Common use of Partial Damage - Insured Clause in Contracts

Partial Damage - Insured. If the Premises are damaged by any casualty which is covered under the all-risk or causes of loss - special form insurance carried by Landlord pursuant to Paragraph 20.4, then Landlord shall restore such damage, provided insurance proceeds are available to pay at least ninety-five percent (95%) or more of the cost of restoration and provided such restoration can be completed within one hundred eighty (180) days after the commencement of the work in the reasonable opinion of a registered architect or engineer appointed by Landlord for such determination. In such event, this Lease shall continue in full force and effect, except that Tenant shall be entitled to a proportionate reduction of net Monthly Rent while such restoration takes place, such proportionate reduction to be based upon the extent to which the restoration efforts interfere with Tenant's use of the Premises. Any dispute between Landlord and Tenant as to the amount of any rent reduction hereunder shall be resolved by arbitration, and such arbitration shall comply with and be governed by the California Arbitration Act Sections 1280 through 1294.2 of the California Code of Civil Procedure. If it is anticipated by Landlord that such restoration cannot be completed within one hundred eighty (180) days, Tenant shall have the right to terminate this Lease by written notice to Landlord within thirty (30) days after receipt of written notice of the estimated repair period; provided, however, this one hundred eighty (180) day period will be extended to the extent of any delay caused by Force Majeure Conditions, up to and including an additional one hundred twenty (120) days. Landlord shall provide Tenant with written notice of the estimated repair period as soon as reasonably possible following the damage or destruction. If Tenant does not elect to terminate this Lease as permitted herein, Landlord shall promptly commence the process of obtaining the necessary permits and approvals and repair the Premises and the Tenant Improvements. If, however, this Lease is terminated, Landlord shall refund to Tenant any Rent previously paid by Tenant which is allocable to the period after the date of damage or destruction.

Appears in 3 contracts

Samples: Media Arts Group Inc, Media Arts Group Inc, Media Arts Group Inc

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Partial Damage - Insured. If the Premises are damaged by any casualty which is covered under the all-risk or causes of loss - special form insurance carried by Landlord pursuant to Paragraph 20.4, then Landlord shall restore such damage, provided insurance proceeds are available to pay at least ninety-five percent (95%) or more of the cost of restoration and provided such restoration can be completed within one two hundred eighty seventy (180270) days after the commencement date of such casualty, as reasonably determined by Landlord’s independent construction contractor, then Landlord shall promptly restore the work in Premises to substantially the reasonable opinion of a registered architect or engineer appointed by Landlord for such determinationsame condition as existed prior to the casualty. In such event, this Lease shall continue in full force and effect, except that Tenant shall be entitled to a proportionate reduction of net Monthly Rent while from the date of casualty until such restoration takes placeis completed, such proportionate reduction to be based upon the extent to which the damage and/or restoration efforts interfere with Tenant's ’s use of the Premises, as reasonably agreed upon between Tenant and Landlord. Any dispute between Landlord and Tenant as to the amount of any rent reduction hereunder shall be resolved by arbitration, and such arbitration shall comply in accordance with and be governed by the California Expedited Arbitration Act Sections 1280 through 1294.2 of the California Code of Civil Procedure. If it is anticipated by Landlord that such restoration cannot be completed within one hundred eighty (180) days, Tenant shall have the right to terminate this Lease by written notice to Landlord within thirty (30) days after receipt of written notice of the estimated repair period; provided, however, this one hundred eighty (180) day period will be extended to the extent of any delay caused by Force Majeure Conditions, up to and including an additional one hundred twenty (120) daysProcedures set forth below. Landlord shall provide Tenant with written notice of the estimated repair period as soon as reasonably possible following the damage or destruction, which estimate shall be provided by a licensed and experience independent construction contractor. If the estimated repair period exceeds two hundred seventy (270) days after the date of the damage and if the damage is so extensive as to reasonably prevent Tenant’s substantial use and enjoyment of the Premises, then Tenant does not may elect to terminate this Lease as permitted herein, by written notice to Landlord shall promptly commence the process within 10 days following Tenant’s receipt of obtaining the necessary permits and approvals and Landlord’s estimated repair the Premises and the Tenant Improvementsperiod notice. If, however, If this Lease is terminated, Landlord shall refund to Tenant the Security Deposit then held by Landlord in accordance with the provisions of this Lease and any Rent previously paid by Tenant which is allocable to the period after the date of damage or destruction.

Appears in 2 contracts

Samples: Lease (IGM Biosciences, Inc.), Lease (IGM Biosciences, Inc.)

Partial Damage - Insured. If Subject to the provisions of Paragraphs 12 and 13 above, and if at any time during the term of this Lease there is partial damage to the Premises are damaged that is not caused by any casualty the fault, omission, or negligence of Tenant or Tenant’s Agents, which is covered under the all-risk or causes of loss - special form an insurance carried by Landlord policy being maintained pursuant to Paragraph 20.413.2, then Landlord shall restore repair such damage, provided insurance proceeds are available to pay at least ninety-five percent (95%) or more of the cost of restoration damage as soon as reasonably possible and provided such restoration can be completed within one hundred eighty (180) days after the commencement of the work in the reasonable opinion of a registered architect or engineer appointed by Landlord for such determination. In such event, this Lease shall continue in full force and effect. If there is a monetary deductible applicable to the aforementioned insurance policy coverage which is required to be paid prior to coverage of such casualty or damage, except that it shall be the sole responsibility for Tenant to reimburse Landlord for said monetary deductible unless the casualty or damage is not caused by the fault, omission or negligence of Tenant or Tenant’s Agents, in which case such monetary deductible shall be included in Operating Costs. Tenant shall be entitled to a proportionate reduction of net Monthly Rent while such restoration takes place, such proportionate reduction to be based upon the extent to which the restoration efforts interfere with Tenant's use of the Premises. Any dispute between Landlord and Tenant as to the amount of any rent reduction hereunder shall be resolved by arbitration, and such arbitration shall comply with and be governed by the California Arbitration Act Sections 1280 through 1294.2 of the California Code of Civil Procedure. If it is anticipated by Landlord that such restoration cannot be completed within one hundred eighty (180) days, Tenant shall have the right to terminate this Lease by written notice to reimburse Landlord within thirty (30) days after of receipt by Tenant of written notice a copy of the estimated repair period; provided, however, this one hundred eighty (180) day period will be extended monetary deductible statement provided such statement is accompanied by documentation reasonably substantiating the amount expended and its applicability to the extent deductible. In the event of damage to the Premises or the Building by fire or other causes resulting from fault, omission or negligence of Tenant, its agents, employees, contractors, or invitees, such damage shall be promptly reported to Landlord and shall be repaired by and at expense of Tenant under direction and supervision of Landlord and there shall be no abatement of rent during the period of repair. Tenant shall indemnify and hold harmless Landlord from and against any delay caused by Force Majeure Conditionsdamages, up injuries, losses, claims, liabilities or causes of action arising out of or relating to and including an additional one hundred twenty (120) days. Landlord shall provide Tenant with written notice the repair or restoration of the estimated Premises or Building by Tenant. Notwithstanding the foregoing, the indemnity obligations provided for in the immediately preceding sentence shall terminate one year following the completion of all such repair period or restorations of the Premises or Building by Tenant as soon long as reasonably possible following Tenant assigns to Landlord any and all warranties and causes of action it may have on account of such repair or restoration including, without limitation, any express warranties and any claims for either latent or patent construction defects. Nothing herein shall be construed to require any action or agreement by Tenant that negates any insurance coverage potentially applicable to the damage or destruction. If Tenant does not elect to terminate this Lease as permitted herein, Landlord shall promptly commence the process of obtaining the necessary permits and approvals and repair the Premises and the Tenant Improvements. If, however, this Lease is terminated, Landlord shall refund to Tenant any Rent previously paid by Tenant which is allocable to the period after the date of damage or destructionTenant’s potential liability therefore.

Appears in 1 contract

Samples: Lease (1st Pacific Bancorp)

Partial Damage - Insured. If the Premises are damaged by any casualty which is covered under the all“All-risk Risk” or causes of loss - special form insurance carried by Landlord pursuant to Paragraph 20.420.3, then Landlord shall restore such damage, provided insurance proceeds are available to pay at least ninety-five ninety percent (9590%) or more of the cost of restoration and provided such restoration can be completed within one hundred eighty (180) days after the commencement of the work in the reasonable opinion of a registered architect or engineer appointed by Landlord for such determination, which opinion Landlord shall obtain within sixty (60) days of the date of damage. If insurance proceeds are not available to cover ninety percent (90%) or more of the cost of restoration or the estimated period for restoration exceeds one hundred eighty (180) days, Landlord may terminate this Lease by written notice to the other party hereto within thirty (30) days after determination of the estimated period for restoration. In such eventthe event Landlord elects or is obligated to restore the Premises, this Lease shall continue in full force and effect, except that Tenant shall be entitled to a proportionate reduction of net Monthly Rent while such restoration takes place, such proportionate reduction to be based upon the extent to which the restoration efforts interfere with Tenant's ’s use of the Premises, as reasonably agreed upon between Tenant and Landlord. Any dispute between Landlord and Tenant as to the amount of any such rent reduction hereunder shall be resolved by arbitration, and such arbitration shall comply with and be governed by the California Arbitration Act Sections 1280 through 1294.2 of the California Code of Civil Procedure. If it is anticipated by Landlord that such restoration cannot be completed within one hundred eighty (180) days, Tenant shall have the right to terminate this Lease by written notice to Landlord within thirty (30) days after receipt of written notice of the estimated repair period; provided, however, this one hundred eighty (180) day period will be extended to the extent of any delay caused by Force Majeure Conditions, up to and including an additional one hundred twenty (120) days. Landlord shall provide Tenant with written notice of the estimated repair period as soon as reasonably possible following the damage or destruction. If neither Landlord nor Tenant does not elect to terminate this Lease as permitted herein, Landlord shall promptly commence the process of obtaining the necessary permits and approvals and repair the Premises and the Tenant Improvements. If, however, this Lease is terminatedterminated by either party, Landlord shall refund to Tenant any Rent previously paid by Tenant which is allocable to the period after the date of damage or destruction.

Appears in 1 contract

Samples: Lease (Vocera Communications, Inc.)

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Partial Damage - Insured. If the Premises are damaged by any casualty which is covered under the all-risk or causes of loss - special form insurance carried by Landlord pursuant to Paragraph 20.4Landlord, then Landlord shall restore such damage, provided insurance proceeds are available to pay at least ninety-five percent (95%) or more of the cost of restoration and provided such restoration can be completed within one hundred eighty ninety (18090) days after the commencement date of such casualty, as reasonably determined by Landlord’s independent construction contractor, then Landlord shall promptly restore the work in Premises to substantially the reasonable opinion of a registered architect or engineer appointed by Landlord for such determinationsame condition as existed prior to the casualty. In such event, this Lease shall continue in full force and effect, except that Tenant shall be entitled to a proportionate reduction of net Monthly Rent while from the date of casualty until such restoration takes placeis completed, such proportionate reduction to be based upon the extent to which the damage and/or restoration efforts interfere with Tenant's ’s use of the Premises, as reasonably agreed upon between Tenant and Landlord. Any dispute between Landlord and Tenant as to the amount of any rent reduction hereunder shall be resolved by arbitration, and such arbitration shall comply in accordance with and be governed by the California Expedited Arbitration Act Sections 1280 through 1294.2 of the California Code of Civil Procedure. If it is anticipated by Landlord that such restoration cannot be completed within one hundred eighty (180) days, Tenant shall have the right to terminate this Lease by written notice to Landlord within thirty (30) days after receipt of written notice of the estimated repair period; provided, however, this one hundred eighty (180) day period will be extended to the extent of any delay caused by Force Majeure Conditions, up to and including an additional one hundred twenty (120) daysProcedures set forth below. Landlord shall provide Tenant with written notice of the estimated repair period as soon as reasonably possible following the damage or destruction, which estimate shall be provided by a licensed and experience independent construction contractor. If the estimated repair period exceeds ninety (90) days after the date of the damage and if the damage is so extensive as to reasonably prevent Tenant’s substantial use and enjoyment of the Premises, then Tenant does not may elect to terminate this Lease as permitted herein, by written notice to Landlord shall promptly commence the process within three (3) days following Tenant’s receipt of obtaining the necessary permits and approvals and Landlord’s estimated repair the Premises and the Tenant Improvementsperiod notice. If, however, If this Lease is terminated, Landlord shall refund to Tenant the Security Deposit then held by Landlord in accordance with the provisions of this Lease and any Rent previously paid by Tenant which is allocable to the period after the date of damage or destruction.

Appears in 1 contract

Samples: Multi Tenant Office Lease (International Stem Cell CORP)

Partial Damage - Insured. If In the event the Premises or the Building are partially damaged by any fire or other casualty which is covered under the all-risk or causes of loss - special form fire and extended coverage insurance carried by Landlord pursuant to Paragraph 20.4Section 13.2(i) above, then Landlord shall restore such damage, damage provided sufficient insurance proceeds are readily available to allow Landlord to pay at least ninety-five one hundred percent (95100%) or more of the cost of restoration and provided such restoration can be completed within one hundred eighty (180) days after the commencement of the work in thereof under the reasonable opinion laws and regulations of a registered architect or engineer appointed by the state, federal, county and municipal authorities having jurisdiction over the Premises, and if such conditions apply so as to require Landlord for to restore such determination. In such eventdamage, this Lease shall continue in full force and effect, except that . Tenant shall be entitled to a proportionate reduction of net Monthly Fixed Rent and Tenant’s Percentage Share of Operating Costs and Taxes while such restoration takes place, such proportionate reduction to be based upon the extent to which the restoration efforts interfere with Tenant's use ’s business in the Premises, provided that Tenant shall not be entitled to any such abatement or reduction in Fixed Rent and Tenant’s Percentage Share of Operating Costs and Taxes if the damage is the result of negligence, default or omission of Tenant, or any of the PremisesTenant Parties. Any dispute between Landlord Tenant’s rights to a reduction in Fixed Rent and Tenant as to the amount Tenant’s Percentage Share of any rent reduction Operating Costs and Taxes hereunder shall be resolved by arbitrationTenant’s sole and exclusive remedy in connection with any such damage. Notwithstanding the foregoing, and such arbitration shall comply with and be governed by the California Arbitration Act Sections 1280 through 1294.2 of the California Code of Civil Procedure. If it is anticipated by Landlord that such restoration cannot be completed within one hundred eighty (180) days, Tenant shall have the right to may terminate this Lease if such damage or casualty occurs during the last twelve (12) months of the term of this Lease (or the term of any renewal option, if applicable) by written giving Tenant notice to Landlord thereof at any time within thirty (30) days of the occurrence of such damage or casualty and such notice shall specify the date of such termination which date shall not be less than thirty (30) nor more than sixty (60) days after receipt the giving of written such notice. In the event of the giving of such notice of the estimated repair period; provided, however, this one hundred eighty (180) day period will be extended to the extent of any delay caused by Force Majeure Conditions, up to and including an additional one hundred twenty (120) days. Landlord shall provide Tenant with written notice of the estimated repair period as soon as reasonably possible following the damage or destruction. If Tenant does not elect to terminate this Lease as permitted herein, Landlord shall promptly commence the process of obtaining the necessary permits and approvals and repair the Premises and the Tenant Improvements. If, howevertermination, this Lease is terminated, Landlord shall refund to expire and all interest of Tenant any in the Premises shall terminate on the date so specified in such notice and all Rent previously shall be paid by Tenant which is allocable to the period after the date of damage or destruction.such termination. 14.2

Appears in 1 contract

Samples: www.sec.gov

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