Common use of FIRE OR CASUALTY Clause in Contracts

FIRE OR CASUALTY. (a) If the Building, the Premises or access to them shall be partially or totally damaged or destroyed by fire or other casualty (each, a “Casualty”) and if this Lease is not terminated as provided below, then Landlord shall repair and restore the Premises and the portions of the Building servicing the Premises to substantially their condition prior to such fire or other casualty (the “Required Restoration Work”) with reasonable dispatch and diligently prosecute such repair and restoration to completion. In no event shall Landlord be required to repair or replace Tenant’s leasehold improvements, merchandise, trade fixtures, furnishings, equipment or other personal property. (b) If all or part of the Premises shall be rendered Untenantable (as hereafter defined) by reason of a Casualty, the Basic Rental and all additional rent attributable to the Premises or portion thereof which is Untenantable shall be abated for the period from the date of the Casualty to the earlier of (i) the date which is ninety (90) days after the Premises or such portion thereof are no longer Untenantable or (ii) the date Tenant reoccupies such portion of the Premises for the ordinary conduct of business (in which case the Basic Rental and the additional rent allocable to such reoccupied portion shall be payable by Tenant from the date of such occupancy). “Untenantable” means that Tenant shall be unable to occupy and shall not be occupying the Premises or the applicable portion thereof for the conduct of business ordinarily conducted in the Premises as a result of the Casualty.

Appears in 6 contracts

Sources: Lease Agreement (Rocket Companies, Inc.), Lease Agreement (Rocket Companies, Inc.), Lease Agreement (Rocket Companies, Inc.)

FIRE OR CASUALTY. (a) If the Building, building or any improvement on the Premises or access to them shall be partially damaged in any way, in whole or totally damaged in part, or destroyed rendered untenantable by fire or other casualty casualty, Landlord shall, subject to the terms and conditions of this Section 17, restore the Premises to its original condition. With respect to damage or destruction of Premises improvements, which damage or destruction is covered, in whole or in part, by insurance as required to be carried by Landlord under Section 18(b) hereof, it is agreed that the proceeds from such insurance which are payable or paid to Landlord (eachor its lender) shall in all events be used and applied (and Landlord shall cause any secured lender as to the Premises to make such proceeds available for use and applicability) exclusively for the purpose of making replacements or repairs, a “Casualty”) if and only if such proceeds are sufficient in amount to complete such necessary replacements or repairs and if the amount of such damage or destruction is less than 40% of the usable structure. If, however, the proceeds are insufficient to cover the damage or destruction, or if the damage or destruction to the Premises impacts more than 40% of the usable structure, either the Landlord or the Tenant may, without waiving any other rights or privileges under this Lease, terminate this Lease upon written notice to the other within sixty (60) days following the date of the subject casualty event. If neither party elects to terminate this Lease as herein provided, Landlord shall promptly reconstruct the Premises to at least the condition as such existed immediately prior to the casualty event; provided, that if such reconstruction is not terminated or cannot be completed within one hundred eighty (180) days of the subject casualty event, Tenant may nonetheless elect to terminate this Lease upon written notice to the Landlord. Further, notwithstanding anything to the contrary set forth herein, in the event that a casualty event occurs during the last two (2) years of the initial Term, or any Renewal Term, as provided below, then Landlord shall repair and restore to any portion of the Premises and the portions damage resulting therefrom is of the Building servicing the Premises to substantially their condition prior to such fire an extent that it cannot be repaired or other casualty restored within sixty (the “Required Restoration Work”) with reasonable dispatch and diligently prosecute such repair and restoration to completion. In no event shall Landlord be required to repair or replace Tenant’s leasehold improvements, merchandise, trade fixtures, furnishings, equipment or other personal property. (b) If all or part of the Premises shall be rendered Untenantable (as hereafter defined) by reason of a Casualty, the Basic Rental and all additional rent attributable to the Premises or portion thereof which is Untenantable shall be abated for the period from the date of the Casualty to the earlier of (i) the date which is ninety (9060) days after the Premises or such portion thereof are no longer Untenantable or (ii) the date Tenant reoccupies such portion of the Premises for the ordinary conduct of business (in which case the Basic Rental and the additional rent allocable to such reoccupied portion shall be payable by Tenant from the date of such occupancy)casualty event, either party may terminate this Lease upon written notice to the other. “Untenantable” means that Tenant Rent shall not ▇▇▇▇▇ or be reduced following any casualty loss or during any period of restoration. It shall be unable Tenant’s responsibility to occupy and shall not be occupying obtain business interruption insurance coverage to insure against any loss Tenant may suffer as a result of any casualty damage to the Premises as well as Tenant’s inability to use all or the applicable portion thereof for the conduct any part of business ordinarily conducted in the Premises as a result of the Casualtysuch casualty.

Appears in 5 contracts

Sources: Triple Net Office Lease Agreement, Triple Net Office Lease Agreement (Franklin Financial Network Inc.), Triple Net Office Lease Agreement (Franklin Financial Network Inc.)

FIRE OR CASUALTY. (a) If the Building, the Premises or access to them shall be partially or totally damaged or destroyed by fire or other casualty (each, a “Casualty”) and if this Lease is not terminated as provided below, then Landlord shall repair and restore the Premises and the portions of the Building servicing the Premises to substantially their condition prior to such fire or other casualty (the “Required Restoration Work”) with reasonable dispatch and diligently prosecute such repair and restoration to completion. In no event shall Landlord be required to repair or replace Tenant’s leasehold improvements, merchandise, trade fixtures, furnishings, equipment or other personal property. (b) If all or part of the Premises shall be rendered Untenantable (as hereafter defined) by reason of a Casualty, the Basic Rental and all additional rent attributable to the Premises or portion thereof which is Untenantable shall be abated for the period from the date of the Casualty to the earlier of (i) the date which is ninety (90) days after the Premises or such portion thereof are no longer Untenantable or (ii) the date Tenant reoccupies such portion of the Premises for the ordinary conduct of business (in which case the Basic Rental and the additional rent allocable to such reoccupied portion shall be payable by Tenant from the date of such occupancy). “Untenantable” means that Tenant shall be unable to occupy and shall not be occupying the Premises or the applicable portion thereof for the conduct of business ordinarily conducted in the Premises as a result of the Casualty.

Appears in 4 contracts

Sources: Lease Agreement (Rocket Companies, Inc.), Lease Agreement (Rocket Companies, Inc.), Lease Agreement (Rocket Companies, Inc.)

FIRE OR CASUALTY. (a) If the Building, the Premises or access to them the Building (including machinery or equipment used in its operation) shall be partially or totally damaged or destroyed by fire or other casualty (each, a “Casualty”) and if such damage does not cause a termination of this Lease is not terminated as provided belowdescribed in the following sentences, then Landlord shall repair and restore the 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 actually received by Landlord for application to the repair of such damage. If in Landlord's estimate the Premises cannot be restored within three hundred sixty-five (365) days from the date of such fire or casualty, then Landlord shall give notice to Tenant of such estimate within one hundred twenty (120) days after such fire or casualty. Tenant may elect by written notice given to Landlord within sixty (60) days following the date of such notice from Landlord (time being of the essence) to terminate this Lease effective as of the date of Tenant's notice. If any such damage (i) renders 25% or more of 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 or (iii) occurs within the last two (2) Lease Years, Landlord shall have the right to terminate this Lease as of the date of such damage upon written notice given to the Tenant at any time within one hundred twenty (120) days after the 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 provided that Tenant shall have the right to terminate the Lease if such repairs are not completed within such 365-day period, subject to extension for delays caused by reasons outside of Landlord's control, by notice given within thirty (30) days after such repair period expires, which notice shall be deemed withdrawn if the restoration is completed within thirty (30) days after such notice is delivered to Landlord. Annual Fixed Rent and additional rent, however, shall abate on those portions of the Building servicing the Premises to substantially their condition prior to as are, from time t▇ ▇▇▇e, untenantable and, in fact, unoccupied by Tenant as a result of such fire or other casualty (the “Required Restoration Work”) with reasonable dispatch and diligently prosecute such repair and restoration to completion. In no event shall Landlord be required to repair or replace Tenant’s leasehold improvements, merchandise, trade fixtures, furnishings, equipment or other personal propertydamage. (b) If all or part of the Premises shall be rendered Untenantable (as hereafter defined) by reason of a Casualty, the Basic Rental and all additional rent attributable Notwithstanding anything to the Premises contrary herein set forth, Landlord shall have no duty pursuant to this Section II to repair or portion thereof which is Untenantable shall be abated for the period from the date of the Casualty to the earlier of (i) the date which is ninety (90) days after the Premises or such portion thereof are no longer Untenantable or (ii) the date Tenant reoccupies such restore any portion of the Premises for the ordinary conduct of business (any alterations, additions, installation or improvements in which case the Basic Rental and the additional rent allocable to such reoccupied portion shall be payable by Tenant from the date of such occupancy). “Untenantable” means that Tenant shall be unable to occupy and shall not be occupying the Premises or the applicable portion thereof for decoration thereto except to the conduct of business ordinarily conducted in extent that the Premises as a result proceeds of the Casualtyinsurance carried by Tenant are timely received by Landlord for application to such use. If Tenant desires any other additional repairs or restoration, and if Landlord consents thereto, it shall be done at Tenant's sole cost and expense subject to all of the applicable provisions of the Lease. Tenant acknowledges that Landlord shall be entitled to the full proceeds of any insurance coverage whether carried by Landlord or Tenant, for damage to any alterations, addition, installation, improvements or decorations which would become the Landlord's property upon the termination of the Lease.

Appears in 4 contracts

Sources: Lease (Dayton Superior Corp), Lease (Dayton Superior Corp), Lease (Dayton Superior Corp)

FIRE OR CASUALTY. (a) If the Building, the Premises or access to them the Building (including machinery or equipment used in the operation of the Building) shall be partially or totally damaged or destroyed by fire or other casualty (each, a “Casualty”) and if this Lease is such damage does not terminated as provided belowrender all or a substantial portion of the Premises (in the case of the Premises, substantial shall mean 20% or more of the area of the Premises) or Building untenantable, then Landlord shall repair and restore the Premises (exclusive of tenant finishes and/or build-outs) or the core and shell of the Building with reasonable promptness, subject to reasonable delays for insurance adjustments and delays caused by matters beyond Landlord’s reasonable control and subject to L▇▇▇▇▇▇▇’s receipt of insurance proceeds sufficient to perform such repairs. If any such damage renders all or a substantial portion of the Premises or Building untenantable, Landlord shall have the right to terminate this Lease (with appropriate prorations of rent being made for Tenant’s possession subsequent to the date of such damage of those tenantable portions of the Building servicing Premises) upon giving written notice to the Premises to substantially their condition prior to Tenant at any time within 120 days after the date of such fire or other casualty (the “Required Restoration Work”) with reasonable dispatch damage; and diligently prosecute if such repair and restoration to completion. In notice is given Landlord shall have no event shall Landlord be required obligation to repair or replace restore. 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 a▇▇▇▇ (but only to the extent Landlord receives rent loss insurance proceeds) on those portions of the Premises as are, from time to time, untenantable, as a result of such damage, and provided such damage was not caused by Tenant or any of Tenant’s leasehold improvementsemployees, merchandise, trade fixtures, furnishings, equipment agents or other personal propertycontractors. (b) If all or part of the Premises shall be rendered Untenantable (as hereafter defined) by reason of a Casualty, the Basic Rental and all additional rent attributable Notwithstanding anything to the Premises contrary herein set forth, Landlord shall have no duty pursuant to this Paragraph 11 to repair or portion thereof which is Untenantable shall be abated for the period from the date of the Casualty to the earlier of (i) the date which is ninety (90) days after the Premises or such portion thereof are no longer Untenantable or (ii) the date Tenant reoccupies such restore any portion of the Premises for the ordinary conduct of business (any alterations, additions or improvements in which case the Basic Rental and the additional rent allocable to such reoccupied portion shall be payable by Tenant from the date of such occupancy). “Untenantable” means that Tenant shall be unable to occupy and shall not be occupying the Premises or the applicable portion thereof for decorations thereto except to the conduct of business ordinarily conducted in extent that such alterations, additions, improvements and decorations were provided by Landlord, at Landlord’s cost, at the Premises as a result beginning of the CasualtyTerm.

Appears in 3 contracts

Sources: Office Lease Agreement (Semper Paratus Acquisition Corp), Office Lease Agreement (Semper Paratus Acquisition Corp), Office Lease Agreement (Semper Paratus Acquisition Corp)

FIRE OR CASUALTY. (a) If the BuildingParagraph 8 hereof notwithstanding, if the Premises or access to them the Building (including machinery or equipment used in its operation) shall be partially or totally damaged or destroyed by fire or other casualty (each, a “Casualty”) and if this Lease is such damage does not terminated as provided belowrender all or a substantial portion of the Premises or Building untenantable, then Landlord shall repair and restore the same with reasonable promptness, subject to reasonable delays for insurance adjustments and delays caused by matters beyond Landlord's reasonable control. If any such damage renders all or a substantial portion of the Premises and or Building untenantable, Landlord shall have the right to terminate this Lease as of the date of such damage (with appropriate prorations of Rent being made for Tenant's possession subsequent to the date of such damage of those tenantable portions of the Building servicing the Premises to substantially their condition prior to such fire or other casualty (the “Required Restoration Work”Premises) with reasonable dispatch and diligently prosecute such repair and restoration to completion. In no event shall Landlord be required to repair or replace Tenant’s leasehold improvements, merchandise, trade fixtures, furnishings, equipment or other personal property. (b) If all or part of the Premises shall be rendered Untenantable (as hereafter defined) by reason of a Casualty, the Basic Rental and all additional rent attributable upon giving written notice to the Premises or portion thereof which is Untenantable shall be abated for the period from the date of the Casualty to the earlier of Tenant at any time within sixty (i) the date which is ninety (9060) days after the Premises date of such damage. If any such damage renders all or such portion thereof are no longer Untenantable or more than fifty percent (ii50%) the date Tenant reoccupies such portion of the Premises for untenantable Tenant shall also have the ordinary conduct right to terminate this Lease as of business (in which case the Basic Rental and the additional rent allocable to such reoccupied portion shall be payable by Tenant from the date of such occupancy)damage upon giving written notice to Landlord at any time within forty-five (45) days after the date of such damage. “Untenantable” means that Tenant Unless this Lease is terminated as provided in the two preceding sentences and Landlord shall be unable proceed with reasonable promptness to occupy repair and restore the Premises, subject to reasonable delays for insurancee adjustments and delays caused by matters beyond Landlord's reasonable control. Rent, however shall not be occupying abat▇ ▇▇ those portions of the Premises or the applicable portion thereof for the conduct of business ordinarily conducted in the Premises as are, from time to time, untenantable as a result of the Casualtysuch damage.

Appears in 2 contracts

Sources: Sublease (SPR Inc), Sublease (SPR Inc)

FIRE OR CASUALTY. 13.1 If, during the Term of this Lease, the Improvements now or hereafter erected upon the Leased Premises shall be destroyed or damaged, in whole or in part, by fire, as a result, directly or indirectly, of war, by act of God, or by reason of any other cause or causes whatsoever (whether or not insurable), Tenant shall give prompt notice thereof to Landlord and file prompt proof of loss with the appropriate insurance company or companies (if insured). At Tenant's own cost and expense, Tenant shall thereafter promptly repair, replace and rebuild the Improvements, at least to the extent of the value and as nearly as practicable to the character of the Improvements existing immediately prior to such occurrence. Such repairs, replacements, or rebuilding shall be made by Tenant in accordance with the following terms and conditions: (a) If the Building, the Premises or access to them same shall be partially or totally damaged or destroyed made in accordance with plans and specifications therefor, if required by fire or other casualty (each, a “Casualty”) and if this Lease is not terminated as provided below, then Landlord shall repair and restore the Premises and the portions of the Building servicing the Premises to substantially their condition prior to such fire or other casualty (the “Required Restoration Work”) with reasonable dispatch and diligently prosecute such repair and restoration to completion. In no event shall Landlord be required to repair or replace Tenant’s leasehold improvements, merchandise, trade fixtures, furnishings, equipment or other personal property.law; (b) If all or part at least ten (10) days before commencing such work, Tenant shall notify Landlord of Tenant's intention to commence the Premises same, and Tenant shall be rendered Untenantable pay the increased premiums, if any, charged by the insurance companies carrying insurance on the Improvements in order to cover the additional risk during the course of such work; (as hereafter definedc) by reason of a Casualty, the Basic Rental and all additional rent attributable to the Premises or portion thereof which is Untenantable shall be abated for the period from the date of the Casualty to the earlier of before commencing any such work: (i) plans and specifications therefor shall be filed and approved by all governmental departments and other authorities having jurisdiction thereof; (ii) a firm estimate for the date cost of such work shall be obtained; (iii) Tenant shall, at its own cost and expense, deliver to Landlord appropriate endorsements to be attached to, and made part of, the fire and liability policies more particularly described in Article 12, which is ninety endorsements shall cover all of the risks concerned during the course of such work and shall be in form and content reasonably satisfactory to Landlord; (90d) such work shall be commenced within one hundred twenty (120) days after settlement shall have been made with the Premises insurance companies and the insurance monies shall have been turned over to Tenant or the Depositary as provided in Article 12 hereof and all necessary governmental approvals shall have been obtained; and (e) such portion thereof are no longer Untenantable or work shall be completed: (iii) within a reasonable time after the date Tenant reoccupies such portion commencement of the Premises for the ordinary conduct of business (in which case the Basic Rental and the additional rent allocable same, due regard being had to such reoccupied portion shall be payable by Tenant from the date of such occupancy). “Untenantable” means that Tenant shall be unable to occupy and shall not be occupying the Premises or the applicable portion thereof for the conduct of business ordinarily conducted in the Premises as a result of the Casualty.conditions;

Appears in 2 contracts

Sources: Lease Agreement (Sunbelt Automotive Group Inc), Lease Agreement (Sunbelt Automotive Group Inc)

FIRE OR CASUALTY. (a) If Subject to the Buildingprovisions of this Paragraph 9, in the Premises event the Premises, or access to them shall be thereto, is wholly or partially or totally damaged or destroyed by fire or other casualty casualty, Landlord shall (eachto the extent permitted by Law and covenants, a conditions and restrictions then applicable to the Project) rebuild, repair or restore the Premises and access thereto to substantially the same condition as existing immediately prior to such destruction (excluding Tenant’s Alterations, trade fixtures, equipment and personal property, which Tenant shall be required to restore) and this Lease shall continue in full force and effect. Notwithstanding the foregoing, (i) Landlord’s obligation to rebuild, repair or restore the Premises shall not apply to any personal property, above-standard tenant improvements or other items installed or contained in the Premises, and (ii) Landlord shall have no obligation whatsoever to rebuild, repair or restore the Premises with respect to any damage or destruction occurring during the last twelve (12) months of the Lease Term or any extension of the Lease Term. (b) Landlord may elect to terminate this Lease in any of the following cases of damage or destruction to the Premises, the Building or the Project: (i) where the cost of rebuilding, repairing and restoring (collectively, CasualtyRestoration”) and of the Building or the Project, would, regardless of the lack of damage to the Premises or access thereto, in the reasonable opinion of Landlord, exceed twenty percent (20%) of the then replacement cost of the Building; (ii) where, in the case of any damage or destruction to any portion of the Building or the Project by uninsured casualty, the cost of Restoration of the Building or the Project, in the reasonable opinion of Landlord, exceeds $500,000; or (iii) where, in the case of any damage or destruction to the Premises or access thereto by uninsured casualty, the cost of Restoration of the Premises or access thereto, in the reasonable opinion of Landlord, exceeds twenty percent (20%) of the replacement cost of the Premises; or (iv) if Landlord has not obtained appropriate zoning approvals for reconstruction of the Project, Building or Premises. Any such termination shall be made by thirty (30) days’ prior written notice to Tenant given within one hundred twenty (120) days of the date of such damage or destruction. If this Lease is not terminated by Landlord and as provided belowthe result of any damage or destruction, then Landlord the Premises, or a portion thereof, are rendered untenantable, the Base Rent shall repair ▇▇▇▇▇ reasonably during the period of Restoration (based upon the extent to which such damage and restore Restoration materially interfere with Tenant’s business in the Premises and the portions Premises). This Lease shall be considered an express agreement governing any case of damage to or destruction of the Premises, the Building servicing or the Premises Project. This Lease sets forth the terms and conditions upon which this Lease may terminate in the event of any damage or destruction. (c) Notwithstanding anything in this Paragraph 9 to substantially their condition prior the contrary, Tenant shall have the right to such fire terminate this Lease (i) if, in the reasonable opinion of a third party architect or other casualty engineer or Landlord’s insurance claims adjuster, which written opinion (the “Required Restoration WorkTime Opinion”) with reasonable dispatch and diligently prosecute such repair and restoration to completion. In no event shall Landlord be required to repair or replace Tenant’s leasehold improvements, merchandise, trade fixtures, furnishings, equipment or other personal property. (b) If all or part of the Premises shall be rendered Untenantable (as hereafter defined) by reason of a Casualty, the Basic Rental and all additional rent attributable delivered to the Premises or portion thereof which is Untenantable shall be abated for the period from the date of the Casualty to the earlier of (i) the date which is ninety (90) days after the Premises or such portion thereof are no longer Untenantable or (ii) the date Tenant reoccupies such portion of the Premises for the ordinary conduct of business (in which case the Basic Rental and the additional rent allocable to such reoccupied portion shall be payable by Tenant from the date of such occupancy). “Untenantable” means that Tenant shall be unable to occupy and shall not be occupying the Premises or the applicable portion thereof for the conduct of business ordinarily conducted in the Premises as a result of the Casualty.within sixty

Appears in 2 contracts

Sources: Office Lease (SecureWorks Corp), Office Lease (SecureWorks Holding Corp)

FIRE OR CASUALTY. (a) If the BuildingPremises, the Premises Building (including machinery or access to them equipment used in the operation of the Building) or the Parking Garage shall be partially or totally damaged or destroyed by fire or other casualty (each, a “Casualty”) and if this Lease is such damage does not terminated render all or a substantial portion of the Premises, Building or Parking Garage, as provided belowapplicable, untenantable, then Landlord shall repair and restore the same with reasonable promptness, subject to reasonable delays for insurance adjustments and delays caused by matters beyond Landlord's reasonable control. If any such damage renders all or a substantial portion of the Premises and or Building untenantable, Landlord shall have the right to terminate this Lease (with appropriate prorations of rent being made for Tenant's possession subsequent to the date of such damage of those tenantable portions of the Building servicing the Premises Premises) upon giving written notice to substantially their condition prior to such fire or other casualty (the “Required Restoration Work”) with reasonable dispatch and diligently prosecute such repair and restoration to completion. In no event shall Landlord be required to repair or replace Tenant’s leasehold improvements, merchandise, trade fixtures, furnishings, equipment or other personal property. (b) If all or part of the Premises shall be rendered Untenantable (as hereafter defined) by reason of a Casualty, the Basic Rental and all additional rent attributable to the Premises or portion thereof which is Untenantable shall be abated for the period from the date of the Casualty to the earlier of (i) the date which is Tenant at any time within ninety (90) days after the date of such damage; and only if such notice is timely given, Landlord shall have no obligation to repair or restore. Except as otherwise provided herein, 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 ▇▇▇▇▇ on those portions of the Premise as are, from time to time, untenantable as a result of such damage. Notwithstanding the foregoing, (i) in the event that more than seventy-five percent (75%) of any floor included in the Premises or is untenantable, it shall be deemed that the entire floor is untenantable, but if more than fifty percent (50%) of any floor is included in the Premises is untenantable and Tenant is therefore unable to use the balance of such portion thereof are no longer Untenantable or floor, then it shall be deemed that the entire floor is untenantable; and (ii) the date Tenant reoccupies such portion if more than seventy-five percent (75%) of the Premises is untenantable, then all of the Premises will be deemed untenantable. In the event Landlord does not elect to terminate this Lease pursuant to this subparagraph 11(a) and does not complete repairs or restoration within 210 days after such damage, except for delays of up to ninety (90) days caused by matters beyond Landlord's reasonable control, Tenant may terminate this Lease upon thirty (30) days prior written notice to Landlord. (b) Notwithstanding anything to the ordinary conduct contrary herein set forth, Landlord shall have no duty pursuant to this Paragraph 11 to repair or restore any portion of business (any alterations, additions or improvements in which case the Basic Rental and the additional rent allocable to such reoccupied portion shall be payable by Tenant from the date of such occupancy). “Untenantable” means that Tenant shall be unable to occupy and shall not be occupying the Premises or the applicable decorations thereto except to the extent that such alterations, additions, improvements and decorations were provided by Landlord at the beginning of the Term. (c) Within ninety (90) days after any casualty to the Premises, Parking Garage or the Building, Landlord shall give written notice to Tenant of the determination by Landlord's architect o(the reasonably estimated period for completion of repairs. Tenant shall have the right to terminate this Lease by written notice delivered to Landlord within fifteen (15) days following receipt of Landlord's notice if such damage has been to the Premises or to a portion thereof for of the conduct Building or Parking Garage which materially interferes with Tenant's use of business ordinarily conducted the Premises or parking at or use of the Generator in the Premises as a result Parking Garage and it is estimated by Landlord that such repairs will take longer than 210 days after the date of the Casualtycasualty to substantially complete. Unless this Lease is terminated by Landlord or Tenant in accordance with the terms of this ▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇▇ shall proceed with due diligence to complete repair of the Premises, Parking Garage and the Building subject to delays of up to ninety (90) days caused by matters beyond Landlord's reasonable control.

Appears in 1 contract

Sources: Lease Agreement (KBS Real Estate Investment Trust II, Inc.)

FIRE OR CASUALTY. (a) If In the Building, event that the whole or any part of the Building or the Demised Premises or access to them shall be partially or totally any other improvements upon the Property is damaged or destroyed by fire or other casualty (eachcasualty, a “Casualty”Landlord shall, at Landlord’s sole cost and expense, promptly commence, and thereafter prosecute the completion thereof with all due diligence, the repair, restoration and rebuilding of the portion(s) and if this Lease is not terminated as provided below, then Landlord shall repair and restore the Premises and the portions of the Building servicing or the Demised Premises or other improvements so damaged or destroyed to substantially as nearly as practicable their condition immediately prior to the occurrence of such damage or destruction. Notwithstanding anything to the contrary contained in this Section 14, in the event that (i) the Demised Premises shall be damaged by fire or other casualty to the extent of twenty-five percent (25%) or more of the “Required Restoration Work”full replacement cost thereof during the last eighteen (18) with reasonable dispatch months of the Lease Term, or (ii) the Demised Premises and/or the Building shall be damaged by fire or other casualty to the extent of fifty percent (50%) or more of the full replacement cost thereof and diligently prosecute such repair and restoration more than one hundred eighty (180) days shall be reasonably anticipated to completion. In no event shall Landlord be required in order to repair fully complete the reconstruction thereof, or replace Tenant(iii) notwithstanding the extent of any such damage to the Demised Premises and/or said Building, if Landlord’s leasehold improvementsreconstruction is not completed within one hundred eighty (180) days after the date of such damage, merchandiseTenant shall have the option to terminate this Lease on written notice to Landlord of exercise thereof within thirty (30) days after (x) the date of occurrence of such damage or (y) the expiration of the aforesaid one hundred eighty (180) day period for the completion of such restoration by Landlord, trade fixtures, furnishings, equipment whichever shall be applicable. To the extent and for the time that the Demised Premises are rendered untenantable on account of fire or other personal property. (b) If all or casualty, the Rent shall proportionately ▇▇▇▇▇ according to the part of the Demised Premises which is usable by Tenant for its normal business operations (with usability to be determined by the extent, if any, that Tenant, in its reasonable judgment, shall be rendered Untenantable (deem it infeasible to conduct its business upon the Demised Premises as hereafter defined) by reason a result of a Casualty, the Basic Rental any such damage and/or repair and all additional rent attributable reconstruction to the Demised Premises or portion thereof which is Untenantable shall be abated for the period and/or said Building) commencing from the date of damage or destruction and continuing during the Casualty period of repair and reconstruction; provided, however, that in the event that the Demised Premises shall have been rendered wholly untenantable by reason of any such damage and/or reconstruction to the Demised Premises and/or said Building, such abatement shall continue until the earlier to occur of (i) the date which is ninety (90) days thirty-first day after the Premises or such portion thereof are no longer Untenantable Landlord shall have completed its reconstruction as aforesaid or (ii) the date upon which Tenant reoccupies shall first resume its normal business operations at the Demised Premises. Notwithstanding anything to the contrary contained herein, if any mortgagee, having the right to do so, shall direct that the insurance proceeds are to be applied to reduce the mortgage debt rather than to the repair of such portion damage, this Lease shall, at the option of the Premises for the ordinary conduct of business Landlord (in which case the Basic Rental and the additional rent allocable to such reoccupied portion option shall be payable exercised by Landlord by the giving of written notice thereof to Tenant within thirty (30) days after Landlord’s receipt of such direction from such mortgagee), be terminated effective as of the date of such occupancy). “Untenantable” means that Tenant shall be unable to occupy and shall not be occupying the Premises or the applicable portion thereof for the conduct of business ordinarily conducted in the Premises as a result of the Casualtycasualty.

Appears in 1 contract

Sources: Lease Agreement (Lenox Group Inc)

FIRE OR CASUALTY. (a) If hereof notwithstanding, if the Premises or the Building, the Premises including machinery or access to them equipment used in its operation) shall be partially or totally damaged or destroyed by fire or other casualty (eachcasualty, a “Casualty”) and if this Lease is such damage does not terminated as provided belowrender all or a substantial portion of the Premises or Building untenantable, then Landlord shall repair and restore the same with reasonable promptness, subject to reasonable delays for insurance adjustments and delays caused by matters beyond Landlord’s reasonable control. If any such damage renders all, or a substantial portion of the Premises and or Building untenantable, either Tenant or Landlord shall have the right to terminate this Lease as of the date of such damage (with appropriate prorations of Rent being made for Tenant’s possession subsequent to the date of such damage of those tenantable portions of the Building servicing the Premises to substantially their condition prior to such fire or other casualty (the “Required Restoration Work”Premises) with reasonable dispatch and diligently prosecute such repair and restoration to completion. In no event shall Landlord be required to repair or replace Tenant’s leasehold improvements, merchandise, trade fixtures, furnishings, equipment or other personal property. (b) If all or part of the Premises shall be rendered Untenantable (as hereafter defined) by reason of a Casualty, the Basic Rental and all additional rent attributable upon giving written notice to the Premises or portion thereof which is Untenantable shall be abated for the period from the date of the Casualty to the earlier of other at any time within sixty (i) the date which is ninety (9060) days after the date of such damage, Unless this Lease is terminated as provided in the two (2) proceeding sentences, Landlord shall proceed with reasonable promptness to repair and restore the Premises with an appropriate abatement of rent or such portion thereof are no longer Untenantable or (ii) the date Tenant reoccupies such a proportionate basis being made to reflect that portion of the Premises rendered untenantable for any period of time. For the ordinary purposes of this Section B the term “untentable” shall mean that Tenant cannot conduct of its business (activities within the Premises in a manner reasonably comparable to the manner in which case Tenant conducted its business operations prior to the Basic Rental occurrence of the damage. Notwithstanding anything to the contrary herein set forth, Landlord shall have no duty pursuant to this Section 12 to repair or restore any portion of the alterations, additions, improvements and decorations thereto except to the extent that such alterations, additions, improvements and decorations are fixed and permanent and were provided by Landlord, at Landlord’s cost, at the beginning of the Term. If Tenant wants any other or additional rent allocable to such reoccupied portion repairs or restorations and if Landlord consents thereto the same shall be payable by Tenant from the date of such occupancy). “Untenantable” means that Tenant shall be unable done at Tenant’s expense, subject to occupy and shall not be occupying the Premises or the applicable portion thereof for the conduct of business ordinarily conducted in the Premises as a result all of the Casualtyprovisions of Section 8 hereof.

Appears in 1 contract

Sources: Lease Agreement (Acell Inc)

FIRE OR CASUALTY. (a) The occurrence of any fire or other casualty shall constitute no basis for the termination of this Lease or any abatement of rent, except as expressly provided for herein. If the Building, the Premises or access to them shall be partially or totally Building is damaged or destroyed by fire or other casualty (each, a “Casualty”whether or not the Premises are damaged) and if this Lease is not terminated as provided below, then Landlord shall repair and restore obtains a reasonable professional estimate that the Premises and cost of restoring the portions Building would exceed fifty percent (50%) of the Building servicing full insurable value of the Premises Building, Landlord may, by notice to substantially their condition prior to Tenant within sixty (60) days after such fire or other casualty casualty, terminate this Lease without incurring any liability to Tenant. If Landlord fails so to notify Tenant, Landlord shall use reasonable efforts to repair the Building (including the “Required Restoration Work”restoration of the demising walls of the Premises and Building services to the outside perimeter of the Premises) with reasonable dispatch dispatch, allowing for the adjustment and diligently prosecute such settlement of insurance claims, the preparation of plans and specifications, the obtaining of governmental approvals and certificates, the obtaining of contractors and laborers and any other delay. So long as Landlord restores the Building so it is suitable for substantially the same uses, Landlord shall not be obligated to duplicate the original construction or design of the Building. Landlord shall not be obligated to repair, restore or replace: (1) any property within the Premises; (2) any damage that occurs during the last year of the Term (as extended, if at all, pursuant to the exercise of any Renewal Option); or (3) any damage for the repair of which insurance proceeds are not available. Tenant shall cooperate fully with all repairs made to the Building (including removing Tenant's moveable property and restoration trade fixtures from the Premises as soon as practicable to completion. In no event shall Landlord be required to repair or replace Tenant’s leasehold improvements, merchandise, trade fixtures, furnishings, equipment or other personal propertyclear the way therefor). (b) If all or part of the Premises shall be rendered Untenantable (as hereafter defined) by reason of a Casualty, the Basic Rental and all additional rent attributable to the Premises or portion thereof which is Untenantable Rents hereunder shall be abated for during the period from the date of the Casualty and to the earlier of (i) the date which is ninety (90) days after the Premises or such portion thereof are no longer Untenantable or (ii) the date Tenant reoccupies such extent that a material portion of the Premises for is rendered untenantable because of a fire or other casualty. If more than thirty percent (30%) of the ordinary conduct Premises is rendered untenantable by fire or other casualty and Landlord cannot, given Tenant's full cooperation, substantially complete such repairs so that the Premises are rendered substantially tenantable within one hundred eighty (180) days after such fire or other casualty, then Tenant may, by notice to Landlord, terminate this Lease with thirty (30) days of business (in which case the Basic Rental and the additional rent allocable to such reoccupied portion shall be payable by Tenant from the date of such occupancy). “Untenantable” means that Tenant shall be unable to occupy and shall not be occupying the Premises or the applicable portion thereof for the conduct of business ordinarily conducted in the Premises as a result of the Casualtycasualty.

Appears in 1 contract

Sources: Office Lease (Spacehab Inc \Wa\)

FIRE OR CASUALTY. (a) If the Building, the Premises or access to them the Building (including machinery or equipment used in the operation of the Building) shall be partially destroyed or totally damaged or destroyed by fire or other casualty (each, a “Casualty”) and if this Lease is not terminated as provided belowthe Premises or Building may be repaired and restored within two hundred seventy (270) days after such casualty, then Landlord shall repair and restore the Premises same with reasonable promptness, but only to the extent insurance proceeds are actually made available to Landlord for purposes of repair and the portions of the Building servicing restoration; provided, however, that Landlord shall only be obligated to repair and restore any improvements made to the Premises to substantially their condition prior the extent that: (i) Landlord paid for the initial construction of such improvements (either directly or through an allowance granted to Tenant), and (ii) Landlord receives the insurance proceeds related to such improvements under the insurance described in clause (b) of Subsection 18.2 hereof. Tenant agrees to execute all documents and take all actions necessary to make the insurance proceeds described in clause (ii) of the immediately preceding sentence available to Landlord for the repair and restoration of the Premises. Notwithstanding anything contained herein to the contrary, if the Premises or the Building are substantially damaged or destroyed during the last twelve (12) months of the Term, either Landlord or Tenant shall have the right to terminate this Lease as of the date of the fire or other casualty (the “Required Restoration Work”) with reasonable dispatch and diligently prosecute such repair and restoration to completion. In no event shall Landlord be required to repair or replace Tenant’s leasehold improvements, merchandise, trade fixtures, furnishings, equipment or other personal property. (b) If all or part of the Premises shall be rendered Untenantable (as hereafter defined) by reason of a Casualty, the Basic Rental and all additional rent attributable giving notice to the Premises or portion thereof which is Untenantable shall be abated for the period from other within thirty (30) days after the date of the Casualty fire or casualty, in which event, Rent shall be apportioned on a per diem basis and paid to the earlier date of such fire or casualty. Notwithstanding anything contained herein to the contrary, if in Landlord’s reasonable judgment either: (i1) such damage renders the Premises untenantable in whole or in part and cannot reasonably be repaired and restored within two hundred seventy (270) days, or (2) sufficient insurance proceeds are not or will not be made available to Landlord for repair or restoration, or (3) the cost of the repairs or restoration would exceed twenty five percent (25%) of the replacement value of the Building, or (4) the nature of such work would make termination of this Lease necessary or convenient, then Landlord shall have the right to cancel and terminate this Lease as of the date which is of such damage upon giving notice to Tenant at any time within ninety (90) days after such damage shall have occurred. In the event any fire or casualty renders the Premises untenantable, in whole or in part, and if this Lease shall not be terminated by reason of such portion thereof are no longer Untenantable or (ii) damage, then Base Rent shall a▇▇▇▇ during the period beginning with the date Tenant reoccupies of such fire or other casualty and ending with the date when Landlord has substantially completed all repairs to the Premises required to be completed by Landlord, by an amount bearing the same ratio to the total amount of Base Rent for such period as the untenantable portion of the Premises bears to the entire Premises. In any event, Base Rent shall only a▇▇▇▇ to the extent Landlord actually recovers rent toss insurance proceeds specifically allocated to the Base Rent due under this Lease. Landlord shall not otherwise be liable for any inconvenience or annoyance to Tenant or its visitors, or injury to Tenant’s business resulting in any way from any damage or the ordinary conduct of business (in which case the Basic Rental repair thereof relating to any fire or other casualty. Tenant agrees that Landlord’s obligation to restore, and the additional rent allocable to such reoccupied portion abatement of Rent provided herein, shall be payable by Tenant from Tenant’s sole recourse in the date event of such occupancy). “Untenantable” means that damage, and waives any other rights Tenant shall be unable may have under any applicable Laws to occupy and shall not be occupying terminate the Lease by reason of damage to the Premises or Pro perty. Tenant acknowledges that this Section 19 represents the applicable portion thereof for entire agreement between the conduct of business ordinarily conducted in parties respecting damage to the Premises as a result of the Casualtyor Property.

Appears in 1 contract

Sources: Lease Agreement (Ulta Salon, Cosmetics & Fragrance, Inc.)

FIRE OR CASUALTY. (a) 19.1. If the Building, the Premises or access to them shall be the Building are totally or partially or totally damaged or destroyed by fire thereby rendering the Premises totally or other casualty (each, a “Casualty”) and if this Lease is not terminated as provided belowpartially inaccessible or unusable, then Landlord shall diligently repair and restore the Premises and the portions of the Building servicing the Premises to substantially their the same condition they were in prior to such fire damage or other casualty destruction; provided, however, that if (the “Required Restoration Work”a) with in Landlord’s reasonable dispatch and diligently prosecute judgment such repair and restoration cannot be completed within two hundred seventy (270) days after the occurrence of such damage or destruction (taking into account the time needed for effecting a satisfactory settlement with any insurance company involved, removal of debris, preparation of plans and issuance of all required governmental permits) or (b) twenty percent (20%) or more of the Premises is damaged and less than six (6) months would remain of the Term or any renewal thereof upon completion of the repairs, then Landlord shall have the right, at its sole option, to completionterminate this Lease as of the sixtieth (60th) day after such damage or destruction by giving written notice of termination to Tenant within forty-five (45) days after the occurrence of such damage or destruction. 19.2. In no event If this Lease is terminated pursuant to Section 19.1 above, then all rent shall be apportioned (based on the portion of the Premises which is usable after such damage or destruction) and paid to the date of termination. If this Lease is not terminated as a result of such damage or destruction, then until such repair and restoration of the Premises are substantially complete, Tenant shall be required to pay the Basic Annual Rent only for the portion of the Premises that is usable while such repair and restoration are being made. Landlord shall bear the expenses of repairing and restoring the Premises and the Building; provided, however, that Landlord shall not be required to repair or replace Tenant’s leasehold improvementsrestore the contents of the Premises, merchandiseincluding without limitation, trade fixturesalterations, decorations, furnishings, fixtures and equipment used or installed in the Premises by or on behalf of Tenant and any other personal propertyproperty of Tenant. Tenant shall not be entitled to any compensation or damages from Landlord for loss of the use of the whole or any portion of the Premises or for any inconvenience or annoyance occasioned by any such damage, repair or restoration. 19.3. Notwithstanding anything herein to the contrary, Landlord shall not be obligated to restore the Premises or the Building and shall have the right to terminate this Lease if (a) the holder of any mortgage fails or refuses to make insurance proceeds available for such repair and restoration, (b) If all zoning or part other applicable laws or regulations do not permit such repair and restoration, or (c) the cost of repairing and restoring the Building would exceed fifty percent (50%) of the replacement value of the Building, whether or not the Premises shall be rendered Untenantable (as hereafter defined) by reason is damaged or destroyed, provided the leases of a Casualtyall other tenants in the Building are similarly terminated. 19.4. Notwithstanding anything herein to the contrary, the Basic Rental and all additional rent attributable injury or damage to the Premises or portion thereof which is Untenantable the Building resulting from the fault or negligence of Tenant, it’s employees, agents, contractors or invitees shall be abated for the period from the date of the Casualty to the earlier of (i) the date which is ninety (90) days after the Premises or such portion thereof are no longer Untenantable or (ii) the date Tenant reoccupies such portion of the Premises for the ordinary conduct of business (in which case the Basic Rental and the additional rent allocable to such reoccupied portion shall be payable repaired by Tenant from the date of such occupancy). “Untenantable” means that Tenant shall be unable to occupy at Tenant’s expense and Rent shall not be occupying the Premises or the applicable portion thereof for the conduct of business ordinarily conducted in the Premises as a result of the Casualty▇▇▇▇▇.

Appears in 1 contract

Sources: Office Building Lease (Novastar Resources Ltd.)

FIRE OR CASUALTY. (a) If the Building, the Premises or access to them the Building (including machinery or equipment used in the operation of the Building) shall be partially destroyed or totally damaged or destroyed by fire or other casualty (each, a “Casualty”) and if this Lease is not terminated as provided belowthe Premises or Building may be repaired and restored within two hundred seventy (270) days after such casualty, then Landlord shall repair and restore the Premises same with reasonable promptness, but only to the extent insurance proceeds are actually made available to Landlord for purposes of repair and the portions of the Building servicing restoration; provided, however, that Landlord shall only be obligated to repair and restore any improvements made to the Premises to substantially their condition prior the extent that: (i) Landlord paid for the initial construction of such improvements (either directly or through an allowance granted to Tenant), and (ii) Landlord receives the insurance proceeds related to such improvements under the insurance described in clause (b) of Subsection 18.2 hereof. Tenant agrees to execute all documents and take all actions necessary to make the insurance proceeds described in clause (ii) of the immediately preceding sentence available to Landlord for the repair and restoration of the Premises. Notwithstanding anything contained herein to the contrary, if the Premises or the Building are substantially damaged or destroyed during the last twelve (12) months of the Term, either Landlord or Tenant shall have the right to terminate this Lease as of the date of the fire or other casualty (the “Required Restoration Work”) with reasonable dispatch and diligently prosecute such repair and restoration to completion. In no event shall Landlord be required to repair or replace Tenant’s leasehold improvements, merchandise, trade fixtures, furnishings, equipment or other personal property. (b) If all or part of the Premises shall be rendered Untenantable (as hereafter defined) by reason of a Casualty, the Basic Rental and all additional rent attributable giving notice to the Premises or portion thereof which is Untenantable shall be abated for the period from other within thirty (30) days after the date of the Casualty fire or casualty, in which event, Rent shall be apportioned on a per diem basis and paid to the earlier date of such fire or casualty. Notwithstanding anything contained herein to the contrary, if in Landlord’s reasonable judgment either: (i1) such damage renders the Premises untenantable in whole or in part and cannot reasonably be repaired and restored within two hundred seventy (270) days, or (2) sufficient insurance proceeds are not or will not be made available to Landlord for repair or restoration, or (3) the cost of the repairs or restoration would exceed twenty five percent (25%) of the replacement value of the Building, or (4) the nature of such work would make termination of this Lease necessary or convenient, then Landlord shall have the right to cancel and terminate this Lease as of the date which is of such damage upon giving notice to Tenant at any time within ninety (90) days after such damage shall have occurred. In the event any fire or casualty renders the Premises untenantable, in whole or in part, and if this Lease shall not be terminated by reason of such portion thereof are no longer Untenantable or (ii) damage, then Base Rent shall a▇▇▇▇ during the period beginning with the date Tenant reoccupies of such fire or other casualty and ending with the date when Landlord has substantially completed all repairs to the Premises required to be completed by Landlord, by an amount bearing the same ratio to the total amount of Base Rent for such period as the untenantable portion of the Premises bears to the entire Premises. In any event, Base Rent shall only a▇▇▇▇ to the extent Landlord actually recovers rent loss insurance proceeds specifically allocated to the Base Rent due under this Lease. Landlord shall not otherwise be liable for any inconvenience or annoyance to Tenant or its visitors, or injury to Tenant’s business resulting in any way from any damage or the ordinary conduct of business (in which case the Basic Rental repair thereof relating to any fire or other casualty. Tenant agrees that Landlord’s obligation to restore, and the additional rent allocable to such reoccupied portion abatement of Rent provided herein, shall be payable by Tenant from Tenant’s sole recourse in the date event of such occupancy). “Untenantable” means that damage, and waives any other rights Tenant shall be unable may have under any applicable Laws to occupy and shall not be occupying terminate the Lease by reason of damage to the Premises or Property. Tenant acknowledges that this Section 19 represents the applicable portion thereof for entire agreement between the conduct of business ordinarily conducted in parties respecting damage to the Premises as a result of the Casualtyor Property.

Appears in 1 contract

Sources: Lease Agreement (Ulta Salon, Cosmetics & Fragrance, Inc.)

FIRE OR CASUALTY. (a) If the Building, any portion of the Premises or access to them shall be partially or totally is damaged or destroyed by fire or other casualty (eachcasualty, a “Casualty”) and if this Lease is not terminated as provided below, then Landlord shall repair and restore the Premises and the portions of the Building servicing the Premises to substantially their condition prior insurance proceeds paid with respect to such fire or other casualty (are made available to fund the “Required Restoration Work”) cost of the restoration, Tenant shall repair such damage with reasonable dispatch diligence and diligently prosecute in a manner consistent with the provisions of the CC&R's and any Underlying Mortgage, as hereinafter defined. All such repair insurance proceeds shall be held in a construction control account which is acceptable to Landlord and restoration to completion. In no event the holder of any Underlying Mortgage and shall Landlord be required disbursed to repair or replace Tenant’s leasehold improvements, merchandise, trade fixtures, furnishings, equipment or other personal propertypay the costs of such repair. (b) If all or part the whole of the Premises improvements located on Parcel 4A, or such part thereof as shall prevent Tenant's continuation of the operation of its business therein, shall be rendered Untenantable (as hereafter defined) damaged by reason of a Casualtyfire or other casualty, the Basic Rental and all additional rent attributable to the Premises or portion thereof which is Untenantable shall be abated for the period from the date of the Casualty to the earlier of PROVIDED: (i) the date which Tenant is ninety (90) days after the Premises or such portion thereof are no longer Untenantable or not in default beyond any cure period in any of its obligations hereunder, (ii) the date insurance proceeds paid with respect to such fire and casualty are not made available to Tenant reoccupies such portion to fund the cost of the Premises for restoration, (iii) Landlord has constructed a Tenant's Proposed Project on Parcel 4B, and (iv) Tenant does not have "business interruption" or "business continuation" insurance, Base Rent shall be reduced to the ordinary conduct amount of Base Rent calculated in accordance with Section 7.3(c) until such time as Landlord completes the restoration of the improvements to their condition immediately prior to the fire or other casualty. (c) If the whole of the improvements located on Parcel 4A, or such part thereof as shall prevent Tenant's continuation of the operation of its business therein, shall be damaged by fire or other casualty, and PROVIDED: (i) Tenant is not in which case default beyond any cure period in any of its obligations hereunder, (ii) the Basic Rental and the additional rent allocable insurance proceeds paid with respect to such reoccupied portion fire and casualty are not made available to Tenant to fund the cost of the restoration, (iii) Landlord has not constructed a Tenant's Proposed Project on Parcel 4B, and (iv) Tenant does not have "business interruption" or "business continuation" insurance, Base Rent shall be payable abated until such time as Landlord completes the restoration of the improvements to their condition immediately prior to the fire or other casualty. (d) If the whole of a constructed Tenant's Proposed Project on Parcel 4B, or such part thereof as shall prevent Tenant's continuation of the operation of its business therein, shall be damaged by fire or other casualty, and PROVIDED: (i) Landlord has constructed the Tenant's Proposed Project, (ii) Tenant is not in default beyond any cure period in any of its obligations hereunder, (iii) the insurance proceeds paid with respect to such fire and casualty are not made available to Tenant to fund the cost of the restoration, and (iv) Tenant does not have "business interruption" or "business continuation" insurance, Base Rent shall be reduced to the amount being paid by Tenant from immediately prior to the date increase thereof in accordance with Section 7.3(c) until such time as Landlord completes the restoration of such occupancy). “Untenantable” means that Tenant's Proposed Project at which time Base Rent shall again increase to the amount Tenant shall would be unable to occupy and shall paying had the damage not be occupying the Premises or the applicable portion thereof for the conduct of business ordinarily conducted in the Premises as a result of the Casualtyoccurred.

Appears in 1 contract

Sources: Triple Net Lease Agreement (Cross Continent Auto Retailers Inc M&l)

FIRE OR CASUALTY. (a) If any portion of the Building, Project (including the Premises or access to them Premises) shall be partially or totally damaged or destroyed by fire fire, flood, earthquake or other casualty (eachcasualty, a “Casualty”) and if this Lease is not terminated as provided below, then Landlord shall (subject to the terms and provisions of this Paragraph 9) repair and restore the Premises and the portions of the Building servicing the Premises to substantially their condition prior to such fire or other casualty same (the Required Landlord’s Restoration Work”) with reasonable dispatch promptness to substantially the condition existing prior to the casualty, except for modifications required by zoning and diligently prosecute such repair building codes and restoration to completionother Laws then in effect, and except as otherwise provided below. In no event shall Landlord be required to repair or replace Tenant’s leasehold improvementsIf Tenant is prevented from using, merchandise, trade fixtures, furnishings, equipment and does not use the Parking Garage as a result of any damage by fire or other personal propertycasualty but Tenant is occupying and using the Premises, then Landlord shall, upon written request from Tenant, use commercially reasonable efforts to provide Tenant with reasonable alternate parking, which alternate parking shall include, if outside the Project, a commercially reasonable shuttle service from such alternate parking location to the Project, until such time as the damage to the Parking Garage is substantially completed; provided further, however, if Landlord is unable to provide reasonable alternate parking to Tenant within ten (10) Business Days, then Tenant may procure its own alternate parking and Landlord shall, promptly upon being invoiced therefore, reimburse Tenant for the reasonable cost thereof including the cost of a commercially reasonable shuttle service from such alternate parking location to the Project, provided, however, Landlord’s reimbursement obligation shall be limited to $25,000 per calendar month (prorated on a per diem basis) and Tenant shall be responsible for any costs in excess of such cap. (b) If If, as a result of any such damage, all or any portion of the Premises or Project is rendered Untenantable (as defined below), then Landlord, within forty-five (45) days after the occurrence of any such damage, or as soon as reasonably possible thereafter (but in any event within seventy-five (75) days after the occurrence of such damage), shall cause to be delivered to Tenant an estimate (“Restoration Estimate”), prepared by a qualified, independent, experienced and reputable architect and/or general contractor and addressed to Tenant, of the number of days (assuming no unusual delays in the receipt of insurance proceeds, no overtime or other premiums, and no Force Majeure Delays (as defined in Paragraph 19(w))), measured from the date of the casualty, that will be required for Landlord to substantially complete the repair and restoration of (i) all portions of the Common Areas in or surrounding the Premises or on any part of any floor which is leased to Tenant, (ii) those components of the Common Areas consisting of the Building Systems and equipment which serve the Premises, (iii) the main lobby and the Building pedestrian entrances, (iv) the Parking Garage, (v) the base building shell in warm shell condition, and (vi) to the extent required to render the Premises tenantable, any other portion of the Project (“Landlord’s Basic Restoration Work”). If the aforesaid Restoration Estimate exceeds twelve (12) months from the date of such Restoration Estimate, and if as a result of such fire or other casualty a material portion of the Premises shall be rendered Untenantable, then Tenant may elect to terminate this Lease by notifying Landlord in writing of such termination no later than the thirtieth (30th) day following Tenant’s receipt of such Restoration Estimate from Landlord. If (i) the aforesaid Restoration Estimate exceeds ninety (90) days, (ii) such fire or casualty affects the Phase I Premises, and (iii) the fire or casualty shall have occurred within one (1) year of the Phase I Premises Termination Date (as the same may be extended by the parties), then either Landlord or Tenant may elect to terminate this Lease with respect to the Phase I Premises by notifying the other in writing of such termination no later than (a) the thirtieth (30th) day following Tenant’s receipt of such Restoration Estimate from Landlord if Tenant shall so terminate the Lease with respect to the Phase I Premises, and (b) the earlier of the thirtieth (30th) day following Landlord’s delivery of said Restoration Estimate to Tenant and the ninetieth (90th) day after such fire or other casualty, if Landlord shall terminate this Lease with respect to the Phase I Premises. If (i) the aforesaid Restoration Estimate exceeds ninety (90) days, (ii) such fire or casualty affects the Phase II Premises, and (iii) the fire or casualty shall have occurred within one (1) year of the Phase II Premises Termination Date (as the same may be extended by the parties), then either Landlord or Tenant may elect to terminate this Lease with respect to the Phase II Premises by notifying the other in writing of such termination no later than (a) the thirtieth (30th) day following Tenant’s receipt of such Restoration Estimate from Landlord if Tenant shall so terminate the Lease with respect to the Phase II Premises, and (b) the earlier of the thirtieth (30th) day following Landlord’s delivery of said Restoration Estimate to Tenant and the ninetieth (90th) day after such fire or other casualty, if Landlord shall terminate this Lease with respect to the Phase II Premises. If (i) the aforesaid estimate exceeds ninety (90) days, (ii) such fire or casualty affects the Phase III Premises, and (iii) the fire or casualty shall have occurred within one (1) year of the Phase III Premises Termination Date (as the same may be extended by the parties), then either Landlord or Tenant may elect to terminate this Lease with respect to the Phase III Premises by notifying the other in writing of such termination no later than (a) the thirtieth (30th) day following Tenant’s receipt of such estimate from Landlord if Tenant shall so terminate the Lease with respect to the Phase III Premises, and (b) the earlier of the thirtieth (30th) day following Landlord’s delivery of said estimate to Tenant and the ninetieth (90th) day after such fire or other casualty, if Landlord shall terminate this Lease with respect to the Phase III Premises. (c) If as a result of any fire or other casualty the Building is damaged such that a material portion of the Rentable Area in the Building shall be rendered Untenantable (which may include Untenantability resulting from the inability to provide Building services to such Rentable Area as hereafter defined) by reason a result of a Casualty, the Basic Rental and all additional rent attributable damage to the Project), irrespective of whether, as a result of any such damage, all or any portion of the Premises is rendered Untenantable, then Landlord, within seventy-five (75) days after the occurrence of any such damage, shall cause to be delivered to Tenant an estimate, prepared by a qualified, independent, experienced and reputable architect and/or general contractor, of the number of days (assuming no unusual delays in the receipt of insurance proceeds, no overtime or portion thereof which is Untenantable shall be abated for the period other premiums, and no Force Majeure Delays), measured from the date of the Casualty casualty, that will be required for Landlord to substantially complete and repair the restoration of the Project. If the aforesaid estimate exceeds twelve (12) months, then, provided that as a result of such fire or other casualty leases covering not less than 100% of the Rentable Area of the Building then subject to lease (excluding the Premises) shall also be terminated, Landlord may elect to terminate this Lease by notifying Tenant in writing of such termination concurrently with Landlord’s delivery of said estimate to Tenant as hereinabove provided. (d) Any termination notice delivered pursuant to this Paragraph 9 shall be effective on the date of its delivery. (e) Landlord and Tenant each agree that the rights and remedies provided in this Paragraph 9 shall be their sole rights and remedies on account of any damage caused by fire or other casualty, and, except as expressly provided in this Paragraph 9, (a) each party waives any right to terminate this Lease or account thereof, (b) Tenant waives any right to an abatement of rent on account thereof, and (c) each party waives any right to recover damage from the other party on account of any such damage to the earlier Premises or Project. (f) Unless this Lease is terminated as provided in this ▇▇▇▇▇▇▇▇▇ ▇, ▇▇▇▇▇▇▇▇ shall proceed with reasonable diligence and promptness, given the nature of the damage to be repaired, to complete Landlord’s Basic Restoration Work, all subject to reasonable delays for insurance adjustments, zoning laws, building codes, and other Laws then in effect and Force Majeure Delays. Notwithstanding anything to the contrary herein set forth, Landlord shall not have any duty pursuant to this Paragraph 9 or otherwise to repair or restore any of the initial leasehold improvements or Tenant Improvements constructed by Tenant pursuant to Exhibits B-1, B-2 and B-3 or any subsequent Alterations constructed pursuant to Paragraph 4 or to Tenant’s equipment, furniture, furnishings, or personal property (as any of the same may have been altered prior to the occurrence of such casualty). Unless this Lease is terminated as provided in this Paragraph 9, if and to the extent that any damaged leasehold improvements or Tenant Improvements must be removed in order for Landlord to prosecute Landlord’s Basic Restoration Work or to eliminate any hazard or nuisance resulting from such damaged leasehold improvements or Tenant Improvements, then, after Landlord gives Tenant access for that purpose, Tenant shall proceed with reasonable diligence, given the nature of the work, to remove such damaged leasehold improvements or Tenant Improvements in accordance with applicable Laws, subject to reasonable delays for insurance adjustments and Force Majeure Delays. Unless this Lease is terminated as provided in this Paragraph 9, in the event of any loss or damage to the Premises by reason of fire or other casualty, Tenant shall restore the Tenant Improvements to a functional, safe, lawful and tenantable condition, but Tenant shall otherwise have no duty or obligation to restore any of the leasehold improvements, equipment, furniture, furnishings or personal property therein. Tenant shall proceed with reasonable diligence, given the nature of the work, to effect such restoration in a good and workmanlike manner and in accordance with applicable Laws, subject to Force Majeure Delays. If this Lease is terminated as provided in this ▇▇▇▇▇▇▇▇▇ ▇, ▇▇▇▇▇▇, no later than the expiration or sooner termination of this Lease, shall remove the damaged leasehold improvements or Tenant Improvements to the extent required by applicable Laws (unless the Building is to be razed and/or demolished, in which case Tenant shall have no obligation to remove any such improvements). All of such work shall be done by Tenant at Tenant’s sole cost and expense. (g) The parties acknowledge that in the event of any loss or damage to the Premises, Building, or Project (or any equipment, fixtures, furnishings or personal property therein) from fire or other casualty, Landlord shall be entitled to the full proceeds of any insurance coverage carried by Landlord in connection with such loss or damage, and Tenant shall be entitled to the full proceeds of any insurance coverage carried by Tenant in connection with such loss or damage. (h) Notwithstanding any provision in this Lease to the contrary, Landlord shall not be liable for any loss of business, inconvenience or annoyance arising from any repair, restoration or rehabilitation of any portion of the Premises, Building or the Project as a result of any damage from fire or other casualty. (i) If any fire or casualty damage to the Premises, Building or to the Project renders all or any portion of the Premises Untenantable, then Base Rent and Additional Rent under this Lease shall ▇▇▇▇▇ with respect to the Untenantable space during the period beginning with the date which is ninety such space becomes Untenantable and Tenant ceases to use such space for the normal conduct of its business and ending when: (90A) days Landlord shall have substantially completed (as hereinafter defined) Landlord’s Basic Restoration Work and delivered the applicable previously Untenantable space to Tenant; and (B) there shall have elapsed a period of time (not to exceed 180 days) sufficient for Tenant, commencing after Landlord shall have provided Tenant with access to the Premises (and provided that the Landlord’s Basic Restoration Work is substantially completed or that the Premises is then otherwise in condition reasonably suitable for Tenant to perform construction and restoration work therein) for that purpose and proceeding with reasonable commercial diligence, to (a) complete the Tenant Improvements pursuant to the terms of Exhibits ▇-▇, ▇-▇ and B-3, if such portion thereof are no longer Untenantable casualty shall have occurred prior to the completion of such Tenant Improvements, or (b) restore the Tenant Improvements to the condition existing prior to the casualty, or to such other condition as Tenant shall elect as hereinabove provided, if such casualty shall have occurred on or subsequent to the completion of the Tenant Improvements in the Premises (it being agreed that if Tenant is given access to the Premises as provided in this clause (ii) prior to Landlord’s substantial completion of Landlord’s Basic Restoration Work, then the parties shall reasonably cooperate with each other in connection with the respective work being performed by each party). However, if Tenant shall sooner reoccupy such space or any portion thereof for the ordinary conduct of its business, then such abatement shall thereupon end with respect to such space or portion thereof. Such abatement shall be in an amount bearing the same ratio to the total amount of such Base Rent and Additional Rent for such period as the portion of the Rentable Area of the Premises rendered Untenantable bears to the Rentable Area of the entire Premises. If this Lease terminates pursuant to this Paragraph 9, Base Rent and Additional Rent shall be apportioned on a per diem basis and be paid to the date of the fire or casualty with appropriate adjustment for the portion of the Premises that Tenant reoccupies continues to occupy to conduct its business from the date of the fire or casualty until said termination. For purposes of clause (A) above, the Landlord’s Basic Restoration Work shall be deemed to have been “substantially completed” as of the date of such portion “substantial completion” identified in a written certification to Tenant from a qualified, independent, experienced and reputable architect, being the date (which date shall not be earlier than three (3) Business Days prior to the date on which such certification is delivered to Tenant) that such architect shall have determined that, in such architect’s professional judgment, the Landlord’s Basic Restoration Work has been completed in accordance with the plans and specifications therefore and all Laws, subject only to minor finish-out and “punch-list” items that shall not interfere with Tenant’s use of the Premises for the ordinary conduct of business (purposes set forth in which case the Basic Rental and the additional rent allocable to such reoccupied portion shall be payable by Tenant from the date of such occupancy). “Untenantable” means that Tenant shall be unable to occupy Lease and shall not be occupying prevent Landlord from complying with its duties and obligations under the Premises Lease. (j) If Landlord does not complete Landlord’s Basic Restoration Work by the lapse of a period of time after such fire or other casualty equal to the applicable portion thereof for following (the conduct “Outside Restoration Period”): (i) if the initial estimate by the architect did not give rise to a right of business ordinarily conducted in termination pursuant to Paragraph 9(b), then the Premises as a result lesser of (x) 125% of the Casualty.number of days of restoration initially estimated by the architect pursuant to Paragraph 9(b) and (y) fifteen (15) months; (ii) if the party or parties having such right of termination shall have waived such right of termination, then the lesser of (x) 125% of the number of days of restoration initially estimated by the architect pursuant to Paragraph 9(b) and (y) two (2) years then Tenant shall have the right to terminate the Lease by delivery of written notice of such election to Landlord following the expiration of the Outside Restoration Period until such time as Landlord substantially completes the Basic Restoration Work. If Tenant timely elects to terminate this Lease pursuant to this Paragraph 9(j), Tenant’s notice of termination shall set forth the date upon which this Lease shall terminate, which date shall be any date within the 120 day period following the date on which it shall have delivered such

Appears in 1 contract

Sources: Office Lease (Salesforce Com Inc)

FIRE OR CASUALTY. (a) If In the Building, event the Premises or access to them Building shall be partially destroyed, or totally damaged so damaged, or destroyed injured by fire or other casualty (each, a “Casualty”) and if during the term of this Lease is whereby the same shall be rendered untenantable, the LESSOR shall have the right to render such Building tenantable by repairs within one hundred eighty (180) days therefrom. If said Premises are not terminated as provided belowrendered tenantable within said time, then Landlord it shall repair be optional with either party hereto to cancel this Lease, and restore in the Premises event of such cancellation, the rent and pro rata expenses shall be paid only to the portions date of the Building servicing the Premises to substantially their condition prior to such fire or other casualty (casualty. The cancellation herein mentioned shall be evidenced in writing. During any time that the “Required Restoration Work”) with reasonable dispatch Leased Premises are untenantable due to causes set forth in this Section, the rent and diligently prosecute such repair pro rata expenses or a just and restoration to completionfair proportion thereof shall be abated. LESSOR shall not restore fixtures and improvements installed by LESSEE either at the commencement of the Lease or during the leasehold term. In no the event LESSOR renders the Building tenantable as provided herein, LESSOR shall Landlord be required to repair or replace Tenant’s leasehold improvements, merchandise, trade fixtures, furnishings, equipment or other personal property. restore the Leased Premises to tenantable condition per the original Lessor's Work Letter (bExhibit D) If all or part of the Premises shall be rendered Untenantable (as hereafter defined) by reason of a Casualty, the Basic Rental and all additional rent attributable to the Premises or portion thereof which is Untenantable shall be abated for the period from the date of the Casualty to the earlier of (i) the date which is within ninety (90) days after of settlement of Insurance company of Lessor on the Premises or such portion thereof are no longer Untenantable or Building. In the event of the abatement of rent and pro rata expenses as provided herein, said payment shall commence ninety (ii90) days following the date Tenant reoccupies such portion upon which a Certificate of Occupancy is issued by the Premises for City of West Palm Beach on the ordinary conduct of business (in which case the Basic Rental and the additional rent allocable to such reoccupied portion shall be payable by Tenant from Building or the date of such occupancy). “Untenantable” means that Tenant , whichever shall be unable to occupy and shall not be occupying the Premises or the applicable portion thereof for the conduct of business ordinarily conducted in the Premises as a result of the Casualty.first occur

Appears in 1 contract

Sources: Standard Office Building Lease (Newsmax Media Inc)

FIRE OR CASUALTY. (a) If the Building, all or any part of the Premises or access to them shall be partially or totally is damaged or destroyed by fire or other casualty casualty, Tenant shall immediately notify Landlord in writing. In the event of a fire or other casualty, Landlord shall have the right to terminate this Lease if: (each1) the Building shall be damaged so that, a “Casualty”in Landlord’s reasonable judgment, substantial alteration or reconstruction of the Building shall be required (whether or not the Premises has been damaged) and if leases for 80% of the other tenants of the Building also are terminated; (2) Landlord is not permitted by Law to rebuild the Building in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than two (2) years of the Term remaining as of the date of the fire or other casualty; (4) a Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt (in which event Landlord shall elect to terminate this Lease); or (5) a material uninsured loss to the Building occurs. Landlord may exercise its right to terminate this Lease is by notifying Tenant in writing within ninety (90) days after the date of the fire or other casualty. If Landlord does not terminated as provided belowterminate this Lease, then Landlord shall commence and proceed with reasonable diligence to repair and restore the Premises Building and the portions of the Building servicing the Premises to substantially their condition prior to such fire or other casualty (the “Required Restoration Work”) with reasonable dispatch and diligently prosecute such repair and restoration to completionexcluding any Alterations performed by Tenant). In However, in no event shall Landlord be required to repair spend more than the insurance proceeds actually received by Landlord. In the event of a fire or replace other casualty that materially damages the Premises, until the restoration of the Premises is substantially completed or would have been substantially completed but for a delay caused by Tenant, Base Rent, Tenant’s leasehold improvementsPro Rata Share of the Expenses, merchandiseTenant’s Pro Rata Laboratory Share of the Laboratory Expenses, trade fixturesTenant’s Pro Rata Share of the Taxes and the Amenity Fee shall be abated in the proportion by which the area of the part of the Premises which is not usable (or accessible) and is not used by Tenant as a result of such fire or casualty bears to the total area of the Premises. Effective as the date that Landlord delivers written notice to Tenant of the substantial completion of the restoration of the Premises, furnishings, equipment such abatement shall cease. Landlord shall not be liable for any loss or damage to Tenant’s Property or to the business of Tenant resulting in any way from any such fire or other personal property. (b) If all casualty, or part from the repair and restoration of the damage. Landlord and Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that their respective rights for damage to or destruction of the Premises shall be rendered Untenantable (as hereafter defined) by reason of a Casualty, the Basic Rental and all additional rent attributable to the Premises or portion thereof which is Untenantable shall be abated for the period from the date of the Casualty to the earlier of (i) the date which is ninety (90) days after the Premises or such portion thereof are no longer Untenantable or (ii) the date Tenant reoccupies such portion of the Premises for the ordinary conduct of business (those specifically provided in which case the Basic Rental and the additional rent allocable to such reoccupied portion shall be payable by Tenant from the date of such occupancy). “Untenantable” means that Tenant shall be unable to occupy and shall not be occupying the Premises or the applicable portion thereof for the conduct of business ordinarily conducted in the Premises as a result of the Casualtythis Lease.

Appears in 1 contract

Sources: Lease (Vor Biopharma Inc.)

FIRE OR CASUALTY. (a) If Subject to the Buildingprovisions of this Paragraph 9, in the Premises event the Premises, or access to them shall be thereto, is wholly or partially or totally damaged or destroyed by fire or other casualty (eachcasualty, a “Casualty”) and if this Lease is not terminated as provided below, then Landlord shall (to the extent permitted by Law and covenants, conditions and restrictions then applicable to the Project) rebuild, repair and or restore the Premises and access thereto to substantially the portions same condition as existing immediately prior to such destruction (excluding Tenant’s Alterations, trade fixtures, equipment and personal property, which Tenant shall be required to restore, except as provided in Paragraph 9(b) below) and this Lease shall continue in full force and effect. Notwithstanding the foregoing, Landlord’s obligation to rebuild, repair or restore the Premises shall not apply to any personal property or other similar items installed or contained in the Premises. (b) To the extent Landlord does not have actual knowledge of same, Tenant shall promptly notify Landlord of any damage to the Premises resulting from fire or any other casualty. If the Premises, the base building or any Common Areas serving or providing access to the Premises or adjacent parking structure shall be damaged by fire or other casualty, Landlord shall promptly and diligently, subject to reasonable delays for insurance adjustment or other matters beyond Landlord’s reasonable control, and subject to all other terms of this Paragraph 9(b), restore the base building and such Common Areas. Such restoration shall be to substantially the same condition of the base building and the Common Areas prior to the casualty, except for modifications required by zoning and building codes and other applicable Laws or by the holder of a mortgage on the Building servicing or Project or any other modifications to the Common Areas deemed reasonably desirable by Landlord, which are consistent with the character of the Project, provided that access to the Premises, the adjacent parking structure and any common restrooms serving the Premises shall not be materially impaired. Upon the occurrence of any damage to substantially the Premises, upon notice (the “Landlord Repair Notice”) to Tenant from Landlord, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Tenant’s insurance required under Paragraph 8(d)(i)(E) of this Lease, and Landlord shall repair any injury or damage to the Tenant Improvements and Alterations installed in the Premises and shall return such Tenant Improvements and Alterations to their condition original condition; provided that if the actual cost of such repair by Landlord (based on competitive pricing without any profit or ▇▇▇▇-up to Landlord or its affiliates but subject to Landlord’s reasonable, actual out-of-pocket management fee) exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as assigned by Tenant, the excess cost of such repairs shall be paid by Tenant to Landlord on a progress payment basis during Landlord’s repair of the damage. Tenant’s insurance proceeds shall be disbursed for all costs and expenses incurred by Landlord in connection with the repair of any such damage to the Tenant Improvements and Alterations pursuant to a disbursement procedure mutually approved by Landlord and Tenant. As long as the Tenant Improvements and Alterations in the Premises are rebuilt, Tenant shall be entitled to retain any portion of the proceeds of its insurance described in Paragraph 8(d)(i) in excess of the cost of such restoration. Landlord shall use commercially reasonable efforts to minimize any such inconvenience, annoyance or interference to Tenant resulting from Landlord’s repair of any damage. In the event that Landlord does not deliver the Landlord Repair Notice within sixty (60) days following the date the casualty becomes known to Landlord, if this Lease does not terminate pursuant to this ▇▇▇▇▇▇▇▇▇ ▇, ▇▇▇▇▇▇ shall, at its sole cost and expense, repair any injury or damage to the Tenant Improvements and the Alterations installed in the Premises and shall return such Tenant Improvements and Alterations to their original condition. Whether or not Landlord delivers a Landlord Repair Notice, prior to the commencement of construction, if this Lease does not terminate pursuant to Paragraph 9 below or for any other reason, Tenant shall submit to Landlord, for Landlord’s review and approval, all plans, specifications and working drawings relating thereto, and Landlord shall select the non-affiliated independent third party contractors to perform such improvement work. Landlord shall not be liable for any inconvenience or annoyance to Tenant or the Tenant parties, or injury to Tenant’s business resulting in any way from such damage or the repair thereof; provided however, that if such fire or other casualty shall have damaged the Premises or Common Areas necessary for Tenant to reasonably conduct Tenant’s permitted use, and the Premises (or a portion thereof) are not occupied by Tenant as a result thereof, then during the time and to the extent the Premises are unfit for the permitted use, the Rent shall be abated (including, in the event that Tenant performs such repairs, abatement during a commercially reasonable period of build-out time (not to exceed ninety (90) days plus sixty (60) days for planning and permitting) and a weekend to move-in) in proportion to the ratio that the amount of rentable square feet of the Premises which is unfit for the permitted use bears to the total rentable square feet of the Premises; provided, further, if the Premises is damaged such that the remaining portion thereof is not sufficient to allow Tenant to conduct its business operations from such remaining portion and Tenant does not conduct its business operations therefrom, Landlord shall allow Tenant a total abatement of Rent during the time and to the extent the Premises are unfit for occupancy for the permitted use, and not occupied by Tenant as a result of the subject damage (including, in the event that Tenant performs such repairs, abatement during a commercially reasonable period of build-out time (not to exceed ninety (90) days plus sixty (60) days for planning and permitting) and a weekend to move-in). In the event that Landlord shall not deliver the Landlord Repair Notice, Tenant’s right to rent abatement pursuant to the preceding sentence shall terminate as of the date Tenant should have completed repairs to the Premises assuming Tenant used reasonable due diligence in connection therewith. Notwithstanding the terms of Paragraph 9 of this Lease above, Landlord may elect not to rebuild and/or restore the Premises, Building and/or Project, and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after the date of discovery of the damage, such notice to include a termination date giving Tenant ninety (90) days to vacate the Premises, but Landlord may so elect only if (a) the Building or Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, (b) Landlord elects to terminate the leases of all other tenants of the Project similarly affected by the damage and destruction and (c) one or more of the following conditions is present: (i) in Landlord’s reasonable judgment, repairs cannot reasonably be completed within three hundred sixty-five (365) days after the date of discovery of the damage (when such repairs are made without the payment of overtime or other premiums); (ii) the holder of any mortgage on the Building or Project or ground lessor with respect to the Building or Project shall require that the insurance proceeds or any portion thereof in excess of the “Landlord Contribution,” as that term is defined below, be used to retire the mortgage debt, or shall terminate the ground lease, as the case may be; (iii) the damage is not fully covered, except for the Landlord Contribution, by Landlord’s insurance policies (or by the insurance Landlord is required to carry under this Lease); or (iv) if, after good-faith due diligent efforts, Landlord has not obtained appropriate governmental approvals for reconstruction of the Project, Building or Premises; provided, however, that if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and the repairs cannot, in the reasonable opinion of a licensed architect or contractor reasonably selected by Landlord (the “Required Restoration WorkEstimate), be completed within three hundred sixty-five (365) with reasonable dispatch and diligently prosecute such repair and restoration days after the damage or destruction is discovered (which period shall be subject to completion. In no extension for up to sixty (60) days as a result of an event shall of force majeure), Tenant may, within thirty (30) days following Landlord’s election to rebuild and/or restore the Premises, Building and/or Project, elect to terminate this Lease by written notice to Landlord be required to repair or replace Tenant’s leasehold improvements, merchandise, trade fixtures, furnishings, equipment or other personal property. (b) If all or part effective as of the Premises date specified in the notice, which date shall not be rendered Untenantable less than thirty (as hereafter defined30) by reason of a Casualty, the Basic Rental and all additional rent attributable to the Premises or portion thereof which is Untenantable shall be abated for the period from the date of the Casualty to the earlier of (i) the date which is days nor more than ninety (90) days after the Premises or date such portion thereof are no longer Untenantable or (ii) the date notice is given by Tenant. Furthermore, if neither Landlord nor Tenant reoccupies such portion of the Premises for the ordinary conduct of business (in which case the Basic Rental has terminated this Lease, and the additional rent allocable to such reoccupied portion shall be payable by Tenant from repairs are not actually completed within the date later of such occupancy). “Untenantable” means that Tenant shall be unable to occupy and shall not be occupying the Premises or the applicable portion thereof for the conduct of business ordinarily conducted in the Premises as a result of the Casualty.three

Appears in 1 contract

Sources: Office Lease (Honest Company, Inc.)

FIRE OR CASUALTY. (a) If the Building, Building or the Premises or access to them shall be partially or totally damaged or destroyed or rendered untenantable by fire or other casualty cause at any time during the first ten (each10) Calendar Years of the Term, a “Casualty”) and if this Lease is not terminated as provided below, then Landlord shall be obligated and shall proceed with reasonable diligence to repair the damage and restore and rebuild the Building and the Premises and the portions of the Building servicing the Premises to substantially their condition prior to such fire or other casualty (the “Required Restoration Work”) with reasonable dispatch and diligently prosecute such repair and restoration to completion. In no event at its expense as promptly as reasonably practicable; provided, however, that Landlord shall Landlord not be required to repair or replace Tenant’s leasehold improvementsany property required to be insured by Tenant pursuant to Paragraph 11.B.(2). In the event Landlord is obligated pursuant hereto to restore and rebuild the Premises, merchandiseor any portion thereof, trade fixtures, furnishings, equipment as a result of a fire or other personal property. (b) cause, Landlord shall be obligated to restore or rebuild those portions of the improvements in the Premises or the affected portion thereof, which would be Landlord's property upon termination of the Lease to the condition they were in immediately prior to such damage or destruction, except that the replacement items shall be new rather than used. If the Premises, or any portion thereof, shall be rendered untenantable as a result of fire or other cause, all or part of Rents payable hereunder shall be equitably abated to the extent that the Premises shall have been rendered untenantable, such abatement to be rendered Untenantable (as hereafter defined) by reason of a Casualty, the Basic Rental and all additional rent attributable to the Premises or portion thereof which is Untenantable shall be abated for the period from the date of the Casualty such damage or destruction to the earlier of (i) Premises to the date which is ninety (90) days after the Premises or such portion thereof are no longer Untenantable or (ii) the date Tenant reoccupies such portion of the Premises for the ordinary conduct of business (in which case the Basic Rental and the additional rent allocable to such reoccupied portion shall be payable by Tenant from the date of such occupancy). “Untenantable” means that Tenant shall be unable to occupy and shall not be occupying the Premises or the applicable portion thereof for the conduct of business ordinarily conducted in the Premises as a result of the Casualtyuntenantable.

Appears in 1 contract

Sources: Lease (Bcom3 Group Inc)

FIRE OR CASUALTY. (a) If the Building, Building or the Premises or access to them shall be partially or totally damaged or destroyed or rendered untenantable by fire or other casualty cause at airy time during the first ten (each10) Calendar Years of the Term, a “Casualty”) and if this Lease is not terminated as provided below, then Landlord shall be obligated and shall proceed with reasonable diligence to repair the damage and restore and rebuild the Building and the Premises and the portions of the Building servicing the Premises to substantially their condition prior to such fire or other casualty (the “Required Restoration Work”) with reasonable dispatch and diligently prosecute such repair and restoration to completion. In no event at its expense as promptly as reasonably practicable; provided, however, that Landlord shall Landlord not be required to repair or replace Tenant’s leasehold improvementsany property required to be insured by Tenant pursuant to Paragraph 11 B.(2). In the event Landlord is obligated pursuant hereto to restore and rebuild the Premises, merchandiseor any portion thereof, trade fixtures, furnishings, equipment as a result of a fire or other personal property. (b) cause, Landlord shall be obligated to restore or rebuild those portions of the improvements in the Premises or the affected portion thereof, which would be L property upon termination of the Lease to the condition they were in immediately prior to such d or destruction, except that the replacement items shall be new rather than used. If the Premises, or any portion thereof, shall be rendered untenantable as a result of fire or other cause, all or part of Rents payable hereunder shall be equitably abated to the extent that the Premises shall have been rendered untenantable, such abatement to be rendered Untenantable (as hereafter defined) by reason of a Casualty, the Basic Rental and all additional rent attributable to the Premises or portion thereof which is Untenantable shall be abated for the period from the date of the Casualty such damage or destruction to the earlier of (i) Premises to the date which is ninety the Premises are no longer untenantable. If, at any lime after the first ten (9010) years Calendar Years of the Term, less than 50% of the Building shall be rendered untenantable by fire or other casualty, Landlord shall be obligated and shall proceed with reasonable diligence to repair the damage and restore and rebuild the Building and the Premises at its expense; provided, however, that Landlord shall not be required to repair or replace any property required to be insured by Tenant pursuant to Paragraph 11 .B.(2). If, at any time after the first ten (10) Calendar Years of the Term, 50% or more of the Premises or the Building shall be rendered untenantable or inaccessible by fire or other casualty, Landlord shall notify Tenant within one hundred twenty (120) days after the Premises date of such fire or such portion thereof are no longer Untenantable or (ii) the date Tenant reoccupies such portion other casualty of the Premises Landlord’s reasonable estimate for the ordinary conduct amount of business (in which case the Basic Rental and the additional rent allocable to such reoccupied portion shall be payable by Tenant time from the date of such occupancyfire or other casualty necessary to make the required repairs and tender the Premises to Tenant (the “Rebuild Notice”). Provided Tenant is not in default hereunder (beyond any applicable cure period), Tenant may, upon notice to Landlord within thirty (30) days after Tenant’s receipt of the Rebuild Notice, obligate Landlord to repair the damage and restore the Premises at Landlord’s e (the Untenantable” means Obligation Notice”) as promptly as reasonably practicable; provided, however, that Tenant’s Obligation Notice shall be effective only if at the time of service of such notice, the following conditions (the Rebuild Conditions”) shall be satisfied: A. Tenant shall exercise its option on the first Extension Term as provided in Paragraph 34 of this Lease; provided, however, that the term of such first Extension Term shall be unable increased to occupy the extent necessary to extend the Term of this Lease so that there shall be a total of ten (10) years remaining in the Term of the Lease (measured from the date Landlord delivers the restored Premises to Tenant); and B. Tenant shall waive its contraction options under Paragraph 31 of this Lease. Provided the Obligation Notice is effective, Landlord shall be obligated and shall proceed with reasonable diligence to repair the damage and restore and rebuild the Building and the Premises at Landlord’s expense; provided, however, that Landlord shall not be occupying required to repair or replace any property required to be insured by Tenant pursuant to Paragraph l1.B.(2). If Tenant does not provide Landlord with the Premises or the applicable portion thereof for the conduct Obligation Notice within thirty (30) days of business ordinarily conducted in the Premises as a result Tenant’s receipt of the CasualtyRebuild Notice, Landlord shall have no obligation to rebuild the Premises, and Landlord may, at its option, terminate this Lease by giving written notice thereof to Tenant. In the event that such notice of termination shall be given, this Lease shall terminate as of the date provided in such notice of termination with the same effect as if that date were the expiration date of the Term. Any dispute which may arise between the parties with respect to the meaning or application of any of the provisions of this Paragraph 12 shall be determined by a partner at an architectural firm acceptable to Landlord and Tenant whose fees and expenses shall be borne equally by Landlord and Tenant (“Architect”). If Landlord and Tenant cannot agree on an Architect, then each shall select an architect and the two architects shall select a third architect whose decision shall be binding on the parties.

Appears in 1 contract

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

FIRE OR CASUALTY. (a) If Subject to the Buildingprovisions of this Paragraph 9, in the Premises event the Premises, or access to them shall be thereto, is wholly or partially or totally damaged or destroyed by fire or other casualty casualty, Landlord shall (eachto the extent permitted by Law and covenants, a conditions and restrictions then applicable to the Project) rebuild, repair or restore the Premises and access thereto (collectively, CasualtyRestoration”) to substantially the same condition as existing immediately prior to such destruction (excluding Tenant’s Alterations, trade fixtures, equipment and personal property, which Tenant shall be required to restore) and this Lease shall continue in full force and effect. Notwithstanding the foregoing, (i) Landlord’s obligation to rebuild, repair or restore the Premises shall not apply to any Tenant’s personal property and fixtures, and above-standard tenant improvements (except for the internal staircase), and (ii) Landlord shall have no obligation whatsoever to rebuild, repair or restore the Premises with respect to any damage or destruction occurring during the last twelve (12) months of the term of this Lease. (b) Landlord may elect to terminate this Lease in any of the following cases of damage or destruction to the Premises, the Building or the Project: (i) where, in the case of any damage or destruction to any portion of the Building or the Project by uninsured casualty, the cost of Restoration of the Building or the Project, in the reasonable opinion of Landlord, exceeds $7,135,740; or (ii) if Landlord has not obtained appropriate zoning approvals for reconstruction of the Project, Building or Premises, using commercially reasonable and diligent efforts. Any such termination shall be made by thirty (30) days’ prior written notice to Tenant given within one hundred twenty (120) days of the date of such damage or destruction. Landlord’s termination rights as set forth in this Paragraph 9(c) are in addition to Landlord’s rights under Paragraph 9(b). (c) If all or any portion of the Premises, and no other portion of the Building, is damaged or destroyed by any casualty and if Landlord’s architect or contractor determines that the Premises cannot be rebuilt or made fit for Tenant’s purposes within two hundred seventy (270) days of the damage or destruction (which determination shall be made within thirty (30) days after any substantial damage or destruction), either party may, at its option, terminate this lease by giving the other, within sixty (60) days after such damage or destruction, notice of termination, and thereupon Rent and any other payments for which Tenant is liable under this lease shall be apportioned and paid to the date of such damage, and Tenant shall vacate the Premises within thirty (30) days thereafter, provided, however, that those provisions of this Lease which are designated to cover matters of termination and the period thereafter shall survive the termination hereof. (d) If all or any portion of the Building and the Premises, is damaged or destroyed by any casualty and if Landlord’s architect or contractor determines that the Premises cannot be rebuilt or made fit for Tenant’s purposes within one hundred eighty (180) days of the damage or destruction (which determination shall be made within thirty (30) days after any substantial damage or destruction), either party may, at its option, terminate this lease by giving the other, within sixty (60) days after such damage or destruction, notice of termination, and thereupon Rent and any other payments for which Tenant is liable under this lease shall be apportioned and paid to the date of such damage, and Tenant shall vacate the Premises within thirty (30) days thereafter, provided, however, that those provisions of this Lease which are designated to cover matters of termination and the period thereafter shall survive the termination hereof. Notwithstanding anything to the contrary contained in this Paragraph 9(d), Landlord may only exercise its right to terminate this Lease if Landlord also simultaneously terminates the leases of all other tenants whose space was damaged or destroyed in connection with such casualty. (e) If this Lease is not terminated by Landlord and as provided belowthe result of any damage or destruction, then Landlord the Premises, or a portion thereof, are rendered untenantable, the Rent shall repair ▇▇▇▇▇ reasonably during the period of Restoration (based upon the extent to which such damage and restore Restoration materially interfere with Tenant’s business in the Premises and the portions Premises). This Lease shall be considered an express agreement governing any case of damage to or destruction of the Building servicing the Premises to substantially their condition prior to such fire or other casualty (the “Required Restoration Work”) with reasonable dispatch and diligently prosecute such repair and restoration to completion. In no event shall Landlord be required to repair or replace Tenant’s leasehold improvements, merchandise, trade fixtures, furnishings, equipment or other personal property. (b) If all or part of the Premises shall be rendered Untenantable (as hereafter defined) by reason of a CasualtyPremises, the Basic Rental and all additional rent attributable to the Premises or portion thereof which is Untenantable shall be abated for the period from the date of the Casualty to the earlier of (i) the date which is ninety (90) days after the Premises or such portion thereof are no longer Untenantable or (ii) the date Tenant reoccupies such portion of the Premises for the ordinary conduct of business (in which case the Basic Rental and the additional rent allocable to such reoccupied portion shall be payable by Tenant from the date of such occupancy). “Untenantable” means that Tenant shall be unable to occupy and shall not be occupying the Premises Building or the applicable portion thereof for Project. This Lease sets forth the conduct of business ordinarily conducted terms and conditions upon which this Lease may terminate in the Premises as a result event of the Casualtyany damage or destruction.

Appears in 1 contract

Sources: Office Lease (Carlyle Group L.P.)

FIRE OR CASUALTY. (aIn the event that(a) If the Building, the Premises or access to them shall the Building should be partially or totally so damaged or destroyed by fire or other casualty that rebuilding or repairs cannot be completed within one (each1) year after the date of commencement of reconstruction, a “Casualty”) and if this Lease is not terminated as provided belowdetermined by Landlord, then Landlord shall repair and restore the Premises and the portions of the Building servicing the Premises to substantially their condition prior to such fire or other casualty (the “Required Restoration Work”) with reasonable dispatch and diligently prosecute such repair and restoration to completion. In no event shall Landlord be required to repair or replace Tenant’s leasehold improvements, merchandise, trade fixtures, furnishings, equipment or other personal property. (b) If all or part of the Premises shall be rendered Untenantable so damaged during the last two (as hereafter defined2) by reason years of a Casualty, the Basic Rental and all additional rent attributable Lease Term to the Premises or portion thereof which is Untenantable shall be abated for the period from the date extent that more than thirty percent (30%) of the Casualty to the earlier of (i) the date which area thereof is rendered untenantable, Landlord may at its option terminate this Lease within ninety (90) days after such damage by giving written notice to Tenant, in which event rent shall be abated effective with the date of such damage. If, following any such casualty, Landlord does not terminate this Lease, or in the event of casualty damage of a lesser extent to the Building, Landlord shall, following receipt of insurance proceeds if such proceeds are made available to Landlord by the holder of any mortgage encumbering the Project or the Building, rebuild or repair the Premises or such portion thereof are no longer Untenantable the Building to substantially the same condition in which they were immediately prior to the happening of the fire or other casualty, except that Landlord shall not be required to (i) spend more than the amount of insurance proceeds actually received, or (ii) the date Tenant reoccupies such portion rebuild, repair or replace any part of the furniture, equipment, fixtures and other personal property which may have been placed by Tenant or other tenants within the Building or the Premises. Landlord shall allow Tenant a fair diminution of rental during the time the Premises are unfit for occupancy, and at Landlord's option, the ordinary conduct of business (in which case the Basic Rental and the additional rent allocable to such reoccupied portion Lease Term shall be payable by Tenant from extended for a period equal to the date of such occupancy). “Untenantable” means period that Tenant shall be unable to occupy and shall not be occupying the Premises or the applicable portion thereof are unfit for the conduct of business ordinarily conducted in the Premises as a result of the Casualtyoccupancy.

Appears in 1 contract

Sources: Office Lease (Navarre Corp /Mn/)

FIRE OR CASUALTY. In the event that (a) If the Building, the Premises or access to them shall the Office Building containing the Premises should be partially or totally so damaged or destroyed by fire or other casualty that rebuilding or repairs cannot be completed within one (each1) year after the date of commencement of reconstruction, a “Casualty”) and if this Lease is not terminated as provided belowdetermined by Landlord, then Landlord shall repair and restore the Premises and the portions of the Building servicing the Premises to substantially their condition prior to such fire or other casualty (the “Required Restoration Work”) with reasonable dispatch and diligently prosecute such repair and restoration to completion. In no event shall Landlord be required to repair or replace Tenant’s leasehold improvements, merchandise, trade fixtures, furnishings, equipment or other personal property. (b) If all or part of the Premises shall be rendered Untenantable so damaged during the last two (as hereafter defined2) by reason years of a Casualty, the Basic Rental and all additional rent attributable Lease Term to the Premises or portion thereof which is Untenantable shall be abated for the period from the date extent that more than fifty percent (50%) of the Casualty to the earlier of (i) the date which area thereof is rendered untenantable, Landlord may at its option terminate this Lease within ninety (90) days after the Premises or such portion thereof are no longer Untenantable or (ii) the date Tenant reoccupies such portion of the Premises for the ordinary conduct of business (damage by giving written notice to Tenant, in which case the Basic Rental and the additional event rent allocable to such reoccupied portion shall be payable by Tenant from abated effective with the date of such occupancy)damage. “Untenantable” means that Tenant shall be unable If, following any such casualty, Landlord does not terminate this Lease, or in the event of casualty damage of a lesser extent to occupy and shall not be occupying the Office Building containing the Premises, Landlord shall, following receipt of insurance proceeds, to the extent of such proceeds, rebuild or repair the Premises or the applicable portion thereof for Office Building to substantially the conduct same condition in which they were immediately prior to the happening of business ordinarily conducted in the fire or other casualty, except that Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other personal property which may have been placed by Tenant or other tenants within the Office Building or the Premises. Landlord shall allow Tenant a fair diminution of rental during the time the Premises as are unfit for occupancy and, at Landlord's option, the Lease Term shall be extended for a result of period equal to the Casualtyperiod that the Premises are unfit for occupancy.

Appears in 1 contract

Sources: Office Lease (Westwood Holdings Group Inc)

FIRE OR CASUALTY. (a) If In the Building, event that the Premises Building or access to them the ---------------- Space shall be partially totally or totally substantially damaged or destroyed by fire or other casualty (eachor happening, a “Casualty”) to the extent that the business of the Tenant cannot reasonably be conducted therein and if this Lease such damage cannot be or is not terminated repaired, restored, or rebuilt by the Landlord, as provided belowthe case may be, then Landlord shall repair and restore the Premises and the portions of the Building servicing the Premises to substantially their the same condition as it was immediately prior to such fire damage or destruction within three (3) months after such damage, then either the Landlord or Tenant shall have the option of terminating this Lease by written notice delivered to the other casualty party not later than thirty (30) days following such failure to rebuild; in either event Tenant shall immediately vacate and surrender possession of the “Required Restoration Work”) Space to Landlord. If neither Tenant nor Landlord elects to terminate this Lease, or if the Building or the Space is not damaged to the extent that the damage unreasonably interferes with Tenant's Use, Landlord shall proceed with said repairs with all reasonable dispatch and diligently prosecute such repair and restoration to completion. In diligence, but in no event shall Landlord be required to repair or replace Tenant’s leasehold improvements, merchandise, trade fixtures, furnishings, equipment or other personal property. (b) If all or part of the Premises shall be rendered Untenantable (as hereafter defined) by reason of a Casualty, the Basic Rental and all additional rent attributable to the Premises or portion thereof which is Untenantable shall be abated for the period from the date of the Casualty to the earlier of (i) the date which is repairs exceed ninety (90) days after days. The rent payable hereunder shall entirely ▇▇▇▇▇ in case the Premises Space or such portion thereof are no longer Untenantable the Building is substantially destroyed or (ii) so damaged as to render the date Space untenant- able or not useable or convenient or in a condition for patients of Tenant reoccupies such portion noting the Use of the Premises Space, or ▇▇▇▇▇ proportionately according to the extent of the injury or damage sustained by the Building or the Space, if such is not substantially destroyed or is rendered partially untenantable, until the Building and the Space shall have been restored, repaired, or rebuilt and put in proper condition for the ordinary conduct Use and occupancy of business (Tenant. Landlord agrees to institute such repairs immediately after such damage and to complete the same with due diligence and within a reasonable time as provided in which case the Basic Rental and the additional rent allocable to such reoccupied portion shall be payable by Tenant from the date of such occupancy). “Untenantable” means that Tenant shall be unable to occupy and shall not be occupying the Premises or the applicable portion thereof for the conduct of business ordinarily conducted in the Premises as a result of the Casualtythis Lease.

Appears in 1 contract

Sources: Commercial Lease (Dialysis Corp of America)

FIRE OR CASUALTY. (a) If the Premises, or access to them, are wholly or partially destroyed by fire or other casualty covered by the extended coverage insurance maintained by Landlord for the Building, within ninety (90) days of such destruction, Landlord shall commence to rebuild, repair or restore the Premises and access thereto to substantially the same condition as when the same were furnished to Tenant, excluding any improvements installed by Tenant and this Lease shall continue in full force and effect. If, however, the Building is so damaged or destroyed to the extent of more than one-third of its replacement cost, or to any substantial extent by a casualty not covered by insurance, Landlord, after giving thirty (30) days' notice to Tenant, may elect to terminate this Lease in lieu of so restoring the Premises (or access thereto, as applicable), if Landlord is terminating the leases of a majority of the tenants affected by the casualty. Landlord shall in no event be obligated to make any repairs or replacement of any items other than those items installed by or at the expense of the Landlord at the commencement of the Lease term. If the Premises are rendered totally or partially untenantable by a casualty not caused by Tenant (or its agents or employees) Base Rent shall abate during the period of r▇▇▇▇▇truction based on the ratio the untenantable portion of the Premises bears to the entire Premises. If at any time during the last twelve (12) months of the Lease Term, the Premises or access to them shall be the Premises are wholly or partially or totally damaged or destroyed by fire or other casualty (eachcasualty, a “Casualty”) and if this Lease is not terminated as provided below, then Landlord shall repair and restore the Premises and the portions of the Building servicing the Premises to substantially their condition prior to such fire or other casualty (the “Required Restoration Work”) with reasonable dispatch and diligently prosecute such repair and restoration to completion. In no event shall Landlord be required to repair or replace Tenant’s leasehold improvements, merchandise, trade fixtures, furnishings, equipment or other personal property. (b) If all or part of the Premises shall be rendered Untenantable (as hereafter defined) by reason of a Casualty, the Basic Rental and all additional rent attributable to the Premises or portion thereof which is Untenantable shall be abated for the period from the date of the Casualty to the earlier of (i) the date which is ninety (90) days after the Premises or such portion thereof are no longer Untenantable or (ii) the date extent that Tenant reoccupies such portion of cannot reasonably use and occupy the Premises for the ordinary conduct of business (in which case the Basic Rental Permitted Use, and the additional rent allocable to such reoccupied portion shall be payable by Tenant from the date of such occupancy). “Untenantable” means that Tenant shall be unable to occupy and shall not be occupying the Premises or the applicable portion thereof for the conduct of business ordinarily conducted in the Premises as a result of the Casualty.damage will reasonably take more than sixty

Appears in 1 contract

Sources: Office Lease (Pacifica Bancorp Inc)

FIRE OR CASUALTY. (a) If the Building, the Premises or access to them the Building (including machinery or equipment used in the operation of the Building) shall be partially or totally damaged or destroyed by fire or other casualty, or if by reason of fire or other casualty any essential utility or other service or access which is required by Tenant for the conduct of its business shall be materially curtailed, or if greater than twenty-five percent (each25%) of the Premises is subject to an environmental contamination not caused by Tenant or Tenant's assignee or subtenant or their respective agents, contractors, servants, employees, invitees or licensees, or caused by any equipment or improvements to the Premises installed by or on behalf of Tenant (including without limitation toxic mold or contaminated water or air) such that Tenant is unable to and does not utilize such portion or portions of the Premises for the active conduct of Tenant's business (and without limiting any other applicable right of Tenant relating thereto) (each such event being referred to herein as a "Casualty"), Landlord shall, upon notification of any such event, obtain the written estimate of a reputable contractor selected by Landlord for the time required for restoration and repair, remediation or restoration of service, as applicable. If (1) the damage is of such nature or extent that, in the written estimate of such contractor, more than two hundred seventy (270) consecutive days after commencement of the work would be required (with normal work crews and hours) to repair and restore the part of the Premises or the Building which has been damaged (the "270 Day Repair Condition"), or (2) the 270 Day Repair Condition exists and the damage is so extensive that Landlord determines to permanently close down the office portion of the Building and terminate all tenancies therein, or (3) the damage requires repair to more than fifty percent (50%) of the value of the permanent improvements constituting the Premises (including the Tenant's Work) and less than two (2) years remain on the Term, then Tenant, in the case described in clause (1) above, or Landlord, in the case described in clause (2) above, or either party, in the case described in clause (3) above, shall have the right to terminate this Lease by written notice to the other, as of the date specified in such notice, which termination date shall be no later than sixty (60) days after the date of such notice; provided, however, if Landlord terminates this Lease pursuant to clause (3) above and within thirty (30) days following receipt of Landlord's notice thereof, Tenant agrees to extend the Term hereof by the proper exercise of a Renewal Option, such notice of termination shall be deemed rescinded. In the event of such fire or other casualty, if this Lease is not terminated as provided belowpursuant to the terms of this Paragraph, then or in the event of fire or other casualty not resulting in a right of termination, (A) Landlord shall repair and restore diligently prosecute the Premises and the portions claim against its casualty insurance policy available to Landlord as a result of the Building servicing the Premises to substantially their condition prior to such fire or other casualty or (B) where the “Required Restoration terms of Landlord's Mortgage preclude Landlord from applying the net proceeds of Landlord's casualty insurance policy to the restoration of the Building, Landlord shall diligently pursue the refinancing of said Mortgage on terms and conditions reasonably acceptable to Landlord, which terms and conditions allow for the restoration of the Building. If subclause (B) of the preceding sentence applies and Landlord is unable to obtain such financing within ninety (90) days following the date of the fire or other casualty, then Tenant shall have the right (as its sole remedy against Landlord as a result of said fire or casualty and Landlord's inability to restore the Building and/or Premises) to terminate the Lease by delivering written notice to Landlord and upon such termination neither party shall have any further liability to the other party except for the rights and obligations of Paragraph 24 and the rights and obligations which accrued prior to the date of such fire or casualty. Within as short a period of time as is reasonable following the date on which Landlord either completes its prosecution of the insurance claim or obtains the replacement financing, Landlord shall proceed diligently to restore the Building (including the Premises and improvements thereto, such as the Tenant's Work, but excluding other leaseable space not within the Premises) to substantially its condition prior to the occurrence of the damage, it being agreed by the parties that Landlord shall not be obligated to repair or restore any personal property or trade fixtures of Tenant. If this Lease is not terminated as permitted by this Paragraph, the validity and effect of this Lease shall not be impaired by the failure of Landlord to complete repairs and restoration of the Premises or of the Building within two hundred seventy (270) consecutive days after commencement of work, even if Landlord had estimated in good faith that the repair and restoration could be completed within such period, provided that Landlord proceeds diligently with reasonable dispatch and diligently prosecute such repair and restoration to completion. In no event shall Landlord be required to repair or replace Tenant’s leasehold improvements, merchandise, trade fixtures, furnishings, equipment or other personal propertyrestoration. (b) If all or part Without limiting the provisions of subsection (a) above, in the Premises shall be rendered Untenantable (as hereafter defined) by reason case of a Casualty, or the Basic Rental and all additional rent attributable interruption of the provision of essential utility or other services or the substantial impairment of reasonable access to the Premises (where such interruption or portion thereof impairment continues for a period of five (5) consecutive business days), which is Untenantable shall be abated for the period from the date of the Casualty to the earlier such nature and extent that Tenant's continued occupancy of (i) the date which is ninety (90) days after the Premises or a portion thereof is substantially and materially impaired so as to render same untenantable for Tenant's intended business purposes, and if as a result thereof Tenant is unable to and does not utilize such portion thereof are no longer Untenantable or (ii) the date Tenant reoccupies such portion portions of the Premises for the ordinary active conduct of business (in which case the Basic Rental and the additional rent allocable to such reoccupied portion shall be Tenant's business, all Rent otherwise payable by Tenant from hereunder shall be abated or adjusted, in proportion to the date percentage of the total area of the Premises rendered untenantable, for the duration of such occupancy). “Untenantable” means that interruption or impairment (and thereafter, in the case of damage to the Premises, to the extent reasonably required for Tenant shall be unable to occupy and shall not be occupying re-fixture the Premises or the applicable portion thereof like, for the conduct of business ordinarily conducted in the Premises as a result of the Casualtyup to 30 days to allow such re-fixturing).

Appears in 1 contract

Sources: Lease Agreement (American Business Financial Services Inc /De/)

FIRE OR CASUALTY. (a) 19.1. If the Building, the Premises or access to them shall be the Building are totally or partially or totally damaged or destroyed by fire thereby rendering the Premises totally or other casualty (each, a “Casualty”) and if this Lease is not terminated as provided belowpartially inaccessible or unusable, then Landlord shall diligently repair and restore the Premises and the portions of the Building servicing the Premises to substantially their the same condition they were in prior to such fire damage or other casualty destruction; provided, however, that if (the “Required Restoration Work”a) with in Landlord's reasonable dispatch and diligently prosecute judgment such repair and restoration cannot be completed within two hundred seventy (270) days after the occurrence of such damage or destruction (taking into account the time needed for effecting a satisfactory settlement with any insurance company involved, removal of debris, preparation of plans and issuance of all required governmental permits) or (b) twenty percent (20%) or more of the Premises is damaged and less than six (6) months would remain of the Term or any renewal thereof upon completion of the repairs, then Landlord or Tenant shall have the right, to completionterminate this Lease as of the sixtieth (60th) day after such damage or destruction by giving written notice of termination to the other within forty-five (45) days after the occurrence of such damage or destruction. 19.2. In no event If this Lease is terminated pursuant to Section 19.1 above, then all rent shall be apportioned (based on the portion of the Premises which is usable after such damage or destruction) and paid to the date of termination. If this Lease is not terminated as a result of such damage or destruction, then until such repair and restoration of the Premises are substantially complete, Tenant shall be required to pay the Basic Annual Rent only for the portion of the Premises that is usable while such repair and restoration are being made. Landlord shall bear the expenses of repairing and restoring the Premises and the Building; provided, however, that Landlord shall not be required to repair or replace Tenant’s leasehold improvementsrestore the contents of the Premises, merchandiseincluding without limitation, trade fixturesalterations, decorations, furnishings, fixtures and equipment used or installed in the Premises by or on behalf of Tenant and any other personal propertyproperty of Tenant. Tenant shall not be entitled to any compensation or damages from Landlord for loss of the use of the whole or any portion of the Premises or for any inconvenience or annoyance occasioned by any such damage, repair or restoration. 19.3. Notwithstanding anything herein to the contrary, Landlord shall not be obligated to restore the Premises or the Building and shall have the right to terminate this Lease if (a) the holder of any mortgage fails or refuses to make insurance proceeds available for such repair and restoration, (b) If all zoning or part other applicable laws or regulations do not permit such repair and restoration, or (c) the cost of repairing and restoring the Building would exceed fifty percent (50%) of the replacement value of the Building, whether or not the Premises shall be rendered Untenantable (as hereafter defined) by reason is damaged or destroyed, provided the leases of a Casualtyall other tenants in the Building are similarly terminated. 19.4. Notwithstanding anything herein to the contrary, the Basic Rental and all additional rent attributable injury or damage to the Premises or portion thereof which is Untenantable the Building resulting from the fault or negligence of Tenant, it's employees, agents, contractors or invitees shall be abated for the period from the date of the Casualty to the earlier of (i) the date which is ninety (90) days after the Premises or such portion thereof are no longer Untenantable or (ii) the date Tenant reoccupies such portion of the Premises for the ordinary conduct of business (in which case the Basic Rental and the additional rent allocable to such reoccupied portion shall be payable repaired by Tenant from the date of such occupancy). “Untenantable” means that Tenant shall be unable to occupy at Tenant's expense and Rent shall not be occupying the Premises or the applicable portion thereof for the conduct of business ordinarily conducted in the Premises as a result of the Casualty▇▇▇▇▇.

Appears in 1 contract

Sources: Lease Agreement (Sideware Systems Inc)

FIRE OR CASUALTY. (a) If the Building, the Premises or access to them the Building (including machinery and equipment used in its operation) shall be partially destroyed or totally damaged or destroyed by fire or other casualty and if the Premises or Building may be repaired and restored within ninety (each90) days (plus such additional time during which Landlord may be prevented or delayed from completing the repairs for causes beyond its reasonable control, a “Casualty”including without limitation, adjustments on insurance policies), after such damage then Landlord shall have the option to (a) repair and restore the same with reasonable promptness; or (b) elect to demolish the Building or cease its operation, in which event this Lease shall automatically be cancelled and terminated as of the date of such damage. In the event any such damage not caused by the act or neglect of Tenant, its agents, servants, employees, guests, licensees or invitees renders the Premises untenantable and if this Lease is shall not be cancelled and terminated as provided belowby reason of such damage, then Landlord rent shall repair and restore abat▇ ▇▇▇ing the Premises and period beginning with the portions date of the Building servicing the Premises to substantially their condition prior to such fire or other casualty (and ending with the “Required Restoration Work”) with reasonable dispatch and diligently prosecute date Landlord's work is substantially completed, abatement to be in an amount bearing the same ratio to the total amount of rent for such repair and restoration to completion. In no event shall Landlord be required to repair or replace Tenant’s leasehold improvements, merchandise, trade fixtures, furnishings, equipment or other personal property. (b) If all or part period as the untenantable portion of the Premises bears to the entire Premises. Landlord's work shall be rendered Untenantable (as hereafter defined) by reason of a Casualtynot include, and Landlord shall have no duty relating to, the Basic Rental and all additional rent attributable to repair or restoration of Tenant's fixtures or tenant improvements (including tenant improvements acquired by Tenant from former tenants or existing in the Premises or portion thereof which is Untenantable shall be abated for the period from as of the date of such space is leased to, or occupied by, Tenant), including, but not limited to, special wall and floor coverings, special lighting fixtures, built-in cabinets and bookshelves and glass demising walls. If such damage renders the Casualty to the earlier of (i) the date which is Premises untenantable, in whole or in part, and if, in Landlord's judgment, such damage cannot reasonably be repaired and restored within ninety (90) days after (plus such additional time during which Landlord may be prevented or delayed from completing the Premises or such portion thereof are no longer Untenantable or (ii) repairs for causes beyond its reasonable control, including without limitation, adjustments on insurance policies), either party shall have the date Tenant reoccupies such portion right to cancel and terminate this Lease as of the Premises for the ordinary conduct of business (in which case the Basic Rental and the additional rent allocable to such reoccupied portion shall be payable by Tenant from the date of such occupancy). “Untenantable” means damage, provided, however, that Tenant may not elect to terminate this Lease if such damage was caused by the act or neglect of Tenant, its agents, servants, employees, guests, licensees or invitees. Any right to terminate or any other option provided for any party in this Article 24 must be exercised by written notice to the other party served within one hundred (100) days after such damage shall be unable to occupy and shall not be occupying the Premises or the applicable portion thereof for the conduct of business ordinarily conducted in the Premises as a result of the Casualtyhave occurred.

Appears in 1 contract

Sources: Lease Agreement (Winston Furniture Co of Alabama Inc)

FIRE OR CASUALTY. (a) If Subject to the Buildingprovisions of subparagraph (b), if the Leased Premises or access to them shall be partially or totally damaged or destroyed by any casualty covered by the fire or other casualty (eachand extended coverage insurance required to be carried by Landlord, a “Casualty”) and if this Lease is not terminated as provided below, then Landlord shall promptly repair and restore the Premises same to their condition at the time of the occurrence of the damage and the portions rent (subject to the provisions of subparagraph (c)) shall be abated proportionately as to the portion of the Building servicing Leased Premises rendered untenantable, unless the Premises damage shall be due to substantially their condition prior to such fire the negligence of Tenant or other casualty (the “Required Restoration Work”) with reasonable dispatch and diligently prosecute such repair and restoration to completion. In its agents or employees, in which event, there will be no event shall Landlord be required to repair or replace Tenant’s leasehold improvements, merchandise, trade fixtures, furnishings, equipment or other personal propertyabatement. (b) If all the Leased Premises (i) are rendered wholly untenantable; or part (ii) should be damaged as a result of a risk which is not covered by insurance; or (iii) should be damaged to the extent of fifty percent (50%) or more of the Premises then monetary value thereof; then Landlord shall be rendered Untenantable (as hereafter defined) have the option to terminate this Lease by reason giving notice of a Casualty, the Basic Rental and all additional rent attributable termination to the Premises or portion thereof which is Untenantable shall be abated for the period tenant within thirty (30) days from the date of the Casualty to damage or the earlier casualty. In the event of (i) termination, all obligations under this Lease shall be of no further force and effect and rent shall abat▇ ▇▇ of the date which of the notice of termination. If the Lease is ninety (90) days after terminated, the Premises or such portion thereof are no longer Untenantable or (ii) the date Tenant reoccupies such Landlord shall be entitled to that portion of the proceeds received under the casualty policy insuring the Leased Premises for and maintained by the ordinary conduct of business (Tenant in which case accordance with paragraph 8 above as are attributable to the Basic Rental building or the Leased Premises, less Tenant's trade fixtures. If Landlord does not elect to terminate this Lease and if the additional rent allocable to such reoccupied portion insurance proceeds are not applied by any mortgagee against the indebtedness secured by its mortgage, then the proceeds received under the casualty policy insuring the Leased Premises shall be payable used to restore the Leased Premises to the condition existing prior to the damage and any excess proceeds shall become the property of Landlord. (c) Any abatement of rent provided for above shall end when the Leased Premises have been substantially restored. (d) Unless this Lease is terminated, Tenant shall repair and refixture the interior of the Leased Premises in a manner and to at least a condition equal to that existing prior to its destruction or casualty. (e) If the Leased Premises shall be damaged and any restoration work is not substantially completed by Tenant from within two (2) months of the date of such occupancy). “Untenantable” means that Tenant the damage (which time period shall be unable extended for a period equal to occupy the time which the Tenant is not able to continue with the restoration work due to acts of God and other causes beyond the control of Tenant, but in no event longer than two (2) months), then Landlord may (but shall not be occupying obligated to) terminate this Lease, in which event Landlord shall be entitled to any insurance proceeds which have not been applied to the Premises or the applicable portion thereof for the conduct cost of business ordinarily conducted in the Premises as a result restoration and which are not attributable to Tenant's trade fixtures. (f) No termination of the CasualtyLease by either Landlord or Tenant pursuant to the provisions of this paragraph 12 shall relieve Tenant of any liability for any tortious conduct or any breach of the provisions of this Lease occurring prior to the termination.

Appears in 1 contract

Sources: Lease Agreement (Transworld Home Healthcare Inc)

FIRE OR CASUALTY. (a) The occurrence of any fire or other casualty shall constitute no basis for the termination of this Lease or any abatement of rent, except as expressly provided for herein. If the Building, the Premises or access to them shall be partially or totally Building is damaged or destroyed by fire or other casualty (each, a “Casualty”whether or not the Premises are damaged) and if this Lease is not terminated as provided below, then Landlord shall repair and restore obtains a reasonable professional estimate that the Premises and cost of restoring the portions Building would exceed fifty percent (50%) of the Building servicing full insurable value of the Premises Building, Landlord may, by notice to substantially their condition prior to Tenant within sixty (60) days after such fire or other casualty casualty, terminate this Lease without incurring any liability to Tenant. If Landlord fails so to notify Tenant, Landlord shall use reasonable efforts to repair the Building (including the “Required Restoration Work”restoration of the demising walls of the Premises and Building services to the outside perimeter of the Premises) with reasonable dispatch dispatch, allowing for the adjustment and diligently prosecute such settlement of insurance claims, the preparation of plans and specifications, the obtaining of governmental approvals and certificates, the obtaining of contractors and laborers and any other delay. So long as Landlord restores the Building so it is suitable for substantially the same uses, Landlord shall not be obligated to duplicate the original construction or design of the Building. Landlord shall not be obligated to repair, restore or replace: (1) any property within the Premises; (2) any damage that occurs during the last year of the Term (as extended, if at all, pursuant to the exercise of any Renewal Option); or (3) any damage for the repair and restoration of which insurance proceeds are not available. Tenant shall cooperate fully with all repairs made to completion. In no event shall Landlord be required to repair or replace the Building (including removing Tenant’s leasehold improvements, merchandise, moveable property and trade fixtures, furnishings, equipment or other personal propertyfixtures from the Premises as soon as practicable to clear the way therefor). (b) If all or part of the Premises shall be rendered Untenantable (as hereafter defined) by reason of a Casualty, the Basic Rental and all additional rent attributable to the Premises or portion thereof which is Untenantable Rents hereunder shall be abated for during the period from the date of the Casualty and to the earlier of (i) the date which is ninety (90) days after the Premises or such portion thereof are no longer Untenantable or (ii) the date Tenant reoccupies such extent that a material portion of the Premises for is rendered untenantable because of a fire or other casualty. If more than thirty percent (30%) of the ordinary conduct Premises is rendered untenantable by fire or other casualty and Landlord cannot, given Tenant’s full cooperation, substantially complete such repairs so that the Premises are rendered substantially tenantable within one hundred eighty (180) days after such fire or other casualty, then Tenant may, by notice to Landlord, terminate this Lease with thirty (30) days of business (in which case the Basic Rental and the additional rent allocable to such reoccupied portion shall be payable by Tenant from the date of such occupancy). “Untenantable” means that Tenant shall be unable to occupy and shall not be occupying the Premises or the applicable portion thereof for the conduct of business ordinarily conducted in the Premises as a result of the Casualtycasualty.

Appears in 1 contract

Sources: Office Lease (Spacehab Inc \Wa\)

FIRE OR CASUALTY. (a) If the Building, the Premises or access to them the Building (including machinery and equipment used in its operation) shall be partially destroyed or totally damaged or destroyed by fire or other casualty and if the Premises or Building may be repaired and restored within ninety (each90) days (plus such additional time during which Landlord may be prevented or delayed from completing the repairs for causes beyond its reasonable control, a “Casualty”including without limitation, adjustments on insurance policies), after such damage then Landlord shall have the option to (a) repair and restore the same with reasonable promptness; or (b) elect to demolish the Building or cease its operation, in which event this Lease shall automatically be cancelled and terminated as of the date of such damage. In the event any such damage not caused by the act or neglect of Tenant, its agents, servants, employees, guests, licensees or invitees renders the Premises untenantable and if this Lease is shall not be cancelled and terminated as provided belowby reason of such damage, then Landlord rent shall repair and restore abat▇ ▇▇▇ing the Premises and period beginning with the portions date of the Building servicing the Premises to substantially their condition prior to such fire or other casualty (and ending with the “Required Restoration Work”) with reasonable dispatch and diligently prosecute date Landlord's work is substantially completed, abatement to be in an amount bearing the same ratio to the total amount of rent for such repair and restoration to completion. In no event shall Landlord be required to repair or replace Tenant’s leasehold improvements, merchandise, trade fixtures, furnishings, equipment or other personal property. (b) If all or part period as the untenantable portion of the Premises bears to the entire Premises. Landlord's work shall be rendered Untenantable (as hereafter defined) by reason of a Casualtynot include, and Landlord shall have no duty relating to, the Basic Rental and all additional rent attributable to repair or restoration of Tenant's fixtures or tenant improvements (including tenant improvements acquired by Tenant from former tenants or existing in the Premises or portion thereof which is Untenantable shall be abated for the period from as of the date of such space is leased to, or occupied by, Tenant), including, but not limited to, special wall and floor coverings, special lighting fixtures, built-in cabinets and bookshelves and glass demising walls. If such damage renders the Casualty to the earlier of (i) the date which is Premises untenantable, in whole or in part, and if, in Landlord's judgment, such damage cannot reasonably be repaired and restored within ninety (90) days after (plus such additional time during which Landlord may be prevented or delayed from completing the Premises or such portion thereof are no longer Untenantable or (ii) repairs for causes beyond its reasonable control, including without limitation, adjustments on insurance policies), either party shall have the date Tenant reoccupies such portion right to cancel and terminate this Lease as of the Premises for the ordinary conduct of business (in which case the Basic Rental and the additional rent allocable to such reoccupied portion shall be payable by Tenant from the date of such occupancy). “Untenantable” means damage, provided, however, that Tenant shall be unable may not elect to occupy and shall not be occupying terminate this Lease if such damage was caused by the Premises act or the applicable portion thereof for the conduct of business ordinarily conducted in the Premises as a result of the Casualty.neglect of

Appears in 1 contract

Sources: Lease Agreement (Quaker Fabric Corp /De/)

FIRE OR CASUALTY. (a) 12.1 If the Building, the Premises or any common areas of the Building necessary to the enjoyment and occupancy of the Premises or serving the Premises or providing access to them the Premises shall be partially or totally damaged or destroyed by fire or other casualty (eachcasualty, a “Casualty”) and if this Lease is not terminated as provided below, then Landlord shall repair promptly and diligently, subject to reasonable delays for insurance adjustment or other matters beyond Landlord's reasonable control, restore the Premises and such common areas. Such restoration shall be to substantially the portions same condition of the Premises and common areas prior to the casualty, except for modifications required by zoning and building codes and other laws, or by the holder of a mortgage on the Building, or any other modifications to the common areas deemed desirable by Landlord (provided, with respect to all or any of the foregoing parties' requirements, to the extent practical, essential common facilities shall not be materially impaired, access to the Premises and any common restrooms serving the Premises is not materially impaired and the character of the Building servicing the Premises to substantially their condition prior to such fire or other casualty (the “Required Restoration Work”) with reasonable dispatch as a first-class office building is not materially altered), and diligently prosecute such repair and restoration to completion. In no event except that Landlord shall Landlord not be required to repair or replace any of Tenant’s leasehold improvements's furniture, merchandisefurnishing, trade fixturesfixtures or equipment. Landlord shall not be liable for any inconvenience or annoyance to Tenant or its visitors, furnishingsor injury to Tenant's business resulting in any way from such damage or the repair thereof, equipment except that Landlord shall allow a proportionate abatement of Rent during the time and to the extent the Premises are unfit for occupancy for the purposes permitted under this Lease, and not occupied by Tenant as a result thereof; provided, if the Premises or any other portion of the Building is damaged by fire or other personal propertycasualty caused in whole or in part by Tenant or any of Tenant's agents, contractors, employees, or visitors, Rent shall not be so abated. 12.2 Notwithstanding the foregoing to the contrary, Landlord may elect not to perform restoration work, and instead terminate this Lease by notifying the Tenant in writing of such termination within sixty (60) days after the date of damage (such notice to include a termination date giving Tenant one hundred twenty (120) days to vacate the Premises), but Landlord may so elect only if the Building shall be damaged by fire or other casualty or cause (whether or not the Premises are affected) such that: (a) repairs cannot be reasonably completed within one hundred twenty (120) days after being commenced without the payment of overtime or other premiums, (b) If all the holder of any mortgage on the Building or part ground lessor with respect to the Land shall require that the insurance proceeds or any substantial portion thereof be used to retire the mortgage debt (or shall terminate the ground lease, as the case may be), or (c) the damage is not substantially covered by Landlord's insurance policies, provided Landlord shall not have been in default of maintaining its fire insurance policies, as set forth in Paragraph 11.4 above. Tenant hereby waives any rights it may have under any applicable law to terminate the Premises shall be rendered Untenantable (as hereafter defined) Lease by reason of a Casualty, the Basic Rental and all additional rent attributable damage to the Premises or portion thereof which is Untenantable shall be abated the Building. In the event that repairs or restoration for the period from Premises are undertaken by Landlord and such repairs or restoration for the date of the Casualty to the earlier of Premises are not substantially complete within one hundred eighty (i) the date which is ninety (90180) days after commencement of same, Tenant shall have the Premises or such portion thereof are no longer Untenantable or right (iisubject to the following provisions of this Paragraph) within thirty (30) days following the date Tenant reoccupies such portion expiration of said 180-day period to terminate this Lease as to the portions of the Premises for so affected by giving written notice of same to Landlord; it being understood, however, that Landlord shall have the ordinary conduct right to substantially complete the Premises within thirty (30) days after Landlord's receipt of business (Tenant's said notice, and if the Premises are so substantially completed, this Lease shall continue in which case the Basic Rental full force and the additional rent allocable effect and Tenant's said right to such reoccupied portion terminate shall be payable by Tenant from nullified. Landlord agrees to use reasonable efforts to obtain all insurance proceeds and thereafter to commence the date performance of such occupancy). “Untenantable” means that Tenant shall be unable to occupy repairs and shall not be occupying the Premises or the applicable portion thereof for the conduct of business ordinarily conducted in the Premises restoration, both as a result of the Casualtysoon as reasonably practical.

Appears in 1 contract

Sources: Lease Amendment (Conning Corp)