Common use of Fire or Other Casualty Clause in Contracts

Fire or Other Casualty. A. All proceeds (except business interruption insurance proceeds not allocated to Rent expenses and personal property proceeds, if any) in excess of Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) payable by reason of any property loss, damage, or destruction of or to the Premises by fire or other casualty, or any portion thereof, under any property policy of insurance required to be carried hereunder, shall be paid to Landlord, to be held by Landlord for the benefit and use of Tenant subject to and in accordance with the terms hereof or by Landlord Mortgagee for the exclusive purpose of restoration of the Premises and made available to Tenant upon request, pursuant to the procedures set forth in this Section 18 for the reasonable costs of preservation, stabilization, emergency restoration, business interruption (other than any amount allocated to Rent expenses), reconstruction and repair, as the case may be, of any damage to or destruction of the Premises, or any portion thereof; provided, however, that the portion of such proceeds that are attributable to Tenant’s obligation to pay Rent shall be applied against Rent as and when the same becomes due by Tenant hereunder. All proceeds paid to Tenant shall be used first for the repair of any damage to the Premises (other than such payment of Rent). Any excess proceeds of insurance remaining after the completion of the restoration or reconstruction of the Premises to substantially the same condition as existed immediately before the damage or destruction and with materials and workmanship of like kind and quality and to Landlord’s reasonable satisfaction, and in accordance with the general terms and conditions of Exhibit C attached hereto, as applicable (collectively, “Restoration Standards”), shall be retained by Tenant. Tenant shall have the right to reasonably prosecute and settle insurance claims, provided that Tenant shall consult with and involve Landlord in the process of adjusting any insurance claims under this Section 18.

Appears in 4 contracts

Samples: Master Lease Agreement (Cracker Barrel Old Country Store, Inc), Lease Agreement (Cracker Barrel Old Country Store, Inc), Master Lease Agreement (Cracker Barrel Old Country Store, Inc)

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Fire or Other Casualty. A. All proceeds (except business interruption insurance proceeds not allocated 15.1 In the event of damage to Rent expenses and personal property proceeds, if any) in excess of Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) payable by reason of any property loss, damage, or destruction of or to the Premises caused by fire or other casualty, or any portion thereofsuch damage to or destruction of the Building necessary to provide normal services and access to the Premises in accordance herewith (the “Event of Casualty”), under Landlord, after receipt of written notice thereof from Tenant, shall undertake to make repairs and restorations with reasonable diligence, unless this Lease has been terminated by Landlord or Tenant as hereinafter, unless any property policy mortgagee which is entitled to receive casualty proceeds fails to make available to Landlord a sufficient amount of such proceeds to cover the cost of such repairs and restorations. If (i) in Landlord’s sole judgment, the damage is of such nature or extent that more than one hundred (180) days would be required to repair and restore the Premises or the Building (with normal work crews and normal work crew hours) as the case may be; or (ii) in Landlord’s sole judgment, the damage not covered by insurance (or required to be carried covered by insurance hereunder, shall be paid ) and is of such nature or extent that it is uneconomical to Landlord, to be held by Landlord for the benefit repair and use of Tenant subject to and in accordance with the terms hereof or by Landlord Mortgagee for the exclusive purpose of restoration of restore the Premises and made available to Tenant upon request, pursuant to or the procedures set forth in this Section 18 for the reasonable costs of preservation, stabilization, emergency restoration, business interruption (other than any amount allocated to Rent expenses), reconstruction and repairBuilding, as the case may be; or (iii) less than one (1) year remains on the then current Lease Term, Landlord shall so advise Tenant within thirty (30) days after the Event of any damage Casualty (the “Landlord’s Notice of Casualty”), and either party shall have thirty (30) days after receipt of Landlord’s Notice of Casualty to terminate this Lease by written notice to the other. If either party elects to terminate this Lease in the case described in clauses (i), (ii) or destruction (iii) above, then the Lease Term shall expire as of the Premisesdate of the Event.of Casualty, or any portion thereof; provided, however, that and Tenant shall vacate the portion of such proceeds that are attributable to Tenant’s obligation to pay Rent shall be applied against Rent as Premises and when surrender the same becomes due by Tenant hereunder. All proceeds paid to Tenant shall be used first for the repair of any damage to the Premises (other than such payment of Rent). Any excess proceeds of insurance remaining after the completion of the restoration or reconstruction of the Premises to substantially the same condition as existed immediately before the damage or destruction and with materials and workmanship of like kind and quality and to Landlord’s reasonable satisfaction, and Landlord in accordance with the general terms and conditions of Exhibit C attached hereto, as applicable (collectively, “Restoration Standards”), shall be retained by Tenant. Tenant shall have the right to reasonably prosecute and settle insurance claims, provided that Tenant shall consult with and involve Landlord in the process of adjusting any insurance claims under this Section 18Lease.

Appears in 2 contracts

Samples: Lease Agreement (Spero Therapeutics, Inc.), Lease Agreement (Spero Therapeutics, Inc.)

Fire or Other Casualty. A. All proceeds (except business interruption insurance proceeds not allocated to Rent expenses and personal property proceeds, if anya) in excess of Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) payable by reason of any property loss, damage, or destruction of or to If the Premises or any part thereof shall be damaged by fire or other casualty, or any portion thereof, under any property policy of insurance required to be carried hereunder, casualty insured by Landlord and Tenant shall be paid have given prompt written notice thereof to Landlord, Landlord shall (subject to the subsections 19 (b) or (c) hereof) proceed with reasonable diligence to repair or cause to be held by repaired such damage (but in no event shall Landlord for the benefit and use of Tenant subject be obligated to and expend an amount in accordance with the terms hereof or by Landlord Mortgagee for the exclusive purpose of restoration excess of the Premises net proceeds of insurance made available) and made available to Tenant upon request, pursuant to the procedures set forth in this Section 18 for the reasonable costs of preservation, stabilization, emergency restoration, business interruption (other than any amount allocated to Rent expenses), reconstruction and repair, as the case may be, of any damage to or destruction of if the Premises, or any portion part thereof, shall be rendered untenantable by reason of such damage, and such damage shall not be due to the fault of Tenant, its agents, contractors, employees, guests, invitees or licensees, the Annual Basic Rental, or an amount thereof apportioned according to the number of square feet of floor space of the Premises so rendered untenantable (if less than the entire Premises shall be so rendered untenantable), shall be abated for the period from the date of such damage to the date when the damage shall have been repaired as aforesaid; provided, however, that if Landlord shall make available to Tenant during the portion period of such proceeds that are attributable to repair, other space in the Center reasonably suitable for the temporary carrying on of Tenant’s obligation to pay Rent 's business, there shall be applied against Rent as and when no such abatement of Annual Basic Rental. If Landlord or any mortgagee of the same becomes due Center shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant, or the agents, contractors, employees, guests, invitees or licensees of Tenant, the cost of repairing such damage shall be paid by Tenant hereunder. All proceeds paid to Tenant and there shall be used first for the repair no abatement of any damage to the Premises (other than such payment of Rent). Any excess proceeds of insurance remaining after the completion of the restoration or reconstruction of the Premises to substantially the same condition as existed immediately before the damage or destruction and with materials and workmanship of like kind and quality and to Landlord’s reasonable satisfaction, and in accordance with the general terms and conditions of Exhibit C attached hereto, as applicable (collectively, “Restoration Standards”), shall be retained by Tenant. Tenant shall have the right to reasonably prosecute and settle insurance claims, provided that Tenant shall consult with and involve Landlord in the process of adjusting any insurance claims under this Section 18rent.

Appears in 2 contracts

Samples: Retail Lease (United Bancshares Inc /Pa), United Bancshares Inc /Pa

Fire or Other Casualty. A. All proceeds (except business interruption insurance proceeds not allocated to Rent expenses and personal property proceeds, if any) in excess In case of Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) payable by reason of any property loss, damage, or destruction of or damage to the Demised Premises or those portions of the Center providing access or essential services thereto, by fire or other casualty, or any portion thereofLandlord shall, under any property policy of insurance required at its expense, cause the damage to be carried hereunderrepaired to a condition as nearly as practicable to that existing prior to the damage, shall be paid with reasonable speed and diligence, subject to delays which may arise by reason of adjustment of loss under insurance policies, Governmental Requirements, and for delays beyond the control of Landlord, to be held by including a “Force Majeure”. Landlord for the benefit and use of Tenant subject to and in accordance with the terms hereof or by Landlord Mortgagee for the exclusive purpose of restoration of the Premises and made available to Tenant upon request, pursuant to the procedures set forth in this Section 18 for the reasonable costs of preservation, stabilization, emergency restoration, business interruption (other than any amount allocated to Rent expenses), reconstruction and repair, as the case may be, of any damage to or destruction of the Premises, or any portion thereof; providedshall not, however, be obligated to repair, restore, or rebuild any of Tenant’s property or any alterations or additions made by Tenant. To the extent and for the time that the portion of such proceeds that Demised Premises are attributable to Tenant’s obligation to pay Rent thereby rendered untenantable, the rent shall be applied against Rent as and when proportionately xxxxx. In the same becomes due by Tenant hereunder. All proceeds paid to Tenant event the damage shall be used first for (i) involve the repair of any Center generally, or (ii) shall involve material damage to the Demised Premises, and (iii) shall be so extensive that Landlord shall decide, at its sole discretion, not to repair or rebuild the Center or the Building of which the Demised Premises is a part, or if the casualty shall not be of a type insured against under standard fire policies with extended type coverage, or if the holder of any mortgage, deed of trust or similar security interest covering the Center shall not permit the application of adequate insurance proceeds for repair or restoration, this Lease shall, at the sole option of Landlord, exercisable by written notice to Tenant given within sixty (other than such payment of Rent). Any excess proceeds of insurance remaining 60) days after the completion Landlord is notified of the restoration or reconstruction casualty and the extent thereof, be terminated as of the Premises to substantially the same condition as existed immediately before the damage or destruction and with materials and workmanship of like kind and quality and to Landlord’s reasonable satisfactiona date specified in such notice (which shall not be more than ninety [90] days thereafter), and in accordance with the general terms and conditions of Exhibit C attached hereto, rent (taking into account any abatement as applicable (collectively, “Restoration Standards”), aforesaid) shall be retained by Tenant. adjusted to the termination date and Tenant shall have thereupon promptly vacate the right to reasonably prosecute and settle insurance claims, provided that Tenant shall consult with and involve Landlord in the process of adjusting any insurance claims under this Section 18Demised Premises.

Appears in 2 contracts

Samples: Commercial Lease Agreement (Trevena Inc), Commercial Lease Agreement (Trevena Inc)

Fire or Other Casualty. A. All proceeds (except business interruption insurance proceeds not allocated In the event of damage to Rent expenses and personal property proceeds, if any) in excess of Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) payable by reason of any property loss, damage, or destruction of the Premises or the Building, or the entrances and other common facilities necessary to provide normal access to the Premises Premises, caused by fire or other casualty, or any portion thereof, under any property policy of insurance required to be carried hereunder, Client shall be paid provide immediate notice thereof to Landlord, to and Landlord shall make repairs and restorations as hereafter expressly provided, unless this Lease shall be held terminated by Landlord for or unless any mortgagee which is entitled to receive casualty insurance proceeds fails to make available to Landlord a sufficient amount of such proceeds to cover the benefit cost of such repairs and use restoration. If (i) the damage is of Tenant subject such nature or extent, in the judgment of Landlord’s architect, that more than two hundred ten (210) consecutive days, after commencement of the work, would be required (with normal work crews and hours) to repair and in accordance with restore the terms hereof or by Landlord Mortgagee for the exclusive purpose of restoration part of the Premises and made available or Building which has been damaged, or (ii) a substantial portion of the Premises or the Building is so damaged that, in Landlord’s sole judgment, it is uneconomic to Tenant upon request, pursuant to restore or repair the procedures set forth in this Section 18 for Premises or the reasonable costs of preservation, stabilization, emergency restoration, business interruption (other than any amount allocated to Rent expenses), reconstruction and repairBuilding, as the case may be, Landlord shall so advise Client promptly; and Landlord or Client, for a period of any damage to or destruction of the Premisesten (10) days thereafter, or any portion thereof; provided, however, that the portion of such proceeds that are attributable to Tenant’s obligation to pay Rent shall be applied against Rent as and when the same becomes due by Tenant hereunder. All proceeds paid to Tenant shall be used first for the repair of any damage to the Premises (other than such payment of Rent). Any excess proceeds of insurance remaining after the completion of the restoration or reconstruction of the Premises to substantially the same condition as existed immediately before the damage or destruction and with materials and workmanship of like kind and quality and to Landlord’s reasonable satisfaction, and in accordance with the general terms and conditions of Exhibit C attached hereto, as applicable (collectively, “Restoration Standards”), shall be retained by Tenant. Tenant shall have the right to reasonably prosecute terminate this Lease by written notice to the other, as of the date specified in such notice, which termination date shall be no later than thirty (30) days after the date of such notice. In the event of such fire or other casualty, if this Lease is not terminated pursuant to the terms of this Section 17, and settle if (i) sufficient casualty insurance claimsproceeds are available for use for such restoration or repair, and (ii) this Lease is then in full force and effect, Landlord shall proceed promptly and diligently to restore the Premises to its substantially similar condition prior to the occurrence of the damage, provided that Tenant Landlord shall consult with and involve not be obligated to repair or restore any alterations, additions or fixtures which Client or any other Client may have installed unless Client, in a manner satisfactory to Landlord, assures payment in full of all costs which may be incurred by Landlord in connection therewith. Client shall, at its sole expense, insure the process value of adjusting all leasehold improvements, fixtures, equipment or other property located in the Premises, for the purpose of providing funds to Landlord to repair and restore the Premises to its substantially similar condition prior to occurrence of the damage. If Client does not assure or agree to assure payment of the cost or restoration or repair of any insurance claims under such alteration, fixtures or additions as aforesaid, Landlord shall have the right to determine the manner in which the Premises shall be restored so as to be substantially the same as the Premises existed prior to the damage occurring, as if such alterations, additions or fixtures had not been made or installed. The validity and effect of this Section 18Lease shall not be impaired in any way by, and Landlord shall have no liability as a result of, the failure of Landlord to complete repairs and restoration of the Premises or of the Building within two hundred ten (210) consecutive days after commencement of work, even if Landlord had in good faith notified Client that it estimated that the repair and restoration would be completed within such period, provided that Landlord proceeds diligently with such repair and restoration. In the case of damage to the Premises not caused by the negligence or willful misconduct of the Client or any of its agents, employees or invitees, and which is of a nature or extent that Client’s continued occupancy is substantially impaired, the rent otherwise payable by Client hereunder shall be equitably abated or adjusted for the duration of such impairment as determined by Landlord. In no event, however, shall any damages be payable by Landlord to Client in respect of business interruption resulting from any fire or other casualty on the Premises or Building. Client shall be responsible to insure and/or repair all of Client’s personal property located in the Premises.

Appears in 2 contracts

Samples: Lease Agreement (2U, Inc.), Lease Agreement (2U, Inc.)

Fire or Other Casualty. A. All proceeds (except business interruption insurance proceeds not allocated to Rent expenses and personal property proceeds, if any) in excess In case of Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) payable by reason of any property loss, damage, or destruction of or damage to the Premises or those portions of the Building providing access or essential services thereto, by fire or other casualty, Landlord shall, at its expense, cause the damage to be repaired to a condition as nearly as practicable to that existing prior to the damage, with reasonable speed and diligence, subject to delays which may arise by reason of adjustment of loss under insurance policies, Governmental Requirements, and for delays beyond the control of Landlord, including a “force majeure” (as defined below). Landlord shall not, however, be obligated to repair, restore, or rebuild any of Tenant’s property or any portion alterations or additions made by or on behalf of Tenant. Landlord shall not be liable for any inconvenience or annoyance to Tenant, or Tenant’s visitors, or injury to Tenant’s business resulting in any way from such damage or the repair thereof except, to the extent and for the time that the Premises are thereby rendered untenantable, the rent shall proportionately xxxxx. In the event the damage shall involve the Building generally and shall be so extensive that Landlord shall decide, at its sole discretion, not to repair or rebuild the Building, or if the casualty shall not be of a type insured against under standard fire policies with extended type coverage, or if the holder of any mortgage, deed of trust or similar security interest covering the Building shall not permit the application of adequate insurance proceeds for repair or restoration, this Lease shall, at the sole option of Landlord, exercisable by written notice to Tenant given within sixty (60) days after Landlord is notified of the casualty and to the extent thereof, under be terminated as of a date specified in such notice (which shall not be more than ninety [90] days thereafter), and the rent (taking into account any property policy of insurance required to be carried hereunder, abatement as aforesaid) shall be paid adjusted to Landlordthe termination date and Tenant shall thereupon promptly vacate the Premises. After the occurrence of a fire or other casualty which involves the Building generally or which renders the Premises or a portion thereof untenantable, Landlord shall promptly furnish to be held by Landlord Tenant an estimate of the time necessary to repair and rebuild the Building and/or the Premises, as applicable (such estimated time for completion of the benefit repair and use of Tenant subject to and in accordance with the terms hereof or by Landlord Mortgagee for the exclusive purpose of restoration of the Building is hereinafter referred to as the “Estimated Time”). If at least fifty percent (50%) of the Premises is rendered untenantable as the result of the fire or other casualty, and made available if the Estimated Time exceeds one hundred eighty (180) days, Tenant may, but only within twenty (20) days after Tenant’s receipt of the notice of Estimated Time, terminate this Lease by written notice to Landlord. If Tenant upon requestdoes not so terminate, pursuant this Lease (subject to the procedures provisions set forth in this Section 18 for the reasonable costs of preservation, stabilization, emergency restoration, business interruption (other than any amount allocated to Rent expensesherein), reconstruction and repair, as shall remain in effect regardless of whether the case may be, of any damage to or destruction of actual rebuild time differs from the Premises, or any portion thereofEstimated Time; provided, however, that in the portion of such proceeds that are attributable to Tenant’s obligation to pay Rent shall be applied against Rent as and when event the same becomes due by Tenant hereunder. All proceeds paid to Tenant shall be used first for the repair of any damage to the Premises rebuild is not completed within thirty (other than such payment of Rent). Any excess proceeds of insurance remaining 30) days after the completion expiration of the restoration or reconstruction Estimated Time (calculated from the date Tenant received the notice of the Premises to substantially the same condition as existed immediately before the damage or destruction and with materials and workmanship of like kind and quality and to Estimated Time from Landlord’s reasonable satisfaction, and in accordance with the general terms and conditions of Exhibit C attached hereto, as applicable (collectively, “Restoration Standards”), shall be retained by Tenant. Tenant shall have the further right to reasonably prosecute terminate this Lease by written notice to Landlord, but only within twenty (20) days after the expiration of such thirty (30) day period and settle insurance claims, further provided that Tenant if Landlord completes the rebuild within thirty (30) days after receiving Tenant’s termination notice, such termination shall consult with be negated and involve Landlord deemed null and void and this Lease shall continue in the process of adjusting any insurance claims under this Section 18full force and effect.

Appears in 2 contracts

Samples: Princeton South Corporate Center Office Lease (Celator Pharmaceuticals Inc), Princeton South Corporate Center Office Lease (Celator Pharmaceuticals Inc)

Fire or Other Casualty. A. All proceeds (except business interruption insurance proceeds not allocated to Rent expenses and personal property proceeds, if any) in excess of Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) payable by reason of any property loss, damageIf the Leased Premises, or destruction any other portion of or to the Premises Building, shall be damaged by fire fire, the elements, unavoidable accident or other casualty, but the Leased Premises are not thereby rendered untenantable in whole or any portion thereofin part, under any property policy Landlord shall promptly at its own expense cause such damage to Initials: [ /s/ ] [ /s/ ] Landlord Tenant be repaired, and the rent shall not be abated. If by reason of insurance required such occurrence, the Leased Premises shall be rendered untenantable only in part, Landlord shall promptly at its own expense cause the damage to be carried hereunderrepaired, and the rent meanwhile shall be abated proportionately as to the portion of the Leased Premises rendered untenantable. If by reason of such occurrence (a) the Leased Premises shall be rendered wholly untenantable or (b) the damage is not covered by Landlord's insurance or (c) at 25% of the leasable area of the building is damaged, Landlord may elect within 90 days after said occurrence not to reconstruct the destroyed premises in which event this Lease and the tenancy hereby created shall cease as of the date of said occurrence, the rental to be adjusted as of such date. All of the above notwithstanding, if Landlord, in its absolute discretion, shall be paid desire, within a reasonable time after the occurrence of any such accident or casualty (even though the Leased Premises may not have been affected by the same) to Landlorddemolish, rebuild or reconstruct the Building, then, upon written notice from Landlord to Tenant, this Lease shall terminate on a date to be held by specified in such notice, and all rent payable hereunder shall be adjusted as of the time of the occurrence of any such accident or casualty. Landlord for and Tenant respectively waive and release each other from any and all rights of recovery, claims, losses and/or damages arising or resulting from any act or omission of either with respect to the benefit and use of Tenant subject Leased Premises to and the extent that such loss or damage should have been covered under their respective insurance policies in accordance with the terms hereof this Lease Agreement. Furthermore, Landlord and Tenant agree to waive any right of subrogation on behalf of any party in whom such right may otherwise exist or by Landlord Mortgagee for the exclusive purpose accrue as a result of restoration any of the Premises and made available aforesaid incidents. Landlord shall not be liable in any event for interruption to Tenant upon request, pursuant to the procedures set forth in this Section 18 for the reasonable costs of preservation, stabilization, emergency restoration, Tenant's business interruption (other than any amount allocated to Rent expenses), reconstruction and repair, as the case may be, of any or damage to or destruction of the Premises, or any portion thereof; provided, however, that the portion of such proceeds that are attributable to Tenant’s obligation to pay Rent shall be applied against Rent as and when the same becomes due by Tenant hereunder. All proceeds paid to Tenant shall be used first for the repair of any damage to the Premises (other than such payment of Rent). Any excess proceeds of insurance remaining after the completion of the restoration or reconstruction of the Premises to substantially the same condition as existed immediately before the damage or destruction and with materials and workmanship of like kind and quality and to Landlord’s reasonable satisfaction, and in accordance with the general terms and conditions of Exhibit C attached hereto, as applicable (collectively, “Restoration Standards”), shall be retained by Tenant. Tenant shall have the right to reasonably prosecute and settle insurance claims, provided that Tenant shall consult with and involve Landlord in the process of adjusting any insurance claims under this Section 18's property.

Appears in 2 contracts

Samples: Office Lease Agreement (Bay National Corp), Office Lease Agreement (Bay National Corp)

Fire or Other Casualty. A. All proceeds (except business interruption insurance proceeds not allocated to Rent expenses and personal property proceeds, if anya) in excess of Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) payable by reason of any property loss, damage, If the demised premises shall be partially or destruction of or to the Premises totally damaged by fire or other casualty, or any portion thereof, under any property policy of insurance required to be carried hereunder, the damage shall be paid to repaired by and at the expense of Landlord, using the proceeds of the insurance referred to be held in Section 9 hereof; provided, however, that if the cost of repairs, as reasonably estimated by Landlord, will exceed twenty five percent (25%) of the replacement value of the building exclusive of foundation) immediately prior to the occurrence of the damage, Landlord for shall have the benefit and use right to elect to terminate this Lease, exercisable by Notice to Tenant given within sixty (60) days after the occurrence. If such partial or total damage is not due to the fault or neglect of Tenant subject to and in accordance with or Tenant's agents, employees or invitees, the terms hereof rent shall be apportioned or by Landlord Mortgagee for the exclusive purpose of restoration of the Premises and made available to Tenant upon request, pursuant to the procedures set forth in this Section 18 for the reasonable costs of preservation, stabilization, emergency restoration, business interruption (other than any amount allocated to Rent expenses), reconstruction and repairabated, as the case may be, from the date of any occurrence, according to the extent to which the demised premises are usable by Tenant, during the period of repair or up to the effective date of termination of the Lease, if Landlord shall so elect. Additionally, if damage to or destruction of the Premisespremises is due to the fault or neglect of Tenant or Tenant's agents, employees or any portion thereof; providedinvitees, howeverthen if and to the extent not covered by Landlord's fire insurance, that the portion of such proceeds that are attributable to Tenant’s obligation to pay Rent debris shall be applied against Rent as removed by and when at the same becomes expense of Tenant. If such partial or total damage is due by to the fault or neglect of Tenant hereunder. All proceeds paid to Tenant or Tenant's agents, employees or invitees, there shall be used first for no apportionment or abatement of rent during the period of repair or from the date of any damage the occurrence to the Premises (other than such payment effective date of Rent). Any excess proceeds of insurance remaining after the completion termination of the restoration or reconstruction Lease, if Landlord shall so elect, notwithstanding any delay which may arise by reason of the Premises to substantially the same condition as existed immediately before the damage or destruction and with materials and workmanship adjustment of like kind and quality and to Landlord’s reasonable satisfaction, and in accordance with the general terms and conditions of Exhibit C attached hereto, as applicable (collectively, “Restoration Standards”), shall be retained by Tenant. Tenant shall have the right to reasonably prosecute and settle insurance claims, provided that Tenant shall consult with and involve Landlord in the process of adjusting labor troubles or any insurance claims under this Section 18other cause beyond Landlord's control.

Appears in 1 contract

Samples: Lease Agreement (Aerobic Creations, Inc.)

Fire or Other Casualty. A. All proceeds (except business interruption insurance proceeds not allocated 17.1 In the event of damage to Rent expenses and personal property proceeds, if any) in excess of Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) payable by reason of any property loss, damage, or destruction of or to the Premises caused by fire or other casualty, or any portion thereofsuch damage to or destruction of the Building necessary to provide normal services and access to the Premises in accordance herewith (“Event of Casualty”), under any property policy Landlord, after receipt of insurance required to be carried hereunderwritten notice thereof from Tenant, shall be paid undertake to Landlordmake repairs and restorations with reasonable diligence, to be held unless this Lease has been terminated by Landlord for or Tenant as hereinafter provided or unless any mortgagee which is entitled to receive casualty insurance proceeds fails to make available to Landlord a sufficient amount of such proceeds to cover the benefit cost of such repairs and use restorations. If (i) in Landlord’s reasonable judgment, the damage is of Tenant subject such nature or extent that more than one hundred eighty (180) days would be required (with normal work crews and normal work hours) to repair and in accordance with restore the terms hereof or by Landlord Mortgagee for the exclusive purpose of Premises (including any restoration of Tenant’s Work, Tenant’s Alterations or Tenant’s Personal Property) or the Premises and made available to Tenant upon request, pursuant to the procedures set forth in this Section 18 for the reasonable costs of preservation, stabilization, emergency restoration, business interruption (other than any amount allocated to Rent expenses), reconstruction and repairBuilding, as the case may be, of any damage to ; or destruction of the Premises, or any portion thereof; provided, however, that the portion of such proceeds that are attributable to Tenant’s obligation to pay Rent shall be applied against Rent as and when the same becomes due by Tenant hereunder. All proceeds paid to Tenant shall be used first for the repair of any damage to the Premises (other than such payment of Rent). Any excess proceeds of insurance remaining after the completion of the restoration or reconstruction of the Premises to substantially the same condition as existed immediately before the damage or destruction and with materials and workmanship of like kind and quality and to ii) in Landlord’s reasonable satisfactionjudgment, the damage is of such nature or extent that it is uneconomical to repair and restore the Premises or the Building, as the case may be; or (iii) less than one (1) year then remains on the current Lease Term, Landlord shall so advise Tenant within thirty (30) days after the Event of Casualty (“Landlord’s Notice of Casualty”), and either party shall have ten (10) Business Days after receipt of Landlord’s Notice of Casualty to terminate this Lease by written notice to the other. If either party elects to terminate this Lease in the case described in clauses (i), (ii) or (iii) above, then the Lease Term shall expire ten (10) Business Days after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord in accordance with the general terms and conditions of Exhibit C attached hereto, as applicable (collectively, “Restoration Standards”), shall be retained by Tenant. Tenant shall have the right to reasonably prosecute and settle insurance claims, provided that Tenant shall consult with and involve Landlord in the process of adjusting any insurance claims under this Section 18Lease.

Appears in 1 contract

Samples: Lease Agreement (Immunogen Inc)

Fire or Other Casualty. A. All proceeds (except business interruption insurance proceeds not allocated a) Subject to Rent expenses the provisions of paragraphs (b) and personal property proceeds(c) below, if anythe Leased Premises and/or any portion(s) in excess or component(s) of Two Hundred Fifty Thousand the Building or the Common Areas outside the Premises that are reasonably necessary to provide Tenant with normal access to and No/100 Dollars ($250,000.00) payable by reason of any property loss, damage, from the Leased Premises or destruction of which provide Building Services or Common Area Services to the Leased Premises (the "SIGNIFICANT BUILDING COMPONENTS") are damaged by fire or other insured casualty, or any portion thereofTenant shall give prompt notice of such event to Landlord and, under any property policy of provided Landlord's mortgagees permit insurance required proceeds to be carried hereunder, shall be paid to Landlord, to be held by Landlord made available for the benefit repair and use of Tenant subject to and in accordance with the terms hereof or by Landlord Mortgagee for the exclusive purpose of restoration of the Premises Leased Premises, the damages shall be repaired by and made available at the expense of Landlord and restore to substantially the condition that existed immediately prior to such damage. Landlord agrees to repair such damage in an expeditious manner after receipt from Tenant of written notice of such damage, subject to any delays caused by Acts of God or other events beyond Landlord's control relating to the actual construction (including receipt of insurance proceeds) which Landlord has used best efforts to avoid or overcome. Landlord shall not be liable for any inconvenience or annoyance to Tenant upon request, pursuant or injury to the procedures set forth business of Tenant resulting in this Section 18 for any way from such damage or the reasonable costs of preservationrepair thereof, stabilization, emergency restoration, business interruption (other than any amount allocated to Rent expenses), reconstruction and repair, as the case may be, of any damage to or destruction of the Premises, or any portion thereof; provided, however, that if the portion fire and/or damage was not caused by the negligence of such proceeds that are attributable to misconduct of Tenant’s obligation to pay Rent shall be applied against Rent as and when the same becomes due by Tenant hereunder. All proceeds paid to , Tenant shall be used first for entitled to an abatement of the repair rent in proportion to the unuseable space to the rentable square feet from the date of the casualty until the space is again useable. Tenant acknowledges notice that (i) Landlord shall not obtain insurance of any damage kind in Tenant's furniture or furnishings, equipment, fixtures, alterations, improvements and additions, (ii) it is Tenant's obligation to the Premises (other than obtain such payment of Rent). Any excess proceeds of insurance remaining after the completion of the restoration or reconstruction of the Premises to substantially the same condition as existed immediately before the damage or destruction and with materials and workmanship of like kind and quality and to Landlord’s reasonable satisfactionat Tenant's sole expense, and in accordance with (iii) Landlord shall not be obligated to repair any damage thereto or replace the general terms and conditions same, unless such damage is caused by the negligence or misconduct of Exhibit C attached heretoLandlord, as applicable (collectivelyits agents, “Restoration Standards”), shall be retained by Tenant. Tenant shall have the right to reasonably prosecute and settle insurance claims, provided that Tenant shall consult with and involve Landlord in the process of adjusting any insurance claims under this Section 18servants or employees.

Appears in 1 contract

Samples: Orasure Technologies Inc

Fire or Other Casualty. A. All proceeds (except business interruption insurance proceeds not allocated 15.1 In the event of damage to Rent expenses and personal property proceeds, if any) in excess of Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) payable by reason of any property loss, damage, or destruction of or to the Premises caused by fire or other casualty, or any portion thereofsuch damage to or destruction of the Building to an extent that prevents the provision of normal services and access to the Premises in accordance herewith (the “Event of Casualty”), under any property policy Landlord, after receipt of insurance required to be carried hereunderwritten notice thereof from Tenant, shall be paid undertake to Landlordmake repairs and restorations with reasonable diligence, to be held unless this Lease has been terminated by Landlord for or Tenant as hereinafter provided or unless any mortgagee which is entitled to receive casualty insurance proceeds fails to make available to Landlord a sufficient amount of such proceeds to cover the benefit cost of such repairs and use restorations. If: (a) in Landlord’s reasonable judgment, the damage is of Tenant subject such nature or extent that more than one hundred eighty (180) days would be required (with normal work crews and normal work hours) to repair and in accordance with the terms hereof or by Landlord Mortgagee for the exclusive purpose of restoration of restore the Premises and made available to Tenant upon request, pursuant to or the procedures set forth in this Section 18 for the reasonable costs of preservation, stabilization, emergency restoration, business interruption (other than any amount allocated to Rent expenses), reconstruction and repairBuilding, as the case may be; or (b) in Landlord’s sole but reasonable judgment, of any the damage to or destruction of the Premises, or any portion thereof; provided, however, that the portion is of such proceeds nature or extent that are attributable it is uneconomical to Tenantrepair and restore the Premises or the Building, as the case may be; or (c) less than one (1) year remains on the then current Lease Term Landlord shall so advise Tenant within thirty (30) days after the Event of Casualty (the “Landlord’s obligation Notice of Casualty”), and either party shall have ten (10) Business Days after receipt of Landlord’s Notice of Casualty to pay Rent terminate this Lease by written notice to the other. If either party elects to terminate this Lease in the case described in clauses (a), (b) or (c) above, then the Lease Term shall be applied against Rent as expire ten (10) Business Days after such notice is given, and when Tenant shall vacate the Premises and surrender the same becomes due by Tenant hereunder. All proceeds paid to Tenant shall be used first for the repair of any damage to the Premises (other than such payment of Rent). Any excess proceeds of insurance remaining after the completion of the restoration or reconstruction of the Premises to substantially the same condition as existed immediately before the damage or destruction and with materials and workmanship of like kind and quality and to Landlord’s reasonable satisfaction, and Landlord in accordance with the general terms and conditions of Exhibit C attached hereto, as applicable (collectively, “Restoration Standards”), shall be retained by Tenant. Tenant shall have the right to reasonably prosecute and settle insurance claims, provided that Tenant shall consult with and involve Landlord in the process of adjusting any insurance claims under this Section 18Lease.

Appears in 1 contract

Samples: Lease Agreement (Verastem, Inc.)

Fire or Other Casualty. A. All proceeds (except business interruption insurance proceeds not allocated In the event of damage to Rent expenses and personal property proceeds, if any) in excess of Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) payable by reason of any property loss, damage, or destruction of the Premises or the Building, or the entrances and other common facilities necessary to provide normal access to the Premises Premises, caused by fire or other casualty, or any portion thereof, under any property policy of insurance required to be carried hereunder, Tenant shall be paid provide immediate notice thereof to Landlord, to and Landlord shall make repairs and restorations as hereafter expressly provided, unless this Lease shall be held terminated by Landlord for or Tenant or unless any mortgagee which is entitled to receive casualty insurance proceeds fails to make available to Landlord a sufficient amount of such proceeds to cover the benefit cost of such repairs and use restoration. If (i) the damage is of Tenant subject such nature or extent, in the judgment of Landlord's architect, that more than one hundred twenty (120) consecutive days, after the event of the damage or destruction would be required (with normal work crews and hours) to repair and in accordance with restore the terms hereof or by Landlord Mortgagee for the exclusive purpose of restoration part of the Premises and made available or Building which has been damaged, or (ii) a substantial portion of the Premises or the Building is so damaged that, in Landlord's sole judgment, it is uneconomic to Tenant upon request, pursuant restore or repair the Premises or the Building or the repairs to the procedures set forth in this Section 18 for Premises or the reasonable costs of preservation, stabilization, emergency restoration, business interruption Building will take more than one hundred twenty (other than any amount allocated 120) days to Rent expenses), reconstruction and repairsubstantially complete, as the case may be, of any damage to or destruction Landlord shall so advise Tenant in writing within thirty (30) days of the Premises, or any portion thereof; provided, however, that the portion of such proceeds that are attributable to Tenant’s obligation to pay Rent shall be applied against Rent as and when the same becomes due by Tenant hereunder. All proceeds paid to Tenant shall be used first for the repair of any damage to the Premises (other than such payment of Rent). Any excess proceeds of insurance remaining after the completion date of the restoration or reconstruction of the Premises to substantially the same condition as existed immediately before the damage or destruction and with materials and workmanship of like kind and quality and to Landlord’s reasonable satisfactiondestruction, and in accordance with the general terms and conditions Landlord or Tenant, for a period of Exhibit C attached heretoten (10) days thereafter, as applicable (collectively, “Restoration Standards”), shall be retained by Tenant. Tenant shall have the right to reasonably prosecute terminate this Lease by written notice to the other, as of the date specified in such notice, which termination date shall be no later than thirty (30) days after the date of such notice. In the event of such fire or other casualty, if this Lease is not terminated pursuant to the terms of this Section 17, and settle if (i) sufficient casualty insurance claimsproceeds are available for use for such restoration or repair, and (ii) this Lease is then in full force and effect, Landlord shall proceed promptly and diligently to restore the Premises to its substantially similar condition prior to the occurrence of the damage, provided that Landlord shall not be obligated to repair or restore any alterations, additions or fixtures which Tenant or any other tenant may have installed unless Tenant, in a manner satisfactory to Landlord, assures payment in full of all costs which may be incurred by Landlord in connection therewith. Landlord shall not insure any improvements or alterations to the Premises in excess of Standard Tenant Work, or any fixtures, equipment or other property of Tenant. Tenant shall, at its sole expense, insure the value of its leasehold improvements, fixtures, equipment or other property located in the Premises, for the purpose of providing funds to Landlord to repair and restore the Premises to its substantially similar condition prior to occurrence of the damage. If there be any such alteration, fixtures or additions and Tenant does not assure or agree to assure payment of the cost or restoration or repair as aforesaid, Landlord shall have the right to determine the manner in which the Premises shall be restored so as to be substantially the same as the Premises existed In the case of damage to the Premises is of a nature or extent that Tenant's continued occupancy of all or any material part of the Premises is substantially impaired, the rent otherwise payable by Tenant hereunder shall be equitably abated or adjusted for the duration of such impairment. In no event, however, shall any damages be payable by Landlord to Tenant in respect of business interruption resulting from any fire or other casualty on the Premises or Building. Tenant shall consult with be responsible to insure and/or repair all of Tenant's leasehold improvements and involve Landlord all equipment, fixtures and personal property located in the process of adjusting any insurance claims under this Section 18Premises.

Appears in 1 contract

Samples: Lease Agreement (Filetek Inc)

Fire or Other Casualty. A. All proceeds (except business interruption insurance proceeds not allocated to Rent expenses and personal property proceeds, if any) in excess of Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) payable by reason of any property loss, damage, or destruction of or to 29. If the Demised Premises shall be damaged by fire or other casualtycasualty Landlord, or any portion thereof, under any property policy of insurance required to be carried hereunderat Landlord’s expense, shall be paid to Landlord, to be held by Landlord for the benefit and use of Tenant subject to and in accordance with the terms hereof or by Landlord Mortgagee for the exclusive purpose of restoration of the Premises and made available to Tenant upon request, pursuant to the procedures set forth in this Section 18 for the reasonable costs of preservation, stabilization, emergency restoration, business interruption (other than any amount allocated to Rent expenses), reconstruction and repair, as the case may be, of any promptly repair such damage to or destruction of the Premises, or any portion thereof; provided, however, that the portion of such proceeds that are attributable to Tenant’s obligation to pay Rent shall be applied against Rent as and when the same becomes due by Tenant hereunder. All proceeds paid to Tenant shall be used first for the repair of any damage to the Premises (other than such payment of Rent). Any excess proceeds of insurance remaining after the completion of the restoration or reconstruction of the Premises to substantially the same condition as existed immediately before prior to such casualty. However, Landlord shall have no obligation to repair any damage to, or to replace, Tenant’s personal property or any other property or effect of Tenant except if such fire or casualty was caused by the willful misconduct of Landlord or its agents, contractors or employees. If the entire Demised Premises shall be rendered unusable by reason of any such damage, the rent and additional rent shall axxxx for the period from the date of such damage to the date when such damage shall have been repaired, and if only a part of the Demised Premises shall be so rendered unusable, the rent and additional rent shall axxxx for such period in the proportion which the area of the part of the Demised Premises so rendered unusable bears to the total area of the Demised Premises. However, if, prior to the date when all of such damage shall have been repaired any part of the Demised Premises so damaged shall be rendered usable and shall be used or destruction occupied by Tenant or any person or persons claiming through or under Tenant, the amount by which the rent and with materials additional rent shall axxxx shall be equitably apportioned for the period from the date of any such use or occupancy to the date when all such damage shall have been repaired. Tenant hereby expressly waives the provisions of Section 227 of the New York Real Property Law and workmanship of any successor law of like kind import then in force and quality Tenant agrees that the provision of this Article shall govern and control in lieu thereof. Notwithstanding the foregoing provisions of this Section, if, prior to or during the Demised Term (i) the Demised Premises shall be totally damaged or rendered wholly unusable by fire or other casualty, and if Landlord shall decide not to restore the Demised Premises, or (ii) the Building shall be so damaged by fire or other casualty that total alteration, demolition or reconstruction of the Building shall be required, (whether or not the Demised Premises shall be damaged or rendered unusable), then, in any such events, Landlord, at Landlord’s reasonable satisfactionoption, may give to Tenant within forty-five (45) days after such fire or other casualty, a thirty (30) days notice of termination of this lease and, in the event such notice is given, this Lease and in accordance the Demised Term shall come to an end and expire (whether or not said term shall have commenced) upon the expiration of said thirty (30) days with the general terms same effect as if the date of expiration of said thirty (30) days were the Expiration Date, the rent and conditions of Exhibit C attached hereto, as applicable (collectively, “Restoration Standards”), additional rent shall be retained apportioned and any prepaid portion of rent and additional rent for any period after such date of casualty shall be refunded by Landlord to Tenant. If such restoration is expected to take more than 365 days to complete, Tenant shall also have the right to terminate. Furthermore, if the Demised Premises shall be so damaged by fire or other casualty during the last year of the term of this lease, such that the entire Demised Premises or a material part thereof shall be rendered unusable, Tenant shall have the right to reasonably prosecute terminate this Lease upon giving thirty (30) days notice of termination and settle insurance claims, provided that Tenant this Lease and the Demised Term shall consult with come to an end and involve expire upon the expiration of said thirty (30) days and the rent and additional rent shall be apportioned and any prepaid portion of rent and additional rent for any period after such date of casualty shall be refunded by Landlord in the process of adjusting any insurance claims under this Section 18to Tenant.

Appears in 1 contract

Samples: Agreement of Lease (American Medical Alert Corp)

Fire or Other Casualty. A. All proceeds (except business interruption insurance proceeds not allocated a) Subject to Rent expenses the provisions of paragraphs (b) and personal property proceeds(c) below, if anythe Premises and/or any portion(s) in excess or component(s) of Two Hundred Fifty Thousand the Building or the Common Areas outside the Premises that are reasonably necessary to provide Tenant with normal access to and No/100 Dollars ($250,000.00) payable by reason of any property loss, damage, from the Premises or destruction of which provide Building Services or Common Area Services to the Premises Premises, such as, for example, Building entrances, lobbies, hallways and electrical, plumbing and HVAC systems and equipment (together or separately, the "Significant Building Components") are damaged by fire or other insured casualty, or any portion thereof, under any property policy Tenant shall give prompt notice of insurance required such event to be carried hereunder, Landlord and the damages shall be paid repaired by and at the expense of Landlord and restored to Landlordsubstantially the condition that existed immediately prior to such damage (provided that no difference in the condition may adversely affect Tenant's operation; and, to be held by Landlord for the benefit and use of Tenant subject to and in accordance with the terms hereof or by Landlord Mortgagee for the exclusive purpose of restoration of the Premises and made available to Tenant upon request, pursuant to the procedures set forth in this Section 18 for the reasonable costs of preservation, stabilization, emergency restoration, business interruption (other than any amount allocated to Rent expenses), reconstruction and repair, as the case may be, of any damage to or destruction of the Premises, or any portion thereof; provided, however, that as required by the portion of such proceeds that are attributable to Tenant’s obligation to pay standards for the initial Tenant Finish Work as described in Section 27) and the Base Rent and Additional Rent shall be applied against Rent apportioned from the date of such fire or other casualty until substantial completion of the repairs, according to the part of the Premises which is usable by Tenant. Landlord agrees to repair such damage in an expeditious manner as and when quickly as possible after receipt from Tenant of written notice of such damage, subject to any delays caused by Acts of God or other events beyond Landlord's control relating to the same becomes due by actual construction (excluding cost) which Landlord has used its best efforts to avoid or overcome. Landlord shall not be liable for any inconvenience or annoyance to Tenant hereunder. All proceeds paid or injury to the business of Tenant resulting in any way from such damage or the repair thereof, but Tenant shall be used first for the repair entitled to abatement of Base Rent and Additional Rent, as aforesaid. Tenant acknowledges notice that (i) Landlord shall not obtain insurance of any damage kind on Tenant's furniture or furnishings, equipment, fixtures, alterations, improvements and additions, (ii) it is Tenant's obligation to the Premises (other than obtain such payment of Rent). Any excess proceeds of insurance remaining after the completion of the restoration or reconstruction of the Premises to substantially the same condition as existed immediately before the damage or destruction at Tenant's sole cost and with materials and workmanship of like kind and quality and to Landlord’s reasonable satisfactionexpense, and in accordance with (iii) Landlord shall not be obligated to repair any damage thereto or replace the general terms and conditions same, unless such damage is caused by the negligence or misconduct of Exhibit C attached heretoLandlord, as applicable (collectivelyits agents, “Restoration Standards”), shall be retained by Tenant. Tenant shall have the right to reasonably prosecute and settle insurance claims, provided that Tenant shall consult with and involve Landlord in the process of adjusting any insurance claims under this Section 18servants or employees.

Appears in 1 contract

Samples: Office Lease (Quantum Epitaxial Designs Inc)

Fire or Other Casualty. A. All proceeds (except business interruption insurance proceeds not allocated to Rent expenses and personal property proceeds, if any) in excess In the event of Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) payable by reason of any property loss, damage, or destruction of or damage to the Demised Premises or those portions of the Building providing access or essential services thereto, by fire or other casualty, or any portion thereof, under any property policy of insurance required Landlord shall at its expense cause the damage to be carried hereunderrepaired to a condition as nearly as practicable to that existing prior to the damage, with reasonable speed and diligence. Landlord shall not, however, be paid obligated to Landlord, restore or rebuild the Demised Premises to be held by Landlord for a condition in excess of its condition prior to the benefit and use of Tenant subject to and in accordance with the terms hereof or by Landlord Mortgagee for the exclusive purpose of restoration installation of the Premises and made available work provided for in Section 5 hereof, provided however, Landlord shall contribute to Tenant upon request, pursuant any such restoration a sum equal to the procedures its contribution for improvements set forth in this Section 18 5(c) to the extent actually paid by Landlord. To the extent and for the reasonable costs time that the Demised Premises are thereby rendered untenantable, the rent (including any additional rent) shall proportionately xxxxx. In the event the damage shall involve the Building generally and shall be so extensive that Landlord shall decide not to repair or rebuild the Building, or if any mortgagee of preservation, stabilization, emergency the Building shall not permit the application of adequate insurance proceeds for repair or restoration, business interruption or if the casualty shall not be of a type insured against under standard fire policies with extended type coverage, this Lease shall, at the option of Landlord, exercisable by written notice to Tenant given within thirty (other 30) days after Landlord is notified of the casualty and of the extent thereof, be terminated as of a date specified in such notice (which shall not be more than any amount allocated to Rent expensesthirty (30) days thereafter), reconstruction and repair, the rent (taking into account any abatement as the case may be, of any damage to or destruction of the Premises, or any portion thereof; provided, however, that the portion of such proceeds that are attributable to Tenant’s obligation to pay Rent aforesaid) shall be applied against Rent as adjusted to the termination date and when the same becomes due by Tenant hereunder. All proceeds paid to Tenant shall be used first for thereupon promptly vacate the repair of any damage to the Premises (other than such payment of Rent). Any excess proceeds of insurance remaining after the completion of the restoration or reconstruction of the Premises to substantially the same condition as existed immediately before the damage or destruction and with materials and workmanship of like kind and quality and to Landlord’s reasonable satisfaction, and in accordance with the general terms and conditions of Exhibit C attached hereto, as applicable (collectively, “Restoration Standards”), shall be retained by Tenant. Tenant shall have the right to reasonably prosecute and settle insurance claims, provided that Tenant shall consult with and involve Landlord in the process of adjusting any insurance claims under this Section 18Demised Premises.

Appears in 1 contract

Samples: Office Lease (Aquantive Inc)

Fire or Other Casualty. A. All proceeds (except business interruption insurance proceeds not allocated In the event of damage to Rent expenses and personal property proceeds, if any) in excess of Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) payable by reason of any property loss, damage, or destruction of the Premises or the Building, or the entrances and other common facilities necessary to provide normal access to the Premises Premises, caused by fire or other casualty, or any portion thereof, under any property policy of insurance required to be carried hereunder, Tenant shall be paid provide immediate notice thereof to Landlord, to and Landlord shall make repairs and restorations as hereafter expressly provided, unless this Lease shall be held terminated by Landlord for or unless any mortgagee which is entitled to receive casualty insurance proceeds fails to make available to Landlord a sufficient amount of such proceeds to cover the benefit cost of such repairs and use restoration. If (i) the damage is of Tenant subject such nature or extent, in the judgment of Landlord's architect, that more than two hundred ten (210) consecutive days, after commencement of the work, would be required (with normal work crews and hours) to repair and in accordance with restore the terms hereof or by Landlord Mortgagee for the exclusive purpose of restoration part of the Premises and made available or Building which has been damaged, or (ii) a substantial portion of the Premises or the Building is so damaged that, in Landlord's sole judgment, it is uneconomic to Tenant upon request, pursuant to restore or repair the procedures set forth in this Section 18 for Premises or the reasonable costs of preservation, stabilization, emergency restoration, business interruption (other than any amount allocated to Rent expenses), reconstruction and repairBuilding, as the case may be, Landlord shall so advise Tenant promptly; and Landlord or Tenant, for a period of any damage to or destruction of the Premisesten (10) days thereafter, or any portion thereof; provided, however, that the portion of such proceeds that are attributable to Tenant’s obligation to pay Rent shall be applied against Rent as and when the same becomes due by Tenant hereunder. All proceeds paid to Tenant shall be used first for the repair of any damage to the Premises (other than such payment of Rent). Any excess proceeds of insurance remaining after the completion of the restoration or reconstruction of the Premises to substantially the same condition as existed immediately before the damage or destruction and with materials and workmanship of like kind and quality and to Landlord’s reasonable satisfaction, and in accordance with the general terms and conditions of Exhibit C attached hereto, as applicable (collectively, “Restoration Standards”), shall be retained by Tenant. Tenant shall have the right to reasonably prosecute terminate this Lease by written notice to the other, as of the date specified in such notice, which termination date shall be no later than thirty (30) days after the date of such notice. In the event of such fire or other casualty, if this Lease is not terminated pursuant to the terms of this Section 17, and settle if (i) sufficient casualty insurance claimsproceeds are available for use for such restoration or repair, and (ii) this Lease is then in full force and effect, Landlord shall proceed promptly and diligently to restore the Premises to its substantially similar condition prior to the occurrence of the damage, provided that Landlord shall not be obligated to repair or restore any alterations, additions or fixtures which Tenant or any other tenant may have installed unless Tenant, in a manner satisfactory to Landlord, assures payment in full of all costs which may be incurred by Landlord in connection therewith. Tenant shall, at its sole expense, insure the value of all leasehold improvements, fixtures, equipment or other property located in the Premises, for the purpose of providing funds to Landlord to repair and restore the Premises to its substantially similar condition prior to occurrence of the damage. If Tenant does not assure or agree to assure payment of the cost or restoration or repair of any such alteration, fixtures or additions as aforesaid, Landlord shall have the right to determine the manner in which the Premises shall be restored so as to be substantially the same as the Premises existed prior to the damage occurring, as if such alterations, additions or fixtures had not been made or installed. The validity and effect of this Lease shall not be impaired in any way by, and Landlord shall have no liability as a result of, the failure of Landlord to complete repairs and restoration of the Premises or of the Building within two hundred ten (210) consecutive days after commencement of work, even if Landlord had in good faith notified Tenant that it estimated that the repair and restoration would be completed within such period, provided that Landlord proceeds diligently with such repair and restoration. In the case of damage to the Premises not caused by the negligence or willful misconduct of the Tenant or any of its agents, employees or invitees, and which is of a nature or extent that Tenant's continued occupancy is substantially impaired, the rent otherwise payable by Tenant hereunder shall be equitably abated or adjusted for the duration of such impairment as determined by Landlord. In no event, however, shall any damages be payable by Landlord to Tenant in respect of business interruption resulting from any fire or other casualty on the Premises or Building. Tenant shall consult with and involve Landlord be responsible to insure and/or repair all of Tenant's personal property located in the process of adjusting any insurance claims under this Section 18Premises.

Appears in 1 contract

Samples: Lease (Old Line Bancshares Inc)

Fire or Other Casualty. A. All proceeds (except business interruption insurance proceeds not allocated to Rent expenses and personal property proceeds17. In the event the Leased Premises shall be damaged by fire, if any) in excess of Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) payable by reason of any property loss, damage, or destruction of or to the Premises by fire or other casualty, the Tenant shall give prompt notice thereof to the Landlord, and after such notice, an equitable reduction of rent shall be allowed by Tenant for the time such part or any portion thereofparts of the Leased Premises shall remain untenantable or incapable of use and occupancy, under any property policy and this lease agreement shall, unless notice is given as set forth below, continue in full force and effect, and the Landlord shall, at its own expense, with reasonable promptness, subject to force majeure as defined in Section 25, and delays in making of insurance required adjustments by Landlord, repair the Premises. Landlord need not restore fixtures and improvements owned by Tenant or floor coverings, furnishings and other decorative features furnished by Tenant. In the event the Leased Premises or the Office Building shall before or after the commencement of the term, be so damaged that it shall be reasonably estimated to be carried hereundertake more than 180 days to repair from the date of the casualty, either party may, upon notice to the other, terminate this lease, and upon exercise of such right, the term of this lease shall cease and terminate, effective as of the time of the damage, and the accrued rent, if any, shall be paid up to Landlord, to be held by Landlord for the benefit and use of Tenant subject to and in accordance with the terms hereof or by Landlord Mortgagee for the exclusive purpose of restoration time of the Premises and made available to Tenant upon request, pursuant to the procedures set forth in this Section 18 for the reasonable costs of preservation, stabilization, emergency restoration, business interruption (other than any amount allocated to Rent expenses), reconstruction and repair, as the case may be, of any damage to or destruction of the Premises, or any portion thereof; provided, however, that the portion of such proceeds that are attributable to Tenant’s obligation to pay Rent shall be applied against Rent as and when the same becomes due by Tenant hereunderdamage. All proceeds paid to Tenant of insurance payable as a result of fire or other casualty shall be used first for the repair of any damage to the Premises (other than such payment of Rent). Any excess proceeds of insurance remaining after the completion sole property of the restoration or reconstruction Landlord. Landlord agrees that if the repairs provided for herein cannot be made within four (4) months from the date of the Premises casualty, subject to substantially force majeure as defined in Section 25 (but in no event more than 180 days from the same condition as existed immediately before date of the damage or destruction and with materials and workmanship of like kind and quality and to Landlord’s reasonable satisfaction, and in accordance with the general terms and conditions of Exhibit C attached hereto, as applicable (collectively, “Restoration Standards”casualty), shall be retained by Tenant. then in such event Tenant shall have the right right, after said four (4) months period but prior to reasonably prosecute and settle insurance claimssubstantial completion, provided that Tenant shall consult with and involve Landlord in the process of adjusting any insurance claims under to terminate this Section 18.lease on thirty (30) days written notice to Landlord. Condemnation

Appears in 1 contract

Samples: Office Lease Agreement (Advanced Cell Technology, Inc.)

Fire or Other Casualty. A. All proceeds (except business interruption insurance proceeds not allocated to Rent expenses and personal property proceedsa) If, if any) in excess of Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) payable by reason of any property lossduring the Lease Term, damage, or destruction of or to the Leased Premises shall be damaged by fire or other casualty, rendering the same materially unfit for the operation of the business of Tenant, and if the same cannot reasonably be repaired or restored within three hundred sixty (360) days from the date of such casualty, or if Landlord shall not be obligated to restore the Leased Premises by reason of the terms of subsection (b) below and shall elect not to restore the same, then this Lease shall cease and terminate from the date of such damage, provided that, if any portion thereofsuch restoration by Landlord shall not have been completed within such three hundred sixty (360)-day period, under then Landlord shall have such additional time as may be reasonably necessary to complete such restoration (up to an additional ninety (90) days), and if so completed, this Lease shall not be terminated, but if such work has not been completed by the end of such ninety (90) day period, this Lease may be terminated by Tenant at Tenant’s sole discretion upon fifteen (15) days’ notice to Landlord. If this Lease shall so terminate, Tenant shall pay Rent apportioned to the time of the damage (or such later date as Tenant may cease any property policy use of insurance required to be carried hereunder, the Leased Premises) and shall be paid immediately surrender the Leased Premises to Landlord, to be held by Landlord for the benefit and use without further liability or obligation of Tenant subject to and in accordance with the terms hereof or by Landlord Mortgagee for the exclusive purpose of restoration of the Premises and made available to Tenant upon requesthereunder, pursuant to the procedures set forth in this Section 18 for the reasonable costs of preservation, stabilization, emergency restoration, business interruption (other than any amount allocated to Rent expenses), reconstruction and repair, as the case may be, of any damage to or destruction of the Premises, or any portion thereof; provided, however, that nothing contained herein shall release Tenant from any liability or obligation arising or incurred prior to the portion time of such proceeds that are attributable to damage or casualty and Tenant’s obligation to pay Rent shall be applied against Rent as and when the same becomes due by Tenant hereunder. All proceeds paid to Tenant shall be used first for the repair cessation of any damage to the Premises (other than such payment of Rent). Any excess proceeds of insurance remaining after the completion use of the restoration or reconstruction of the Premises to substantially the same condition as existed immediately before the damage or destruction and with materials and workmanship of like kind and quality and to Landlord’s reasonable satisfaction, and in accordance with the general terms and conditions of Exhibit C attached hereto, as applicable (collectively, “Restoration Standards”), shall be retained by Tenant. Tenant shall have the right to reasonably prosecute and settle insurance claims, provided that Tenant shall consult with and involve Landlord in the process of adjusting any insurance claims under this Section 18Leased Premises.

Appears in 1 contract

Samples: Lease Agreement (Ansys Inc)

Fire or Other Casualty. A. All proceeds (except business interruption insurance proceeds not allocated to Rent expenses and personal property proceeds, if any) in excess In case of Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) payable by reason of any property loss, damage, or destruction of or damage to the Demised Premises or those portions of the Building providing access or essential services thereto, by fire or other casualty, or any portion thereofLandlord shall, under any property policy of insurance required at its expense, cause the damage to be carried hereunderrepaired to a condition as nearly as practicable to that existing prior to the damage, shall be paid with reasonable speed and diligence, subject to delays which may arise by reason of adjustment of loss under insurance policies, Governmental Regulations, and for delays beyond the control of Landlord, to be held by including a "force majeure". Landlord for the benefit and use of Tenant subject to and in accordance with the terms hereof or by Landlord Mortgagee for the exclusive purpose of restoration of the Premises and made available to Tenant upon request, pursuant to the procedures set forth in this Section 18 for the reasonable costs of preservation, stabilization, emergency restoration, business interruption (other than any amount allocated to Rent expenses), reconstruction and repair, as the case may be, of any damage to or destruction of the Premises, or any portion thereof; providedshall not, however, that the portion be obligated to repair, restore, or rebuild any of such proceeds that are attributable to Tenant’s obligation to pay Rent shall be applied against Rent as and when the same becomes due by Tenant hereunder. All proceeds paid to Tenant shall be used first for the repair of 's property or any damage to the Premises (other than such payment of Rent). Any excess proceeds of insurance remaining after the completion of the restoration alterations or reconstruction of the Premises to substantially the same condition as existed immediately before the damage or destruction and with materials and workmanship of like kind and quality and to Landlord’s reasonable satisfaction, and in accordance with the general terms and conditions of Exhibit C attached hereto, as applicable (collectively, “Restoration Standards”), shall be retained additions made by Tenant. To the extent and for the time that the Demised Premises are thereby rendered untenantable, the rent shall proportionately xxxxx. In the event the damage shall involve the Building generally and shall be so extensive that Landlord shall decide, at its sole discretion, not to repair or rebuild the Building or if the casualty shall not be of a type insured against under standard fire policies with extended type coverage, or if the holder of any mortgage, deed of trust or similar security interest covering the Building shall not permit the application of adequate insurance proceeds for repair or restoration, this Lease shall, at the sole option of Landlord, exercisable by written notice to Tenant given within sixty (60) days after Landlord is notified of the casualty and to the extent thereof, be terminated as of a date specified in such notice (which shall not be more than ninety [90] days thereafter), and the rent (taking into account any abatement as aforesaid) shall be adjusted to the termination date and Tenant shall have thereupon promptly vacate the right to reasonably prosecute and settle insurance claims, provided that Tenant shall consult with and involve Landlord in the process of adjusting any insurance claims under this Section 18Demised Premises.

Appears in 1 contract

Samples: Lease Agreement (Infoactiv Inc)

Fire or Other Casualty. A. All proceeds (except business interruption insurance proceeds not allocated a) Subject to Rent expenses the provisions of paragraphs (b) and personal property proceeds(c) below, if anythe Leased Premises and/or any portion(s) in excess or component(s) of Two Hundred Fifty Thousand the Building or the Common Areas outside the Building that are reasonably necessary to provide Tenant with normal access to and No/100 Dollars ($250,000.00) payable by reason of any property loss, damage, from the Building or destruction of Leased Premises or which provide Building Services or Common Area Services to the Leased Premises (the "Significant Building Components") are damaged by fire or other insured casualty, or any portion thereofTenant shall give prompt notice of such event to Landlord and, under any property policy of provided Landlord's mortgagees permit insurance required proceeds to be carried hereunder, shall be paid to Landlord, to be held by Landlord made available for the benefit repair and use of Tenant subject to and in accordance with the terms hereof or by Landlord Mortgagee for the exclusive purpose of restoration of the Premises Leased Premises, the damages shall be repaired by and made available at the expense of Landlord and restore to substantially the condition that existed immediately prior to such damage. Landlord agrees to repair such damage in an expeditious manner after receipt from Tenant of written notice of such damage, subject to any delays caused by Acts of God or other events beyond Landlord's control relating to the actual construction (including receipt of insurance proceeds) which Landlord has used best efforts to avoid or overcome. Landlord shall not be liable for any inconvenience or annoyance to Tenant upon request, pursuant or injury to the procedures set forth business of Tenant resulting in this Section 18 for any way from such damage or the reasonable costs of preservationrepair thereof, stabilization, emergency restoration, business interruption (other than any amount allocated to Rent expenses), reconstruction and repair, as the case may be, of any damage to or destruction of the Premises, or any portion thereof; provided, however, that if the portion fire and/or damage was not caused by the negligence of such proceeds that are attributable to misconduct of Tenant’s obligation to pay Rent shall be applied against Rent as and when the same becomes due by Tenant hereunder. All proceeds paid to , its subtenants, shareholders, directors, employees, representatives, contractors, servants or agents, Tenant shall be used first for entitled to an abatement of the repair rent in proportion to the unusable amount of square feet to the total square feet in the Building from the date of the casualty until the space is again useable. Tenant acknowledges notice that (i) Landlord shall not obtain insurance of any damage kind in Tenant's furniture or furnishings, equipment, fixtures, alterations, improvements and additions, (ii) it is Tenant's obligation to the Premises (other than obtain such payment of Rent). Any excess proceeds of insurance remaining after the completion of the restoration or reconstruction of the Premises to substantially the same condition as existed immediately before the damage or destruction and with materials and workmanship of like kind and quality and to Landlord’s reasonable satisfactionat Tenant's sole expense, and in accordance with (iii) Landlord shall not be obligated to repair any damage thereto or replace the general terms and conditions same, unless such damage is caused by the negligence or misconduct of Exhibit C attached heretoLandlord, as applicable (collectivelyits agents, “Restoration Standards”), shall be retained by Tenant. Tenant shall have the right to reasonably prosecute and settle insurance claims, provided that Tenant shall consult with and involve Landlord in the process of adjusting any insurance claims under this Section 18servants or employees.

Appears in 1 contract

Samples: Orasure Technologies Inc

Fire or Other Casualty. A. All proceeds (except business interruption insurance proceeds not allocated In the event of damage to Rent expenses and personal property proceeds, if any) in excess of Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) payable by reason of any property loss, damage, or destruction of the Premises or the Building, or the entrances and other common facilities necessary to provide normal access to the Premises Premises, caused by fire or other casualty, or any portion thereofTenant shall provide notice thereof to Landlord as soon as reasonably possible, under any property policy of insurance required to be carried hereunderand Landlord shall make repairs and restorations as hereafter expressly provided, unless this Lease shall be paid to Landlord, to be held terminated by Landlord for or unless any mortgagee which is entitled to receive casualty insurance proceeds fails to make available to Landlord a sufficient amount of such proceeds to cover the benefit cost of such repairs and use restoration. If (i) the damage is of Tenant subject such nature or extent, in the judgment of Landlord's architect, that more than two hundred ten (210) consecutive days, after commencement of the work, would be required (with normal work crews and hours) to repair and in accordance with restore the terms hereof or by Landlord Mortgagee for the exclusive purpose of restoration part of the Premises and made available or Building which has been damaged, (ii) a substantial portion of the Premises or the Building is so damaged that, in Landlord's sole judgment, it is uneconomic to Tenant upon request, pursuant to restore or repair the procedures set forth in this Section 18 for Premises or the reasonable costs of preservation, stabilization, emergency restoration, business interruption (other than any amount allocated to Rent expenses), reconstruction and repairBuilding, as the case may be, of or (iii) any damage mortgagee which is entitled to or destruction of the Premises, or any portion thereof; provided, however, that the portion receive casualty insurance proceeds fails to make available to Landlord a sufficient amount of such proceeds that are attributable to cover the cost of such repairs and restoration, Landlord shall so advise Tenant promptly; and Landlord or Tenant’s obligation to pay Rent shall be applied against Rent as and when the same becomes due by Tenant hereunder. All proceeds paid to Tenant shall be used first , for the repair a period of any damage to the Premises ten (other than such payment of Rent). Any excess proceeds of insurance remaining after the completion of the restoration or reconstruction of the Premises to substantially the same condition as existed immediately before the damage or destruction and with materials and workmanship of like kind and quality and to Landlord’s reasonable satisfaction10) days thereafter, and in accordance with the general terms and conditions of Exhibit C attached hereto, as applicable (collectively, “Restoration Standards”), shall be retained by Tenant. Tenant shall have the right to reasonably prosecute terminate this Lease by written notice to the other, as of the date specified in such notice, which termination date shall be no later than thirty (30) days after the date of such notice. In the event of such fire or other casualty, if this Lease is not terminated pursuant to the terms of this Section 17, and settle if (y) sufficient casualty insurance claimsproceeds are available for use for such restoration or repair, and (z) this Lease is then in full force and effect, Landlord shall proceed promptly and diligently to restore the Building, Land and Premises to its substantially similar condition prior to the occurrence of the damage, provided that Landlord shall not be obligated to repair or restore any alterations, additions or fixtures which Tenant or any other tenant may have installed unless Tenant, in a manner satisfactory to Landlord, assures payment in full of all costs which may be incurred by Landlord in connection therewith. Landlord shall not insure any improvements or alterations to the Premises in excess of Standard Tenant Work, or any fixtures, equipment or other property of Tenant. Tenant shall, at its sole expense, insure the value of its leasehold improvements, fixtures, equipment or other property located in the Premises, for the purpose of providing funds to Landlord to repair and restore the Premises to its substantially similar condition prior to occurrence of the damage. If there be any such alteration, fixtures or additions and Tenant does not assure or agree to assure payment of the cost or restoration or repair as aforesaid, Landlord shall have the right to determine the manner in which the Premises shall be restored so as to be substantially the same as the Premises existed prior to the damage occurring, as if such alterations, additions or fixtures had not been made or installed. The validity and effect of this Lease shall not be impaired in any way by, and Landlord shall have no liability as a result of, the failure of Landlord to complete repairs and restoration of the Premises or of the Building within two hundred ten (210) consecutive days after commencement of work, even if Landlord had in good faith notified Tenant that it estimated that the repair and restoration would be completed within such period, provided that Landlord proceeds diligently with such repair and restoration. In the case of damage to the Premises not caused by the willful misconduct of the Tenant or any of its agents, employees or invitees, and which is of a nature or extent that Tenant's continued occupancy is substantially impaired, the rent otherwise payable by Tenant hereunder shall be equitably abated or adjusted for the duration of such impairment as determined by Landlord. In no event, however, shall any damages be payable by Landlord to Tenant in respect of business interruption resulting from any fire or other casualty on the Premises or Building. Tenant shall consult with be responsible to insure and/or repair all of Tenant's leasehold improvements and involve Landlord all equipment, fixtures and personal property located in the process of adjusting any insurance claims under this Section 18Premises.

Appears in 1 contract

Samples: Lease Agreement (Averstar Inc)

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Fire or Other Casualty. A. All proceeds (except business interruption insurance proceeds not allocated to Rent expenses and personal property proceeds, if any) in excess In case of Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) payable by reason of any property loss, damage, or destruction of or damage to the Demised Premises or those portions of the Building providing access or essential services thereto, by fire or other casualty, Landlord shall, at its expense, cause the damage to be repaired to a condition as nearly as practicable to that existing prior to the damage, with reasonable speed and diligence, subject to delays which may arise by reason of adjustment of loss under insurance policies, Governmental Regulations, and for delays beyond the control of Landlord, including a "force majeure" (as defined below). Landlord shall not, however, be obligated to repair, restore, or rebuild any of Tenant's property or any portion alterations or additions made by Tenant. Landlord shall not be liable for any inconvenience or annoyance to Tenant, or Tenant's visitors, or injury to Tenant's business resulting in any way from such damage or the repair thereof except, to the extent and for the time that the Demised Premises are thereby rendered untenantable, the rent shall proportionately xxxxx. In the event the damage shall involve the Building generally and shall be so extensive that Landlord shall decide, at its sole discretion, not to repair or rebuild the Building, or if the casualty shall not be of a type insured against under standard fire policies with extended type coverage, or if the holder of any mortgage, deed of trust or similar security interest covering the Building shall not permit the application of adequate insurance proceeds for repair or restoration, this Lease shall, at the sole option of Landlord, exercisable by written notice to Tenant given within sixty (60) days after Landlord is notified of the casualty and to the extent thereof, under be terminated as of a date specified in such notice (which shall not be more than ninety [90] days thereafter), and the rent (taking into account any property policy of insurance required to be carried hereunder, abatement as aforesaid) shall be paid adjusted to Landlordthe termination date and Tenant shall thereupon promptly vacate the Demised Premises. Furthermore, in the case of any such casualty, Landlord shall promptly furnish to be held by Landlord Tenant an estimate of the time necessary to repair and restore the Building so as to permit the use of the Demised Premises for the benefit use permitted hereunder. If such estimated period for completion of the repair and use of Tenant subject to and in accordance with the terms hereof or by Landlord Mortgagee for the exclusive purpose of restoration of the Premises and made available Building exceeds three hundred sixty-five (365) days from the date of the estimate, Tenant may, but only within twenty (20) days after Tenant's receipt of the estimate, terminate this Lease by written notice to Landlord. If Tenant upon requestdoes not so terminate, pursuant this Lease (subject to the procedures provisions set forth in this Section 18 for the reasonable costs of preservation, stabilization, emergency restoration, business interruption (other than any amount allocated to Rent expensesherein), reconstruction and repair, as shall remain in effect regardless of whether the case may be, of any damage to or destruction of actual restoration time differs from the Premises, or any portion thereofestimate; provided, however, that in the portion of such proceeds that are attributable to Tenant’s obligation to pay Rent shall be applied against Rent as and when event the same becomes due by Tenant hereunder. All proceeds paid to Tenant shall be used first for actual restoration time exceeds three hundred ninety-five (395) days from the repair of any damage to the Premises (other than such payment of Rent). Any excess proceeds of insurance remaining after the completion date of the restoration or reconstruction of the Premises to substantially the same condition as existed immediately before the damage or destruction and with materials and workmanship of like kind and quality and to Landlord’s reasonable satisfactionestimate, and in accordance with the general terms and conditions of Exhibit C attached hereto, as applicable (collectively, “Restoration Standards”), shall be retained by Tenant. Tenant shall have the further right to reasonably prosecute and settle insurance claimsterminate this Lease by written notice to Landlord, provided that Tenant shall consult with and involve Landlord in but only within twenty (20) days after the process expiration of adjusting any insurance claims under this Section 18such three hundred ninety-five (395) day period.

Appears in 1 contract

Samples: CTN Media Group Inc

Fire or Other Casualty. A. All proceeds (except business interruption insurance proceeds not allocated to Rent expenses and personal property proceeds, if any) in excess of Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00expenses) payable by reason of any property loss, damage, or destruction of or to the Premises by fire or other casualty, or any portion thereof, under any property policy of insurance required to be carried hereunder, shall be paid to Landlorda third-party escrow agent selected by Landlord and reasonably acceptable to Tenant (it being agreed that Landlord Mortgagee shall be deemed a reasonably acceptable escrow agent) (“Escrow Agent”), to act as escrow agent pursuant to this Lease, provided that all funds shall be held by Landlord Escrow Agent in an FDIC insured bank account located in the United States and such funds shall be held for the benefit and use of Tenant subject to and in accordance with the terms hereof or by Landlord Mortgagee for the exclusive purpose of restoration of the Premises and made available to Tenant upon request, request pursuant to the procedures set forth in this Section 18 21 for the reasonable costs of preservation, stabilization, emergency restoration, restoration business interruption (other than any amount allocated to Rent expenses), reconstruction and repair, as the case may be, of any damage to or destruction of the Premises, or any portion thereof; provided, however, that the portion of such proceeds that are attributable to Tenant’s obligation to pay Rent shall be applied against Rent as and when the same becomes due by Tenant hereunder. All proceeds paid to Tenant shall be used first for the repair of any damage to the Premises (other than such payment of Rent). Any excess proceeds of insurance remaining after the completion of the restoration or reconstruction of the Premises to substantially the same condition as existed immediately before the damage or destruction and with materials and workmanship of like kind and quality and to Landlord’s reasonable satisfaction, and in accordance with the general terms and conditions of Exhibit C attached hereto, as applicable (collectively, “Restoration Standards”), shall be retained provided to Tenant. All salvage resulting from any risk covered by insurance for damage or loss to the Premises shall belong to Tenant. Tenant shall have the right to reasonably prosecute and settle insurance claims, provided that Tenant shall consult with and involve Landlord in the process of adjusting any insurance claims under this Section 1821.

Appears in 1 contract

Samples: Lease Agreement (Valley National Bancorp)

Fire or Other Casualty. Section 13 of this Lease entitled “Fire or Other Casualty” is hereby deleted and the following substituted therefor: A. All proceeds (except business interruption insurance proceeds not allocated General. Subject to Rent expenses the provisions of Subsections 13.B and personal property proceeds13.C, if anythe Premises and/or any portion(s) in excess or components of Two Hundred Fifty Thousand the Building outside the Premises which are reasonably necessary to provide Tenant with normal access to and No/100 Dollars ($250,000.00) payable by reason of any property loss, damage, from the Premises or destruction of or which provide Building Services to the Premises and the Office Lobby, such as, for example, the Building entrances, lobbies, elevators, stairways, hallways and electrical, plumbing and HVAC systems and equipment, (together or separately, the “Significant Building Components”) is damaged by fire or other casualty, or any portion thereof, under any property policy of insurance required to be carried hereunder, the damaged areas shall be paid repaired by and at the expense of Landlord to Landlord, at least as good a condition as that which existed immediately prior to such damage and the rent until such repairs shall be held by Landlord for made shall be apportioned from the benefit and use date of Tenant subject such fire or other casualty according to and in accordance with the terms hereof or by Landlord Mortgagee for the exclusive purpose of restoration part of the Premises and made available to Tenant upon request, pursuant to the procedures set forth in this Section 18 for the reasonable costs of preservation, stabilization, emergency restoration, business interruption (other than any amount allocated to Rent expenses), reconstruction and repair, as the case may be, of any damage to or destruction of the Premises, or any portion thereof; provided, however, that the portion of such proceeds that are attributable to Tenant’s obligation to pay Rent shall be applied against Rent as and when the same becomes due which is usable by Tenant hereunderin a manner substantially similar to that which prevailed before the damage. All proceeds paid Landlord agrees to Tenant shall be used first for commence the repair of such damage within sixty (60) days after the occurrence of such damage and complete such repair in an expeditious manner, but in any damage event (subject to the Premises provisions of Subsection 30.A) within twelve (other than such payment of Rent). Any excess proceeds of insurance remaining 12) months after the completion occurrence of such damage. In the restoration or reconstruction of the Premises to substantially the same condition as existed immediately before the damage or destruction and with materials and workmanship of like kind and quality and to Landlord’s reasonable satisfactionevent Landlord does not so repair such damage, and in accordance with the general terms and conditions of Exhibit C attached hereto, as applicable (collectively, “Restoration Standards”), shall be retained by Tenant. Tenant shall have the right to reasonably prosecute and settle insurance claimsterminate this Lease provided, provided however, that Tenant’s right to terminate this Lease must be exercised no later than the last day of the month following the month in which the twelve (12) month period, as it may have been extended by application of the provisions of Subsection 30.A, expires. Notwithstanding anything in this Subsection 13.A to the contrary, if Landlord does not restore the Premises or the affected portion to tenantability within two hundred seventy (270) days after the date of said casualty, Tenant shall consult with and involve Landlord in may then terminate this Lease, retroactive to the process date of adjusting any insurance claims under this Section 18.the casualty. If

Appears in 1 contract

Samples: Office Lease (Pennsylvania Real Estate Investment Trust)

Fire or Other Casualty. A. All proceeds (except business interruption insurance proceeds not allocated to Rent expenses and personal property proceeds, if any) in excess of Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00expenses) payable by reason of any property loss, damage, or destruction of or to the Premises by fire or other casualty, or any portion thereof, under any property policy of insurance required to be carried hereunder, shall be paid to Landlord Mortgagee if required under any Landlord Mortgage, if any (or if none, to Landlord), to be held by Landlord in trust for the benefit and use of Tenant subject to and in accordance with the terms hereof or by Landlord Mortgagee for the exclusive purpose of restoration of the Premises and made available to Tenant upon requestrequest and in accordance with Landlord Mortgagee’s customary procedures, or if there is no Landlord Mortgagee, by Landlord, pursuant to the procedures set forth in this Section 18 21 for the reasonable costs of preservation, stabilization, emergency restoration, restoration business interruption (other than any amount allocated to Rent expenses), reconstruction and repair, as the case may be, of any damage to or destruction of the Premises, or any portion thereof; provided, however, that the portion of such proceeds that are attributable to Tenant’s obligation to pay Rent shall be applied against Rent as and when the same becomes due by Tenant hereunder. If such proceeds are not made available to Tenant despite Tenant’s compliance with such customary procedures, Tenant shall have no obligation to restore the Premises. All proceeds paid to Tenant shall be used first for the repair of any damage to the Premises (other than such payment of Rent). Any excess proceeds of insurance remaining after the completion of the restoration or reconstruction of the Premises to substantially the same condition as existed immediately before the damage or destruction and with materials and workmanship of like kind and quality and to Landlord’s reasonable satisfaction, and in accordance with the general terms and conditions of Exhibit C “F” attached hereto, as applicable (collectively, “Restoration Standards”), shall be retained provided to Tenant. All salvage resulting from any risk covered by insurance for damage or loss to the Premises shall belong to Tenant. Tenant shall have the right to reasonably prosecute and settle insurance claims, provided that Tenant shall consult with and involve Landlord in the process of adjusting any insurance claims under this Section 1821.

Appears in 1 contract

Samples: Absolute Lease Agreement (First Midwest Bancorp Inc)

Fire or Other Casualty. A. All proceeds (except business interruption insurance proceeds not allocated to Rent expenses and personal property proceedsIf, if any) in excess of Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) payable by reason of any property lossduring the Term, damage, or destruction of or to the Premises Building is so damaged by fire or other casualtycasualty that it is rendered unfit for occupancy, or any portion thereof, under any property policy of insurance required to be carried hereunder, shall be paid to Landlord, to be held by Landlord for the benefit and use of Tenant subject to reasonable delays for insurance adjustments and in accordance with the terms hereof or to delays caused by Landlord Mortgagee for the exclusive purpose of restoration matters beyond Landlord’s reasonable control, will repair whatever portion, if any, of the Premises Building which may have been damaged and made available to Landlord may enter and possess the Building for that purpose; while the Tenant upon request, pursuant to the procedures set forth in this Section 18 for the reasonable costs of preservation, stabilization, emergency restoration, business interruption (other than any amount allocated to Rent expenses), reconstruction and repair, as the case may be, of any damage to or destruction is deprived of the PremisesBuilding, or any portion thereof; provided, however, that the portion of such proceeds that are attributable to Tenant’s obligation to pay Fixed Rent shall be applied against Rent suspended in proportion to the number of square feet of the Building rendered untenantable. If the Building shall be damaged so that such damage does not render the Building unfit for occupancy, Landlord will repair whatever portion, if any, of the Building which may have been damaged (including all damaged Tenant Work) and Tenant will continue in possession and rent will not be apportioned or suspended. If during the Term the Building is so damaged by fire or other casualty that Tenant is prevented (as and when the same becomes due reasonably determined by Tenant hereunder. All proceeds paid to or Landlord) from carrying on business in the Building and it is reasonably anticipated by Tenant shall be used first for the repair of any damage to the Premises (other than such payment of Rent). Any excess proceeds of insurance remaining after the completion of the restoration or reconstruction of the Premises to substantially the same condition as existed immediately before Landlord that the damage or destruction and with materials and workmanship will take in excess one hundred eighty (180) days to repair or restore or results in the taking of like kind and quality and to Landlord’s reasonable satisfaction, and a substantial part of the Property as such term is defined in accordance with the general terms and conditions Article 25(b) of Exhibit C attached hereto, as applicable this Lease (collectively, a Restoration StandardsMajor Casualty”), Landlord shall have the right to terminate this Lease, as will Tenant unless Tenant is the cause of the Major Casualty. Such option to terminate must be retained exercised by Landlord or Tenant by written notice to the other within thirty (30) days after the occurrence of the Major Casualty. Notwithstanding any other provisions of this Article 11, (a) if any damage is caused by or results from the negligence of Tenant. , those claiming under Tenant, or their employees or invitees, respectively, rent shall not be suspended or apportioned and Tenant shall pay, as additional rent upon demand, the cost of any repairs, made or to be made, of such damage and of any restorations, made or to be made, as a result of such damage, (b) Landlord shall have a duty to repair and replace Tenant Work at Landlord’s sole cost but shall have no duty to repair or replace any personal property, or any of Tenant’s equipment or any alterations, improvements or decorations made by Tenant after the Commencement Date, or any Direct Tenant Work (defined at Article 8(h) hereof), (c) Landlord shall have no liability to Tenant for, and Tenant shall not be entitled to terminate this Lease by virtue of, any delays in completion of repairs and (d) either Landlord or Tenant shall have the right to reasonably prosecute and settle insurance claims, provided that Tenant shall consult with and involve Landlord in terminate this Lease upon giving written notice to the process other party at any time within thirty (30) days after the date of adjusting any insurance claims under this Section 18the damage if the Building is damaged by fire or other casualty (whether or not such event constitutes a Major Casualty) during the last six (6) months of the Term.

Appears in 1 contract

Samples: Agreement of Lease (MEDecision, Inc.)

Fire or Other Casualty. 25. A. All proceeds (except business interruption insurance proceeds not allocated If the Demised Premises shall be damaged by fire or other casualty and if Tenant shall give prompt notice to Rent expenses and Landlord of such damage, Landlord, at Landlord's expense, shall repair such damage. However, Landlord shall have no obligation to repair any damage to, or to replace, Tenant's personal property proceedsor any other property or effects of Tenant, if anyincluding (without limitation) in excess furnishings and equipment of Two Hundred Fifty Thousand Tenant or its employees, agents and No/100 Dollars ($250,000.00) payable clients. If the Demised Premises shall be rendered untenantable, not due to Tenant’s acts or omissions, and by reason of any property loss, such damage, or destruction and Tenant no longer occupies the Demised Premises, the rent shall xxxxx for the period from the date of or such damage to the date when the restoration of such damage shall have been substantially completed; and if only a portion of the Demised Premises (less than 50%) shall be so rendered untenantable (“Insubstantial Casualty”) and Tenant no longer occupies such untenantable portion, the rent shall xxxxx for such period in the proportion which the area of the part of the Demised Premises so rendered untenantable bears to the total area of the Demised Premises. With respect to such Insubstantial Casualty in the event that Landlord shall not substantially complete the restoration of the Demised Premises required on account of such casualty within 12 months from the casualty, Tenant shall have the right to terminate the Leaase upon 30 days written notice to Landlord. Notwithstanding the foregoing, if the raised floor area-server room or the telecommunication room are damaged by fire or other casualty, Tenant shall have same rights as if there was a Substantial Casualty to the Demised Premises were rendered substantially untenantable. Within sixty (60) days of the date of such fire or other casualty, Landlord shall furnish Tenant with the opinion of a reputable independent architect or contractor reasonably satisfactory to Landlord and Tenant specifying the time necessary to substantially restore the building and/or the Demised Premises to its condition existing prior to the fire or other casualty. If (i) (a) fifty (50%) percent or more of the Demised Premises are damaged or rendered untenantable by fire or other casualty (“Substantial Casualty”), and (b) in the opinion of the architect or contractor the building and/or the Demised Premises cannot be restored to its condition existing prior to the fire or other casualty within one hundred eighty (180) days of the fire or other casualty (whether or not any portion thereofspecified percentage of the Demised Premises are damaged or rendered untenantable) or (ii) the Demised Premises are damaged or rendered untenantable by fire or other casualty at any time during the last twelve (12) months of the term (whether or not any specified percentage of the Demised Premises are damaged or rendered untenantable), under any property policy then, provided Tenant was not responsible for the casualty, Tenant shall have the right to terminate this lease by notice given within sixty (60) days of insurance the date of such fire or other casualty or within thirty (30) days of the date the architect's opinion was given or was required to be carried hereunder, shall be paid to Landlord, to be held by Landlord for the benefit and use of Tenant subject to and in accordance with the terms hereof or by Landlord Mortgagee for the exclusive purpose of restoration of the Premises and made available to Tenant upon request, have been given pursuant to the procedures set forth in this Section 18 for the reasonable costs of preservation, stabilization, emergency restoration, business interruption (other than any amount allocated to Rent expenses), reconstruction and repairabove, as the case may be, such termination having the same force and effect as if the date of any damage to or destruction such termination were the date set forth above for the expiration of the term of this lease. In addition, if Tenant does not so elect to terminate this lease and if the Demised Premises, the common areas of the building and the systems serving the Demised Premises shall not be restored to their condition existing prior to the fire or other casualty within one hundred eighty (180) days of the date of the fire or other casualty, then Tenant may at any portion thereof; providedtime thereafter, howeveruntil such restoration is completed, that the portion of such proceeds that are attributable terminate this lease by written notice to Tenant’s obligation to pay Rent shall be applied against Rent as and when Landlord with the same becomes due by Tenant hereunder. All proceeds paid to Tenant shall be used first force and effect as if the date of termination were the date set forth above for the repair of any damage to the Premises (other than such payment of Rent). Any excess proceeds of insurance remaining after the completion expiration of the restoration or reconstruction term of the Premises to substantially the same condition as existed immediately before the damage or destruction and with materials and workmanship of like kind and quality and to Landlord’s reasonable satisfaction, and in accordance with the general terms and conditions of Exhibit C attached hereto, as applicable (collectively, “Restoration Standards”), shall be retained by Tenant. Tenant shall have the right to reasonably prosecute and settle insurance claims, provided that Tenant shall consult with and involve Landlord in the process of adjusting any insurance claims under this Section 18lease.

Appears in 1 contract

Samples: Agreement of Lease (Falconstor Software Inc)

Fire or Other Casualty. A. All proceeds (except business interruption insurance proceeds not allocated to Rent expenses and personal property proceeds, if any) in excess In case of Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) payable by reason of any property loss, damage, or destruction of or partial damage to the Premises by fire or other casualty insured against by Landlord, Tenant shall give immediate notice (either oral or written) thereof to Landlord, who shall thereupon cause damage to all property owned by it to be repaired with reasonable speed at expense of Landlord, due allowance being made for reasonable delay which may arise by reason of adjustment of loss under insurance policies on the part of Landlord and/or Tenant, and for reasonable delay on account of “labor troubles” or any other cause beyond Landlord’s control, and to the extent that the Premises are rendered untenantable the rent shall proportionately xxxxx from the date of such casualty, provided the damage above mentioned occurred without the fault or any portion thereofneglect of Tenant, under any property policy Tenant’s servants, employees, agents or visitors. If such partial damage is due to the fault or neglect of Tenant, or Tenant’s servants, employees, agents, or invitees, the damage shall be repaired by Landlord to the extent of Landlord’s insurance required coverage, but there shall be no apportionment or abatement of rent. In the event the damage shall be so extensive to be carried hereunderthe whole Building as to render it uneconomical, in Landlord’s opinion, to restore for its present uses and Landlord shall decide not to repair or rebuild the Building, this Lease, at the option of Landlord, shall be terminated upon written notice to Tenant and the rent shall, in such event, be paid to or adjusted as of the date of such damage, and the terms of this Lease shall expire by lapse of time and conditional limitation upon the third day after such notice is mailed, and Tenant shall thereupon vacate the Premises and surrender the same to Landlord, but no such termination shall release Tenant from any liability to be held by Landlord for the benefit and use of Tenant subject to and in accordance with the terms hereof arising from such damage or by Landlord Mortgagee for the exclusive purpose of restoration from any breach of the Premises and made available obligations imposed on Tenant hereunder, or from any obligations accrued hereunder prior to Tenant upon request, pursuant such termination. If Landlord estimates that it will take (i) at least 180 days from the date of the casualty to complete all repairs required to restore the procedures set forth areas of the Building which do not have raised flooring or (ii) 120 days from the date of the casualty to complete in this Section 18 for the reasonable costs of preservation, stabilization, emergency restoration, business interruption (other than any amount allocated to Rent expenses), reconstruction and repair, as the case may be, of any damage to or destruction of the PremisesSecond Floor Key Area, or any portion thereof; provided, however, that the portion of such proceeds that are attributable to Tenant’s obligation to pay Rent shall be applied against Rent as and when the same becomes due by Tenant hereunder. All proceeds paid to Tenant shall be used first for the repair of any damage to the Premises (other than such payment of Rent). Any excess proceeds of insurance remaining after the completion of the restoration or reconstruction of the Premises to substantially the same condition as existed immediately before the damage or destruction and with materials and workmanship of like kind and quality and to Landlord’s reasonable satisfaction, and in accordance with the general terms and conditions of Exhibit C attached hereto, as applicable (collectively, “Restoration Standards”), shall be retained by Tenant. Tenant shall have the right to reasonably prosecute and settle insurance claims, provided terminate this Lease by giving Landlord written notice of termination within thirty (30) days after receipt of Landlord’s notice of the completion time. Landlord shall notify Tenant of the estimated time required to complete the repairs on or before that Tenant shall consult with and involve Landlord in date which is forty-five (45) days after the process date of adjusting any insurance claims under this Section 18the casualty.

Appears in 1 contract

Samples: Agreement of Lease (Credit Management Solutions Inc)

Fire or Other Casualty. A. All proceeds (except business interruption insurance proceeds not allocated to Rent expenses and personal property proceeds, if anya) in excess In the event of Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) payable by reason of any property loss, damage, partial or total damage or destruction of or to the Premises by fire or fire, other casualty, or any portion thereofother cause whatsoever (except condemnation), under any property policy that is not the responsibility of insurance required the Tenant to repair or reconstruct, (i) the Tenant promptly shall give Notice thereof to the City; (ii) this Lease shall continue in full force and effect, except as otherwise provided by this Section 19; and (iii) the City, to the extent that funds are available to the City therefor, shall thereupon cause such damage or destruction to the Premises to be carried hereunderrepaired with reasonable speed at the expense of the City, due allowance being made for reasonable delay which may arise by reason of adjustment of loss under insurance policies on the part of the Tenant, and for reasonable delay on account of “labor troubles” or any other cause beyond the City’s control. To the extent that the Premises, in whole or in part, is rendered untenantable for more than five (5) consecutive days, the Rent shall be paid to Landlord, to be held by Landlord for proportionately xxxxx based upon the benefit and use of Tenant subject to and in accordance with the terms hereof or by Landlord Mortgagee for the exclusive purpose of restoration portion of the Premises and made available to Tenant upon requestthat are untenantable until the Premises, pursuant to the procedures set forth in this Section 18 for the reasonable costs of preservation, stabilization, emergency restoration, business interruption (other than any amount allocated to Rent expenses), reconstruction and repair, as the case may be, of any damage to or destruction portion of the Premises, or any portion thereof; provided, however, that the portion of such proceeds that are attributable restored to Tenant’s obligation to pay Rent shall be applied against Rent as and when the same becomes due by Tenant hereunder. All proceeds paid to Tenant shall be used first for the repair of any damage a condition substantially similar to the Premises (other than such payment of Rent). Any excess proceeds of insurance remaining after the completion of the restoration or reconstruction of the Premises to substantially the same condition as existed immediately before prior to the damage or destruction. If the damage or destruction and with materials and workmanship of like kind and quality and shall be so extensive to Landlordthe Building as to render it uneconomical, in the City’s or Tenant’s reasonable satisfactionopinion, to restore the Premises for the use of the Tenant as specified herein or the City shall decide not to repair or rebuild the Building within a reasonable period of time, this Lease, at the option of either party, shall be terminated upon Notice thereof to the other party and the Rent shall, in such event, be paid to or adjusted as of the date of such damage, and this Lease shall terminate upon the third (3rd) business day after such Notice is given. The Tenant shall thereupon vacate the Premises and surrender the same to the City in accordance with Section 22, but no such termination shall release the general terms and conditions Tenant from any liability to the City arising from such damage or from any of Exhibit C attached hereto, as applicable (collectively, “Restoration Standards”), shall be retained by Tenant. the obligations or duties imposed on the Tenant shall have the right hereunder prior to reasonably prosecute and settle insurance claims, provided that Tenant shall consult with and involve Landlord in the process of adjusting any insurance claims under this Section 18such termination.

Appears in 1 contract

Samples: Market House Lease Agreement

Fire or Other Casualty. A. All proceeds (except business interruption insurance proceeds not allocated In the event of damage to Rent expenses and personal property proceeds, if any) in excess of Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) payable by reason of any property loss, damage, or destruction of the Premises or the Building, or the entrances and other common facilities necessary to provide normal access to the Premises Premises, caused by fire or other casualty, or any portion thereof, under any property policy of insurance required to be carried hereunder, Tenant shall be paid provide immediate notice thereof to Landlord, to and Landlord shall make repairs and restorations as hereafter expressly provided, unless this Lease shall be held terminated by Landlord for or unless any mortgagee which is entitled to receive casualty insurance proceeds fails to make available to Landlord a sufficient amount of such proceeds to cover the benefit cost of such repairs and use restoration. If (i) the damage is of Tenant subject such nature or extent, in the judgment of Xxxxxxxx’s architect, that more than two hundred seventy (270) consecutive days, after commencement of the work, would be required (with normal work crews and hours) to repair and in accordance with restore the terms hereof or by Landlord Mortgagee for the exclusive purpose of restoration part of the Premises and made available or Building which has been damaged, or (ii) a substantial portion of the Premises or the Building is so damaged that, in Landlord’s sole judgment, it is uneconomic to Tenant upon request, pursuant to restore or repair the procedures set forth in this Section 18 for Premises or the reasonable costs of preservation, stabilization, emergency restoration, business interruption (other than any amount allocated to Rent expenses), reconstruction and repairBuilding, as the case may be, Landlord shall so advise Tenant promptly; and Landlord or Tenant, for a period of any damage to or destruction of the Premisesten (10) business days thereafter, or any portion thereof; provided, however, that the portion of such proceeds that are attributable to Tenant’s obligation to pay Rent shall be applied against Rent as and when the same becomes due by Tenant hereunder. All proceeds paid to Tenant shall be used first for the repair of any damage to the Premises (other than such payment of Rent). Any excess proceeds of insurance remaining after the completion of the restoration or reconstruction of the Premises to substantially the same condition as existed immediately before the damage or destruction and with materials and workmanship of like kind and quality and to Landlord’s reasonable satisfaction, and in accordance with the general terms and conditions of Exhibit C attached hereto, as applicable (collectively, “Restoration Standards”), shall be retained by Tenant. Tenant shall have the right to reasonably prosecute terminate this Lease by written notice to the other, as of the date specified in such notice, which termination date shall be no later than thirty (30) days after the date of such notice. In the event of such fire or other casualty, if this Lease is not terminated pursuant to the terms of this Section 17, and settle if (i) sufficient casualty insurance claimsproceeds are available for use for such restoration or repair, and (ii) this Lease is then in full force and effect, Landlord shall proceed promptly and diligently to restore the Premises to its substantially similar condition prior to the occurrence of the damage, provided that Landlord shall not be obligated to repair or restore any alterations, additions or fixtures which Tenant or any other tenant may have installed unless Tenant, in a manner satisfactory to Landlord, assures payment in full of all costs which may be incurred by Landlord in connection therewith. Tenant shall, at its sole expense, insure the value of all leasehold improvements, fixtures, equipment or other property located in the Premises, for the purpose of providing funds to Landlord to repair and restore the Premises to its substantially similar condition prior to occurrence of the damage. If Tenant does not assure or agree to assure payment of the cost or restoration or repair of any such alteration, fixtures or additions as aforesaid, Landlord shall have the right to determine the manner in which the Premises shall be restored so as to be substantially the same as the Premises existed prior to the damage occurring, as if such alterations, additions or fixtures had not been made or installed. The validity and effect of this Lease shall not be impaired in any way by, and Landlord shall have no liability as a result of, the failure of Landlord to complete repairs and restoration of the Premises or of the Building within two hundred seventy (270) consecutive days after commencement of work, even if Landlord had in good faith notified Tenant that it estimated that the repair and restoration would be completed within such period, provided that Landlord proceeds diligently with such repair and restoration. In the case of damage to the Premises not caused by the negligence or willful misconduct of the Tenant or any of its agents, employees or invitees, and which is of a nature or extent that Xxxxxx’s continued occupancy is substantially impaired, the rent otherwise payable by Tenant hereunder shall be equitably abated or adjusted for the duration of such impairment as determined by Landlord. In no event, however, shall any damages be payable by Landlord to Tenant in respect of business interruption resulting from any fire or other casualty on the Premises or Building. Tenant shall consult with and involve Landlord be responsible to insure and/or repair all of Tenant’s personal property located in the process of adjusting any insurance claims under this Section 18Premises.

Appears in 1 contract

Samples: Deed of Lease (Urgent.ly Inc.)

Fire or Other Casualty. A. All proceeds (except business interruption insurance proceeds not allocated to Rent expenses and personal property proceedsIf, if any) in excess during the term of Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) payable by reason of any property loss, damagethis Lease, or destruction of any renewal or to extension thereof, the Premises Building is so damaged by fire or other casualtycasualty that the Premises are rendered unfit for occupancy (whether or not the Premises are damaged), or any portion thereofthen, under any property policy at Landlord's and/or Tenant's option, the Term of insurance required to be carried hereunderthis Lease upon written notice from Landlord and/or Tenant given with thirty (30) days after the occurrence of such damage, shall be paid terminate as of the date of the occurrence of such damage. In such case, Tenant shall pay the rent apportioned to the time of such termination and Landlord may enter upon and repossess the Premises without further notice. If Landlord does not elect to terminate the Term of this Lease, Landlord, to be held by Landlord for the benefit and use of Tenant subject to reasonable delays for insurance adjustments and in accordance with the terms hereof or to delays caused by Landlord Mortgagee for the exclusive purpose of restoration matters beyond Landlord's reasonable control, will repair whatever portion, if any, of the Premises or of the Building serving the Premises which may have been damaged and made available to Landlord may enter and possess the Premises for that purpose; while the Tenant upon request, pursuant to the procedures set forth in this Section 18 for the reasonable costs of preservation, stabilization, emergency restoration, business interruption (other than any amount allocated to Rent expenses), reconstruction and repair, as the case may be, of any damage to or destruction is deprived of the Premises, or any portion thereof; provided, however, that the portion of such proceeds that are attributable to Tenant’s obligation to pay all Rent shall be applied against Rent as and when the same becomes due by Tenant hereunder. All proceeds paid to Tenant shall be used first for the repair of any damage suspended in proportion to the Premises (other than such payment number of Rent). Any excess proceeds of insurance remaining after the completion of the restoration or reconstruction square feet of the Premises rendered untenantable. If the Premises or the Building shall be damaged so that such damage does not render the Premises unfit for occupancy, Landlord will repair whatever portion, if any, of the Premises or of the Building serving the Premises which may have been damaged and Tenant will continue in possession and rent will not be apportioned or suspended. Notwithstanding any other provisions of this Article 11, (a) if any damage is caused by or results from the negligence of Tenant, those claiming under Tenant, or their employees or invitees, respectively, rent shall not be suspended or apportioned and Tenant shall pay, as additional rent upon demand, the cost of any repairs, made or to substantially the same condition be made, of such damage and of any restorations, made or to be made, as existed immediately before the damage a result of such damage, (b) Landlord shall have no duty to repair or destruction and with materials and workmanship replace any personal property, or any of like kind and quality and Tenant's fixtures or equipment or any alterations, improvements or decorations made by Tenant, or any Direct Tenant Work (defined at Article 8(h) hereof), (c) Landlord shall have no liability to Landlord’s reasonable satisfactionTenant for, and Tenant shall not be entitled to terminate this Lease by virtue of, any delays in accordance with the general terms completion of repairs and conditions of Exhibit C attached hereto, as applicable (collectively, “Restoration Standards”), shall be retained by Tenant. Tenant d) Landlord shall have the right to reasonably prosecute and settle insurance claimsterminate this Lease upon giving written notice to Tenant at any time within thirty (30) days after the date of the damage if the Premises is damaged by fire or other casualty during the last six (6) months of the Term unless Tenant, provided that Tenant shall consult with and involve Landlord having the right to renew the Term pursuant to an express provision contained in this Lease, has effectively extended the process Term for a term in excess of adjusting any insurance claims under this Section 18one (1) year following the occurrence of the fire or other casualty.

Appears in 1 contract

Samples: Agreement (Traffic.com, Inc.)

Fire or Other Casualty. A. All proceeds (except business interruption insurance proceeds not allocated to Rent expenses and personal property proceeds, if any) in excess of Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) payable by reason of any property loss, damageIf the Leased Premises, or destruction any other portion of the Building including areas of ingress and egress, shall, through no fault of Tenant or to Tenant's agents, servants, employees, customers, contractors, visitors or licensees, be damaged by fire, the Premises by fire elements, unavoidable accident or other casualty, but the Leased Premises are not thereby rendered untenantable in whole or any portion thereofin part, under any property policy of insurance required Landlord shall promptly at its own expense cause such damage to be carried hereunderrepaired, and the rent shall not be abated; if by reason of such occurrence, the Leased Premises shall be paid to Landlordrendered untenantable only in part, Landlord shall promptly at its own expense cause the damage to be held by Landlord for repaired, and the benefit and use of Tenant subject rent meanwhile shall be abated proportionately as to and in accordance with the terms hereof or by Landlord Mortgagee for the exclusive purpose of restoration of the Premises and made available to Tenant upon request, pursuant to the procedures set forth in this Section 18 for the reasonable costs of preservation, stabilization, emergency restoration, business interruption (other than any amount allocated to Rent expenses), reconstruction and repair, as the case may be, of any damage to or destruction of the Premises, or any portion thereof; provided, however, that the portion of the Leased Premises rendered untenantable; if by reason of such proceeds occurrence the Leased Premises shall be rendered wholly untenantable, Landlord shall promptly at is own expense cause such damage to be repaired, and the rent meanwhile shall be abated in whole, unless within sixty (60) days after said occurrence Landlord shall give Tenant written notice that are attributable it has elected not to reconstruct the destroyed premises in which event, this Agreement and the tenancy hereby created shall cease as of the date of said occurrence, the rental to be adjusted as of such date. All of the above notwithstanding, if Landlord, in its absolute discretion, shall desire, within a reasonable time after the occurrence of any such accident or casualty (even though the Leased Premises may not have been affected by the same) to demolish, rebuild or reconstruct the Building, then, upon written notice from Landlord to Tenant’s obligation , this Agreement shall terminate on a date to pay Rent be specified in such notice, and all rent payable hereunder shall be applied against Rent adjusted as and when of the same becomes due by Tenant hereunder. All proceeds paid to Tenant shall be used first for time of the repair occurrence of any damage to the Premises (other than such payment of Rent). Any excess proceeds of insurance remaining after the completion of the restoration accident or reconstruction of the Premises to substantially the same condition as existed immediately before the damage or destruction and with materials and workmanship of like kind and quality and to Landlord’s reasonable satisfaction, and in accordance with the general terms and conditions of Exhibit C attached hereto, as applicable (collectively, “Restoration Standards”), shall be retained by Tenant. Tenant shall have the right to reasonably prosecute and settle insurance claims, provided that Tenant shall consult with and involve Landlord in the process of adjusting any insurance claims under this Section 18casualty.

Appears in 1 contract

Samples: Lease Agreement (Manchester Technologies Inc)

Fire or Other Casualty. A. All proceeds (except business interruption insurance proceeds not allocated to Rent expenses and personal property proceeds, if any) in excess of Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) payable by reason of any property loss, damage, or destruction of or to 10.1 If the Premises (excluding Tenant improvements or contents of the Premises) shall be damaged by fire or other casualtyrisk covered by standard form fire and extended coverage casualty insurance and is not thereby rendered untenantable, in whole or any portion thereofin part, under any property policy Landlord shall promptly, upon receipt of insurance required proceeds, cause such damage to be carried hereunderrepaired and the rent shall not be abated; if, by reason of such occurrence, the Premises shall be rendered untenantable only in part, the Landlord shall promptly, upon receipt of insurance proceeds, cause the damage to be repaired and the minimum rent, meanwhile, shall be paid abated proportionately as to Landlord, to be held by Landlord for the benefit and use of Tenant subject to and in accordance with the terms hereof or by Landlord Mortgagee for the exclusive purpose of restoration portion of the Premises and made available to Tenant rendered untenantable; if, by reason of such occurrence, the Premises should be rendered wholly untenantable, the Landlord shall promptly, upon requestreceipt of insurance proceeds, pursuant to the procedures set forth in this Section 18 for the reasonable costs of preservation, stabilization, emergency restoration, business interruption (other than any amount allocated to Rent expenses), reconstruction and repair, as the case may be, of any cause such damage to or destruction of be repaired, and the Premisesminimum annual rent, or any portion thereofmeanwhile, shall be abated in whole; provided, however, if the leased Premises shall be damaged, whether or not from a risk of the type covered by Landlord's fire and extended coverage casualty insurance, to the extent that such damage is fifty percent (50%) or more of the portion then replacement cost of the leased Premises, then, in such event, the Landlord shall have the right, at Landlord's option, to declare this Lease canceled by giving appropriate written notice to the Tenant within thirty (30) days first following said occurrence, whereupon this Lease Agreement and tenancy hereby created shall cease as of the date of damage occurrence, all rentals to be adjusted as of such proceeds that are attributable date. The obligation of Landlord, where such obligation exists under the foregoing sentence, to Tenant’s obligation to pay Rent repair damages shall be applied against Rent as limited to repair and when the same becomes due by Tenant hereunder. All proceeds paid to Tenant shall be used first for the repair of any damage to the Premises (other than such payment of Rent). Any excess proceeds of insurance remaining after the completion restoration of the restoration or reconstruction damaged portion of the Premises to substantially the same condition of the Premises as existed immediately before upon delivery of possession of the Premises to Tenant at the commencement of the term of this Lease, is modified by ordinary wear and tear preceding such damage. If the Premises shall be damaged, whether, or nt from a risk of the type covered by Landlord's fire and extended coverage insurance, provided such damage was not caused by the negligent or destruction and with materials and workmanship willful acts of like kind and quality and to Landlord’s reasonable satisfactionthe Tenant, and is thereby rendered untenantable, wholly or in accordance with part, following which the general terms and conditions Landlord is unable to repair the Premises within 120 days after receipt by the Landlord of Exhibit C attached heretothe insurance proceeds, as applicable (collectivelythen, “Restoration Standards”)in such event, shall be retained by Tenant. the Tenant shall have the right right, at Tenant's option, to reasonably prosecute declare this Lease canceled by giving appropriate written notice to the Landlord within ten (10) days first following said 120 day period, following which this Lease Agreement and settle insurance claims, provided that Tenant tenancy hereby created shall consult with and involve Landlord in cease as of the process date of adjusting any insurance claims under this Section 18such notice.

Appears in 1 contract

Samples: Industrial Data Systems Corp

Fire or Other Casualty. A. All proceeds (except business interruption insurance proceeds not allocated to Rent expenses and personal property proceedsIf, if any) in excess during the term of Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) payable by reason of any property loss, damagethis Lease, or destruction of any renewal or to extension thereof, the Premises Building is so damaged by fire or other casualtycasualty that the Premises are rendered unfit for occupancy (whether or not the Premises are damaged), or any portion thereofthen, under any property policy at Landlord's option, the Term of insurance required to be carried hereunderthis Lease upon written notice from Landlord given with thirty (30) days after the occurrence of such damage, shall be paid terminate as of the date of the occurrence of such damage. In such case, Tenant shall pay the rent apportioned to the time of such termination and Landlord may enter upon and repossess the Premises without further notice. If Landlord does not elect to terminate the Term of this Lease, Landlord, to be held by Landlord for the benefit and use of Tenant subject to reasonable delays for insurance adjustments and in accordance with the terms hereof or to delays caused by Landlord Mortgagee for the exclusive purpose of restoration matters beyond Landlord's reasonable control, will repair whatever portion, if any, of the Premises or of the Building serving the Premises which may have been damaged and made available to Landlord may enter and possess the Premises for that purpose; while the Tenant upon request, pursuant to the procedures set forth in this Section 18 for the reasonable costs of preservation, stabilization, emergency restoration, business interruption (other than any amount allocated to Rent expenses), reconstruction and repair, as the case may be, of any damage to or destruction is deprived of the Premises, or any portion thereof; provided, however, that the portion of such proceeds that are attributable to Tenant’s obligation to pay Fixed Rent shall be applied against Rent as and when the same becomes due by Tenant hereunder. All proceeds paid to Tenant shall be used first for the repair of any damage suspended in proportion to the Premises (other than such payment number of Rent). Any excess proceeds of insurance remaining after the completion of the restoration or reconstruction square feet of the Premises rendered untenantable. If the Premises or the Building shall be damaged so that such damage does not render the Premises unfit for occupancy, Landlord will repair whatever portion, if any, of the Premises or of the Building serving the Premises which may have been damaged and Tenant will continue in possession and rent will not be apportioned or suspended. Notwithstanding any other provisions of this Article 11, (a) if any damage is caused by or results from the negligence of Tenant, those claiming under Tenant, or their employees or invitees, respectively, rent shall not be suspended or apportioned and Tenant shall pay, as additional rent upon demand, the cost of any repairs, made or to substantially the same condition be made, of such damage and of any restorations, made or to be made, as existed immediately before the damage a result of such damage, (b) Landlord shall have no duty to repair or destruction and with materials and workmanship replace any personal property, or any of like kind and quality and Tenant's fixtures or equipment or any alterations, improvements or decorations made by Tenant, or any Direct Tenant Work (defined at Article 8(h) hereof), (c) Landlord shall have no liability to Landlord’s reasonable satisfactionTenant for, and Tenant shall not be entitled to terminate this Lease by virtue of, any delays in accordance with the general terms completion of repairs and conditions of Exhibit C attached hereto, as applicable (collectively, “Restoration Standards”), shall be retained by Tenant. Tenant d) Landlord shall have the right to reasonably prosecute and settle insurance claimsterminate this Lease upon giving written notice to Tenant at any time within thirty (30) days after the date of the damage if the Premises is damaged by fire or other casualty during the last six (6) months of the Term unless Tenant, provided that Tenant shall consult with and involve Landlord having the right to renew the Term pursuant to an express provision contained in this Lease, has effectively extended the process Term for a term in excess of adjusting any insurance claims under this Section 18one (1) year following the occurrence of the fire or other casualty.

Appears in 1 contract

Samples: Disturbance and Attornment Agreement (Internet Capital Group Inc)

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