shall be extended by the number of days that Owner is delayed in completing such restoration by any cause or factor beyond Owner's reasonable control, including, but not limited to, Tenant's failure to cooperate with Owner, strikes or other labor disputes, accidents, orders or regulations of any Federal, State, County or Municipal Authority, delays due to adjustment of insurance claims, lack of availability of materials, parts or utility services, acts of God, fire, earthquake, floods, explosion, action of the Rent payable hereunder until elements, war, hostilities, invasion, insurrection, riot, mob violence, sabotage, or by reason of any other cause, whether similar or not to the Leased Premises are made suitable for Tenant’s occupancyforegoing, that is beyond the reasonable control of Owner, (such six (6) month period as so extended is referred to as the "Restoration Period"), then, in such event, Tenant shall have a one time option to give the Owner, within ten (10) days next following the expiration of the Restoration Period, time being of the essence, a thirty (30) day notice of termination of this Lease and upon the expiration of said thirty (30) days, this Lease and the term thereunder shall end and expire as fully and completely as if the expiration of such thirty (30) day period were the day herein definitely fixed for the end and expiration of this Lease Term and the term thereof and Tenant shall then quit and surrender the demised premises to Owner but Tenant shall remain liable through and including the date of such damage as provided in this Lease. Failure of Tenant to timely deliver a thirty (30) day notice of termination shall be extended, without conclusively deemed to be an express election by Tenant to waive Tenant's right to terminate the necessity Lease as provided in this Article 9. (e) Nothing contained hereinabove shall relieve Tenant from liability that may exist as a result of further action by any party, for a period equal to the time during which Rent so abated. In the event of such substantial (damage from fire or total) damage to the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such other casualty. Notwithstanding the foregoing, if Landlord each party shall look first to any insurance in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord shall have the right to terminate this Lease by written notice given to Tenant within ninety (90) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Landlord or Tenant shall have the right to terminate this Lease by giving notice thereof to favor before making any claim against the other party for recovery for loss or damage resulting from fire or other casualty, and to the extent that such insurance is in force and collectible and to the extent permitted by law, Owner and Tenant each hereby releases and waives all right of recovery against the other or any one claiming through or under each of them by way of subrogation or otherwise. The foregoing release and waiver shall be in force only if both relessors' insurance policies contain a clause providing that such a release or waiver shall not invalidate the insurance. If, and to the extent, that such waiver can be obtained only by the payment of additional premiums, then the party benefiting from the waiver shall pay such premium within thirty (30) ten days after the expiration of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease and come to an end without further liability written demand or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so deemed to complete such restoration, and time have agreed that the party obtaining insurance coverage shall be free of any further obligation under the essence provisions hereof with respect theretoto waiver of subrogation. Tenant acknowledges that Owner will not carry insurance on Tenant's furniture and/or furnishings or any fixtures or equipment, improvements, or appurtenances removable by Tenant and agrees that Owner will not be obligated to repair any damage thereto or replace the same.

Appears in 1 contract

Samples: Office Lease (Ibah Inc)

Fire and Other Casualty. In the event that at If any time during the term hereof (including Improvement or any extended term) the Leased Premises are totally Personal Property shall be damaged or destroyed by fire or other casualty or substantially damaged so as to render them or a material portion thereof untenantablecasualty, then there shall be a just and proportionate abatement then, irrespective of the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancycause and whether or not such damage or destruction shall have been insured, Lessee shall give prompt written notice thereof to Lessor, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal to the time during which Rent so abated. In the event of such substantial (or total) damage to the Leased Premises, Landlord Lessor shall proceed at its expense and with reasonable diligence to repair carry out any necessary demolition and restore the Leased Premises to substantially the same condition they were in immediately prior to restore, repair, replace and rebuild such casualty. Notwithstanding the foregoingImprovements or Personal Property at Lessor's own cost and expense; provided, if Landlord in its sole discretion determines however, that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds shall be made available for such restoration and rebuilding. If, as a result of the actions of any Fee Mortgagee or otherwise, insurance proceeds are not made available to Landlord the Lessor, and if the Lessor is unable after reasonable diligent efforts to accomplish samesecure and provide replacement funds, then Landlord the Lessee shall have the right to terminate this Lease by written notice given to Tenant within ninety (90) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Landlord or Tenant shall have the right to terminate this Lease by giving notice thereof to the other party within thirty (30) days after the expiration of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease and come to an end without further liability or obligation on the part of either party thirty Lessee or Lessor unless the unavailability of such insurance proceeds is the result of Lessor's acts or omissions. If at any time Lessor shall fail or neglect to supply sufficient workmen or sufficient materials of proper quality, or fail in any other respect to prosecute such work of demolition, restoration, repair, replacement or rebuilding with diligence and promptness, then Lessee may give Lessor notice of such failure or neglect, and, if such failure or neglect continues for twenty (3020) days after such giving notice, then Lessee, in addition to all other rights which Lessee may have, including, without limitation, the right to cancel and terminate this Lease, may enter upon the Demised Premises, provide labor and/or materials, cause the performance of notice unless within any contract, and/or do such thirty-day period Landlord substantially completes other acts and things as Lessee may deem advisable to prosecute such restorationwork. Such right of termination All costs and expenses incurred by Lessee in carrying out such work shall be Tenant’s sole borne by Lessor and exclusive remedy at law or in equity for Landlord’s failure so to complete such restoration, and time shall be payable by Lessor to Lessee upon demand, which demand may be made by Lessee from time to time as such costs and expenses are incurred, in addition to any and all damages to which Lessee shall be entitled hereunder. Rent shall xxxxx hereunder as of the essence with respect theretodate of damage or destruction in proportion to the percentage of the Demised Premises thereby rendered unusable (in Lessee's sole opinion). Lessor shall in such event look solely to proceeds of its insurance (including its loss of rents coverage). Any proceeds of loss of rents insurance received by Lessor by reason of such damage or destruction shall be applied by Lessor to the payment of Rent which would otherwise be due from Lessee under Paragraph 3 hereof, Impositions payable by Lessee under Paragraph 4 hereof and premiums for any insurance required to be maintained by Lessee hereunder. In the event rent insurance proceeds received by Lessor are insufficient to pay the same or for any reason such rent insurance proceeds are not actually applied by Lessor to the payment of such amounts, Lessor shall nevertheless have no claim against Lessee for Rental abated hereunder.

Appears in 1 contract

Samples: Lease Agreement (Centennial Healthcare Corp)

Fire and Other Casualty. In 9. (a) If the event that demised premises or any part thereof shall be damaged by fire or other casualty, Tenant shall give immediate notice thereof to Owner and this lease shall continue in full force and effect except as hereinafter set forth, (b) If the demised premises are partially damaged or rendered partially unusable by fire or other casualty, the damages thereto shall be repaired by and at any time during the term hereof expense of Owner and the rent, until such repair shall be substantially completed, shall be apportioned from the day following the casualty according to the part of the premises which is usable, (including any extended termc) If the Leased Premises demised premises are totally damaged or destroyed rendered wholly unusable by fire or other casualty or substantially damaged so as to render them or a material portion thereof untenantablecasualty, then there the rent shall be a just and proportionate abatement of the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal proportionately paid up to the time during which Rent of the casualty and thenceforth shall cease until the date when the premises shall have been repaired and restored by Owner, subject to Owner's right to elect not to restore the same as hereinafter provided, (d) If the demised premises are rendered wholly unusable or (whether or not the demised premises are damaged in whole or in part) if the building shall be so abated. In the event damaged that Owner shall decide to demolish it or to rebuild it, then, in any of such substantial (events, Owner may elect to terminate this lease by written notice to Tenant, given within 90 days after such fire or total) damage casualty, specifying a date for the expiration of the lease, which date shall not be more than 60 days after the giving of such notice, and upon the date specified in such notice the term of this lease shall expire as fully and completely as if such date were the date set forth above for the termination of this lease and Tenant shall forthwith quit, surrender and vacate the premises without prejudice however, to Landlord's rights and remedies against Tenant under the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were lease provisions in immediately effect prior to such termination, and any rent owing shall be paid up to such date and any payments of rent made by Tenant which were on account of any period subsequent to such date shall be returned to Tenant. Unless Owner shall serve a termination notice as provided for herein, Owner shall make the repairs and restorations under the conditions of (b) and (c) hereof, with all reasonable expedition, subject to delays due to adjustment of insurance claims, labor troubles and causes beyond Owner's control. After any such casualty, Tenant shall cooperate with Owner's restoration by removing from the premises as promptly as reasonably possible, all of Tenant's salvageable inventory and movable equipment, furniture, and other property. Tenant's liability for rent shall resume five (5) days after written notice from Owner that the premises are substantially ready for Tenant's occupancy, (e) Nothing contained hereinabove shall relieve Tenant from liability that may exist as a result of damage from fire or other casualty. Notwithstanding the foregoing, if Landlord each party shall look first to any insurance in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord shall have the right to terminate this Lease by written notice given to Tenant within ninety (90) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Landlord or Tenant shall have the right to terminate this Lease by giving notice thereof to favor before making any claim against the other party for recovery for loss or damage resulting from fire or other casualty and to the extent that such insurance is in force and collectible and to the extent permitted by law, Owner and Tenant each hereby releases and waives all right of recovery against the other or any one claiming through or under each of them by way of subrogation or otherwise. The foregoing release and waiver shall be in force only if both releasors' insurance policies contain a clause providing that such a release or waiver shall not invalidate the insurance. If, and to the extent, that such waiver can be obtained only by the payment of additional premiums, then the party benefiting from the waiver shall pay such premium within thirty (30) ten days after the expiration of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease and come to an end without further liability written demand or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so deemed to complete such restoration, and time have agreed that the party obtaining insurance coverage shall be free of any further obligation under the provisions hereof with respect to waiver of subrogation. Tenant acknowledges that Owner will not carry insurance on Tenant's furniture and/or furnishings or any fixtures or equipment, improvements, or appurtenance removable by Tenant and agrees that Owner will not be obligated to repair any damage thereto or replace the same, (f) Tenant hereby waives the provisions of Section 227 of the essence with respect theretoReal Property Law and agrees that the provisions of this article shall govern and control in lieu thereof.

Appears in 1 contract

Samples: Arista Investors Corp

Fire and Other Casualty. In (a) If the event that at any time during Building or other improvements on the term hereof (including any extended term) the Leased Premises are totally Land shall be damaged or destroyed by fire or other casualty casualty, Tenant, at Tenant's sole cost and expense, shall promptly and diligently proceed to adjust the loss with the insurance companies (subject to the approval of the Lender (if applicable) and of Landlord) and arrange for the disbursement of insurance proceeds, and repair, rebuild or substantially damaged replace such Building and other improvements, so as to render them or a material portion thereof untenantable, then there shall be a just and proportionate abatement of restore the Rent payable hereunder until the Leased Demised Premises are made suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal to the time during condition in which Rent so abated. In the event of such substantial (or total) damage to the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such casualtydamage or destruction. The net proceeds of any insurance recovered by reason of such damage or destruction in excess of the cost of adjusting the insurance claim and collecting the insurance proceeds (such excess being referred to herein as the "Net Insurance Proceeds") shall be held by the Lender (provided that such Lender is a bank, savings association, insurance company or other similar institutional lender; herein called "Institutional Lender"), or, if no Lender then holds a Mortgage on the Demised Premises, by any national or state chartered bank which is reasonably acceptable to Landlord and Tenant; and the Net Insurance Proceeds shall be released for the purpose of paying the fair and reasonable cost of restoring such Building and other improvements. Such Net Insurance Proceeds shall be released to Tenant, or to Tenant's contractors, from time to time as the work progresses, pursuant to such requirements and limitations as may be reasonably acceptable to Landlord and Lender (if the Lender so requires), including, without limitation, lien waivers from each of the contractors, subcontractors, materialmen and suppliers performing the work. If the Net Insurance Proceeds (less any applicable deductible) are insufficient to restore the Demised Premises, Tenant shall be obligated to pay such deficiency and the amount of any such deductible. Notwithstanding the foregoing, if Landlord in its sole discretion determines that timely restoration is not possible the Net Insurance Proceeds are less than Twenty-Five Thousand Dollars ($25,000.00), such Net Insurance Proceeds may be held by Tenant and used by Tenant to pay the fair and reasonable cost of restoring such Demised Premises and other improvements. If the Net Insurance Proceeds exceed the full cost of the repair, rebuilding or practical replacement of the damaged Building or that there are or will be insufficient insurance proceeds available to Landlord to accomplish sameother improvements, then Landlord the amount of such excess Net Insurance Proceeds shall have the right to terminate this Lease by written notice given be paid to Tenant within ninety (90) days after upon the occurrence completion of such casualtyrepair, rebuilding or replacement. If Landlord proceeds with the repair and restoration of the Leased Premisesagrees not unreasonably to withhold, in the event the Leased Premises have not been restored condition or delay any approvals required to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either be obtained by Tenant from Landlord or Tenant shall have the right to terminate this Lease by giving notice thereof pursuant to the other party within thirty (30) days after the expiration provisions of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease and come to an end without further liability or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so to complete such restoration, and time shall be of the essence with respect theretothis Section 20(a).

Appears in 1 contract

Samples: Industrial Lease Agreement (Systemax Inc)

Fire and Other Casualty. In the event that at any time during the term hereof (including any extended term) the Leased Premises are totally Building is damaged or destroyed by fire or other unavoidable casualty or substantially damaged so to such an extent as to render them or a material portion thereof in excess of twenty-five (25%) percent of the Leased Premises untenantable, then there the Lessor shall be a just and proportionate abatement have the option to rebuild or repair the Leased Premises. The Lessor shall have sixty (60) days after the date of written notification by the Lessee of the Rent payable hereunder happening of such event in which to notify the Lessee of the Lessor's intention to rebuild or repair the Leased Premises or the parts thereof so damaged or destroyed. If the Lessor elects to rebuild or repair the Leased Premises, the Lessor shall prosecute the work of such rebuilding or repairing without unreasonable delay, and during the period from the damage until the Leased Premises are made suitable for Tenant’s occupancytenantable, and the rent payable under this Lease Term shall be extended, without abated in the necessity same ratio that the area of further action by any party, for a period equal to the time during which Rent so abated. In the event portion of such substantial (or total) damage to the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises rendered unfit for occupancy shall bear to substantially the same condition they were in immediately prior to such casualty. Notwithstanding the foregoing, if Landlord in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord shall have the right to terminate this Lease by written notice given to Tenant within ninety (90) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration area of the Leased PremisesPremises as at the commencement of this Lease. If the Lessor fails to give such notice before the expiration of the said sixty (60) days, in this Lease shall terminate and be of no further force or effect. In the event the Leased Premises have not been restored are damaged by fire or other casualty to a condition substantially suitable an extent so as to render twenty-five (25%) percent or less of the Leased Premises untenantable, the Lessor shall rebuild or repair the same without unnecessary delay, and during such period the rent shall be abated in the same ratio that the area of the portion of the Leased Premises rendered for their intended purpose within one hundred eighty (180) days following said casualty, then either Landlord or Tenant the time being unfit for occupancy shall have the right to terminate this Lease by giving notice thereof bear to the other party within thirty (30) days after the expiration of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease and come to an end without further liability or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so to complete such restoration, and time shall be area of the essence with respect theretoLeased Premises as at the commencement of this Lease.

Appears in 1 contract

Samples: Lease Agreement (Rotoblock CORP)

Fire and Other Casualty. In the event that at any time during the term hereof (including any extended term) the Leased Demised Premises are totally damaged or destroyed by fire or other casualty insured by Landlord (or substantially damaged so as required to render them or a material portion thereof untenantable, then there shall be a just and proportionate abatement of the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action insured by any party, for a period equal Landlord pursuant to the time during which Rent so abated. In terms of this Lease), Landlord agrees to promptly restore and repair the event of such substantial (or total) damage Demised Premises at Landlord’s expense, including the Improvements to be insured by Tenant to the Leased Premisesextent Landlord receives insurance proceeds therefor, Landlord shall proceed at its expense and with reasonable diligence including the proceeds from the insurance required to repair and restore be carried by Tenant on the Leased Premises to substantially the same condition they were in immediately prior to such casualtyImprovements. Notwithstanding the foregoing, if Landlord in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord shall have the right to terminate this Lease by written notice given to Tenant within ninety (90) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event that the Leased Demised Premises have are (i) in the reasonable opinion of Landlord, so destroyed that they cannot been restored to a condition substantially suitable for their intended purpose be repaired or rebuilt within one hundred eighty (180) days following said casualtyafter the date of such damage; or (ii) destroyed by a casualty which is not covered by Landlord’s insurance (or insurance that Landlord is required to carry pursuant to the terms of this Lease), or if such casualty is covered by Landlord’s insurance but Lender or other party entitled to insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Demised Premises, then either Landlord shall give written notice to Tenant (the “Determination Notice”) within forty-five (45) days of such casualty. Either Landlord or Tenant shall have the right to may terminate and cancel this Lease effective as of the date of such casualty by giving written notice thereof to the other party within thirty (30) days after Tenant’s receipt of the expiration Determination Notice. Upon the giving of such period termination notice, all obligations hereunder with respect to periods from and after the effective date of termination shall thereupon cease and terminate. If no such termination notice is given, Landlord shall (but only to the extent of the available insurance proceeds) make such repair or restoration of the Demised Premises to the approximate condition existing prior to such casualty, promptly and in such manner as not to unreasonably interfere with Tenant’s use and occupancy of the Demised Premises (if Tenant is still occupying the Demised Premises). Base Rent and Additional Rent shall proportionately xxxxx during the time that the Demised Premises or any part thereof are unusable by reason of any such damage thereto, and shall xxxxx entirely if the Demised Premises cannot be practicably used by Tenant for the normal conduct of its business therein as a result of such casualty. In the event that Landlord is unable to Substantially Complete the repair or restore the Demised Premises on or before the date which is the one hundred eightieth (180th) day after Tenant’s receipt of the Determination Notice, as extended by Tenant Delay (as so extendeddefined in Special Stipulation 3(c)) provided that such restoration is not completed and as may be extended for a period of up to sixty (60) days for Force Majeure Delay (as defined in Special Stipulation 3(c)), Tenant may, at its option and as its sole remedy, terminate this Lease by written notice to Landlord given within such period. This Lease shall cease and come to an end without further liability or obligation on the part of either party thirty (30) days after thereafter (provided that Landlord has not completed such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law repair or in equity for restoration prior to Landlord’s failure so to complete such restorationreceipt of said termination notice), and time thereafter neither Landlord nor Tenant shall be of the essence with respect theretohave any further obligation hereunder.

Appears in 1 contract

Samples: Industrial Lease Agreement (Scansource, Inc.)

Fire and Other Casualty. In the event that at any time during the term hereof (including any extended term) Lease Term the Leased Premises are totally damaged or destroyed by fire or other casualty or substantially damaged so as to render them or a material portion thereof untenantableuntenantable (“Substantial Casualty”), then there shall be a just and proportionate abatement of the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal to the time during which Rent so abated. In the event of such substantial (any casualty or total) damage to the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises (to the extent originally constructed by Landlord) to substantially the same condition they were in immediately prior to such damage or casualty. Notwithstanding the foregoing, if Landlord Landlord, in its sole discretion discretion, determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord shall have the right to terminate this Lease by written notice given to Tenant within ninety (90) days after the occurrence of such casualtyany Substantial Casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in In the event the Leased Premises have not been restored to a the condition substantially suitable for their intended purpose required pursuant to the terms of this Lease within two hundred seventy (270) days following any damage or casualty, then either Landlord or Tenant may terminate this Lease by written notice given to the other within five (5) business days following such two hundred seventy (270) day period. In addition, in the event Landlord has failed to commence the restoration of the Premises within one hundred eighty (180) days following said any damage or casualty, then either Landlord or Tenant shall have the right to may terminate this Lease by giving written notice thereof given to the other party within thirty Landlord at any time following such one hundred eighty (30180) days after the expiration of such day period (as so extended) provided provided, however, that no such restoration is not completed within such period. This Lease shall cease and come to an end without further liability or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so to complete valid if given after Landlord has actually commenced such restoration, and time shall be of the essence with respect thereto).

Appears in 1 contract

Samples: Lease (One)

Fire and Other Casualty. In If the event that at any time during Premises, the term hereof Building, or the Property (including any extended termmachinery or equipment used in its operation) the Leased Premises are totally shall be damaged or destroyed by fire or other casualty or substantially damaged so and if such damage does not cause a termination of this Lease as to render them or a material portion thereof untenantabledescribed in the following sentences, then there shall be a just and proportionate abatement of the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal to the time during which Rent so abated. In the event of such substantial (or total) damage to the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased damage with reasonable promptness, subject to reasonable delays for insurance adjustments and delays caused by matters beyond Landlord’s reasonable control, but Landlord shall not be obligated to expend for repairing or restoring the damage an amount in excess of the proceeds of insurance recovered with respect to the damage. If in Landlord’s reasonable estimate, based on estimate of a reputable third party contractor, the Premises cannot be restored within two hundred seventy (270) days from the date of such fire or casualty, then Landlord shall give notice to substantially the same condition they were in immediately prior to Tenant of such estimate within thirty (30) days after such fire or casualty. Notwithstanding Tenant may elect in writing sixty (60) days following the foregoing, if Landlord in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to date of such notice from Landlord to accomplish sameterminate this Lease effective as of the date of Tenant’s notice. If any such damage: (i) renders the Building untenantable; or (ii) renders general Building systems CONFIDENTIAL TREATMENT REQUESTED UNDER C.F.R. SECTIONS 200.80(b)(4), then 200.83 AND 230.406. [****] INDICATES OMITTED MATERIAL THAT IS THE SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST FILED SEPARATELY WITH THE COMMISSION. THE OMITTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE COMMISSION. inoperable and such systems cannot be repaired in Landlord’s reasonable estimate within three hundred sixty five (365) days from the date of such damage, or (iii) occurs within the last Lease Year, Landlord shall have the right to terminate this Lease by as of the date of such damage upon giving written notice given to Tenant within ninety (90) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Landlord or Tenant shall have the right to terminate this Lease by giving notice thereof to the other party Tenant at any time within thirty (30) days after the expiration date of such damage. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease, by virtue of any delays in completion of such repairs and restoration. Rent, however, shall xxxxx on those portions of the Premises as are, from time to time, untenantable as a result of such damage. If Tenant does not terminate this Lease even though the Premises cannot be restored within two hundred and seventy (270) days, this Lease shall continue in full force or effect (unless Landlord has terminated as described above), but if the Premises were estimated to be restorable within two hundred seventy (270) days but are not restored by the end of such two hundred and seventy (270) day period, Tenant shall have the right following the end of such two hundred and seventy (270) day period to terminate this Lease by notice to the Landlord upon a date no less than forty five (as so extended45) provided that days after the date of such restoration is not completed within such periodtermination notice (the “Casualty Termination Date”). This Lease shall cease terminate upon the Casualty Termination Date with the same force and come effect as if the Casualty Termination Date were the date originally established as the expiration date hereof, unless Landlord restores the Premises prior to an end without further liability or obligation on the part of either party thirty (30) days after such giving of Casualty Termination Date, in which case Tenant’s termination notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be null and void and this Lease shall continue in full force and effect as if Tenant had never delivered such termination notice. Notwithstanding anything to the contrary herein set forth, Landlord shall have no duty pursuant to this Section 9.1 to repair or restore any portion of any Alterations made by or on behalf of Tenant in the Premises or the decorations thereto except to the extent that the proceeds of the insurance carried by Tenant are timely received by Landlord. If Tenant desires any other additional repairs or restoration, and if Landlord consents thereto, it shall be done at Tenant’s sole cost and exclusive remedy at law expense subject to all of the applicable provisions of the Lease. Tenant acknowledges that if this Lease is terminated as a result of such casualty Landlord shall be entitled to the full proceeds of any insurance coverage whether carried by Landlord or in equity Tenant, for damage to any alterations, addition, installation, improvements or decorations which would become the Landlord’s failure so to complete such restoration, and time shall be property upon the termination of the essence with respect theretoLease.

Appears in 1 contract

Samples: Lease (Raindance Technologies Inc)

Fire and Other Casualty. In (A) If the event that at any time during the term hereof (including any extended term) the Leased Demised Premises are totally shall be damaged or destroyed by fire or other casualty or substantially damaged so as to render them or a material portion thereof untenantablecasualty, then there Tenant shall be a just and proportionate abatement of the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancygive notice thereof to Landlord, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal to the time during which Rent so abated. In the event of such substantial (or total) damage to the Leased Premisesexcept as hereinafter otherwise provided, Landlord shall proceed at its expense and with shall, within reasonable diligence to time thereafter, repair and or restore the Leased Demised Premises to substantially the same condition they the Demised Premises were in immediately prior to such casualty. Notwithstanding the foregoing, Landlord shall not be obligated to spend for such repairs and restoration any amount in excess of such insurance proceeds, if Landlord in its sole discretion determines that timely restoration is not possible or practical or that there are or will any, as shall be insufficient insurance proceeds available paid to Landlord as the result of such damage or destruction, and subject to accomplish samethe prior rights thereto, then if any, of any mortgagees. If the damage to the Demised Premises should be so extensive as to render the whole or any part thereof untenable or unsuitable for use and occupancy by Tenant, a just proportion of the Minimum Rent, according to the nature and extent of the injury to the Demised Premises, shall be suspended or abated until occupancy the Demised Premises shall be repaired or restored as provided in the first sentence of this Section (A). It is agreed and understood that if during the term of this Lease either the Demised Premises or the Building shall be damaged or destroyed as aforesaid to the extent of twenty five percent (25%) or more of their insurable value, Landlord shall have or Tenant, at either of their election, may terminate the right to terminate term of this Lease by written a notice given to Tenant within ninety (90) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Landlord or Tenant shall have the right to terminate this Lease by giving notice thereof to the other party within thirty (30) days after such damage or destruction. It is also agreed and understood that if during the expiration last six (6) months of such period the term of this Lease the Demised Premises shall be damaged or destroyed as aforesaid to the extent of twenty five percent (as so extended25%) provided that such restoration is not completed or more of their insurable value, Tenant at its election, may terminate the term of this Lease by a notice to Landlord within such period. This Lease shall cease and come to an end without further liability or obligation on the part of either party thirty (30) days after such giving damage or destruction. In the event of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right any termination of the term of this Lease pursuant to the provisions of this Article, the termination shall be Tenant’s sole effective on the fifteenth (15th) day after the giving of the notice of termination. A just proportion of the Minimum Rent, according to the nature and exclusive remedy at law extent of the injury to the Demised Premises, shall be suspended or in equity for Landlord’s failure so to complete such restorationabated until the time of termination, and time Minimum Rent shall be apportioned as of the essence with respect thereto.time of termination. If Landlord is required or elects to repair or restore the Demised Premises as hereinabove provided, then Tenant shall resume its business therein. If Landlord shall not substantially complete repair and restoration of the Demised Premises to the extent required under this Section (A) on or before the one hundred eightieth (180th) day following the occurrence of such casualty (“the Deadline”), then the term of this Lease shall terminate upon the Deadline unless prior to the Deadline Tenant shall give notice to the Landlord that Tenant then elects to continue the term of this Lease thereafter, and if Tenant shall so elect then this sentence shall thereafter be void and of no further force or effect. Initials: JPF. SPM. 12

Appears in 1 contract

Samples: Lease Agreement (Spring Bank Pharmaceuticals, Inc.)

Fire and Other Casualty. In The Tenant shall notify the event that Landlord at once of any time during fire or other casualty in the term hereof (including any extended term) Rental Space. The Tenant is not required to pay Rent when the Leased Premises are totally Rental Space is unusable. If the Tenant uses part of the Rental Space, the Tenant must pay Rent pro-rata for the usable part. If the Rental Space is partially damaged by fire or destroyed other casualty, the Landlord shall repair it as soon as possible. This includes the damage to the Rental Space and fixtures installed by the Landlord. The Landlord need not repair or replace anything installed by the Tenant. Either party may cancel this Lease if the Rental Space is so damaged by fire or other casualty or substantially damaged so as to render them or that it cannot be repaired within 90 days. If the parties cannot agree, the opinion of a material portion thereof untenantable, then there shall be a just and proportionate abatement of contractor chosen by the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancy, Landlord and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal to the time during which Rent so abated. In the event of such substantial (or total) damage to the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such casualty. Notwithstanding the foregoing, if Landlord in its sole discretion determines that timely restoration is not possible or practical or that there are or Tenant will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord shall have the right to terminate this Lease by written notice given to Tenant within ninety (90) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Landlord or Tenant shall have the right to terminate this Lease by giving notice thereof to the other party within thirty (30) days after the expiration of such period (as so extended) provided that such restoration is not completed within such periodbinding on both parties. This Lease shall cease end if the Rental Space is totally destroyed. The Tenant shall pay Rent to the date of destruction. If the fire or other casualty is caused by the act or neglect of the Tenant or the Tenant's employees, the Tenant shall pay for all repairs and come all other damage. 20. EMINENT DOMAIN Eminent domain is the right of a government to an end without further liability lawfully condemn and take private property for public use. Fair value must be paid for the property. The taking occurs either by court order or obligation on by deed to the condemning party. If any part of the Rental Space is taken by eminent domain, either party thirty (30) may cancel this lease on 30 days after such giving notice to the other. The entire payment for the taking shall belong to the Landlord. The Tenant shall make no claim for the value of notice unless within such thirty-day period Landlord substantially completes such restorationthis Lease for the remaining part of the Term. Such right of termination shall be Tenant’s sole and exclusive remedy at law 21. SUBORDINATION TO MORTGAGE In a foreclosure sale all mortgages which now or in equity for Landlord’s failure so the future affect the Building have priority over this Lease. This means that the holder of a mortgage may end this Lease on a foreclosure sale. The Tenant shall sign all papers needed to complete such restorationgive any mortgage priority over this Lease. If the Tenant refuses, and time shall be the Landlord may sign the papers on behalf of the essence with respect theretoTenant. 22.

Appears in 1 contract

Samples: Lease Agreement (Globus International Resources Corp)

Fire and Other Casualty. In A. If the event that at any time during Premises or the term hereof (including any extended term) the Leased Premises are totally Building shall be damaged or destroyed by fire or other casualty or substantially damaged so as to and if such damage does not render them all or a material substantial portion thereof of the Premises or the Building untenantable, then there shall be a just and proportionate abatement of the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal to the time during which Rent so abated. In the event of such substantial (or total) damage to the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence promptness to repair and restore the Leased Premises or the core and shell of the Building so as to render the Premises tenantable (other than work required to be performed by Tenant, as hereinafter provided, which may be necessary to so render the Premises tenantable), subject to reasonable delays for insurance adjustments and delays caused by matters beyond Landlord’s reasonable control, and also subject to zoning laws and building codes then in effect. If any such damage renders all or a substantial portion of the Premises or the Building untenantable, Landlord shall, with reasonable promptness after the occurrence of such damage, estimate the length of time that will be required to substantially complete the same condition they were in immediately prior repair and restoration of the Premises or the core and shell of the Building, as the case may be, necessitated by such damage and shall by notice advise Tenant of such estimate. If it is estimated that the amount of time required to substantially complete such casualty. Notwithstanding repair and restoration will exceed two hundred seventy (270) days from the foregoing, if Landlord in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish samedate such damage occurred, then either Landlord or Tenant (but Tenant shall have such right, only if all or a substantial portion of the Premises is rendered untenantable and the estimated time for Landlord required to substantially complete such repair or restoration will exceed such two hundred seventy (270) day period) shall have the right to terminate this Lease as of the date of notice of such election by written giving notice given to the other party at any time within twenty (20) days after Landlord gives Tenant the notice containing said estimate (it being understood that Landlord may, if it elects to do so, also give such notice of termination together with the notice containing said estimate). Unless this Lease is terminated as provided in the preceding sentence, Landlord shall proceed with reasonable promptness to repair and restore the core and shell of the Building or the Premises so as to render the Premises tenantable (excluding, however, any work required to be performed by Tenant, as hereinafter provided, which may be required to so render the Premises tenantable), subject to reasonable delays for insurance adjustments and delays caused by matters beyond Landlord’s reasonable control, and also subject to zoning laws and building codes then in effect. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease (except as hereinafter provided) if such repairs and restoration are not in fact completed within ninety the time period estimated by Landlord, as aforesaid, or within said two hundred seventy (90270) days. However, if such repairs and restoration are not completed within three hundred sixty-five (365) days after the occurrence date of such casualty. If Landlord proceeds with fire or other casualty (or within ninety-five (95) days after the repair and restoration expiration of the Leased Premisestime period estimated by Landlord as aforesaid, in if longer than two hundred seventy (270) days and neither party terminated the event lease as permitted), which three hundred sixty-five (365) day or other period shall be extended (as to Tenant’s ability to terminate only) by all periods of delay attributable to the Leased Premises have not been restored acts or omissions of Tenant or Tenant’s agents, employees or contractors, for any reason whatsoever, then either party may terminate this Lease, effective as of the date of notice of such election, by giving written notice to a condition substantially suitable for their intended purpose the other party within the thirty (30) day period after said three hundred sixty-five (365) day or other period or within one hundred eighty twenty-five (180125) days following after said casualtyother period, then as either time period may be so extended as aforesaid, but prior to substantial completion of repair or restoration. Notwithstanding anything to the contrary herein set forth: (i) Landlord shall have no duty pursuant to this Section 7.1 to repair or restore any portion of improvements, additions or alterations made by or on behalf of Tenant in the Premises, including, without limitation, the Work; (ii) Landlord shall not be obligated (but may, at its option, so elect) to repair or restore the Premises or Building if the damage is due to an uninsurable casualty or if insurance proceeds are insufficient to pay for such repair or restoration, or if any mortgagee applies proceeds of insurance to reduce its loan balance, and the remaining proceeds, if any, available to Landlord are not sufficient to pay for such repair or restoration; (iii) Tenant shall not have the right to terminate this Lease pursuant to this Section 7.1 if the damage or destruction was caused by the intentional or negligent act of Tenant, its agents or employees; and (iv) if any such damage rendering all or a substantial portion of the Premises or Building untenantable shall occur during the last two (2) years of the Term, either party (but as to Tenant’s right, only if all or a substantial portion of the Premises is rendered untenantable) shall have the option to terminate this Lease by giving written notice thereof to the other party within thirty (30) days after the expiration date such damage occurred, and if such option is so exercised, this Lease shall terminate as of the date of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease and come to an end without further liability or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so to complete such restoration, and time shall be of the essence with respect theretonotice.

Appears in 1 contract

Samples: Lease (Wells Real Estate Fund Xiii L P)

Fire and Other Casualty. In the event the Premises shall be partially or totally destroyed by fire, explosion or other casualty, so as to render the Premises partially or totally untenantable, the same shall be repaired as speedily as possible at the expense of Landlord, to the extent of insurance proceeds actually received by Landlord, unless Landlord shall elect not to rebuild or repair the damage, as hereinafter provided. A portion of the Rent in proportion to the portion of the Premises which are rendered untenantable shall be abated until so repaired, but only if the fire or other casualty was not caused by the negligence of the Tenant, its contractors, invitees, licensees, agents or employees. Otherwise, Rent shall not be abated. In the event that at any time during the term hereof (including any extended term) the Leased Premises are totally shall be damaged or destroyed by fire or other casualty or substantially damaged so as to render them untenantable more than fifty percent (50%) of the Premises or more than fifty percent (50%) of the floor area of the Building, or if Landlord's insurance proceeds are not adequate to repair the damage and render the Premises in as good a material portion thereof condition as before the casualty and therefore untenantable, then there shall be a just and proportionate abatement or if damage occurs in the last year of the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal to the time during which Rent so abated. In the event of such substantial (or total) damage to the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such casualty. Notwithstanding the foregoing, if Landlord in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord shall have the right to terminate this Lease by written notice given to Tenant within ninety (90) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualtyTerm, then either Landlord or Tenant shall have the right to terminate this Lease may, by giving notice thereof to the other party in writing within thirty sixty (30) days after the expiration of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease and come to an end without further liability or obligation on the part of either party thirty (3060) days after such giving of notice unless within destruction or damage, terminate this Lease. Any such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole effective on the date specified therefore in such notice. In the event of the termination of this Lease under the provisions contained in this Section, all Rent shall be adjusted to the date of such damage or destruction and exclusive remedy at law or all liabilities and obligations under this Lease shall be immediately terminated except such provisions that by their nature and context are intended to survive termination. If the Landlord elects to repair said damage, then the Landlord shall within said sixty (60) day period, give Tenant notice in equity for Landlord’s failure writing of its intention to do so to complete such restorationand proceed with the rebuilding and restoration as promptly as possible, as provided above, and time Tenant shall be solely responsible for the repair or replacement of its merchandise, trade fixtures, furnishings and equipment. Should the Premises remain untenantable one hundred twenty (120) days from the date of the essence with respect theretocasualty, Tenant has the right to cancel this Lease. There shall be absolutely no smoking in the building.

Appears in 1 contract

Samples: Lease Agreement

Fire and Other Casualty. In the event that at any time during the term hereof (including any extended term) the Leased Demised Premises are totally damaged or destroyed by fire or other casualty or substantially damaged so as insured by Landlord, Landlord agrees to render them or a material portion thereof untenantablepromptly restore and repair the Demised Premises at Landlord's expense, then there shall including the Improvements to be a just and proportionate abatement of the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action insured by any party, for a period equal Tenant but only to the time during which Rent so abated. In extent Landlord receives insurance proceeds therefor, including the event of such substantial (or total) damage proceeds from the insurance required to be carried by Tenant on the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such casualtyImprovements. Notwithstanding the foregoing, if Landlord in its sole discretion determines the event that timely restoration the Demised Premises are (i) in the reasonable opinion of Landlord, so destroyed that they cannot be repaired or rebuilt within two hundred seventy (270) days after the date of such damage; or (ii) destroyed by a casualty which is not possible covered by Landlord's insurance, or practical if such casualty is covered by Landlord's insurance but Lender or that there are or will be insufficient other party entitled to insurance proceeds fails to make such proceeds available to Landlord to accomplish samein an amount sufficient for restoration of the Demised Premises, then Landlord shall have the right to terminate this Lease by give written notice given to Tenant of such determination (the "Determination Notice") within ninety sixty (9060) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Either Landlord or Tenant shall have the right to may terminate and cancel this Lease effective as of the date of such casualty by giving written notice thereof to the other party within thirty (30) days after Tenant's receipt of the expiration Determination Notice. Upon the giving of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease termination notice, all obligations hereunder with respect to periods from and come to an end without further liability or obligation on after the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right effective date of termination shall be Tenant’s sole thereupon cease and exclusive remedy at law or in equity for Landlord’s failure so terminate. If no such termination notice is given, Landlord shall, to complete such restoration, and time shall be the extent of the essence available insurance proceeds, make such repair or restoration of the Demised Premises to the approximate condition existing prior to such casualty, promptly and in such manner as not to unreasonably interfere with respect Tenant's use and occupancy of the Demised Premises (if Tenant is still occupying the Demised Premises). Base Rent and Additional Rent shall proportionately abatx xxxing the time that the Demised Premises or any part thereof are unusable by reason of any such damage thereto.

Appears in 1 contract

Samples: Industrial Lease Agreement (Rockwell Medical Technologies Inc)

Fire and Other Casualty. In the event that at any time during the term hereof (including any extended term) the Leased Premises are totally Building is damaged or destroyed by fire or other casualty or substantially damaged so as casualty, Landlord agrees to render them or a material portion thereof untenantablepromptly restore and repair the Building, then there shall be a just and proportionate abatement of including the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancyTenant Improvements, and the Lease Term shall be extendedat Landlord's expense, without the necessity of further action by any party, for a period equal but only to the time during which Rent so abatedextent Landlord actually receives sufficient insurance proceeds therefor, from the insurance required to be carried by Landlord and Tenant hereunder. In Tenant agrees to immediately make available to Landlord all proceeds of any insurance policies covering the event Project, excluding that portion of such substantial (insurance proceeds applicable to Tenant's personal property and Tenant shall also be obligated to pay to any insurer providing coverage the amount of any deductible, retained risk or total) damage to the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such casualtyself insurance amount. Notwithstanding the foregoing, if Landlord in its sole discretion determines the event that timely restoration the Building is (i) in the reasonable opinion of Third-Party Architect (as hereinafter defined), so destroyed that it cannot be repaired or rebuilt within three hundred sixty-five (365) days 29 37 after the date of such damage (subject to Force Majeure and Tenant Delays); (ii) destroyed by a casualty which is not possible or practical or that there covered by insurance, the proceeds of which are or will be insufficient insurance proceeds made available to Landlord in accordance with this Section 16.01, or if such casualty is covered by insurance but such proceeds are insufficient for restoration of the Project, and only if the Project is thus rendered untenantable, as determined in the reasonable discretion of Landlord and Tenant; or (iii) damaged by a casualty event during the last year of the Term which destroys more than twenty-five percent (25%) of the Rentable Area, and upon receipt by Landlord of the deductible amount and all insurance proceeds under the coverages to accomplish samebe provided for casualty damage under Article 10, then Landlord shall have the right to or Tenant may terminate and cancel this Lease effective as of the date of such casualty by giving written notice given to Tenant within ninety (90) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Landlord or Tenant shall have the right to terminate this Lease by giving notice thereof to the other party within thirty (30) days of the date of such casualty. Upon the giving of such notice, all obligations hereunder with respect to periods from and after the expiration of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease and come to an end without further liability or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right effective date of termination shall thereupon cease and terminate except as expressly provided to the contrary in this Lease. Tenant may obviate Landlord's right to terminate this Lease in accordance with the provisions of Section 16.01 (iii) in the event that the Tenant properly exercises a right to renew the Term expressly granted in accordance with the terms of this Lease. If no such notice is given, Landlord shall, to the extent of the available insurance proceeds, make such repair or restoration of the Building to substantially the same condition existing prior to such casualty, promptly and in such manner as not to unreasonably interfere with Tenant's use and occupancy of the Project (if Tenant is still occupying the Project). Base Rent and all Additional Rent and other charges shall abatx xxxing the time that the Building or any part thereof is unusable by reason of any such damage thereto (and for sixty (60) days following completion of restoration for the purpose of Tenant refixturing), but only to the extent of any proceeds of rental loss insurance received by Landlord on account thereof. Tenant shall not be Tenant’s sole and exclusive remedy at law entitled to any compensation or in equity damages for loss of use of the whole or any part of the Project and/or any inconvenience or annoyance caused by such damage, repair or restoration. Notwithstanding anything to the contrary contained herein, proceeds of any rental loss insurance policies shall be paid to Landlord’s failure so to complete such restoration, and time Tenant shall be of the essence with respect theretohave no claim therefor.

Appears in 1 contract

Samples: Office Lease Agreement (Intuit Inc)

Fire and Other Casualty. In If the event that at any time during the term hereof (including any extended term) the Leased Premises are totally base Building is damaged or destroyed by fire or other casualty and if this Lease is not terminated by Landlord or substantially damaged so Tenant (as to render them or a material portion thereof untenantableprovided below), then there Landlord shall be a just and proportionate abatement of diligently repair the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal to the time during which Rent so abated. In the event of such substantial (or total) damage to the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises base Building to substantially the same condition they were in as existing immediately prior to such casualty. Notwithstanding the foregoingdamage, if Landlord in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then and Landlord shall have no obligation to repair damage to or replace tenant improvements (including any Tenant Work or Alterations), Tenant’s Personal Property or any other property owned by Tenant and located in the right Premises, and the Lease shall not terminate. If (a) the entire Premises are rendered untenantable by reason of any such damage, Annual Base Rent and Additional Rent shall xxxxx for the period from the date of the damage to terminate this Lease by written notice given to the earlier of (i) the date Tenant within has substantially completed its restoration work, or (ii) ninety (90) days after the occurrence date the damage to the base Building is repaired as reasonably determined by Landlord, and Tenant is allowed into the Premises to commence construction of its restoration work, or (b)only a part of the Premises are so rendered untenantable, Annual Base Rent and Additional Rent shall xxxxx for the same period in the proportion that the area of the untenantable part bears to the total area of the Premises; provided, however, that in all events Tenant shall pay rent with respect to any portion(s) of the Premises actually used by Tenant and provided further, that if prior to the date when all the damage has been repaired part of the Premises so damaged are rendered tenantable and shall be used or occupied by or through Tenant, then the amount by which Annual Base Rent and Additional Rent abates shall be apportioned for the period from the date of such actual or available use or occupancy to the date when all the damage has been repaired as reasonably determined by Landlord. Tenant hereby waives any right under applicable Law to terminate this Lease in the event of a casualty, and no compensation or reduction of rent shall be paid or allowed by Landlord for inconvenience, annoyance, or injury to Tenant’s business arising from the fire or other casualty or the need to repair the Premises or the Building. No later than [redacted] after any material fire or other casualty to the Building, Landlord shall deliver to Tenant a written opinion of a qualified professional selected by Landlord setting forth the estimated time to restore the base Building to substantially the condition it was in prior to such casualty (the “Restoration Estimate”). If (a) the Restoration Estimate indicates that the base Building cannot be fully repaired within [redacted] after the date of the casualty, (b) Landlord proceeds with was maintaining property insurance customary for similar buildings, but insurance proceeds, plus the Landlord’s deductible, are insufficient to pay the full cost of repair and restoration restoration, and Landlord terminates leases relating to at least [redacted] of the Leased PremisesBuilding, or (c) zoning or other applicable Laws or regulations do not permit such repair or restoration, then Landlord, at its option, may give Tenant, within sixty (60) days after the fire or other casualty, written notice of AFDOCS//21459967 termination of this Lease and, in the event such notice is given, this Lease and the Leased Premises Term shall terminate (whether or not the Term shall have commenced) upon the expiration of [redacted] from the date of delivery of such notice with the same effect as if the date of expiration of the [redacted] were the date initially fixed for expiration of the Term, and all rent shall be apportioned as of such date. Additionally, if the Restoration Estimate indicates that the base Building cannot been restored to a condition substantially suitable for their intended purpose be fully repaired within one hundred eighty (180) days following said [redacted] after the date of the fire or other casualty, then either Landlord or Tenant shall have the right to terminate this Lease, but only by delivering written notice of termination to Landlord within [redacted] after delivery of the Restoration Estimate, in which event this Lease by giving notice thereof to and the other party within thirty Term shall terminate (30whether or not the Term shall have commenced) days after upon the expiration of [redacted] from the date of delivery of Tenant’s notice with the same effect as if the date of expiration of the [redacted] were the date initially fixed for expiration of the Term, and all rent shall be apportioned as of such period date. In addition, if Landlord fails to fully restore the base Building on or before the later of (as so extendedi) provided that such restoration is not completed within such period. This Lease [redacted] after the date of the fire or other casualty, or (ii) [redacted] after the date set forth in the Restoration Estimate, then Tenant shall cease and come have the right to an end without further liability or obligation on the part of either party thirty (30) days after such giving of terminate this Lease, but only by delivering written notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination to Landlord within [redacted] after the date such termination option right arose, in which event this Lease and the Term shall terminate (whether or not the Term shall have commenced) upon the expiration of [redacted] from the date of delivery of such notice with the same effect as if the date of expiration of the [redacted] were the date initially fixed for expiration of the Term, and all rent shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so to complete apportioned as of such restoration, and time shall be of the essence with respect theretodate.

Appears in 1 contract

Samples: Office Lease (Aurinia Pharmaceuticals Inc.)

Fire and Other Casualty. In (a) If the event that at any time during Building or other improvements on the term hereof (including any extended term) the Leased Premises are totally Land shall be damaged or destroyed by fire or other casualty casualty, Tenant, at Tenant's sole cost and expense, shall promptly and diligently proceed to adjust the loss with the insurance companies (subject to the approval of the Lender (if applicable) and of Landlord) and arrange for the disbursement of insurance proceeds, and repair, rebuild or substantially damaged replace such Building and other improvements, so as to render them or a material portion thereof untenantable, then there shall be a just and proportionate abatement of restore the Rent payable hereunder until the Leased Demised Premises are made suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal to the time during condition in which Rent so abated. In the event of such substantial (or total) damage to the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such casualtydamage or destruction. The net proceeds of any insurance recovered by reason of such damage or destruction in excess of the cost of adjusting the insurance claim and collecting the insurance proceeds (such excess being referred to herein as the "Net Insurance Proceeds") shall be held by the Lender (provided that such Lender is a bank, savings association, insurance company or other similar institutional lender; herein called "Institutional Lender"), or, if no Institutional Lender then holds a Mortgage on the Demised Premises, by any national or state chartered bank which is reasonably acceptable to Landlord and Tenant; and the Net Insurance Proceeds shall be released for the purpose of paying the fair and reasonable cost of restoring such Building and other improvements. Such Net Insurance Proceeds shall be released to Tenant, or to Tenant's contractors, from time to time as the work progresses, pursuant to such requirements and limitations as may be reasonably acceptable to Landlord and Lender (if the Lender so requires), including, without limitation, lien waivers from each of the contractors, subcontractors, materialmen and suppliers performing the work. If the Net Insurance Proceeds (less any applicable deductible) are insufficient to restore the Demised Premises, Tenant shall be obligated to pay such deficiency and the amount of any such deductible. Notwithstanding the foregoing, if Landlord in its sole discretion determines that timely restoration is not possible the Net Insurance Proceeds are less than Twenty-Five Thousand Dollars ($25,000.00), such Net Insurance Proceeds may be held by Tenant and used by Tenant to pay the fair and reasonable cost of restoring such Demised Premises and other improvements. If the Net Insurance Proceeds exceed the full cost of the repair, rebuilding or practical replacement of the damaged Building or that there are or will be insufficient insurance proceeds available to Landlord to accomplish sameother improvements, then Landlord the amount of such excess Net Insurance Proceeds shall have the right to terminate this Lease by written notice given be paid to Tenant within ninety (90) days after upon the occurrence completion of such casualtyrepair, rebuilding or replacement. If Landlord proceeds with the repair and restoration of the Leased Premisesagrees not unreasonably to withhold, in the event the Leased Premises have not been restored condition or delay any approvals required to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either be obtained by Tenant from Landlord or Tenant shall have the right to terminate this Lease by giving notice thereof pursuant to the other party within thirty (30) days after the expiration provisions of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease and come to an end without further liability or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so to complete such restoration, and time shall be of the essence with respect theretothis Section 21(a).

Appears in 1 contract

Samples: Suit Industrial Lease Agreement (Global Directmail Corp)

Fire and Other Casualty. In 9. (a) if the event that demised premises or any part thereof shall be damaged by fire or other casualty, Tenant shall give immediate notice thereof to Owner and this lease shall commence in full force and effect except as hereinafter set forth (b) If the demised premises are partially damaged or rendered partially unusable by fire or other casualty, the damages thereto shall be repaired by and at any time during the term hereof expense of Owner and the rent, until such repair shall be substantially completed, shall be apportioned from the day following the casualty according to the part of the premises which is usable. (including any extended termc) If the Leased Premises demised premises are totally damaged or destroyed rendered wholly unusable by fire or other casualty or substantially damaged so as to render them or a material portion thereof untenantablecasualty, then there the rent shall be a just and proportionate abatement of the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal proportionately paid up to the time during which Rent of the casualty and thenceforth shall cease until the date when the premises shall have been repaired and restored by Owner, subject to Owner's right to elect not to restore the same as hereinafter provided. (d) If the demised premises are rendered wholly unusable or (whether or not the demised premises are damaged in whole or in part) if the building shall be so abated. In the event damaged that Owner shall decide to demolish it or to rebuild it, then, in any of such substantial (events, Owner may elect to terminate this lease by written notice to Tenant, given within 90 days after such fire or total) damage casualty, specifying a date for the expiration of the lease, which date shall not be more than 60 days after the giving of such notice, and upon the date specified in such notice the term of this lease shall expire as fully and completely as if such date were the date set forth above for the termination of this lease and Tenant shall forthwith quit, surrender and vacate the premises without prejudice however, to Landlord's rights and remedies against Tenant under the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were lease provisions in immediately effect prior to such termination, and any rent owing shall be paid up to such date and any payments of rent made by Tenant which were on account of any period subsequent to such date shall be returned to Tenant. Unless Owner shall serve a termination notice as provided for herein, Owner shall make the repairs and restorations under the conditions of (b) and (c) hereof, with all reasonable expedition, subject to delays due to adjustment of insurance claims, labor troubles and causes beyond Owner's control. After any such casualty, Tenant shall cooperate with Owner's restoration, by removing from the premises as promptly as reasonably possible, all of Tenants salvageable inventory and movable equipment, furniture, and other property. Tenant's liability for rent shall resume five (5) days after written notice from Owner that the premises are substantially ready for Tenant's occupancy (e) Nothing contained hereinabove shall relieve Tenant from liability that may exist as a result of damage from fire or other casualty. Notwithstanding the foregoing, if Landlord each party shall look first to any insurance in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord shall have the right to terminate this Lease by written notice given to Tenant within ninety (90) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Landlord or Tenant shall have the right to terminate this Lease by giving notice thereof to favor before making any claim against the other party for recovery for loss or damage resulting from fire or other casualty, and to the extent that such insurance is in force and collectible and to the extent permitted by law. Owner and Tenant each hereby releases and waives all right of recovery against the other or any one claiming through or under each of them by way of subrogation or otherwise. The foregoing release and waiver shall be in force only if both releasors' insurance policies contain a clause providing that such a release or waiver shall not invalidate the insurance. If, and to the extent, that such waiver can be obtained only by the payment of additional premiums, then the party benefitting from the waiver shall pay such premium within thirty (30) ten days after the expiration of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease and come to an end without further liability written demand or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so deemed to complete such restoration, and time have agreed that the party obtaining insurance coverage shall be free of any further obligation under the provisions hereof with respect to waiver of subrogation. Tenant acknowledges that owner will not carry insurance on Tenant's furniture and/or furnishings or any fixtures or equipment, improvements, or appurtenances removable by Tenant and agrees that Owner will not be obligated to repair any damage thereto or replace the same. (f) Tenant hereby waives the provisions of Section 227 of the essence with respect theretoReal Property Law and agrees that the provisions of this article shall govern and control in lieu thereof.

Appears in 1 contract

Samples: Broadview Networks Holdings Inc

Fire and Other Casualty. In 9. (a) If the event that demised premises or any part thereof shall be damaged by fire or other casualty, Tenant shall give immediate notice thereof to Owner and this lease shall continue in full force and effect except as hereinafter set forth. (b) If the demised premises are partially damaged or rendered partially unusable by fire or other casualty, the damages thereto shall be repaired by and at any time during the term hereof expense of Owner and the rent and other items of additional rent, until such repair shall be substantially completed, shall be apportioned from the day following the casualty according to the part of the premises which is usable. (including any extended termc) If the Leased Premises demised premises are totally damaged or destroyed rendered wholly unusable by fire or other casualty or substantially damaged so as to render them or a material portion thereof untenantablecasualty, then there the rent and other items of additional rent as hereinafter expressly provided shall be a just and proportionate abatement of the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal proportionately paid up to the time during which Rent of the casualty and thenceforth shall cease until the date when the premises shall have been repaired and restored by Owner (or sooner reoccupied in part by Tenant then rent shall be apportioned as provided in subsection (b) above), subject to Owner's right to elect not to restore the same as hereinafter provided. (d) If the demised premises are rendered wholly unusable or (whether or not the demised premises are damaged in whole or in part) if the building shall be so abated. In the event damaged that Owner shall decide to demolish it or to rebuild it, then in any of such substantial (events, Owner may elect to terminate this lease by written notice to Tenant, given within 90 days after such fire or total) damage casualty, or 30 days after adjustment of the insurance claim for such fire or casualty, whichever is sooner, specifying a date for the expiration of the lease, which date shall not be more than 60 days after the giving of such notice, and upon the date specified in such notice the term of this lease shall expire as fully and completely as if such date were the date set forth above for the termination of this lease and Tenant shall forthwith quit, surrender and vacate the premises without prejudice however, to Landlord's rights and remedies against Tenant under the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were lease provisions in immediately effect prior to such termination, and any rent owing shall be paid up to such date and any payments of rent made by Tenant which were on account of any period subsequent to such date shall be returned to Tenant. Unless Owner shall serve a termination notice as provided for herein, Owner shall make the repairs and restorations under the conditions of (b) and (c) hereof, with all reasonable expedition, subject to delays due to adjustment of insurance claims, labor troubles and causes beyond Owner's control. After any such casualty, Tenant shall cooperate with Owner's restoration by removing from the premises as promptly as reasonably possible, all of Tenant's salvageable inventory and moveable equipment, furniture, and other property. Tenant's liability for rent shall resume five (5) days after written notice from Owner that the premises are substantially ready for Tenant's occupancy. (c) Nothing contained hereinabove shall relieve Tenant from liability that may exist as a result of damage from fire or other casualty. Notwithstanding the foregoing, if Landlord including Owner's obligation to restore under subparagraph (b) above, each party shall look first to any insurance in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord shall have the right to terminate this Lease by written notice given to Tenant within ninety (90) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Landlord or Tenant shall have the right to terminate this Lease by giving notice thereof to favor before making any claim against the other party for recovery for loss or damage resulting from fire or other casualty, and to the extent that such insurance is in force and collectible and to the extent permitted by law, Owner and Tenant each hereby releases and waives all right of recovery with respect to subparagraphs (b), (d), and (e) above, against the other or any one claiming through or under each of them way of subrogation or otherwise. The release and waiver herein referred to shall be deemed to include any loss or damage to the demised premises and/or to any personal property, equipment, trade fixtures, goods and merchandise located therein. The foregoing release and waiver shall be in force only if both releasors' insurance policies contain a clause providing that such a release or waiver shall not invalidate the insurance. If, and to the extent, that such waiver can be obtained only by the payment of additional premiums, then the party benefiting from the waiver shall pay such premium within thirty (30) ten days after the expiration of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease and come to an end without further liability written demand or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so deemed to complete such restoration, and time have agreed that the party obtaining insurance coverage shall be free of any further obligation under the provisions hereof with respect to waiver of subrogation. Tenant acknowledges that Owner will not carry insurance on Tenant's furniture and/or furnishings or any fixtures or equipment, improvements, or appurtenances removable by Tenant and agrees that Owner will not be obligated to repair any damage thereto or replace the same. (l) Tenant hereby waives the provisions of Section 227 of the essence with respect theretoReal Property Law and agrees that the provisions of this article shall govern and control in lieu thereof.

Appears in 1 contract

Samples: Software Technologies Corp/

Fire and Other Casualty. In If the event that at any time during the term hereof (including any extended term) the Leased Premises are totally damaged or destroyed by fire or other casualty or substantially damaged so as insured by Landlord, Lxxxxxxx agrees to render them or a material portion thereof untenantablerestore and repair the Premises promptly at Landlord's expense, then there shall including the Tenant Alterations to be a just and proportionate abatement of the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action insured by any party, for a period equal Txxxxx (but only to the time during which Rent so abated. In extent Landlord receives insurance proceeds therefor, including the event of such substantial (or total) damage proceeds from the insurance required to be carried by Tenant on the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such casualtyTenant Alterations). Notwithstanding the foregoing, if the Premises are (a) in the reasonable opinion of Landlord, so destroyed that they cannot be repaired or rebuilt within two hundred seventy (270) days after the later of (i) the date of such damage or (ii) the date all tenants, including Tenant, vacate the necessary portions of the Building to allow Landlord in its sole discretion determines that timely restoration to commence said repair; or (b) destroyed by a casualty which is not possible covered by Lxxxxxxx's insurance, or practical if such casualty is covered by Landlord's insurance but Lender or that there are or will be insufficient other party entitled to insurance proceeds fails to make such proceeds available to Landlord to accomplish samein an amount sufficient for restoration of the Premises, then Landlord shall have give written notice to Tenant of such determination (the "Determination Notice") within sixty (60) days after such casualty. Either Landlord or Tenant may terminate and cancel this Lease by giving written notice to the other within twenty (20) days after Txxxxx's receipt of the Determination Notice. Upon the giving of such termination notice, all obligations hereunder with respect to periods from and after the date of receipt by Landlord or Tenant, as applicable, of the termination notice shall thereupon cease and terminate. If no such termination notice is given, Landlord shall, to the extent of the available insurance proceeds, repair and restore the Premises to the approximate condition existing immediately prior to such casualty, promptly and in such manner as not to interfere unreasonably with Txxxxx's use and occupancy of the Premises (if Tenant is still occupying the Premises). Rent shall axxxx during the time that the Premises or any part thereof are unusable, by reason of any casualty damage, in proportion to the loss of use of the Premises actually suffered by Tenant. Notwithstanding anything in this Lease to the contrary, in no event shall Tenant be entitled to an abatement of Rent or right to terminate this Lease as provided in this Section 18 if the Premises are damaged by written notice given to fire or other casualty caused by Tenant within ninety (90) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Landlord or Tenant shall have the right to terminate this Lease by giving notice thereof to the other party within thirty (30) days after the expiration of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease and come to an end without further liability or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so to complete such restoration, and time shall be of the essence with respect thereto.Affiliates. LEGAL02/32900769v10

Appears in 1 contract

Samples: Industrial Lease (Orasure Technologies Inc)

Fire and Other Casualty. In the event that at any time during the term hereof (including any extended term) the Leased Demised Premises are totally damaged or destroyed by fire or other casualty or substantially damaged so as casualty, Landlord agrees to render them or a material portion thereof untenantablepromptly restore and repair the Demised Premises at Landlord’s expense, then there shall including the Improvements to be a just and proportionate abatement insured by Tenant (but, in the case of the Rent payable hereunder until Improvements to be insured by Tenant, only to the Leased Premises are made suitable for extent Landlord receives insurance proceeds and Tenant’s occupancy, and the Lease Term shall be extended, without the necessity contribution of further action any deductible amounts not paid by any party, for a period equal to the time during which Rent so abated. In the event of such substantial (or total) damage to the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such casualtyTenant’s insurance). Notwithstanding the foregoing, if Landlord in its sole discretion determines the event that timely restoration the Demised Premises are (i) in the reasonable opinion of Landlord, so destroyed that they cannot be repaired or rebuilt within one hundred twenty (120) days after the date of such damage; or (ii) destroyed by a casualty which is not possible covered by Landlord’s insurance, plus the deductible portion thereof, or practical if such casualty is covered by Landlord’s insurance but Lender or that there are or will be insufficient other party entitled to insurance proceeds fails to make such proceeds available to Landlord to accomplish samein an amount sufficient for restoration of the Demised Premises, then Landlord shall have the right to terminate this Lease by give written notice given to Tenant of such determination (the “Determination Notice”) within ninety thirty (9030) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Either Landlord or Tenant shall have the right to may terminate and cancel this Lease effective as of the date of such casualty by giving written notice thereof to the other party within thirty (30) days after Tenant’s receipt of the expiration Determination Notice. Upon the giving of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease Determination Notice, all obligations hereunder with respect to periods from and come to an end without further liability or obligation on after the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right effective date of termination shall thereupon cease and terminate, and all sums due under this Lease for such periods before such termination, or prepaid for such periods after such termination, shall be apportioned and paid by the party owing such amount. In the case of an election to terminate and cancel the Lease, made by either Tenant or Landlord, as a result of Landlord’s issuance of the Determination Notice, any proceeds received from Tenant’s sole required Improvements insurance, as defined in Section 8(a) herein, shall be allotted and exclusive remedy at law or in equity distributed first to Landlord, for Landlord’s failure so to complete such restorationits portion of Tenant Improvements costs initially provided, and time all excess amounts shall be distributed to Tenant for its portion of Tenant Improvements costs initially and/or subsequently provided. If no such notice is given, Landlord shall, to the extent of the essence available insurance proceeds, make such repair or restoration of the Demised Premises to the approximate condition existing prior to such casualty, promptly and in such manner as not to unreasonably interfere with respect Tenant’s use and occupancy of the Demised Premises (if Tenant is still occupying the Demised Premises). Base Rent and Additional Rent shall proportionately xxxxx during the time that the Demised Premises or any part thereof are unusable by reason of any such damage thereto.

Appears in 1 contract

Samples: Nondisturbance and Attornment Agreement (Orchid Cellmark Inc)

Fire and Other Casualty. In 9. (a) If the event that demised premises or any part thereof shall be damaged by fire or other casualty, Tenant shall give immediate notice thereof to Owner and this lease shall continue in full force and effect except as hereinafter set forth (b) If the demised premises are partially damaged or rendered partially unusable by fire or other casualty, the damages thereto shall be repaired by and at any time during the term hereof expense of Owner and the rent and other items of additional rent, until such repair shall be substantially completed, shall be apportioned from the day following the casualty according to the part of the premises which is usable. (including any extended termc) If the Leased Premises demised premises are totally damaged or destroyed rendered wholly unusable by fire or other casualty or substantially damaged so as to render them or a material portion thereof untenantablecasualty, then there the rent and other items of additional rent as hereinafter expressly provided shall be a just and proportionate abatement of the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal proportionately paid up to the time during which Rent of the casualty and thenceforth shall cease until the date when the premises shall have been repaired and restored by Owner (or sooner reoccupied in part by Tenant then rent shall be apportioned as proved in subsection (b) above), subject to Owner's right to elect not to restore the same as hereinafter provided. (d) If the demised premises are rendered wholly unusable or (whether or not the demised premises are damaged in whole or in part) if the building shall be so abated. In the event damaged that Owner shall decide to demolish it or to rebuilt it, then, in any of such substantial (events, Owner may elect to terminate this lease by written notice to Tenant, given within 90 days after such fire or total) damage casualty, or 30 days after adjustment of the insurance claim for such fire or casualty, or 30 days after adjustment of the insurance claim for such fire or casualty, whichever is sooner, specifying a date for the expiration of the lease, which date shall not be more than 60 days after the giving of such notice, and upon the date specified in such notice the term of this lease shall expire as fully and completely as if such date were the date set forth above for the termination of this lease and Tenant shall forthwith quit, surrender and vacate the premises without prejudice however, to Landlord's rights and remedies against Tenant under the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were lease provisions in immediately effect prior to such termination, and any rent owing shall be paid up to such date and any payment of rent made by Tenant which were on account of any period subsequent to such date shall be returned to Tenant. Unless Owner shall serve a termination notice as provided for herein, Owner shall make the repairs and restorations under the conditions of (b) and (c) hereof, with all reasonable expedition, subject to delays due to adjustment of insurance claims, labor troubles and causes beyond Owner's control. After any such casualty, Tenant shall cooperate with Owner's restoration by removing from the premises as promptly as reasonably possible, all of Tenant's salvageable inventory and moveable equipment, furniture, and other property. Notwithstanding the foregoing, if Landlord in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord Tenant's liability for rent shall have the right to terminate this Lease by written notice given to Tenant within ninety resume five (905) days after written notice from Owner that the occurrence of premises are substantially ready for Tenant's occupancy or such casualty. If Landlord proceeds with the repair and restoration of the Leased Premisesearlier date on which such repairs would have been completed but for delays caused by Tenant, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Landlord or Tenant shall have the right to terminate this Lease by giving notice thereof to the other party within thirty (30) days after the expiration of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease and come to an end without further liability or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so to complete such restoration, and time shall be of the essence with respect thereto.including delays in

Appears in 1 contract

Samples: Agreement of Lease (Wall Street Strategies Corp)

Fire and Other Casualty. In the event that at any time during the term hereof (including any extended term) Lease Term the Leased Premises are totally damaged or destroyed by fire or other casualty or substantially damaged so as to render them or a material portion thereof untenantable, then there shall be a just and proportionate abatement of the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal to the time during which Rent so abated. In the event of such substantial (or total) damage to the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such casualty. Notwithstanding the foregoing, if Landlord in its sole discretion determines that timely restoration is not possible or practical or that there are or will the event the Premises cannot, in Landlord’s reasonable discretion, be insufficient insurance proceeds available restored to Landlord to accomplish samea condition substantially suitable for their intended purpose within one hundred eighty (180) days following the issuance of all permits and approvals required in connection with such restoration, then Landlord shall have the right to give Tenant written notice of such determination and either Landlord or Tenant may terminate this Lease by written notice given to Tenant the other within ninety (90) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in In the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualtythe issuance of all permits and approvals required in connection with such restoration, then either Landlord or Tenant shall have the right to may terminate this Lease by giving written notice thereof given to the other party within thirty five (305) business days after the expiration of following such period one hundred eighty (as so extended180) provided that such restoration is not completed within such day period. This In the event that the Premises are totally damaged or destroyed by fire or other casualty or substantially damaged so as to render them or a material portion thereof untenantable, and such casualty occurs during the last twelve (12) months of the Lease Term, Tenant may terminate this Lease upon written notice to Landlord. Landlord and Tenant agree that during any period of reconstruction or repair of the Premises, if Tenant elects to continue the operation of its business within the Premises to the extent practicable, Rent for the portion of the Premises rendered untenantable by the damage shall cease and come to an end without further liability be abated on a prorata basis from the date of damage until the completion of Landlord’s repairs (or obligation on until the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right date of termination shall be Tenant’s sole and exclusive remedy at law of this Lease by Landlord or in equity for Landlord’s failure so to complete such restorationTenant as provided above, and time shall be of as the essence with respect theretocase may be).

Appears in 1 contract

Samples: Lease (Danger Inc)

Fire and Other Casualty. In the event that at any time during the term hereof (including any extended term) the Leased Premises are totally damaged or destroyed by case of fire or other casualty, the Tenant shall give immediate notice to the Landlord and shall assign to Landlord the casualty insurance proceeds described in Section 9(A) above. If the Premises shall be partially damaged by fire, the elements or other casualty, provided that the Landlord receives the proceeds of insurance described in Section 9(A) above, the Landlord shall repair the same as speedily as practicable, but the Tenant's obligation to pay the Rent hereunder shall not cease. If, in the sole and exclusive opinion of the Landlord, the Premises have been so extensively and substantially damaged so as to render them or a material portion thereof untenantable, then there the Rent shall cease until such time as the Premises shall be a just made tenantable by the Landlord. However, if, in the sole and proportionate abatement exclusive opinion of the Landlord, the Premises have been totally destroyed or so extensively and substantially damaged as to require practically a rebuilding thereof, then the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal paid up to the time during which Rent so abated. In the event of such substantial (or total) damage to the Leased Premisesdestruction and then and from thenceforth this Lease shall terminate, Landlord shall proceed at its expense be entitled to. receive all proceeds of insurance pertaining to the casualty and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such casualty. Notwithstanding the foregoing, if Landlord in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord neither party shall have the right to terminate this Lease by written notice given to Tenant within ninety (90) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Landlord or Tenant shall have the right to terminate this Lease by giving notice thereof to the other party within thirty (30) days after the expiration of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease and come to an end without any further liability or obligation hereunder. In no event however, shall the provisions of this Section become effective or be applicable if the tire or other casualty and damage shall be the result of the carelessness, negligence or improper conduct of the Tenant or the Tenant's agents, employees, guests, licensees, invitees, subtenants, assignees or successors. In such case, the Tenant's liability for the payment of the Rent and the performance of all the covenants, conditions and terms hereof on the Tenant's part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination to be performed shall continue and the Tenant shall be Tenant’s sole liable to the Landlord for the damage and exclusive remedy at law or in equity for loss suffered by the Landlord’s failure so . If the Tenant shall have been insured against any of the risks herein covered, then the proceeds of such insurance shall be paid over to complete such restorationthe Landlord to the extent of the Landlord's costs and expenses to make the repairs hereunder, and time such insurance carriers shall be of have no recourse against the essence with respect theretoLandlord for reimbursement.

Appears in 1 contract

Samples: Lease Agreement (United Bancshares Inc /Pa)

Fire and Other Casualty. In the event that at any time during of total or partial destruction of the term hereof (including any extended term) the Leased Premises are totally damaged or destroyed by fire or other casualty casualty, Landlord agrees to promptly restore and repair the Premises to the same or substantially damaged so equivalent condition as existed as of the Commencement Date, but not including Tenant's Trade Fixtures and other personal property which were not a part of the initial construction by Landlord; provided, however, that Landlord's obligation to render them or a material portion thereof untenantable, then there restore and repair the Premises shall be a just and proportionate abatement of the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal subject to the time during which Rent so abated. In sufficiency of insurance proceeds for restoration and repair and subject to the event availability of such substantial (replacement insurance proceeds from any current or total) damage to the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such casualtysubsequent bona-fide mortgagee. Notwithstanding the foregoing, if Landlord in its sole discretion determines the Premises are (i) so destroyed that timely restoration they cannot be repaired or rebuilt within two hundred forty (240) days after the date of the damage or destruction; or (ii) destroyed by a casualty which is not possible covered by the insurance required hereunder, then, in the case of a clause (i) casualty, either Landlord or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish sameTenant may, or, in the case of a clause (ii) casualty, then Landlord shall have the right to terminate this Lease by may, upon thirty (30) days written notice given to the other party, terminate and cancel this Lease; and all further obligations hereunder shall thereupon cease and terminate as of the earlier to occur of (i) the date of termination, or (ii) the expiration of the rent loss insurance benefits described herein. Landlord shall notify Tenant in writing within ninety (90) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premisesdate of the damage or destruction as to whether or not Landlord intends to restore and repair the Premises and the estimated completion time thereof. Any proceeds from the fire and extended coverage insurance policies not utilized (i) by Landlord in restoring or repairing the Premises or (ii) to reimburse Landlord for any and all reasonable out-of-pocket costs and expenses incurred by Landlord in connection with such damage or destruction shall become the sole property of Tenant; provided, in however, that Landlord shall oversee the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualtyrestoration and repair, then either Landlord or and Tenant shall have the no rights with respect thereto other than its right to terminate this Lease by giving notice thereof to employ an inspecting architect or engineer who will have the other party within thirty (30) days after same rights as the expiration of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease and come to an end without further liability or obligation on Inspecting Architect under the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so to complete such restoration, and time shall be of the essence with respect theretoConstruction Addendum hereto.

Appears in 1 contract

Samples: Apria Healthcare Group Inc

Fire and Other Casualty. In the event that at any time If before or during the term hereof (including any extended term) of this Lease, the Leased Premises are totally or the Building shall be damaged or destroyed by fire or other casualty which renders the Building, the Premises, or substantially damaged so as to render them any part of the Building or a material portion thereof the Premises untenantable, then there shall be a just and proportionate abatement Lessor within thirty (30) days of such fire or casualty or of the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity receipt of further action by any party, for a period equal to the time during which Rent so abated. In the event written notice from Lessee of such substantial damage (or totalwhichever shall last occur) damage to the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such casualty. Notwithstanding the foregoing, if Landlord in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord shall have the right to either (i) serve written notice upon Lessee of Lessor's intent to repair said damage or (ii) if said damage renders so much of the Premises or of the Building untenantable that repair would not be feasible, or if said damage shall have been occasioned by the act or omission of Lessee, its servants, agents or employees, serve written notice upon Lessee that this Lease is terminated; provided, however, that Lessor shall not so terminate this Lease by written notice given to Tenant unless such repairs cannot be made within ninety a period of sixty (9060) days after or unless at the occurrence time such notice is given there remains less than one (1) year during the unexpired current term of this Lease. If Lessor shall elect to repair such damage, such repairs shall be commenced within thirty (30) days of notice to Lessee of such casualty. If Landlord proceeds with the repair election and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose such repairs shall be completed within one hundred eighty (180) days following said of notice to Lessee of such election. Beginning at the date of the casualty, the Base Rent and payments due on account of Lessor's Operating Expenses shall be reduced to an amount which bears the same ratio to the same as the portion of the Premises then either Landlord available for use bears to the entire Premises. Upon completion of such repair, the Base Rent and such charges shall thereafter be paid as if no fire or Tenant other casualty had occurred. The other provisions of this paragraph 17 notwithstanding, Lessor shall have no obligation to replace or repair any property in Building or on the Premises belonging to Lessee or to any one claiming through or under Lessee; nor shall Lessor have any obligation hereunder to replace or repair any property on the Premises which Lessor shall have the right to terminate this Lease by giving notice thereof require Lessee to remove from the Premises or any alteration, addition, or improvement made to the other party within thirty (30) days after Premises by, for, or at the expiration direction of such period (as so extended) provided that such restoration is not completed within such period. This Lease shall cease and come to an end without further liability or obligation on the part of either party thirty (30) days after such giving of notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord’s failure so to complete such restoration, and time shall be of the essence with respect theretoLessee.

Appears in 1 contract

Samples: Speizman Industries Inc

Fire and Other Casualty. 9.1. In the event the Premises are damaged by fire or other casualty, Landlord shall retain a reputable, independent third-party contractor reasonably acceptable to Tenant who, within thirty (30) days of such casualty, shall give written notice to Landlord and Tenant of its determination of how long it will take to fully rebuild and restore the damaged Premises to the condition existing immediately prior to such casualty (excluding all Alterations to the Premises) (the “Determination Notice”). In addition, Landlord shall, within such thirty (30) day period, obtain written confirmation from the mortgagee of the Premises, if any, as to whether the mortgagee will make all or substantially all of the insurance proceeds payable in connection with such casualty available for restoration (the “Mortgagee Notice”), and Landlord shall promptly deliver the Mortgagee Notice to Tenant. If the mortgagee informs Landlord that such mortgagee will not make all or substantially all of the insurance proceeds payable in connection with such casualty available for restoration, then, within thirty (30) days of delivery of the Determination Notice, Landlord may terminate this Lease upon written notice to Tenant. In the event that at any time during the term hereof (including any extended terma) the Leased Premises are totally damaged is so destroyed that it cannot be repaired or destroyed by fire rebuilt within twelve (12) months after the earlier of (i) the expiration of thirty (30) days after the date of such casualty, or other casualty or substantially damaged so as to render them or a material portion thereof untenantable, then there shall be a just and proportionate abatement (ii) the date of the Rent payable hereunder until Determination Notice and there is less than five (5) years remaining on the Leased Premises are made suitable for Term, subject to Tenant’s occupancy, and option to extend the Lease Term shall be extended, without the necessity of further action by any party, for a period equal to the time during which Rent so abated. In the event of such substantial (or total) damage to the Leased Premisesset forth in Section 3.4, Landlord shall proceed at its expense and with reasonable diligence may terminate this Lease upon written notice to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such casualtyTenant. Notwithstanding the foregoing, if Landlord in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord shall have the Landlord’s right to terminate this Lease in accordance with this Section 9.1, such termination right shall only pertain to the Premises Building(s) in which the casualty occurred and shall not pertain to any of the other Premises Buildings not affected by such casualty, for which this Lease shall remain in full force and effect. In such event, Landlord and Tenant shall enter into an amendment to this Lease to this Lease removing the affected Premises Building from the operation of this Lease. In the event that (a) the Premises is so destroyed that it cannot be repaired or rebuilt within twelve (12) months after the earlier of (i) the expiration of thirty (30) days after the date of such casualty, or (ii) the date of the Determination Notice, Tenant may terminate this Lease upon written notice given to Tenant Landlord. Further, if this Lease is not terminated pursuant to this Section 9.1, and if Landlord fails to substantially complete its restoration obligations under Section 9.2 with respect to such casualty within twelve (12) months after the earlier of (i) the expiration of thirty (30) days after the date of the casualty, or (ii) the date of the Determination Notice (or otherwise within such other period of time that Landlord may have agreed to complete such restoration following delivery of the Determination Notice to Tenant), subject to Force Majeure not to exceed ninety (90) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualtydays, then either Landlord or Tenant shall have the right to terminate this Lease by giving notice thereof to the other party within commencing thirty (30) days after the expiration of such the twelve (12) month period (as so extendedor such other period), Tenant may thereafter terminate this Lease by giving written notice thereof to Landlord prior to Landlord’s substantial completion of such restoration. Further, if, in Tenant’s reasonably judgment, Tenant’s Alterations in the Premises (including, but not limited to, the Initial Tenant Improvements) provided that such cannot be repaired or rebuilt (following Landlord’s restoration is not completed of the Premises) within such period. This Lease shall cease and come to an end without further liability or obligation on twelve (12) months after the part earlier of either party (i) the expiration of thirty (30) days after the date of such casualty, or (ii) the date of the Determination Notice, Tenant may terminate this Lease by giving written notice thereof to Landlord. Upon the giving of any termination notice unless within such thirty-day period Landlord substantially completes such restoration. Such right pursuant to this Section, all obligations hereunder with respect to periods from and after the effective date of termination shall be Tenant’s sole thereupon cease and exclusive remedy at law or in equity for Landlord’s failure so to complete such restorationterminate, and time in such event the Base Rent and all Additional Rent and other sums payable under this Lease shall be apportioned and paid in full by Tenant to Landlord to the date of such casualty, and neither party shall thereafter have any liability hereunder, except that any obligation or liability of either party, actual or contingent, under this Lease which has accrued on or prior to such termination shall survive. Notwithstanding the essence foregoing, if Landlord terminates this Lease as a result of a casualty in accordance with respect theretosub clause (b), Tenant will have the right to nullify such termination by exercising a renewal rights pursuant to Section 3.4.

Appears in 1 contract

Samples: Lease Agreement (PTC Therapeutics, Inc.)

Fire and Other Casualty. In If the event that at any time during Premises, the term hereof Building, or the Property (including any extended termmachinery or equipment used in its operation) the Leased Premises are totally shall be damaged or destroyed by fire or other casualty or substantially damaged so and if such damage does not cause a termination of this Lease as to render them or a material portion thereof untenantabledescribed in the following sentences, then there shall be a just and proportionate abatement of the Rent payable hereunder until the Leased Premises are made suitable for Tenant’s occupancy, and the Lease Term shall be extended, without the necessity of further action by any party, for a period equal to the time during which Rent so abated. In the event of such substantial (or total) damage to the Leased Premises, Landlord shall proceed at its expense and with reasonable diligence to repair and restore the Leased damage with reasonable promptness, subject to reasonable delays for insurance adjustments and delays caused by matters beyond Landlord’s reasonable control, but Landlord shall not be obligated to expend for repairing or restoring the damage an amount in excess of the proceeds of insurance recovered with respect to the damage. If in Landlord’s reasonable estimate, based on estimate of a reputable third party contractor, the Premises cannot be restored within two hundred seventy (270) days from the date of such fire or casualty, then Landlord shall give notice to substantially the same condition they were in immediately prior to Tenant of such estimate within thirty (30) days after such fire or casualty. Notwithstanding Tenant may elect in writing sixty (60) days following the foregoing, if Landlord in its sole discretion determines that timely restoration is not possible or practical or that there are or will be insufficient insurance proceeds available to date of such notice from Landlord to accomplish sameterminate this Lease effective as of the date of Tenant’s notice. If any such damage: (i) renders the Building untenantable; or (ii) renders general Building systems inoperable and such systems cannot be repaired in Landlord’s reasonable estimate within three hundred sixty five (365) days from the date of such damage, then or (iii) occurs within the last Lease Year, Landlord shall have the right to terminate this Lease by as of the date of such damage upon giving written notice given to Tenant within ninety (90) days after the occurrence of such casualty. If Landlord proceeds with the repair and restoration of the Leased Premises, in the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days following said casualty, then either Landlord or Tenant shall have the right to terminate this Lease by giving notice thereof to the other party Tenant at any time within thirty (30) days after the expiration date of such damage. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease, by virtue of any delays in completion of such repairs and restoration. Rent, however, shall xxxxx on those portions of the Premises as are, from time to time, untenantable as a result of such damage. If Tenant does not terminate this Lease even though the Premises cannot be restored within two hundred and seventy (270) days, this Lease shall continue in full force or effect (unless Landlord has terminated as described above), but if the Premises were estimated to be restorable within two hundred seventy (270) days but are not restored by the end of such two hundred and seventy (270) day period, Tenant shall have the right following the end of such two hundred and seventy (270) day period to terminate this Lease by notice to the Landlord upon a date no less than forty five (as so extended45) provided that days after the date of such restoration is not completed within such periodtermination notice (the “Casualty Termination Date”). This Lease shall cease terminate upon the Casualty Termination Date with the same force and come effect as if the Casualty Termination Date were the date originally established as the expiration date hereof, unless Landlord restores the Premises prior to an end without further liability or obligation on the part of either party thirty (30) days after such giving of Casualty CONFIDENTIAL TREATMENT REQUESTED UNDER C.F.R. SECTIONS 200.80(b)(4), 200.83 AND 230.406. [****] INDICATES OMITTED MATERIAL THAT IS THE SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST FILED SEPARATELY WITH THE COMMISSION. THE OMITTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE COMMISSION. Termination Date, in which case Tenant’s termination notice unless within such thirty-day period Landlord substantially completes such restoration. Such right of termination shall be null and void and this Lease shall continue in full force and effect as if Tenant had never delivered such termination notice. Notwithstanding anything to the contrary herein set forth, Landlord shall have no duty pursuant to this Section 9.1 to repair or restore any portion of any Alterations made by or on behalf of Tenant in the Premises or the decorations thereto except to the extent that the proceeds of the insurance carried by Tenant are timely received by Landlord. If Tenant desires any other additional repairs or restoration, and if Landlord consents thereto, it shall be done at Tenant’s sole cost and exclusive remedy at law expense subject to all of the applicable provisions of the Lease. Tenant acknowledges that if this Lease is terminated as a result of such casualty Landlord shall be entitled to the full proceeds of any insurance coverage whether carried by Landlord or in equity Tenant, for damage to any alterations, addition, installation, improvements or decorations which would become the Landlord’s failure so to complete such restoration, and time shall be property upon the termination of the essence with respect theretoLease.

Appears in 1 contract

Samples: Lease (Raindance Technologies Inc)

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