FIRE OR CASUALTY. (a) Subject to the provisions of this Paragraph 9, in the event the Premises, or access thereto, is wholly or partially destroyed by fire or other casualty, Landlord shall (to the extent permitted by Law and covenants, 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 term of this Lease or any extension of the 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, “Restoration”) 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 the result of any damage or destruction, the Premises, or a portion thereof, are rendered untenantable, the Base Rent shall ▇▇▇▇▇ reasonably during the period of Restoration (based upon the extent to which such damage and Restoration materially interfere with Tenant’s business in the Premises). This Lease shall be considered an express agreement governing any case of damage to or destruction of the Premises, the Building or the Project. This Lease sets forth the terms and conditions upon which this Lease may terminate in the event of any damage or destruction.
Appears in 2 contracts
Sources: Office Lease (FlexShopper, Inc.), Office Lease (Medianet Group Technologies Inc)
FIRE OR CASUALTY. (a) Subject to the provisions of this Paragraph 9, . in the event the Premises, or access thereto, is wholly or partially destroyed by fire or other casualty, Landlord shall (to the extent permitted by Law and covenants, 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 property or other items installed or contained in the Premises, and (ii) in the event Landlord elects to terminate this Lease as provided in this ▇▇▇▇▇▇▇▇▇ ▇, ▇▇▇▇▇▇▇▇ shall have no obligation whatsoever to rebuild, repair or restore the Premises with respect to any material damage or destruction occurring during the last twelve (12) months of the term of this Lease or any extension of the 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, “Restoration”Restoration”-) 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 $500,0005,000,000; 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; or (v) where any mortgagee or ground lessor requires that insurance proceeds be applied to any outstanding mortgage or ground lease; or (vi) where there has been material damage or destruction to the Premises during the last twelve (12) months of the Lease Term; 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, be completed within one (1) year after the damage or destruction is discovered. 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 effective as of the date specified in the notice, which date shall not be less than thirty (30) days nor more than ninety (90) days after the date such notice is given by Tenant. Furthermore, if neither Landlord nor Tenant has terminated this Lease, and the repairs are not actually substantially completed within one (1) year following the date of discovery of the damage, Tenant shall have the right to terminate this Lease until such time as the repairs are substantially complete, by notice to Landlord (the “Damage Termination Notice”), effective as of a date set forth in the Damage Termination Notice (the “Damage Termination Date”), which Damage Termination Date shall not be less than thirty (30) days nor more than ninety (90) days following the date of the Damage Termination Notice. In the event that the Premises or Building is destroyed or damaged to any substantial extent during the last twelve (12) months of the Lease Term, then notwithstanding anything contained in this ▇▇▇▇▇▇▇▇▇ ▇, ▇▇▇▇▇▇ shall have the option to terminate this Lease by giving written notice to Landlord of the exercise of such option within thirty (30) days after such damage or destruction, in which event this Lease shall cease and terminate sixty (60) days after the date of such notice and Tenant shall pay the Rent, properly apportioned up to such date of damage. Any such termination shall be made by thirty ninety (3090) days’ prior written notice to Tenant given within one hundred twenty sixty (12060) days of the date of such damage or destruction. If this Lease is not terminated by Landlord and as the result of any damage or destruction, the Premises, or a portion thereof, are rendered untenantable, the Base Rent shall ▇▇▇▇▇ reasonably during the period of Restoration (based upon the extent to which such damage and Restoration materially interfere with Tenant’s business in the Premises) 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 therefrom, Landlord shall allow Tenant a total abatement during a commercially reasonable period of build-out time and a weekend to move-in). This Lease shall be considered an express agreement governing any case of damage to or destruction of the Premises, the Building or the Project. This Lease sets forth the terms and conditions upon which this Lease may terminate in the event of any damage or destruction. Accordingly, the parties hereby waive the provisions of California Civil Code Section 1932, Subsection 2, and Section 1933, Subsection 4 (and any successor statutes thereof permitting the parties to terminate this Lease as a result of any damage or destruction).
Appears in 2 contracts
Sources: Office Lease (Sienna Biopharmaceuticals, Inc.), Office Lease (Sienna Biopharmaceuticals, Inc.)
FIRE OR CASUALTY. (a) Subject to the provisions of this Paragraph 9, in the event the Premises, or access thereto, is wholly or partially destroyed by fire or other casualty, Landlord shall (to the extent permitted by Law and covenants, 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 term of this Lease Term or any extension of the termLease 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, “Restoration”) 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 ninety (12090) days of the date of such damage or destruction. If this Lease is not terminated by Landlord and as the result of any damage or destruction, the Premises, or a portion thereof, are rendered untenantable, the Base Basic Annual Rent shall ▇▇▇▇▇ reasonably during the period of Restoration (based upon the extent to which such damage and Restoration materially interfere with Tenant’s business in the Premises). This Lease shall be considered an express agreement governing any case of damage to or destruction of the Premises, the Building or the Project. This Lease sets forth the terms and conditions upon which this Lease may terminate in the event of any damage or destruction.
(c) Within ninety (90) days of the date of damage or destruction affecting the Premises, Landlord shall provide Tenant with a good faith estimate (the “Landlord’s Restoration Notice”) of the time period in which the Premises shall be restored. In the event the estimate provides that the Premises will not be restored within two hundred seventy (270) days following the date of the damage or destruction, then Tenant shall be permitted to terminate the Lease by providing written notice to Landlord no later than thirty (30) days following receipt of Landlord’s Restoration Notice. Tenant’s failure to timely deliver its termination notice shall waive Tenant’s right to terminate the Lease due to any damage or destruction.
Appears in 2 contracts
Sources: Office Lease (Health Catalyst, Inc.), Office Lease (Health Catalyst, Inc.)
FIRE OR CASUALTY. (a) Subject to the provisions of this Paragraph 9, in the event the Premises, or access thereto, is wholly or partially destroyed by fire or other casualty, Landlord shall (to the extent permitted by Law and covenants, conditions and restrictions then applicable to the Project, but provided this Lease has not otherwise been terminated as provided below) rebuild, repair or restore the Premises and access thereto to substantially the same condition as existing immediately prior to such destruction (including the Tenant Improvements, but 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 term of this Lease or any extension of the 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, “Restoration”) 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; (v) Landlord’s mortgagee(s) elect to apply the insurance proceeds to pay down any loans encumbering the Building. By declining to exercise its foregoing rights of termination, Landlord will be deemed to have agreed to expend its own funds to compensate for any shortfall in the insurance funds available for restoration of the Project. Any such termination shall be made by thirty (30) days’ prior written notice to Tenant given within one hundred twenty sixty (12060) days of the date of such damage or destruction. If this Lease is not terminated by Landlord and as the result of any damage or destruction, the Premises, or a portion thereof, are rendered untenantable, the Base Basic Annual Rent, Operating Expenses and Additional Rent shall fully ▇▇▇▇▇ reasonably during the period of Restoration from the date of damage until the earlier of (based upon i) the extent to which such damage and Restoration materially interfere with Tenant’s date Tenant re-opens for business in the Premises or (ii) the date the Premises), including the Tenant Improvements, have been Substantially Completed. This Lease shall be considered an express agreement governing any case of damage to or destruction of the Premises, the Building or the Project. This Lease sets forth the terms and conditions upon which this Lease may terminate in the event of any damage or destruction.
(c) If Landlord gives Tenant notice within sixty (60) days after the date of damage of its election to reconstruct the Project as provided above, but if the Project, including the Premises, cannot be reconstructed within a total of 180 days after the date of damage, then Tenant shall have thirty (30) days after receipt of such notice (or after the expiration of such 60-day period if Landlord fails to give the required notice) within which to elect to terminate this Lease by giving Landlord written notice of its intent to do so, in which event all Basic Annual Rent and Additional Rent payable hereunder shall be abated as of the date of such damage, this Lease shall thereafter be null and void and neither party shall have any further liability or responsibility hereunder.
(d) Either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates it will take more than one month to repair such damage.
Appears in 1 contract
FIRE OR CASUALTY. (a) Subject to the provisions of this Paragraph 9, in the event the Premises, or access thereto, is wholly or partially destroyed by fire or other casualty, Landlord shall (to the extent permitted by Law and covenants, 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 term of this Lease or any extension of the 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, “Restoration”) 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 ninety (12090) days of the date of such damage or destruction. If this Lease is not terminated by Landlord and as the result of any damage or destruction, the Premises, or a portion thereof, are rendered untenantable, the Base Basic Annual Rent shall ▇▇▇▇▇ reasonably during the period of Restoration (based upon the extent to which such damage and Restoration materially interfere with Tenant’s business in the Premises). This Lease shall be considered an express agreement governing any case of damage to or destruction of the Premises, the Building or the Project. This Lease sets forth the terms and conditions upon which this Lease may terminate in the event of any damage or destruction.
Appears in 1 contract
FIRE OR CASUALTY. (a) Subject to the provisions of this Paragraph 9, in the event the Premises, or access thereto, is wholly or partially destroyed by fire or other casualty, Landlord shall (to the extent permitted by Law and covenants, 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 term of this Lease or any extension of the term. Rent shall be ratably abated during any period in which the Premises are wholly or partially destroyed by fire or other casualty and Tenant is unable to utilize the Premises or portion impacted thereby (provided, however, that such abatement is without prejudice to Landlord’s right to pursue loss of rents under applicable insurance coverage).
(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, “Restoration”) 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 Notice by Landlord to Tenant given within one hundred twenty sixty (12060) days of after the date of such damage or destruction or by thirty (30) days’ prior written Notice by Landlord to Tenant given within sixty (60) days after the date Landlord notifies Tenant of the economics and status of repair in order to determine whether such casualty qualifies under for termination under the foregoing (same to be delivered to Tenant within sixty (60) days after such damage or destruction). If this Lease is not terminated by Landlord and as the result of any damage or destruction, the Premises, or a portion thereof, are rendered untenantable, the Base Basic Annual Rent shall ▇▇▇▇▇ reasonably during the period of Restoration (based upon the extent to which such damage and Restoration materially interfere with Tenant’s business in the Premises). This Lease shall be considered an express agreement governing any case of damage to or destruction of the Premises, the Building or the Project. This Lease sets forth .
(c) Notwithstanding the terms and conditions upon which foregoing provisions of this Lease may terminate Section 9 or any provision in this Agreement to the contrary, in the event of any damage or destructiondestruction to the Premises, the Building or the Project that materially affects Tenant’s use or access to the Premises, and Landlord does not rebuild, repair or restore the Premises and access thereto within sixty (60) days of the date of such damage, then Tenant may provide Landlord with a notice of default and Tenant’s election to terminate this Lease (the “Default and Termination Notice”) . In the event Landlord has not cured the default by rebuilding, repairing or restoring the Premises within thirty (30) days after Landlord’s receipt of the Default Notice (the “Cure Period”), this lease shall automatically terminate at the end of such thirty (30) day period.
Appears in 1 contract
Sources: Office Lease (EVO Transportation & Energy Services, Inc.)
FIRE OR CASUALTY. (a) Subject to the provisions of this Paragraph 9, in the event if the Premises, or access thereto, is wholly or partially destroyed by fire or other casualty, Landlord shall (to the extent permitted by Law and covenants, 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 term of this Lease or any extension of the 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, “Restoration”) 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 the lesser of Five Hundred Thousand Dollars ($500,000) or twenty percent (20%) of the replacement cost of the Premises; or (iviii) 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’ days prior written notice to Tenant given within one hundred twenty ninety (12090) days of the date of such damage or destruction. If this Lease is not terminated by Landlord and as the result of any damage or destruction, the Premises, or a portion thereof, are rendered untenantable, the Base Rent shall ▇▇▇▇▇ reasonably during the period of Restoration (based upon the extent to which such damage and Restoration materially interfere with Tenant’s business in the Premises). Notwithstanding the foregoing provisions of this Lease, if following any damage or destruction Landlord reasonably determines that the Premises or access thereto cannot be restored within two hundred ten (210) days following such damage or destruction, then Tenant shall have the right to terminate this Lease upon written notice to Landlord. This Lease shall be considered an express agreement governing any case of damage to or destruction of the Premises, the Building or the Project. This Lease sets forth the terms and conditions upon which this Lease may terminate in the event of any damage or destruction. Accordingly, the parties hereby waive the provisions of California Civil Code Section 1932, Subsection 2, and Section 1933, Subsection 4 (and any successor statutes thereof permitting the parties to terminate this Lease as a result of any damage or destruction).
Appears in 1 contract
FIRE OR CASUALTY. (a) Subject to the provisions of this Paragraph 9, in the event the Premises, or access thereto, is wholly or partially destroyed by fire or other casualty, Landlord shall (to the extent permitted by Law and covenants, 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 term of this Lease or any extension of the 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, “Restoration”) 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 sixty (12060) days of the date of such damage or destruction. If Landlord terminates the Lease under this Paragraph 9(b), Landlord also shall terminate the leases of all similarly situated tenants in the Project which Landlord has the right to terminate. If this Lease is not terminated by Landlord and as the result of any damage or destruction, the Premises, or a portion thereof, are rendered untenantable, the Base Basic Annual Rent shall ▇▇▇▇▇ reasonably during the period of Restoration (based upon the extent to which such damage and Restoration materially interfere with Tenant’s business in the Premises). This Lease shall be considered an express agreement governing any case of damage to or destruction of the Premises, the Building or the Project. This Lease sets forth the terms and conditions upon which this Lease may terminate in the event of any damage or destruction. Accordingly, the parties hereby waive the provisions of any existing or future statutes which provision(s) permit the parties to terminate this Lease as a result of any damage or destruction.
Appears in 1 contract
Sources: Office Lease (Health Net Inc)
FIRE OR CASUALTY. (a) Subject to the provisions of this Paragraph 9, in In the event the Premises, or access theretoto them, is are wholly or partially destroyed by fire or other casualtycasualty covered by the form of fire and extended coverage insurance maintained by Landlord, Landlord shall (to the extent permitted by Law and covenants, 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 when the same were furnished to such destruction (Tenant, excluding any improvements installed by Tenant and any of Tenant’s Alterations, trade fixtures, equipment and 's personal property, which Tenant shall be required to restore) and this Lease shall continue in full force and effect. Notwithstanding In the foregoingevent, however, that the Building is so damaged or destroyed to the extent of more than one-third (i1/3) Landlord’s obligation to rebuildof its replacement cost, repair or restore the Premises shall not apply to any personal propertysubstantial extent by a casualty not so covered, above-standard tenant improvements or other items installed or contained Landlord may elect by written notice to Tenant given within twenty (20) days after the occurrence of the casualty to terminate this Lease in lieu of so restoring the Premises, and (ii) in which event this Lease shall terminate as of the date of the occurrence of the casualty. Landlord shall have in no obligation whatsoever event be obligated to rebuild, repair make any repairs or restore replacement of any items other than those items installed by or at the expense of Landlord. If the Premises with respect are rendered totally or partially untenantable, rent shall ▇▇▇▇▇ during the period of reconstruction in the same proportion to the total rent as the portion of the Premises rendered untenantable bears to the entire Premises. Any such rental abatement shall not defeat or diminish Landlord's rights to recover upon any rental interruption insurance maintained by Landlord pursuant to Paragraph 20. In no event shall Tenant be entitled to any damage compensation or destruction occurring during damages for loss of use of the last whole or any part of the Premises or for any inconvenience occasioned by any such destruction, rebuilding or restoration of the Premises, the Building or access thereto. Tenant waives the provisions of California Civil Code Sections 1932(2) and 1933(4) and any present and future laws and case decisions to the same effect.
(b) Notwithstanding anything to the contrary contained in Paragraph 14(a) above, if the Premises or the Building is wholly or partially damaged or destroyed within the final twelve (12) months of the term Term of this Lease or any extension Lease, Landlord may, at its option, by giving Tenant notice within sixty (60) days after notice to Landlord of the 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, “Restoration”) 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 occurrence of such damage or destruction, elect to terminate the Lease. If Furthermore, upon termination of this Lease is not terminated by pursuant to this Paragraph 14(b), Tenant and Landlord hereby agree (except as expressly provided for otherwise in this Lease) to release each other from any and as all obligations and liabilities with respect to the result of any damage Lease except such obligations and liabilities which arise or destruction, the Premises, or a portion thereof, are rendered untenantable, the Base Rent shall ▇▇▇▇▇ reasonably during the period of Restoration (based upon the extent accrue prior to which such damage and Restoration materially interfere with Tenant’s business in the Premises). This Lease shall be considered an express agreement governing any case of damage to or destruction of the Premises, the Building or the Project. This Lease sets forth the terms and conditions upon which this Lease may terminate in the event of any damage or destructiontermination.
Appears in 1 contract
Sources: Lease (Nemus Bioscience, Inc.)
FIRE OR CASUALTY. (a) Subject to the provisions of this Paragraph 9, in the event the Premises, or access thereto, is wholly or partially destroyed by fire or other casualty, Landlord shall (to the extent permitted by Law and covenants, 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 equipment, trade fixtures, Alterations, or other items installed or contained in the PremisesPremises (which shall be Tenant’s obligation to restore), 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 Term or any extension of the termLease Term, and (iii) Landlord shall have no duty to rebuild, repair or restore if the damage is due to an uninsurable casualty, or if insurance proceeds are insufficient to pay for such rebuilding, repair or restoration, or if the holder of any mortgage, deed of trust or similar instrument applies proceeds of insurance to reduce its loan balance and the remaining proceeds, if any, available to Landlord are not sufficient to pay for such rebuilding, repair or restoration.
(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, “Restoration”) 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) where the holder of any mortgage on the Building shall require that the insurance proceeds or any portion thereof be used to retire all or a portion of the mortgage debt; or (v) 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 ninety (12090) days of the date of such damage or destruction. If this Lease is not terminated by Landlord and as the result of any damage or destruction, the Premises, or a portion thereof, are rendered untenantable, the Base Basic Annual Rent shall ▇▇▇▇▇ reasonably during the period of Restoration (based upon the extent to which such damage and Restoration materially interfere with Tenant’s business in the PremisesPremises and provided that there shall be no abatement of Basic Annual Rent to the extent the damage or destruction was caused by the negligence or willful misconduct of Tenant or its employees, agents, contractors, or invitees); provided however, Tenant shall have the right to terminate this Lease if more than fifty percent (50%) of the Premises are rendered untenantable for a period of twelve (12) months after the date of damage or destruction by delivering written notice to Landlord of its intent to terminate this Lease after such twelve (12) month period but prior to the substantial completion of the Restoration of the Building. This Lease shall be considered an express agreement governing any case of damage to or destruction of the Premises, the Building or the Project. This Lease sets forth the terms and conditions upon which this Lease may terminate in the event of any damage or destruction. Accordingly, the parties hereby waive the provisions of California Civil Code Section 1932, Subsection 2, and Section 1933, Subsection 4 (and any existing or future statutes which provision(s) permit the parties to terminate this Lease as a result of any damage or destruction).
Appears in 1 contract
FIRE OR CASUALTY. (a) Subject to the provisions of this Paragraph 9, in the event the Premises, or access thereto, is wholly or partially destroyed by fire or other casualty, Landlord shall (to the extent permitted by Law and covenants, conditions and restrictions then applicable to the ProjectBuilding or the Land) 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 term of this Lease or any extension of the term.
(b) Landlord may elect to terminate this Lease in any of the following cases of damage or destruction to the Premises, the Building Premises or the ProjectBuilding: (i) where the cost of rebuilding, repairing and restoring (collectively, “Restoration”) of the Building or the ProjectBuilding, 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 casualtycasualty (except in the event the uninsured casualty was required to have been insured by Landlord under Paragraph 8(e)(iv) above), the cost of Restoration of the Building or the ProjectBuilding, in the reasonable opinion of Landlord, exceeds $500,0005,000,000; or (iii) where, in the case of any damage or destruction to the Premises or access thereto by uninsured casualtycasualty (except in the event the uninsured casualty was required to have been insured by Landlord under Paragraph 8(e)(iv) above), 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 Notice of any such termination shall be made by thirty (30) days’ prior written notice given to Tenant given within one hundred twenty (120) days of the date of such damage or destructiondestruction and shall be effective thirty (30) days following the date of such notice. If this Lease is not terminated by Landlord and as the result of any damage or destruction, the Premises, or a portion thereof, are rendered untenantable, the Base Rent shall ▇▇▇▇▇ reasonably beginning on the date of damage and continuing through the period of Restoration (based upon the extent to which such damage and Restoration materially interfere with Tenant’s business in the Premises). This Lease shall be considered an express agreement governing any case of damage to or destruction of the Premises or the Building. This Lease sets forth the terms and conditions upon which this Lease may terminate in the event of any damage or destruction.
(c) Tenant may elect to terminate this Lease by notice to Landlord as hereinafter set forth (time being of the essence) where substantial completion of Restoration of the Premises or of the access thereto would, in Landlord’s reasonable judgment, take longer than two hundred seventy (270) days from the date of such damage or destruction or if Landlord, having determined that Restoration would occur in such period, is unable to effect substantial completion of Restoration within such period. Landlord shall, within thirty (30) days of any damage or destruction that would give Tenant the right to terminate this Lease if the Restoration is not substantially completed within the said 270 day period, notify Tenant of Landlord’s reasonable estimate of the time necessary to effect substantial completion of Restoration. If the period for substantial completion of Restoration is longer than such 270 day period, Tenant may within thirty (30) days after receipt of Landlord’s notice, terminate this Lease by notice to the Landlord, such termination to take effect on the date of such notice. If Tenant does not so terminate the Lease even though the period for substantial completion of Restoration is longer than 270 days, this Lease shall continue in full force or effect (unless terminated by Landlord pursuant to any right it has to terminate), but if Restoration of the Premises or access thereto is not substantially completed by the end of such 270 day period, Tenant shall have the right within thirty (30) days following the end of such 270 day period to terminate this Lease by notice to the Landlord as of the date of such notice.
(d) If this Lease is not terminated by either Landlord or Tenant and as the result of any damage or destruction, the Premises, or a portion thereof, are rendered untenantable, and in any event during the period the Premises remain subject to this Lease and are untenantable, the Base Rent shall ▇▇▇▇▇ reasonably during the period of Restoration (based upon the extent to which such damage and Restoration materially interfere with Tenant’s business in the Premises). This Lease shall be considered an express agreement governing any case of damage to or destruction of the Premises, the Building or the ProjectBuilding. This Lease sets forth the terms and conditions upon which this Lease may terminate in the event of any damage or destruction.
Appears in 1 contract
FIRE OR CASUALTY. (a) Subject to the provisions of this Paragraph 9, in the event the Premises, or access thereto, is wholly or partially destroyed by fire or other casualty, Landlord shall (to the extent permitted by Law and covenants, conditions and restrictions then applicable to the Project) rebuild, repair or restore the Premises and access thereto (collectively, “Restoration”) 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 propertyproperty and fixtures, and above-standard tenant improvements or other items installed or contained in (except for the Premisesinternal 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 or any extension to the extent such restoration work would cost in excess of $1,000,000 to complete and if Landlord elects not to restore the termPremises pursuant to this subheading (ii), Tenant may elect to terminate this Lease by written notice to Landlord.
(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, “Restoration”) 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 $500,0007,135,740; 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 (ivii) 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. If over twenty five percent (25%) of the Rentable Area of the Premises is damaged or destroyed by any casualty in the last twelve (12) months of the then-current Term of this Lease, Tenant, at its option, may terminate this Lease by giving Landlord, within thirty (30) days after such damage or destruction, notice of termination.
(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 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. 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 the result of any damage or destruction, the Premises, or a portion thereof, are rendered untenantable, the Base Rent shall ▇▇▇▇▇ reasonably during the period of Restoration (based upon the extent to which such damage and Restoration materially interfere with Tenant’s business in the Premises). This Lease shall be considered an express agreement governing any case of damage to or destruction of the Premises, the Building or the Project. This Lease sets forth the terms and conditions upon which this Lease may terminate in the event of any damage or destruction.
Appears in 1 contract
Sources: Office Lease (Carlyle Group L.P.)
FIRE OR CASUALTY. (a) Subject to the provisions of this Paragraph 9, in the event the Premises, or access thereto, is wholly or partially destroyed by fire or other casualty, Landlord shall (to the extent permitted by Law and covenants, 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 term of this Lease Term or any extension of the termLease 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, “Restoration”) 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 ninety (12090) days of the date of such damage or destruction. If this Lease is not terminated by Landlord and as the result of any damage or destruction, the Premises, or a portion thereof, are rendered untenantable, the Base Basic Annual Rent shall ▇▇▇▇▇ reasonably during the period of Restoration (based upon the extent to which such damage and Restoration materially interfere with Tenant’s business in the Premises). This Lease shall be considered an express agreement governing any case of damage to or destruction of the Premises, the Building or the Project. This Lease sets forth the terms and conditions upon which this Lease may terminate in the event of any damage or destruction. Accordingly, the parties hereby waive the provisions of California Civil Code Section 1932, Subsection 2, and Section 1933, Subsection 4 (and any successor statutes thereof permitting the parties to terminate this Lease as a result of any damage or destruction).
Appears in 1 contract
Sources: Office Lease (Inuvo, Inc.)
FIRE OR CASUALTY. (a) Subject to the provisions of this Paragraph 9, in the event the Premises, or access thereto, is wholly or partially destroyed by fire or other casualty, Landlord shall (to the extent permitted by Law and covenants, conditions and restrictions then applicable to the Project) rebuild, repair or restore the Premises and access thereto thereto, including parking facilities, 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 term of this Lease or the last twelve (12) months of any extension of the termterm if such damage or destruction will require more than thirty (30) days to restore.
(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, “Restoration”) 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. Landlord shall deliver written notice to Tenant within sixty (60) days following the date of such damage or destruction notifying Tenant of the estimated time to complete such rebuilding, repairing and restoration, as estimated by Landlord’s contractor (the “Restoration Notice”). If the Restoration Notice states that it will take longer than twelve (12) months to complete such rebuilding, repair and restoration from the date of such damage or destruction, then Tenant shall have the right to terminate this Lease by delivering written notice of such termination to Landlord within thirty (30) days following receipt of the Restoration Notice; provided that if two (2) years or less of the Lease Term remain at the time the Restoration Notice is received by Tenant, then Tenant shall have the right to terminate this Lease upon written notice thereof delivered to Landlord within thirty (30) days of its receipt of the Restoration Notice regardless of the proposed restoration period. If this Lease is not terminated by Landlord or Tenant, and as the result of any damage or destruction, the Premises, or a portion thereof, are rendered untenantableuntenantable (including parking or other Tenant Impact), the Base Rent shall ▇▇▇▇▇ reasonably during the period of Restoration (based upon the extent to which such damage and Restoration materially interfere with Tenant’s business in occupancy and use of the Premises). This Lease shall be considered an express agreement governing any case of damage to or destruction of the Premises, the Building or the Project. This Lease sets forth the terms and conditions upon which this Lease may terminate in the event of any damage or destruction. Accordingly, the parties hereby waive the provisions of California Civil Code Section 1932, Subsection 2, and Section 1933, Subsection 4 (and any successor statutes thereof permitting the parties to terminate this Lease as a result of any damage or destruction).
Appears in 1 contract
FIRE OR CASUALTY. (a) Subject to the provisions of this Paragraph 9, in the event the Premises, or access thereto, is wholly or partially destroyed by fire or other casualty, Landlord shall (to the extent permitted by Law and covenants, 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 '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 PremisesPremises which are not Building Standard Installations, 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) 12 months of the term of this Lease or any extension of the termLease.
(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, “Restoration”"RESTORATION") 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) 30 days’ ' prior written notice to Tenant given within one hundred twenty (120) 60 days of the date of such damage or destruction. If this Lease is not terminated by Landlord and as the result of any damage or destruction, the Premises, or a portion thereof, are rendered untenantable, the Base Basic Annual Rent shall ▇▇▇▇▇ reasonably during the period of Restoration (based upon the extent to which such damage and Restoration materially interfere with Tenant’s 's business in the Premises)) unless such damage or destruction shall have resulted from the wilful misconduct, fault or neglect of Tenant, its agents, servants, contractors, representatives, employees, licensees or invitees. This Lease shall be considered an express agreement governing any case of damage to or destruction of the Premises, the Building or the Project. This Lease sets forth Tenant hereby waives the terms provisions of California Civil Code Sections 1932(2) and conditions upon which 1933(4) and the provisions of any successor or other law of like import.
(c) Tenant may elect to terminate this Lease may terminate if (i) the Premises have been damaged or destroyed by a casualty not caused by Tenant or Tenant's agents, employees or contractors and (ii) the Premises have not been substantially repaired or restored to a condition that is commercially usable for general office use within a period of 270 days from and after the date of such casualty, unless Landlord has provided Tenant with other space in the Project that is comparable in size, rent and area to the Premises for general office use. In the event of such a casualty whereby Tenant is required to vacate the Premises, Landlord covenants to use its good faith efforts to provide Tenant with any damage or destructionavailable vacant space in the Building that is comparable in size and area as the Premises on terms comparable to that then being agreed to by Landlord.
Appears in 1 contract
Sources: Lease (Keith Companies Inc)
FIRE OR CASUALTY. (a) Subject to the provisions of this Paragraph 9, in the event the Premises, or access thereto, is wholly or partially destroyed by fire or other casualty, Landlord shall (to the extent permitted by Law and covenants, 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 term of this Lease or any extension of the 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, “Restoration”) 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 thirty percent (2030%) 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 $500,0002,000,000; 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 thirty percent (2030%) 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 sixty (12060) days of the date of such damage or destruction. If this Lease is not terminated by Landlord and as the result of any damage or destruction, the Premises, or a portion thereof, are rendered untenantable, the Base Basic Annual Rent and any Additional Rent shall ▇a▇▇▇▇ reasonably during the period of Restoration (based upon the extent to which such damage and Restoration materially interfere with Tenant’s business in the Premises from the time of the casualty); provided, however, Tenant shall have the right to terminate this Lease if more than thirty percent (30%) of the Premises are rendered untenantable for a period of one hundred eighty (180) days after the date of damage or destruction (the “180 Day Period”) by delivering written notice to Landlord of its intent to terminate this Lease after the 180 Day Period, but prior to the substantial completion of the Restoration of the Premises). This Lease shall be considered an express agreement governing any case of of’ damage to or destruction of the Premises, the Building or the Project. This Lease sets forth the terms and conditions upon which this Lease may terminate in the event of any damage or destruction.
Appears in 1 contract
Sources: Office Lease (Digitalglobe Inc)
FIRE OR CASUALTY. (a) Subject to the provisions of this Paragraph Section 9, in the event the Premises, or access thereto, is wholly or partially destroyed by fire or other casualty, Landlord shall (to the extent permitted by Law and covenants, conditions and restrictions then applicable to the ProjectBuilding or the Land) rebuild, repair or restore the Premises and access thereto to substantially the same condition as was 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 Alterations or leasehold improvements made by Tenant or personal property, above-standard tenant improvements or other items installed or contained property of Tenant 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 term Term of this Lease. In the event that ▇▇▇▇▇▇▇▇ makes a decision whether or not to rebuild, repair or restore the Premises pursuant to the provisions of clause (ii) of this Section 9(a), Landlord shall notify Tenant of such decision within sixty (60) days after such damage or destruction (a “Landlord’s Restoration Notice”). Tenant may, by notice to the Landlord within such thirty (30) day period following receipt of Landlord’s Restoration Notice electing not to rebuild, terminate this Lease or any extension as of the termdate of such damage or destruction and Tenant’s obligation to pay Rent shall terminate as of the date Tenant in fact ceased or ceases to occupy the Premises.
(b) Landlord may elect to terminate this Lease in any of the following cases of damage or destruction to the Premises, the Building Premises or the ProjectBuilding: (i) where the cost of rebuilding, repairing and restoring (collectively, “Restoration”) of the Building or the ProjectBuilding, 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 ProjectBuilding, in the reasonable opinion of Landlord, exceeds $500,000500,000.00; 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 . Notice of the Project, Building or Premises. Any any such termination shall be made by thirty (30) days’ prior written notice given to Tenant given within one hundred twenty sixty (12060) days of the date of such damage or destructiondestruction and shall be effective thirty (30) days following the date of such notice.
(c) Tenant may elect to terminate this Lease by notice to Landlord as hereinafter set forth (time being of the essence) where substantial completion of Restoration of the Premises or of the access thereto would, in Landlord’s reasonable judgment, take longer than twelve (12) months from the date of such damage or destruction or if Landlord, having determined that Restoration would occur in such period, is unable to effect substantial completion of Restoration within such period. Landlord shall, within thirty (30) days of any damage or destruction that would give Tenant the right to terminate this Lease if the Restoration is not substantially completed within the said twelve (12) month period, notify Tenant of Landlord’s reasonable estimate of the time necessary to effect substantial completion of Restoration. If the period for substantial completion of Restoration is longer than such twelve (12) month period, Tenant may within thirty (30) days after receipt of Landlord’s notice, terminate this Lease by notice to the Landlord, such termination to take effect on the date of such notice. If Tenant does not so terminate this Lease even though the period for substantial completion of Restoration is longer than twelve (12) months, this Lease shall continue in full force or effect (unless terminated by Landlord pursuant to any right it has to terminate), but if Restoration of the Premises or access thereto is not substantially completed by the end of such twelve (12) month period, Tenant shall have the right within thirty (30) days following the end of such twelve (12) month period to terminate this Lease by notice to the Landlord as of the date of such notice.
(d) If this Lease is not terminated by either Landlord or Tenant and as the result of any damage or destruction, the Premises, or a portion thereof, are rendered untenantable, and in any event during the period the Premises remain subject to this Lease and are untenantable, the Base Rent and Additional Rent shall ▇▇▇▇▇ reasonably during from the date of such casualty through the period of Restoration (based upon the extent to which such damage and Restoration materially interfere interferes with Tenant’s business in the Premises). This Lease shall be considered an express agreement governing any case of damage to or destruction of the Premises, the Building or the ProjectBuilding. This Lease sets forth the terms and conditions upon which this Lease may terminate in the event of any damage or destruction.
Appears in 1 contract
Sources: Office Lease (enGene Holdings Inc.)
FIRE OR CASUALTY. (a) Subject to the provisions of this Paragraph 9, in the event the Premises, or access thereto, is wholly or partially destroyed by fire or other casualty, Landlord shall (to the extent permitted by Law and covenants, 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 term of this Lease or any extension of the 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, “Restoration”) 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 the result of any damage or destruction, the Premises, or a portion thereof, are rendered untenantable, the Base Rent shall ▇▇▇▇▇ reasonably during the period of Restoration (based upon the extent to which such damage and Restoration materially interfere with Tenant’s business in the Premises). This Lease shall be considered an express agreement governing any case of damage to or destruction of the Premises, the Building or the Project. This Lease sets forth the terms and conditions upon which this Lease may terminate in the event of any damage or destruction. Accordingly, the parties hereby waive the provisions of California Civil Code Section 1932, Subsection 2, and Section 1933, Subsection 4 (and any successor statutes thereof permitting the parties to terminate this Lease as a result of any damage or destruction).
Appears in 1 contract
Sources: Office Lease (Aethlon Medical Inc)
FIRE OR CASUALTY. (a) Subject to the provisions of this Paragraph 9, in the event the Premises, or access thereto, is wholly or partially destroyed by fire or other casualty, Landlord shall (to the extent permitted by Law and covenants, 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 Alterations 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 term of this Lease or any extension of the 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 ProjectProject provided that Tenant does not have reasonable access to the Premises to conduct business: (i) where the cost of rebuilding, repairing and restoring (collectively, “Restoration”) 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 Five Hundred Thousand Dollars ($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 fifty percent (2050%) of the replacement cost of the Premises; or (iv) if Landlord has is not obtained able to obtain using commercially reasonable efforts 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 the result of any damage or destruction, the Premises, or a portion thereof, are rendered untenantable, the Base Rent shall ▇▇▇▇▇ reasonably during the period of Restoration (based upon the extent to which such damage and Restoration materially interfere with Tenant’s business in the Premises). This Lease shall be considered an express agreement governing any case of damage to or destruction of the Premises, the Building or the Project. This Lease sets forth the terms and conditions upon which this Lease may terminate in the event of any damage or destruction. Accordingly, the parties hereby waive the provisions of California Civil Code Section 1932, Subsection 2, and Section 1933, Subsection 4 (and any successor statutes thereof permitting the parties to terminate this Lease as a result of any damage or destruction). Notwithstanding the foregoing, if in Tenant’s reasonable opinion Landlord is unable to complete the Restoration of the Premises within one hundred eighty (180) days of the casualty, Tenant shall have the right to terminate the Lease by providing Landlord with thirty (30) days prior written notice.
Appears in 1 contract
FIRE OR CASUALTY. (a) Subject to the provisions of this Paragraph 9, in the event the Building, Premises, or any Common Areas serving or providing access theretoto the Premises, is wholly or partially destroyed by fire or other casualty, Landlord shall (to the extent permitted by Law and covenants, conditions and restrictions then applicable to the Project) rebuild, repair or restore the Premises Premises, Building and access thereto such Common Areas 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 term of this Lease Term or any extension of the termLease 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 time of rebuilding, repairing and restoring (collectively, “Restoration”) 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’s architect, exceed twenty percent two hundred seventy (20%270) days after the date of the then replacement cost of the Buildingdamage or destruction; (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’s architect, exceeds $500,0001,000,000; or (iii) where, in where the case holder of any damage mortgage on the Building shall require that the insurance proceeds or destruction any portion thereof be used to the Premises retire all or access thereto by uninsured casualty, the cost of Restoration a portion of the Premises or access thereto, in the reasonable opinion of Landlord, exceeds twenty percent (20%) of the replacement cost of the Premisesmortgage debt; or (ivv) 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 ninety (12090) days of the date of such damage or destruction. Within ninety (90) days of the date of such damage or destruction, Landlord shall provide Tenant with a good faith estimate (prepared by Landlord’s architect or contractor) of the time period in which the Premises shall be restored. If such estimate indicates that the Premises (or access thereto) will not be restored within two hundred seventy (270) days from the date of such damage or destruction (the “270 Day Period”), then Tenant shall be permitted to terminate this Lease by providing written notice to Landlord no later than thirty (30) days after Tenant’s receipt of Landlord’s Restoration estimate. In the event such estimate indicates that the Premises (including access thereto) can be restored within such 270 Day Period but the Restoration work is not completed within such 270 Day Period, then Tenant may terminate this Lease by delivering written notice to Landlord of its intent to terminate this Lease within thirty (30) days after the expiration of such 270 Day Period but prior to the substantial completion of the Restoration of the Premises (including restoration of access thereto). If this Lease is not terminated by either Landlord or Tenant pursuant to the foregoing provisions, and as the result of any damage or destruction, the Premises, or a portion thereof, are rendered untenantable, the Base Basic Annual Rent shall ▇▇▇▇▇ reasonably during the period of Restoration (based upon the extent to which such damage and Restoration materially interfere with Tenant’s business in the PremisesPremises and/or access thereto). This Lease shall be considered an express agreement governing any case of damage to or destruction of the Premises, the Building or the Project. This Lease sets forth the terms and conditions upon which this Lease may terminate in the event of any damage or destruction. Accordingly, the parties hereby waive the provisions of California Civil Code Section 1932, Subsection 2, and Section 1933, Subsection 4 (and any successor statutes thereof permitting the parties to terminate this Lease as a result of any damage or destruction).
Appears in 1 contract
Sources: Office Lease (Xencor Inc)
FIRE OR CASUALTY. (a) Subject to If the provisions Premises or any part of this Paragraph 9, in the event the Premises, or access thereto, is wholly or partially destroyed Building shall be damaged by fire or other casualtycasualty and if such damage does not render all or a substantial portion of the Premises or the 'Building untenantable (and for purposes of this Article 24, the Premises shall be deemed untenantable if there is (i) a substantial impairment of the reasonable means of access thereto or (ii) substantial impairment of reasonable means of access to the Antennae on the Roof or damage to a substantial portion of the Antennae on the Roof which materially adversely impairs Tenant Is ability to conduct business in the Premises) , then Landlord shall proceed to repair and restore the Building Systems (including the Building Systems in the Premises) and the reasonable means of access to the Premises with reasonable promptness, given the nature of the damage to be repaired, subject to reasonable delays for insurance adjustments and delays caused by matters beyond Landlord's control. If any such damage renders all or a substantial portion of the Premises or the Building untenantable, Landlord shall shall, with reasonable promptness after the occurrence of such damage, but in all events within forty-five (45) days after such damage occurred, obtain, at no cost to Tenant, an opinion of an independent architect, engineer or other qualified licensed professional, estimating the length of time will be required to complete the repair and restoration of the Building Systems (including the reasonable means of access to the extent permitted Premises) and the Tenant Responsible Premises (stating separate estimated time periods for the repair and restoration of the Building Systems, including those in the Premises, and the repair and restoration of the Tenant Responsible Premises) and by Law written notice advise Tenant of such estimate (such notice being referred to herein as the "Repair Estimate Notice"). If it is so estimated that the amount of time required to substantially complete such repair and covenants, conditions and restrictions then applicable to restoration of both the Project) rebuild, repair or restore Building Systems (including those in the Premises and the reasonable means of 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 restorePremises) and the Tenant Responsible Premises will exceed one hundred eighty (180) days, then either Landlord or Tenant (but as to Tenant, only if all or a substantial portion of the Premises are rendered untenantable) shall have the right to terminate this Lease shall continue in full force and effectas of the date of such damage upon giving notice to the other at any time within twenty (20) days after Landlord delivers the Repair Estimate Notice to Tenant (it being understood that Landlord may, if it elects to do so, also give such notice of termination together with the Repair Estimate Notice). Notwithstanding the foregoing, (i) Landlord’s obligation to rebuild, repair or restore if such damage renders untenantable a substantial portion of the Premises shall Building but does not apply to any personal property, above-standard tenant improvements or other items installed or contained in render untenantable a substantial portion of the Premises, Landlord shall not have the right to terminate this Lease on account of such damage, unless Landlord elects generally to terminate all leases in the Building which Landlord is entitled to terminate on account of such damage or Landlord elects to demolish all or a substantial portion of the Building, and any such termination of this Lease shall be effective as of a date, specified by Landlord, not less than sixty (ii60) days after the delivery of such termination notice. Unless this Lease is terminated as provided in the preceding paragraph, Landlord shall proceed with reasonable promptness to repair and restore the Building Systems, including Building Systems in the Premises and the reasonable means of access to the Premises, subject to reasonable delays for insurance adjustments and delays caused by matters beyond Landlord's reasonable control, and also subject to zoning laws and applicable building codes then in effect. when the repair and restoration of the Building Systems is completed to a degree making the Premises suitably available for Tenant's repair and restoration of the Tenant Responsible Premises, Tenant shall proceed with reasonable promptness to repair and restore the Tenant Responsible Premises, subject to reasonable delays for insurance adjustments and delays caused by matters beyond Tenant's reasonable control and applicable building codes then in effect. Landlord shall have no obligation whatsoever liability to rebuildTenant, 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 or any extension of the term.
(b) Landlord may elect and Tenant shall not be entitled to terminate this Lease in any (except as hereinafter provided) if such repair and restoration of the following cases of damage or destruction to Building Systems is not in fact completed within the Premises, time period specified in the Repair Estimate Notice. If the Building or Systems are not repaired and restored by the Project: number of days equal to one hundred fifty percent (i) where the cost of rebuilding, repairing and restoring (collectively, “Restoration”150%.) of the Building or number of days specified in the Project, would, regardless Repair Estimate Notice for completion 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 repair and restoration of the Building or Systems, measured from the Project by uninsured casualty, the cost date of Restoration delivery of the Building or the ProjectRepair Estimate Notice (provided, in the reasonable opinion however, such number of Landlord, exceeds $500,000; or (iii) where, in the case of any damage or destruction days may be extended up 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 an additional one hundred twenty (120) days due to Force Majeure events), then either party (but as to Landlord, only if Landlord has diligently commenced and pursued such repair and restoration) may terminate this Lease, effective as of the date of such damage fire or destruction. If this Lease is other casualty, by written notice to the other party delivered not terminated by Landlord and as later than thirty (30) days after the result expiration of any damage said period but prior to substantial completion of such repair or destruction, the Premises, or a portion thereof, are rendered untenantable, the Base Rent shall ▇▇▇▇▇ reasonably during the period of Restoration (based upon the extent to which such damage and Restoration materially interfere with Tenant’s business in the Premises). This Lease shall be considered an express agreement governing any case of damage to or destruction of the Premises, the Building or the Project. This Lease sets forth the terms and conditions upon which this Lease may terminate in the event of any damage or destructionrestoration.
Appears in 1 contract
FIRE OR CASUALTY. (a) Subject to the provisions of this Paragraph 9, in the event the Premises, or access thereto, is wholly or partially destroyed by fire or other casualty, Landlord shall (to the extent permitted by Law and covenants, conditions and restrictions then applicable to the ProjectBuilding or the Land) 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 term of this Lease or any extension of the term.
(b) Landlord may elect to terminate this Lease in any of the following cases of damage or destruction to the Premises, the Building Premises or the ProjectBuilding: (i) where the cost of rebuilding, repairing and restoring (collectively, “Restoration”) of the Building or the ProjectBuilding, 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 Premises by uninsured casualty, the cost of Restoration of the Building or the Project, casualty (except in the reasonable opinion of Landlord, exceeds $500,000event the uninsured casualty was required to have been insured by Landlord under Paragraph 8(e)(iv) above); 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 Notice of any such termination shall be made by thirty (30) days’ prior written notice given to Tenant given within one hundred twenty (120) days of the date of such damage or destructiondestruction and shall be effective thirty (30) days following the date of such notice. If this Lease is not terminated by Landlord and as the result of any damage or destruction, the Premises, or a portion thereof, are rendered untenantable, the Base Rent shall ▇▇▇▇▇ reasonably beginning on the date of damage and continuing through the period of Restoration (based upon the extent to which such damage and Restoration materially interfere with Tenant’s business in the Premises). This Lease shall be considered an express agreement governing any case of damage to or destruction of the Premises or the Building. This Lease sets forth the terms and conditions upon which this Lease may terminate in the event of any damage or destruction.
(c) Tenant may elect to terminate this Lease by notice to Landlord as hereinafter set forth (time being of the essence) where substantial completion of Restoration of the Premises or of the access thereto would, in Landlord’s reasonable judgment, take longer than two hundred seventy (270) days from the date of such damage or destruction or if Landlord, having determined that Restoration would occur in such period, is unable to effect substantial completion of Restoration within such period. Landlord shall, within thirty (30) days of any damage or destruction that would give Tenant the right to terminate this Lease if the Restoration is not substantially completed within the said 270-day period, notify Tenant of Landlord’s reasonable estimate of the time necessary to effect substantial completion of Restoration. If the period for substantial completion of Restoration is longer than such 270-day period, Tenant may within thirty (30) days after receipt of Landlord’s notice, terminate this Lease by notice to the Landlord, such termination to take effect on the date of such notice. If Tenant does not so terminate the Lease even though the period for substantial completion of Restoration is longer than 270 days, this Lease shall continue in full force or effect (unless terminated by Landlord pursuant to any right it has to terminate), but if Restoration of the Premises or access thereto is not substantially completed by the end of such 270 day period, Tenant shall have the right within thirty (30) days following the end of such 270 day period to terminate this Lease by notice to the Landlord as of the date of such notice.
(d) If this Lease is not terminated by either Landlord or Tenant and as the result of any damage or destruction, the Premises, or a portion thereof, are rendered untenantable, and in any event during the period the Premises remain subject to this Lease and are untenantable, the Base Rent shall ▇▇▇▇▇ reasonably during the period of Restoration (based upon the extent to which such damage and Restoration materially interfere with Tenant’s business in the Premises). This Lease shall be considered an express agreement governing any case of damage to or destruction of the Premises, the Building or the ProjectBuilding. This Lease sets forth the terms and conditions upon which this Lease may terminate in the event of any damage or destruction.
Appears in 1 contract
FIRE OR CASUALTY. (a) Subject to the provisions of this Paragraph 9, in the event the Premises, or access thereto, is wholly or partially destroyed by fire or other casualty, Landlord shall (to the extent permitted by Law and covenants, 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 Alterationsdestruction, 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 's obligation to rebuild, repair or restore the Premises shall not apply to any personal property, above-standard tenant improvements property or other items installed or contained in the PremisesPremises which are not installed as part of the initial tenant improvements, 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 or any extension of the termExtension Term.
(b) Landlord may elect to terminate this Lease in any of the following cases of damage or destruction to the Premises, the Building Premises or the ProjectBuilding: (i) where the cost of rebuilding, repairing and restoring the Building (collectively, “"Restoration”) 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 ProjectBuilding, in the reasonable opinion of Landlord, exceeds One Million Dollars ($500,0001,000,000.00); 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 sixty (12060) days of the date of such damage or destruction. If .
(c) Subject to the later terms hereof Tenant shall have the right to terminate this Lease is not terminated following the destruction of the Premises (or damage to the Premises so extensive as to reasonably prevent Tenants substantial use and enjoyment of the Premises) if any of the following occurs: (i) the Premises cannot, with reasonable diligence, be repaired by Landlord and as within three hundred sixty (360) days after the result date of any the damage or destruction, the Premises, or a portion thereof, are rendered untenantable, the Base Rent shall ▇▇▇▇▇ reasonably during the period of Restoration (based upon the extent to which such damage and Restoration materially interfere with Tenant’s business in the Premisesas determined by Landlord's architect Completion Period"). This Lease shall be considered an express agreement governing any case of damage to or destruction of the Premises, the Building or the Project. This Lease sets forth the terms and conditions upon which this Lease may terminate in the event of any damage or destruction.;
Appears in 1 contract
Sources: Office Lease (MSC Software Corp)
FIRE OR CASUALTY. (a) Subject to the provisions of this Paragraph 9, in the event the Premises, or access thereto, is wholly or partially destroyed by fire or other casualty, Landlord shall (to the extent permitted by Law and covenants, 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 term of this Lease or any extension of the 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, “Restoration”) 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 $500,000200,000; 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 ninety (12090) days of the date of such damage or destruction. If this Lease is not terminated by Landlord and as the result of any damage or destruction, the Premises, or a portion thereof, are rendered untenantable, the Base Basic Annual Rent shall ▇a▇▇▇▇ reasonably during the period of Restoration (based upon the extent to which such damage and Restoration materially interfere with Tenant’s business in the Premises). This Lease shall be considered an express agreement governing any case of damage to or destruction of the Premises, the Building or the Project. This Lease sets forth the terms and conditions upon which this Lease may terminate in the event of any damage or destruction.
Appears in 1 contract
Sources: Office Lease (CIPHERLOC Corp)
FIRE OR CASUALTY. (a) Subject to 19.1. If the provisions of this Paragraph 9, in Premises or the event the Premises, or access thereto, is wholly Building are totally or partially damaged or destroyed by fire thereby rendering the Premises totally or other casualtypartially inaccessible or unusable, then Landlord shall (to the extent permitted by Law diligently repair and covenants, conditions and restrictions then applicable to the Project) rebuild, repair or restore the Premises and access thereto the Building to substantially the same condition as existing immediately they were in prior to such damage or destruction; provided, however, that if (a) in Landlord's reasonable judgment such repair and restoration cannot be completed within two hundred seventy (270) days after the occurrence of such damage or destruction (excluding Tenant’s Alterationstaking into account the time needed for effecting a satisfactory settlement with any insurance company involved, trade fixturesremoval of debris, equipment preparation of plans and personal propertyissuance 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 terminate this Lease forty-five (45) days after such damage or destruction by giving written notice of termination to Tenant within thirty (30) days after the occurrence of such damage or destruction.
19.2. 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 restore) pay the Basic Annual Rent only for the portion of the Premises that is usable while Landlord’s repair and this Lease shall continue in full force and effectrestoration are being made. Notwithstanding the foregoing, (i) Landlord’s obligation Tenant shall not be entitled to rebuildany reduction in rent if the damage or destruction was caused by the gross negligence or willful misconduct of Tenant, its agents, employees, or contractors. Except in the case of damage or destruction caused by Tenant, its agents, employees, or contractors, 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 restore the Premises shall not apply to any personal property, above-standard tenant improvements or other items installed or contained in contents of the Premises, including without limitation, alterations, decorations, furnishings, fixtures and (ii) equipment used or installed in the Premises by or on behalf of Tenant and any other personal property of Tenant. Tenant shall not be entitled to any compensation or damages from Landlord shall have no obligation whatsoever to rebuildfor 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 with respect or the Building and shall have the right to terminate this Lease if (a) the holder of any damage mortgage fails or destruction occurring refuses to make insurance proceeds available for such repair and restoration, (b) zoning or 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 is damaged or destroyed, provided the leases of all other tenants in the Building are similarly terminated. In addition, if the Premises or the Building is destroyed or damaged which renders the Premises inaccessible or untenantable (e.g., the cost of repairing and restoring the Building would exceed fifty percent (50%) of the replacement value of the Building), during the last twelve (12) months of the term of Term, then notwithstanding anything contained in this Lease or any extension of Section, Landlord shall have the term.
(b) Landlord may elect option to terminate this Lease in any by giving written notice to Tenant of the following cases exercise of damage or destruction to the Premises, the Building or the Project: (i) where the cost of rebuilding, repairing and restoring (collectively, “Restoration”) 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 option within thirty (30) days’ prior written notice to Tenant given within one hundred twenty (120) days after such damage or destruction, in which event this Lease shall cease and terminate as of the date of such damage or destructionnotice. If Upon any such termination of this Lease is not terminated pursuant to this Section, Tenant shall pay the Basic Annual Basic Rent and Additional Rent, properly apportioned up to such date of termination, and both parties hereto shall thereafter be freed and discharged of all further obligations hereunder, except as provided for in provisions of this Lease which by Landlord and as their terms survive the result of any damage expiration or destruction, the Premises, or a portion thereof, are rendered untenantable, the Base Rent shall ▇▇▇▇▇ reasonably during the period of Restoration (based upon the extent to which such damage and Restoration materially interfere with Tenant’s business in the Premises). This Lease shall be considered an express agreement governing any case of damage to or destruction earlier termination of the Premises, the Building or the Project. This Lease sets forth the terms and conditions upon which this Lease may terminate in the event of any damage or destructionTerm.
Appears in 1 contract
Sources: Deed of Lease
FIRE OR CASUALTY. (a) Subject to the provisions of this Paragraph 9, in the event the Premises, or access thereto, is wholly or partially destroyed by fire or other casualty, Landlord shall (to the extent permitted by Law and covenants, conditions and restrictions then applicable to the ProjectBuilding or the Land) 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 Alterations or leasehold improvements made by Tenant or personal property, above-standard tenant improvements or other items installed or contained property of Tenant in the Premises, and (ii) Landlord shall have no obligation whatsoever to rebuild, repair or restore the Premises with respect to any material damage or destruction occurring during the last twelve (12) months of the term of this Lease Lease. In the event that Landlord makes a decision not to rebuild, repair or any extension restore the Premises pursuant to the provisions of clause (ii) of this Paragraph 9(a), the Landlord shall notify Tenant of such decision within sixty (60) days after such damage or destruction, and if the damage or destruction was such that Tenant ceased occupying the Premises as of the termdate of such damage or destruction or ceases occupying the Premises within thirty (30) days after Landlord’s notice, Tenant may, by notice to the Landlord within such thirty (30) day period following Landlord’s notice, terminate this Lease as of the date of such damage or destruction and Tenant’s obligation to pay Rent shall terminate as of the date Tenant in fact ceased or ceases to occupy the Premises.
(b) Landlord may elect to terminate this Lease in any of the following cases of damage or destruction to the Premises, the Building Premises or the ProjectBuilding: (i) where the cost of rebuilding, repairing and restoring (collectively, “Restoration”) of the Building or the ProjectBuilding, 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 ProjectBuilding, 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 . Notice of the Project, Building or Premises. Any any such termination shall be made by thirty (30) days’ prior written notice given to Tenant given within one hundred twenty (120) days of the date of such damage or destructiondestruction and shall be effective thirty (30) days following the date of such notice.
(c) Tenant may elect to terminate this Lease by notice to Landlord as hereinafter set forth (time being of the essence) where substantial completion of Restoration of the Premises or of the access thereto would, in Landlord’s reasonable judgment, take longer than twelve (12) months from the date of such damage or destruction or if Landlord, having determined that Restoration would occur in such period, is unable to effect substantial completion of Restoration within such period. Landlord shall, within thirty (30) days of any damage or destruction that would give Tenant the right to terminate this Lease if the Restoration is not substantially completed within the said twelve (12) month period, notify Tenant of Landlord’s reasonable estimate of the time necessary to effect substantial completion of Restoration. If the period for substantial completion of Restoration is longer than such twelve (12) month period, Tenant may within thirty (30) days after receipt of Landlord’s notice, terminate this Lease by notice to the Landlord, such termination to take effect on the date of such notice. If Tenant does not so terminate the Lease even though the period for substantial completion of Restoration is longer than twelve (12) months, this Lease shall continue in full force or effect (unless terminated by Landlord pursuant to any right it has to terminate), but if Restoration of the Premises or access thereto is not substantially completed by the end of such twelve (12) month period, Tenant shall have the right within thirty (30) days following the end of such twelve (12) month period to terminate this Lease by notice to the Landlord as of the date of such notice.
(d) If this Lease is not terminated by either Landlord or Tenant and as the result of any damage or destruction, the Premises, or a portion thereof, are rendered untenantable, and in any event during the Base period the Premises remain subject to this Lease and are untenantable, the Rent shall ▇▇▇▇▇ reasonably during from the date of such casualty through the period of Restoration (based upon the extent to which such damage and Restoration materially interfere with Tenant’s business in the Premises). This Lease shall be considered an express agreement governing any case of damage to or destruction of the Premises, the Building or the ProjectBuilding. This Lease sets forth the terms and conditions upon which this Lease may terminate in the event of any damage or destruction.
Appears in 1 contract
Sources: Sublease (Karuna Therapeutics, Inc.)
FIRE OR CASUALTY. (a) Subject to If the provisions Premises or any part of this Paragraph 9, in the event the Premises, or access thereto, is wholly or partially destroyed Building shall be damaged by fire or other casualtycasualty and if such damage does not render all or a substantial portion of the Premises or the 'Building untenantable (and for purposes of this Article 24, the Premises shall be deemed untenantable if there is (i) a substantial impairment of the reasonable means of access thereto or (ii) substantial impairment of reasonable means of access to the Antennae on the Roof or damage to a substantial portion of the Antennae on the Roof which materially adversely impairs Tenant Is ability to conduct business in the Premises), then Landlord shall proceed to repair and restore the Building Systems (including the Building Systems in the Premises) and the reasonable means of access to the Premises with reasonable promptness, given the nature of the damage to be repaired, subject to reasonable delays for insurance adjustments and delays caused by matters beyond Landlord's control. If any such damage renders all or a substantial portion of the Premises or the Building untenantable, Landlord shall shall, with reasonable promptness after the occurrence of such damage, but in all events within forty-five (45) days after such damage occurred, obtain, at no cost to Tenant, an opinion of an independent architect, engineer or other qualified licensed professional, estimating the length of time will be required to complete the repair and restoration of the Building Systems (including the reasonable means of access to the extent permitted Premises) and the Tenant Responsible Premises (stating separate estimated time periods for the repair and restoration of the Building Systems, including those in the Premises, and the repair and restoration of the Tenant Responsible Premises) and by Law written notice advise Tenant of such estimate (such notice being referred to herein as the "Repair Estimate Notice"). If it is so estimated that the amount of time required to substantially complete such repair and covenants, conditions and restrictions then applicable to restoration of both the Project) rebuild, repair or restore Building Systems (including those in the Premises and the reasonable means of 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 restorePremises) and the Tenant Responsible Premises will exceed one hundred eighty (180) days, then either Landlord or Tenant (but as to Tenant, only if all or a substantial portion of the Premises are rendered untenantable) shall have the right to terminate this Lease shall continue in full force and effectas of the date of such damage upon giving notice to the other at any time within twenty (20) days after Landlord delivers the Repair Estimate Notice to Tenant (it being understood that Landlord may, if it elects to do so, also give such notice of termination together with the Repair Estimate Notice). Notwithstanding the foregoing, (i) Landlord’s obligation to rebuild, repair or restore if such damage renders untenantable a substantial portion of the Premises shall Building but does not apply to any personal property, above-standard tenant improvements or other items installed or contained in render untenantable a substantial portion of the Premises, Landlord shall not have the right to terminate this Lease on account of such damage, unless Landlord elects generally to terminate all leases in the Building which Landlord is entitled to terminate on account of such damage or Landlord elects to demolish all or a substantial portion of the Building, and any such termination of this Lease shall be effective as of a date, specified by Landlord, not less than sixty (ii60) days after the delivery of such termination notice. Unless this Lease is terminated as provided in the preceding paragraph, Landlord shall proceed with reasonable promptness to repair and restore the Building Systems, including Building Systems in the Premises and the reasonable means of access to the Premises, subject to reasonable delays for insurance adjustments and delays caused by matters beyond Landlord's reasonable control, and also subject to zoning laws and applicable building codes then in effect. when the repair and restoration of the Building Systems is completed to a degree making the Premises suitably available for Tenant's repair and restoration of the Tenant Responsible Premises, Tenant shall proceed with reasonable promptness to repair and restore the Tenant Responsible Premises, subject to reasonable delays for insurance adjustments and delays caused by matters beyond Tenant's reasonable control and applicable building codes then in effect. Landlord shall have no obligation whatsoever liability to rebuildTenant, 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 or any extension of the term.
(b) Landlord may elect and Tenant shall not be entitled to terminate this Lease in any (except as hereinafter provided) if such repair and restoration of the following cases of damage or destruction to Building Systems is not in fact completed within the Premises, time period specified in the Repair Estimate Notice. If the Building or Systems are not repaired and restored by the Project: number of days equal to one hundred fifty percent (i) where the cost of rebuilding, repairing and restoring (collectively, “Restoration”150%.) of the Building or number of days specified in the Project, would, regardless Repair Estimate Notice for completion 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 repair and restoration of the Building or Systems, measured from the Project by uninsured casualty, the cost date of Restoration delivery of the Building or the ProjectRepair Estimate Notice (provided, in the reasonable opinion however, such number of Landlord, exceeds $500,000; or (iii) where, in the case of any damage or destruction days may be extended up 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 an additional one hundred twenty (120) days due to Force Majeure events), then either party (but as to Landlord, only if Landlord has diligently commenced and pursued such repair and restoration) may terminate this Lease, effective as of the date of such damage fire or destruction. If this Lease is other casualty, by written notice to the other party delivered not terminated by Landlord and as later than thirty (30) days after the result expiration of any damage said period but prior to substantial completion of such repair or destruction, the Premises, or a portion thereof, are rendered untenantable, the Base Rent shall ▇▇▇▇▇ reasonably during the period of Restoration (based upon the extent to which such damage and Restoration materially interfere with Tenant’s business in the Premises). This Lease shall be considered an express agreement governing any case of damage to or destruction of the Premises, the Building or the Project. This Lease sets forth the terms and conditions upon which this Lease may terminate in the event of any damage or destructionrestoration.
Appears in 1 contract