Common use of Partial Destruction Clause in Contracts

Partial Destruction. In the event the Building or the Premises is damaged by fire, tornado or other casualty, but only to such extent that rebuilding or repairs can be completed within two hundred ten (210) days after the date of such damage, or if the damage is more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord will, following Landlord's receipt of insurance proceeds with respect to such damage in an amount sufficient (in Landlord's discretion) to pay the costs of the following rebuilding or repair, commence to rebuild or repair the Building and/or the Premises and proceed with reasonable diligence to restore the Building and/or the Premises to substantially the same condition in which the same existed immediately prior to the happening of the casualty; provided, however, that (i) Landlord will not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and leasehold improvements which have been placed by Tenant, or on behalf of Tenant, on or within the Premises, nor any Alterations which Tenant is required to insure pursuant to Section 9.1.2 above, (ii) Landlord shall not be required to rebuild or repair any damage to the extent that such damage is not insured under the insurance policy or policies required to be carried by Landlord pursuant to Section 9.3 above, nor shall Landlord be required to spend more than the amount of insurance proceeds actually received, and (iii) in no event shall Landlord be required to rebuild or repair the Premises or Building to other than substantially the same condition each was in immediately prior to the happening of the fire or other casualty. In the event the repairs and rebuilding of the Building or the Premises (as the case may be) have not been substantially completed within two hundred forty (240) days following the occurrence of the subject casualty, and provided that the statement of the estimated time for rebuilding or repair delivered by Landlord indicated the repairs could be effectuated within two hundred ten (210) days, Tenant may elect to terminate this Lease by providing Landlord with written notice of termination following the expiration of such two hundred forty (240) day period so long as notice is delivered to Landlord prior to Landlord's substantial completion of such rebuilding or repairs; provided, that for purposes of this paragraph, "substantial completion" of the repairs or rebuilding shall be deemed to have occurred when (a) the architect responsible for preparing the appropriate plans and construction drawings for such repair or rebuilding has certified in writing that the repairs and/or rebuilding have been completed in accordance with the agreed plans and that the repairs and rebuilding are in good and satisfactory condition, subject only to completion of minor punch list items which do not materially interfere with Tenant's use of the Premises as contemplated and permitted hereby, and (b) if applicable, a Certificate of Occupancy for the applicable portion of the Premises so repaired or rebuilt has been reissued by the City of Frisco, Texas, and obtained by Landlord. Following any such rebuilding or repair by Landlord, Tenant shall rebuild and repair Tenant's insured Alterations, fixtures and improvements in the Premises. Landlord will allow Tenant an equitable abatement of rent during the time the Premises are unfit for occupancy due to such damage or casualty. In the event any mortgagee under a deed of trust, security agreement or mortgage on the Building requires that the insurance proceeds be applied to the debt secured thereby, Landlord will have no obligation to rebuild or is unable to by virtue of any such requirement or by virtue of any restrictions, prohibitions or requirements of law, and if Landlord elects not to rebuild or is unable to rebuild by virtue of any such requirement or by virtue of any restrictions, prohibitions or requirements of law, this Lease will terminate upon notice of such election given by Landlord to Tenant. Except as specifically provided above, there will be no reduction of rental.

Appears in 1 contract

Sources: Office Building Lease (Nexplore Corp)

Partial Destruction. In If following damage or destruction to the event the Leased Premises or Building or the Premises is damaged by fire, tornado fire or other casualty, but only this Lease is not terminated pursuant to such extent that rebuilding or repairs can be completed within two hundred ten (210) days after the date of such damage, or if the damage is more serious but neither Landlord nor Tenant elects to terminate this LeaseSection 7.1 hereof, Landlord will, following Landlord's receipt of insurance proceeds shall proceed with respect to such damage in an amount sufficient (in Landlord's discretion) to pay the costs of the following rebuilding or repair, commence reasonable diligence to rebuild or repair the Building and/or the Building, Leased Premises and proceed with reasonable diligence to restore the Building and/or the Premises other improvements to substantially the same conditions in which they existed prior to the damage. If Tenant’s use of the Leased Premises or the conduct of its business is impaired due to the damage, whether or not the Leased Premises are themselves damaged, the rent payable under this Lease during the period of impairment shall be equitably reduced based on the degree to which Tenant’s use and enjoyment of the Leased Premises are impaired. Landlord’s obligation to rebuild or restore under this Section shall be limited to restoring the Leased Premises and Building to substantially the condition in which the same existed immediately prior to the happening casualty, exclusive of the casualty; provided, however, that (i) Landlord will not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and leasehold improvements which have been placed by Tenant, or on behalf of Tenant, on or within the Premises, nor any Alterations for which Tenant is required responsible under the terms of this Lease, and Tenant shall, promptly after the completion of such work by Landlord, proceed with reasonable diligence and at Tenant’s sole cost and expense to insure restore those improvements for which Tenant is responsible under the Lease to substantially the condition in which the same existed prior to the casualty and to otherwise make the Leased Premises suitable for Tenant’s use. If this Lease is not terminated pursuant to Section 9.1.2 7.1 above, and if Landlord fails to substantially complete the necessary repairs or rebuilding within ninety (ii90) Landlord shall not be required to rebuild or repair any damage to days from the extent that such damage is not insured under the insurance policy or policies required to be carried date of Landlord’s receipt of written notification by Landlord pursuant to Section 9.3 above, nor shall Landlord be required to spend more than the amount of insurance proceeds actually received, and (iii) in no event shall Landlord be required to rebuild or repair the Premises or Building to other than substantially the same condition each was in immediately prior to the happening Tenant of the fire or other casualty. In the event the repairs and rebuilding of the Building or the Premises (as the case may be) have not been substantially completed within two hundred forty (240) days following the occurrence of the subject casualty, and provided that the statement of the estimated time for rebuilding or repair delivered by Landlord indicated the repairs could be effectuated within two hundred ten (210) daysdestruction, Tenant may elect to at its option terminate this Lease by providing Landlord with delivering written notice of termination following the expiration of such two hundred forty (240) day period so long as notice is delivered to Landlord prior to Landlord's substantial completion of such rebuilding or repairs; provided, that for purposes of this paragraph, "substantial completion" of the repairs or rebuilding shall be deemed to have occurred when (a) the architect responsible for preparing the appropriate plans whereupon all rights and construction drawings for such repair or rebuilding has certified in writing that the repairs and/or rebuilding have been completed in accordance with the agreed plans and that the repairs and rebuilding are in good and satisfactory condition, subject only to completion of minor punch list items which do not materially interfere with Tenant's use of the Premises as contemplated and permitted hereby, and (b) if applicable, a Certificate of Occupancy for the applicable portion of the Premises so repaired or rebuilt has been reissued by the City of Frisco, Texas, and obtained by Landlord. Following any such rebuilding or repair by Landlord, Tenant shall rebuild and repair Tenant's insured Alterations, fixtures and improvements in the Premises. Landlord will allow Tenant an equitable abatement of rent during the time the Premises are unfit for occupancy due to such damage or casualty. In the event any mortgagee obligations under a deed of trust, security agreement or mortgage on the Building requires that the insurance proceeds be applied to the debt secured thereby, Landlord will have no obligation to rebuild or is unable to by virtue of any such requirement or by virtue of any restrictions, prohibitions or requirements of law, and if Landlord elects not to rebuild or is unable to rebuild by virtue of any such requirement or by virtue of any restrictions, prohibitions or requirements of law, this Lease will terminate upon notice of such election given by Landlord to Tenant. Except as specifically provided above, there will be no reduction of rentalshall cease.

Appears in 1 contract

Sources: Office Lease (Interhealth Facility Transport, Inc.)

Partial Destruction. In the event of a partial destruction of the Building or during the Premises is damaged by fireterm of this Lease from any cause, tornado or other casualtyLandlord shall forthwith repair the same, provided such repair can reasonably be made within one hundred-twenty (120) days from the happening of such destruction under applicable laws and regulations (but only to the extent of insurance proceeds made available to Landlord or any mortgagee of the Property). During such period, Tenant shall be entitled to a proportionate reduction of rent to the extent such repairs unreasonably interfere with the business carried on by Tenant in the Property. If such damage or destruction is caused primarily by the negligence or willful act of Tenant, or its employees, invitees or agents, there shall be no reduction in rent during such delay. In the event that rebuilding or repairs can such repair cannot reasonably be completed made within two hundred ten one hundred-twenty (210120) days after from the date happening of such destruction under applicable laws and regulations, Landlord shall have the right to terminate this Lease by notifying Tenant in writing within sixty (60) days from the happening of such destruction of Landlord’s decision not to repair such building in which event this Lease shall be deemed terminated. If Landlord fails to give such written notice of Landlord’s decision not to repair such building within such sixty (60) days, then Landlord shall be required to commence the repair of the building promptly and thereafter diligently complete the repairs. In addition to the above, in the event that such building is partially destroyed and (i) the cost of repairing such building exceeds thirty-three and one-third percent (33-1/3%) of the replacement cost thereof, or (ii) the damage caused by the partial destruction of such building cannot reasonably be repaired within a period of one hundred-twenty (120) days from the happening of such damage, or if the damage is more serious but neither Landlord nor Tenant elects may elect to terminate this Lease, Landlord willwhether or not such building is insured, following Landlord's receipt of insurance proceeds with respect by written notice to such damage in an amount sufficient Tenant given within sixty (in Landlord's discretion60) to pay the costs of the following rebuilding or repair, commence to rebuild or repair the Building and/or the Premises and proceed with reasonable diligence to restore the Building and/or the Premises to substantially the same condition in which the same existed immediately prior to days from the happening of the casualty; providedsuch destruction. If Landlord fails to give such written notice of Landlord’s decision not to repair such building within such sixty (60) days, however, that (i) then Landlord will not shall be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and leasehold improvements which have been placed by Tenant, or on behalf of Tenant, on or such building within the Premises, nor any Alterations which Tenant is required to insure pursuant to Section 9.1.2 above, one hundred-twenty (ii120) Landlord shall not be required to rebuild or repair any damage to the extent that such damage is not insured under the insurance policy or policies required to be carried by Landlord pursuant to Section 9.3 above, nor shall Landlord be required to spend more than the amount of insurance proceeds actually received, and (iii) in no event shall Landlord be required to rebuild or repair the Premises or Building to other than substantially the same condition each was in immediately prior to days from the happening of the fire such destruction, if it can be reasonably repaired in such time, or other casualty. In the event the repairs and rebuilding as soon thereafter as reasonably practical if it cannot reasonably be repaired in such earlier period of the Building or the Premises (as the case may be) have not been substantially completed within two hundred forty (240) days following the occurrence of the subject casualty, and provided that the statement of the estimated time for rebuilding or repair delivered by Landlord indicated the repairs could be effectuated within two hundred ten (210) days, Tenant may elect to terminate this Lease by providing Landlord with written notice of termination following the expiration of such two hundred forty (240) day period so long as notice is delivered to Landlord prior to Landlord's substantial completion of such rebuilding or repairs; provided, that for purposes of this paragraph, "substantial completion" of the repairs or rebuilding shall be deemed to have occurred when (a) the architect responsible for preparing the appropriate plans and construction drawings for such repair or rebuilding has certified in writing that the repairs and/or rebuilding have been completed in accordance with the agreed plans and that the repairs and rebuilding are in good and satisfactory condition, subject only to completion of minor punch list items which do not materially interfere with Tenant's use of the Premises as contemplated and permitted hereby, and (b) if applicable, a Certificate of Occupancy for the applicable portion of the Premises so repaired or rebuilt has been reissued by the City of Frisco, Texas, and obtained by Landlord. Following any such rebuilding or repair by Landlord, Tenant shall rebuild and repair Tenant's insured Alterations, fixtures and improvements in the Premises. Landlord will allow Tenant an equitable abatement of rent during the time the Premises are unfit for occupancy due to such damage or casualty. In the event any mortgagee under a deed of trust, security agreement or mortgage on the Building requires that the insurance proceeds be applied to the debt secured thereby, Landlord will have no obligation to rebuild or is unable to by virtue of any such requirement or by virtue of any restrictions, prohibitions or requirements of law, and if Landlord elects not to rebuild or is unable to rebuild by virtue of any such requirement or by virtue of any restrictions, prohibitions or requirements of law, this Lease will terminate upon notice of such election given by Landlord to Tenant. Except as specifically provided above, there will be no reduction of rentaltime.

Appears in 1 contract

Sources: Lease Agreement (Invacare Corp)

Partial Destruction. In If the event building or other improvements situated on the Building or the Premises is Demised Property should be damaged by fire, tornado or other casualty, casualty but only not to such an extent that rebuilding or repairs can cannot be reasonable completed within two hundred ten sixty (21060) working days after from the date of such written notification by Tenant to Landlord of the happening of the damage, or if this Lease shall not terminate, but Landlord shall, subject to the damage is more serious but neither Landlord nor Tenant elects to terminate this Leaseterms of (c) below, Landlord will, following Landlord's receipt of insurance proceeds with respect to such damage in an amount sufficient (in Landlord's discretion) to pay the costs out of the following rebuilding or repairinsurance proceeds, commence to rebuild or repair the Building and/or the Premises and proceed with reasonable diligence to restore the Building and/or the Premises rebuild or repair such building and other improvements to substantially the same condition in which the same they existed immediately prior to such damage. If the happening Demised Premises are to be rebuilt or repaired and are untenantable in whole or in part following such damage, and such damage was not caused by act or negligence of the casualty; providedTenant, howeverits agents, that (i) Landlord will not employees, invitees or those for whom the Tenant is responsible, the rent payable hereunder during the period in which they are untenantable shall be required adjusted to rebuild, repair or replace any part such extent as may be fair and reasonable under all of the furniturecircumstances. c) Notwithstanding the foregoing, equipment, fixtures and leasehold improvements which Tenant acknowledges that the insurance proceeds relating to the Demised Premises have been placed assigned by TenantLandlord to Texas Commerce Bank National Association ("Bank") in accordance with the terms of that certain Deed of Trust and Security Agreement (the "Deed of Trust") dated as of June 1, or on behalf 1994, executed by Landlord in favor of Tenant, on or within the Premises, nor any Alterations which Bank. Tenant is required to insure pursuant to Section 9.1.2 above, (ii) Landlord shall not be required to rebuild or repair any damage to the extent further acknowledges that such damage is not insured under proceeds may be applied to Landlord's indebtedness to Bank at the insurance policy or policies required to be carried by Landlord pursuant to Section 9.3 above, nor shall Landlord be required to spend more than the amount option of insurance proceeds actually received, and (iii) in no event shall Landlord be required to rebuild or repair the Premises or Building to other than substantially the same condition each was in immediately prior to the happening of the fire or other casualtyBank. In the event the repairs and rebuilding of the Building or the Premises (as the case may be) have not been substantially completed within two hundred forty (240) days following the occurrence of the subject casualty, and provided that the statement of the estimated time for rebuilding or repair delivered by Landlord indicated the repairs could be effectuated within two hundred ten (210) days, Tenant may elect to terminate this Lease by providing Landlord with written notice of termination following the expiration of such two hundred forty (240) day period so long as notice is delivered to Landlord prior Bank applies insurance proceeds to Landlord's substantial completion of such rebuilding or repairs; provided, that for purposes of this paragraph, "substantial completion" of indebtedness to it and Landlord does not make the repairs as described in (b) above, (i) Tenant shall have the right to terminate the Lease; or rebuilding shall be deemed (ii) provided that Tenant elects to have occurred when (a) purchase the architect responsible for preparing the appropriate plans and construction drawings for such repair or rebuilding has certified in writing that the repairs and/or rebuilding have been completed Demised Premises in accordance with the agreed plans and that the repairs and rebuilding are in good and satisfactory condition, subject only to completion of minor punch list items which do not materially interfere with Tenant's use of the Premises as contemplated and permitted hereby, and (b) if applicable, a Certificate of Occupancy for the applicable portion of the Premises so repaired or rebuilt has been reissued by the City of Frisco, Texas, and obtained by Landlord. Following any such rebuilding or repair by LandlordParagraph 28 hereof, Tenant shall rebuild and repair Tenant's insured Alterations, fixtures and improvements receive a credit to the Purchase Price (as hereinafter defined) in the Premises. Landlord will allow Tenant an equitable abatement amount of rent during the time the Premises are unfit for occupancy due to such damage or casualty. In the event any mortgagee under a deed of trust, security agreement or mortgage on the Building requires that the insurance proceeds be applied against Landlord's indebtedness to the debt secured thereby, Landlord will have no obligation to rebuild or is unable to by virtue of any such requirement or by virtue of any restrictions, prohibitions or requirements of law, and if Landlord elects not to rebuild or is unable to rebuild by virtue of any such requirement or by virtue of any restrictions, prohibitions or requirements of law, this Lease will terminate upon notice of such election given by Landlord to Tenant. Except as specifically provided above, there will be no reduction of rentalBank.

Appears in 1 contract

Sources: Lease Agreement With Option to Purchase (Hanover Compressor Co)

Partial Destruction. In the event the Building or (A) If the Premises is shall be partially damaged by fire, tornado or other any casualty, but only promptly upon delivery of Tenant’s Casualty Notice to Landlord, Tenant shall proceed with reasonable diligence and in good faith to repair any damage or destruction to the portion of the Premises that consists of the Utilities Infrastructure, if any, and prosecute the same to completion as soon as reasonably practicable. The foregoing obligation of Tenant to repair such damage or destruction as to the portion of the Premises that consists of the Utilities Infrastructure, if any, shall consist of restoring such Utilities Infrastructure to the condition in which the same existed prior to such extent damage or destruction. If Tenant shall have failed to complete the required repairs to the Utilities Infrastructure on or prior to the date that rebuilding or repairs can shall be completed within two one hundred ten twenty (210120) days after the date of such damage, or if the damage is more serious but neither or destruction (the “Restoration Date”), Landlord nor Tenant elects may elect to terminate this Lease, Landlord will, following Landlord's receipt Lease by delivering written notice to Tenant of insurance proceeds with respect its intention to such damage in an amount sufficient do so no later than fifteen (in Landlord's discretion15) to pay days after the costs of the following rebuilding or repair, commence to rebuild or repair the Building and/or the Premises and proceed with reasonable diligence to restore the Building and/or the Premises to substantially the same condition in which the same existed immediately prior to the happening of the casualtyRestoration Date; provided, however, that that, if Tenant shall have failed to complete the required repairs to the Utilities Infrastructure as of the date on which the initial Lease Term or the Renewal Term, if applicable, shall have expired or otherwise been terminated, pursuant to the remaining provisions of this Lease, including, without limitation, the applicable provisions of this Article XI, then Tenant’s obligation to so repair the Utilities Infrastructure shall survive the expiration or earlier termination of the initial Lease Term or the Renewal Term, if applicable, and Landlord shall be entitled to the portion of the casualty insurance proceeds to which Tenant otherwise would have been entitled as shall be necessary, in the opinion of Landlord, to complete such repairs, which proceeds Tenant shall assign to Landlord on or prior to the expiration or earlier termination of the initial Lease Term or the Renewal Term, if applicable. (B) In addition, within thirty (30) days after delivery of Tenant’s Casualty Notice, Tenant shall give written notice to Landlord (“Tenant’s Repair Notice”) as to whether or not Tenant, in its sole discretion, intends to repair all or any portion of the damage or destruction to the Building, if any, and, if so, whether or not, in the opinion of Tenant, such repairs can be made on or prior to the Restoration Date. (C) If Tenant’s Repair Notice shall (i) Landlord will not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and leasehold improvements which have been placed by Tenantdelivered to Landlord within said 30-day period, or on behalf (ii) state that (a) Tenant does not intend to repair all or any portion of such damage or destruction to the Building, or (b) such repairs to the Building cannot, in the opinion of Tenant, be made on or within the Premises, nor any Alterations which Tenant is required to insure pursuant to Section 9.1.2 above, (ii) Landlord shall not be required to rebuild or repair any damage to the extent that such damage is not insured under the insurance policy or policies required to be carried by Landlord pursuant to Section 9.3 above, nor shall Landlord be required to spend more than the amount of insurance proceeds actually received, and (iii) in no event shall Landlord be required to rebuild or repair the Premises or Building to other than substantially the same condition each was in immediately prior to the happening of the fire Restoration Date, then either Landlord or other casualty. In the event the repairs and rebuilding of the Building or the Premises (as the case may be) have not been substantially completed within two hundred forty (240) days following the occurrence of the subject casualty, and provided that the statement of the estimated time for rebuilding or repair delivered by Landlord indicated the repairs could be effectuated within two hundred ten (210) days, Tenant may elect to terminate this Lease by providing Landlord with delivering written notice of termination following such party’s intention to so terminate this Lease to the expiration other party, within fifteen (15) days after the date of Tenant’s Repair Notice or the date on which Tenant’s Repair Notice was due, if no such two hundred forty notice shall have been delivered. (240D) day period so long If neither Landlord not Tenant shall have exercised its right to terminate this Lease in accordance with the terms and conditions of the immediately preceding subsection, Tenant shall (i) proceed with reasonable diligence and in good faith to repair the damage or destruction to the Building to the extent and in the manner as notice is delivered shall be determined by Tenant in its sole discretion, and (ii) prosecute the same to Landlord prior completion as soon as reasonably practicable, whereupon this Lease shall continue in full force and effect, without abatement of any Base Rent or other Rent otherwise due and payable hereunder with respect to Landlord's substantial completion the entire Premises throughout the balance of such rebuilding or repairsthe initial Lease Term and the Renewal Term, if applicable; provided, that for purposes of this paragraphhowever, "substantial completion" of that, notwithstanding anything contained herein to the repairs or rebuilding shall be deemed to have occurred when contrary, (a) the architect responsible for preparing foregoing obligation of Tenant to repair such damage or destruction to the appropriate plans and construction drawings for Building, at a minimum, shall consist of making such repair or rebuilding has certified in writing that the repairs and/or rebuilding have been completed as shall be necessary to enable Tenant to satisfy all of Tenant’s other obligations under this Lease in accordance with the agreed plans express terms and that conditions hereof, including, but not limited to, Tenant’s obligation to (1) use, occupy and maintain the repairs Premises in accordance with Applicable Law and rebuilding are the other terms and conditions of Section 6.02, and (2) use and occupy the Premises in accordance with the terms and conditions of Section 6.03, including, without limitation, the maintenance of the ACMs in good and satisfactory condition, subject only to completion of minor punch list items which do not materially interfere with Tenant's use of the Premises as contemplated and permitted herebycondition under a Qualified Asbestos Maintenance Program, and (b) if applicable, a Certificate of Occupancy for the applicable portion of the Premises so repaired or rebuilt has been reissued by the City of Frisco, Texas, and obtained by Landlord. Following any such rebuilding or repair by Landlord, Tenant shall rebuild and repair Tenant's insured Alterations, fixtures and improvements in have failed to complete the Premises. Landlord will allow Tenant an equitable abatement of rent during the time the Premises are unfit for occupancy due required repairs to such damage or casualty. In the event any mortgagee under a deed of trust, security agreement or mortgage on the Building requires on or prior to date that shall be one hundred twenty (120) days after the insurance proceeds be applied to the debt secured therebyRestoration Date, Landlord will have no obligation may elect to rebuild or is unable to by virtue of any such requirement or by virtue of any restrictions, prohibitions or requirements of law, and if Landlord elects not to rebuild or is unable to rebuild by virtue of any such requirement or by virtue of any restrictions, prohibitions or requirements of law, terminate this Lease will terminate upon by delivering written notice to Tenant of such election given by Landlord its intention to Tenant. Except as specifically provided above, there will be do so no reduction of rentallater than seventy-five (75) days after the Restoration Date.

Appears in 1 contract

Sources: Lease Agreement (Dayton Superior Corp)

Partial Destruction. In If, in the event professional judgment of Landlord's architect (such judgment to be made within sixty (60) days of the Building or damage), restoration of the Premises within a period of nine (9) months from the date of the damage is damaged possible, and if Landlord's lender authorizes the use of all necessary insurance proceeds for such restoration and in Landlord's opinion such proceeds are adequate to pay for the cost of repair or restoration, (i) Landlord shall restore, to their condition immediately preceding the occurrence of such damage, all improvements provided at Landlord's expense; and (ii) if the Premises are unusable for Tenant's permitted uses as set forth in this Lease, in whole or in part, during such restoration, the monthly Rent hereunder shall be abated to the extent and for the period of such restoration. The Rent abated shall be that portion of the total Rent which the amount of square foot area unusable bears to the total square foot area of all the Premises covered by firethis Lease. Such abatement shall terminate upon the completion of restoration by Landlord or Tenant's commencement of beneficial use of the restored portion of the Premises, tornado whichever shall first occur. If the damage or other casualtydestruction contemplated in this Section 7.02 shall result from the intentional misconduct of Tenant, but only or Tenant's agents, employees, visitors or licensees, Tenant shall not be entitled to such extent any abatement of monthly Rent. If (i) it is determined that rebuilding or repairs can restoration is not possible within a period of nine (9) months, in accordance with the professional judgment of Landlord's architect, which judgment shall be completed made and Tenant notified of same within two hundred ten sixty (21060) days after the date occurrence of such damage, ; or if the damage is more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord will, following Landlord's receipt of insurance proceeds with respect to such damage in an amount sufficient (in Landlord's discretion) to pay the costs of the following rebuilding or repair, commence to rebuild or repair the Building and/or the Premises and proceed with reasonable diligence to restore the Building and/or the Premises to substantially the same condition in which the same existed immediately prior to the happening of the casualty; provided, however, that (i) Landlord will not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and leasehold improvements which have been placed by Tenant, or on behalf of Tenant, on or within the Premises, nor any Alterations which Tenant is required to insure pursuant to Section 9.1.2 above, (ii) Landlord shall decides not be required to rebuild repair or repair any damage to the extent that such damage is restore because its lender will not insured under make the insurance policy proceeds available for such repair or policies required restoration or such proceeds are not adequate to be carried by pay for the cost of repair or restoration, Landlord pursuant to Section 9.3 above, nor and Tenant shall Landlord be required to spend more than each have the amount of insurance proceeds actually received, and (iii) in no event shall Landlord be required to rebuild or repair the Premises or Building to other than substantially the same condition each was in immediately prior to the happening of the fire or other casualty. In the event the repairs and rebuilding of the Building or the Premises (as the case may be) have not been substantially completed within two hundred forty (240) days following the occurrence of the subject casualty, and provided that the statement of the estimated time for rebuilding or repair delivered by Landlord indicated the repairs could be effectuated within two hundred ten (210) days, Tenant may elect right to terminate this Lease by providing Landlord with giving written notice thereof to the other party within ninety (90) days after the occurrence of termination following such damage, in which event this Lease and the tenancy hereunder shall terminate as of the date of such damage or destruction and the monthly Rent will be apportioned as of the date of such damage or destruction. Any monthly Rent paid in advance beyond such date shall be refunded to Tenant. If (i) Landlord's architect determines that restoration of the Premises and the remainder of the Building is possible within a period of nine (9) months from the date of damage; and (ii) Landlord's lender makes available to Landlord sufficient insurance proceeds for such repair or restoration; and (iii) Landlord fails to complete such restoration within said nine (9) months, as extended by Force Majeure and time to adjust any insurance claims, then Tenant shall have the right to terminate this Lease by giving thirty (30) days advance written notice thereof to Landlord within thirty (30) days after the expiration of such two hundred forty nine (2409) day period so long as notice is delivered to month period, in which event unless Landlord prior to Landlord's substantial completion of substantially completes such rebuilding restoration or repairs; provided, that for purposes of this paragraph, "substantial completion" of the repairs or rebuilding shall be deemed to have occurred when (a) the architect responsible for preparing the appropriate plans and construction drawings for such repair or rebuilding has certified in writing that the repairs and/or rebuilding have been completed in accordance with the agreed plans and that the repairs and rebuilding are in good and satisfactory condition, subject only to completion of minor punch list items which do not materially interfere with Tenant's Tenant commences beneficial use of the Premises within said thirty (30) day period, this Lease and the tenancy hereunder shall automatically terminate as contemplated and permitted hereby, and (b) if applicable, a Certificate of Occupancy for the applicable portion of the Premises so repaired or rebuilt has been reissued by the City date of Frisco, Texas, and obtained by Landlord. Following any such rebuilding or repair by Landlord, Tenant shall rebuild and repair Tenant's insured Alterations, fixtures and improvements in the Premises. Landlord will allow Tenant an equitable abatement of rent during the time the Premises are unfit for occupancy due to such damage or casualty. In destruction and the event any mortgagee under a deed monthly Rent will be apportioned as of trust, security agreement or mortgage on the Building requires that the insurance proceeds be applied to the debt secured thereby, Landlord will have no obligation to rebuild or is unable to by virtue of any such requirement or by virtue of any restrictions, prohibitions or requirements of law, and if Landlord elects not to rebuild or is unable to rebuild by virtue of any such requirement or by virtue of any restrictions, prohibitions or requirements of law, this Lease will terminate upon notice date of such election given by Landlord to Tenant. Except as specifically provided above, there will be no reduction of rentaldamage or destruction.

Appears in 1 contract

Sources: Lease Agreement (Oculus Innovative Sciences, Inc.)

Partial Destruction. In If following damage or destruction to the event the Building or the ------------------- Premises is damaged by fire, tornado fire or other casualty, but only this Lease is not terminated pursuant to such Section 7.1 hereof, this Lease shall not terminate, and Landlord shall proceed, to the extent that rebuilding or repairs can be completed within two hundred ten (210) days after the date of such damage, or if the damage is more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord will, following Landlord's receipt of insurance proceeds with respect actually received by Landlord after the exercise by any mortgagee of the Property of an option to apply proceeds against Landlord's debt to such damage in an amount sufficient (in Landlord's discretion) to pay the costs of the following rebuilding or repairmortgagee, commence with reasonable diligence to rebuild or repair the Building and/or or other improvements to substantially the same conditions in which they existed as of the Commencement Date, normal wear and tear excepted. If the Premises are to be rebuilt or repaired and proceed with reasonable diligence are untenantable in whole or in part following the damage, and the damage or destruction was not caused or contributed to by act or negligence of Tenant, its agents, employees, invitees or those for whom Tenant is responsible, the Base Rent payable under this Lease during the period for which the Premises are untenantable until the Premises are returned to the condition that existed as of the Commencement Date shall be reduced to an amount determined by multiplying the Base Rent that would otherwise be payable but for this provision by the ratio that the portion of the Premises not rendered untenantable bears to the total net rentable area of the Premises prior to the casualty. Landlord's obligation to rebuild or restore the Building and/or under this Section shall be limited to restoring the Premises to substantially the same condition in which the same existed immediately prior to the happening casualty including the Improvements as defined in the Addendum, exclusive of improvements constructed by Tenant , and Tenant shall, promptly after the casualty; providedcompletion of such work by Landlord, however, that (i) Landlord will not be required proceed with reasonable diligence and at Tenant's sole cost and expense to rebuild, repair or replace any part of the furniture, equipment, fixtures and leasehold restore those improvements which have been placed by Tenant, or on behalf of Tenant, on or within the Premises, nor any Alterations for which Tenant is required responsible to insure pursuant to Section 9.1.2 above, (ii) Landlord shall not be required to rebuild or repair any damage to the extent that such damage is not insured under the insurance policy or policies required to be carried by Landlord pursuant to Section 9.3 above, nor shall Landlord be required to spend more than the amount of insurance proceeds actually received, and (iii) in no event shall Landlord be required to rebuild or repair the Premises or Building to other than substantially the condition in which the same condition each was in immediately existed prior to the happening casualty and to otherwise make the Premises suitable for Tenant's use. If Landlord fails to substantially complete the necessary repairs or rebuilding within one hundred and eighty (180) working days from the date of Landlord's receipt of written notification by Tenant of the fire or other casualty. In the event the repairs and rebuilding of the Building or the Premises (as the case may be) have not been substantially completed within two hundred forty (240) days following the occurrence of the subject casualty, and provided that the statement of the estimated time for rebuilding or repair delivered by Landlord indicated the repairs could be effectuated within two hundred ten (210) daysdestruction, Tenant may elect to at its own option terminate this Lease by providing Landlord with delivering written notice of termination following the expiration of such two hundred forty (240) day period so long as notice is delivered to Landlord prior to Landlord's substantial completion of such rebuilding or repairs; provided, that for purposes of this paragraph, "substantial completion" of the repairs or rebuilding shall be deemed to have occurred when (a) the architect responsible for preparing the appropriate plans whereupon all rights and construction drawings for such repair or rebuilding has certified in writing that the repairs and/or rebuilding have been completed in accordance with the agreed plans and that the repairs and rebuilding are in good and satisfactory condition, subject only to completion of minor punch list items which do not materially interfere with Tenant's use of the Premises as contemplated and permitted hereby, and (b) if applicable, a Certificate of Occupancy for the applicable portion of the Premises so repaired or rebuilt has been reissued by the City of Frisco, Texas, and obtained by Landlord. Following any such rebuilding or repair by Landlord, Tenant shall rebuild and repair Tenant's insured Alterations, fixtures and improvements in the Premises. Landlord will allow Tenant an equitable abatement of rent during the time the Premises are unfit for occupancy due to such damage or casualty. In the event any mortgagee obligations under a deed of trust, security agreement or mortgage on the Building requires that the insurance proceeds be applied to the debt secured thereby, Landlord will have no obligation to rebuild or is unable to by virtue of any such requirement or by virtue of any restrictions, prohibitions or requirements of law, and if Landlord elects not to rebuild or is unable to rebuild by virtue of any such requirement or by virtue of any restrictions, prohibitions or requirements of law, this Lease will terminate upon notice of such election given by Landlord shall cease to Tenant. Except as specifically provided above, there will be no reduction of rentalexist.

Appears in 1 contract

Sources: Lease Agreement (Liposcience Inc)

Partial Destruction. In the event of Partial Destruction of the Building Premises by fire, the elements or other cause or casualty, then in such event if the Partial Destruction is such in the opinion of the Landlord's Architect that the Premises cannot be used for the Tenant's business until repairs, all Rent payable by the Tenant hereunder will abate until the repair has been made. If such Partial Dest▇▇▇▇▇on is such that in the opinion of the Landlord's Architect the Premises may be partially used for the Tenant's business while the repairs are being made, then the Rent will abate in the proportion that the part of the Premises ren▇▇▇▇▇ unusable bears to the whole of the Premises provided that if the part rendered unusable exceeds one-half of the area of the Premises there shall be a total abatement of Rent until the repairs have been made unless the Tenant with the permission of the Landlord, in fact uses the undamaged part, in which case the Tenant will pay proportionate Rent for the part so used. The certificate of the Landlord's Architect as to whether the whole of a part of the Premises is damaged by firerendered unusable, tornado or other casualtycertifying to the extent of the part rendered unusable shall be binding and conclusive upon both Landlord and Tenant for the purposes hereof. Notwithstanding anything in this paragraph contained, but only to such extent that rebuilding or repairs can be completed if in fact the Partial Destruction is repaired within two hundred ten (210) 14 days after of the date of such damagePartial Destruction, or if the damage is more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord will, following Landlord's receipt there shall be no abatement of insurance proceeds with respect to such damage in an amount sufficient (in Landlord's discretion) to pay the costs of the following rebuilding or repair, commence to rebuild or repair the Building and/or the Premises and proceed with reasonable diligence to restore the Building and/or the Premises to substantially the same condition in which the same existed immediately prior to the happening of the casualty; provided, however, that (i) Landlord will not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and leasehold improvements which have been placed by Tenant, or on behalf of Tenant, on or within the Premises, nor any Alterations which Tenant is required to insure pursuant to Section 9.1.2 above, (ii) Landlord shall not be required to rebuild or repair any damage to the extent that such damage is not insured under the insurance policy or policies required to be carried by Landlord pursuant to Section 9.3 above, nor shall Landlord be required to spend more than the amount of insurance proceeds actually received, and (iii) in no event shall Landlord be required to rebuild or repair the Premises or Building to other than substantially the same condition each was in immediately prior to the happening of the fire or other casualtyRent. In the event of Partial Destruction, the Landlord and Tenant each covenant that they will forthwith repair and restore the Premises to the extent of their respective obligations to repair the same, to substantially the condition the same were prior to such Partial Destruction and to complete its repairs and rebuilding diligently. The abatement of Rent will not extend beyond the date by which the Landlord reasonably believes the Tenant should have completed its repairs. Provided further that the Landlord shall not in any such event be liable to the Tenant by reason of inconvenience of annoyance arising from the necessity of repairing, altering or improving any portion of the Building or said Premises however the necessity may occur. It is expressly understood and agreed that the obligation of the Landlord to rebuild and restore the Premises (as the case may be) have not been substantially completed within two hundred forty (240) days following the occurrence of the subject casualty, and provided that the statement of the estimated time for rebuilding shall extend to or repair delivered by Landlord indicated the repairs could be effectuated within two hundred ten (210) days, Tenant may elect to terminate this Lease by providing Landlord with written notice of termination following the expiration of such two hundred forty (240) day period so long as notice is delivered to Landlord prior to Landlord's substantial completion of such rebuilding or repairs; provided, that for purposes of this paragraph, "substantial completion" of the repairs or rebuilding shall be deemed to have occurred when (a) include the architect responsible for preparing the appropriate plans and construction drawings for such repair rebuilding or rebuilding has certified in writing that the repairs and/or rebuilding have been completed in accordance with the agreed plans and that the repairs and rebuilding are in good and satisfactory conditionrestoring of any alterations, subject only to completion of minor punch list items which do not materially interfere with Tenant's use of the Premises as contemplated and permitted herebypartitions, and (b) if applicableadditions, a Certificate of Occupancy for the applicable portion of the Premises so repaired extensions, equipment or rebuilt has been reissued installations made by the City of Frisco, Texas, and obtained by Landlord. Following any such rebuilding or repair by Landlord, Tenant shall rebuild and repair Tenant's insured Alterations, fixtures and improvements in upon the Premises. Landlord will allow Tenant an equitable abatement of rent during the time the Premises are unfit for occupancy due to such damage or casualty. In the event any mortgagee under a deed of trust, security agreement or mortgage on the Building requires that the insurance proceeds be applied to the debt secured thereby, Landlord will have no obligation to rebuild or is unable to by virtue of any such requirement or by virtue of any restrictions, prohibitions or requirements of law, and if Landlord elects not to rebuild or is unable to rebuild by virtue of any such requirement or by virtue of any restrictions, prohibitions or requirements of law, this Lease will terminate upon notice of such election given by Landlord to Tenant. Except as specifically provided above, there will be no reduction of rental.

Appears in 1 contract

Sources: Gross Lease (Dsi Datotech Systems Inc)

Partial Destruction. In (a) If the event building and/or other improvements comprising a part of the Building or the Premises is leased premises should be partially damaged by fire, tornado fire or other casualty, but only to such extent that and rebuilding or repairs can reasonably be completed within two hundred ten ninety (21090) working days after from the date of such damage, or if the damage is more serious but neither Landlord nor Tenant elects written notification by Lessee to terminate this Lease, Landlord will, following Landlord's receipt of insurance proceeds with respect to such damage in an amount sufficient (in Landlord's discretion) to pay the costs Lessor of the following rebuilding or repairdestruction, commence this Lease shall not terminate, and Lessor shall proceed with reasonable diligence to rebuild or repair the Building and/or the Premises and proceed with reasonable diligence to restore the Building and/or the Premises building or other improvements to substantially the same condition in which the same they existed immediately prior to the happening damage. However, Lessor's duty or obligation to repair or rebuild the leased premises shall be limited to the extent, and only to the extent, that Lessor actually receives insurance proceeds in connection with any such damage or destruction after payment of all of Lessor's reasonable costs and expenses in obtaining such insurance proceeds. (b) Notwithstanding the preceding subsection, in the event that Lessor fails to substantially complete the necessary repairs or rebuilding within one hundred twenty (120) working days from the date of written notification by Lessee to Lessor of the casualty; provideddestruction, however, that (i) Landlord will not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and leasehold improvements which have been placed by Tenant, or on behalf of Tenant, on or within the Premises, nor any Alterations which Tenant is required to insure pursuant to Section 9.1.2 above, (ii) Landlord shall not be required to rebuild or repair any damage to the extent that such damage is not insured under the insurance policy or policies required to be carried by Landlord pursuant to Section 9.3 above, nor shall Landlord be required to spend more than the amount of insurance proceeds actually received, and (iii) in no event shall Landlord be required to rebuild or repair the Premises or Building to other than substantially the same condition each was in immediately prior to the happening of the fire or other casualty. In the event the repairs and rebuilding of the Building or the Premises (as the case Lessee may be) have not been substantially completed within two hundred forty (240) days following the occurrence of the subject casualty, and provided that the statement of the estimated time for rebuilding or repair delivered by Landlord indicated the repairs could be effectuated within two hundred ten (210) days, Tenant may elect to at its option terminate this Lease by providing Landlord with delivering written notice of termination following the expiration of to Lessor before such two hundred forty (240) day period so long time as notice is delivered to Landlord prior to Landlord's substantial completion of such rebuilding or repairs; provided, that for purposes of this paragraph, "substantial completion" of Lessor has substantially completed the repairs or rebuilding rebuilding, whereupon all rights and obligations under this Lease shall cease to exist. (c) If the leased premises are to be rebuilt or repaired and are untenantable in whole or in part following the damage, and the damage or destruction was not caused or contributed to by act or negligence of Lessee, its agents, employees, invitees, or those for whom Lessee is responsible, the rent payable under this Lease during the period for which the leased premises are untenantable shall be deemed to have occurred when (a) the architect responsible for preparing the appropriate plans and construction drawings for such repair or rebuilding has certified in writing that the repairs and/or rebuilding have been completed in accordance with the agreed plans and that the repairs and rebuilding are in good and satisfactory condition, subject only to completion of minor punch list items which do not materially interfere with Tenant's use of the Premises as contemplated and permitted hereby, and (b) if applicable, a Certificate of Occupancy for the applicable portion of the Premises so repaired or rebuilt has been reissued by the City of Frisco, Texas, and obtained by Landlord. Following any such rebuilding or repair by Landlord, Tenant shall rebuild and repair Tenant's insured Alterations, fixtures and improvements in the Premises. Landlord will allow Tenant an equitable abatement of rent during the time the Premises are unfit for occupancy due adjusted to such damage or casualty. In an extent as may be fair and reasonable under the event any mortgagee under a deed of trust, security agreement or mortgage on the Building requires that the insurance proceeds be applied to the debt secured thereby, Landlord will have no obligation to rebuild or is unable to by virtue of any such requirement or by virtue of any restrictions, prohibitions or requirements of law, and if Landlord elects not to rebuild or is unable to rebuild by virtue of any such requirement or by virtue of any restrictions, prohibitions or requirements of law, this Lease will terminate upon notice of such election given by Landlord to Tenant. Except as specifically provided above, there will be no reduction of rentalcircumstances.

Appears in 1 contract

Sources: Commercial Lease (Gulfstream Aerospace Corp)

Partial Destruction. In the event the Building or If the Premises is should be partially damaged ------------------- by fire, tornado fire or other casualty, but only to such extent that and rebuilding or repairs can reasonable be completed within two one hundred ten twenty (210120) working days after from the date of such damagecasualty loss, this Agreement shall not terminate, and to the extent sufficient insurance proceeds to enable Landlord to restore and reconstruct the Premises are made available to Landlord by the holder of any mortgage or if deed to secure debt encumbering the damage is more serious but neither Landlord nor Tenant elects to terminate this LeaseBuilding, Landlord will, following Landlord's receipt of insurance proceeds shall at its sole risk and expense proceed with respect to such damage in an amount sufficient (in Landlord's discretion) to pay the costs of the following rebuilding or repair, commence reasonable diligence to rebuild or repair the Building and/or the Premises and proceed with reasonable diligence to restore the Building and/or the Premises or other improvements to substantially the same condition in which the same they existed immediately prior to the happening damage. If the Premises are to be rebuilt or repaired and are untenantable in whole or in part following the damage, and the damage or destruction was not caused or contributed to by act or negligence of Tenant, its agents, Students, employees, invitee or those for whom Tenant is responsible, the casualtyrent payable under this Agreement during the period for which the Premises are untenantable shall be adjusted to the extent that Tenant occupies the premises during repairs and as may be fair and reasonable under the circumstances. In the event that Landlord fails to substantially complete the necessary repairs or rebuilding within one hundred twenty (120) working days from the date of such casualty loss, with due allowance for FORCE MAJEURE, ------------- Tenant may provide Landlord written notice of Tenant's intent to terminate this Agreement on account of such delay and if Landlord fails to substantially complete the necessary repairs or rebuilding within an additional thirty (30) working days, Tenant's sole remedy shall be to terminate this Agreement by delivering written notice of termination to Landlord, whereupon all rights and obligations under this Agreement shall cease to exist and Tenant's security deposit shall be refunded; provided, however, that (i) Landlord will not be required to rebuildTenant shall have no such right of termination in the event any such damage or destruction was caused, repair in whole or replace any part of in part, by the furniture, equipment, fixtures and leasehold improvements which have been placed by Tenant, willful or on behalf negligent act or omission of Tenant, on its employees, Students, agents, contractors, invitee or within the Premises, nor any Alterations which others for whom Tenant is required to insure pursuant to Section 9.1.2 above, (ii) Landlord shall not be required to rebuild or repair any damage to the extent that such damage is not insured under the insurance policy or policies required to be carried by Landlord pursuant to Section 9.3 above, nor shall Landlord be required to spend more than the amount of insurance proceeds actually received, and (iii) in no event shall Landlord be required to rebuild or repair the Premises or Building to other than substantially the same condition each was in immediately prior to the happening of the fire or other casualty. In the event the repairs and rebuilding of the Building or the Premises (as the case may be) have not been substantially completed within two hundred forty (240) days following the occurrence of the subject casualty, and provided that the statement of the estimated time for rebuilding or repair delivered by Landlord indicated the repairs could be effectuated within two hundred ten (210) days, Tenant may elect to terminate this Lease by providing Landlord with written notice of termination following the expiration of such two hundred forty (240) day period so long as notice is delivered to Landlord prior to Landlord's substantial completion of such rebuilding or repairs; provided, that for purposes of this paragraph, "substantial completion" of the repairs or rebuilding shall be deemed to have occurred when (a) the architect responsible for preparing the appropriate plans and construction drawings for such repair or rebuilding has certified in writing that the repairs and/or rebuilding have been completed in accordance with the agreed plans and that the repairs and rebuilding are in good and satisfactory condition, subject only to completion of minor punch list items which do not materially interfere with Tenant's use of the Premises as contemplated and permitted hereby, and (b) if applicable, a Certificate of Occupancy for the applicable portion of the Premises so repaired or rebuilt has been reissued by the City of Frisco, Texas, and obtained by Landlord. Following any such rebuilding or repair by Landlord, Tenant shall rebuild and repair Tenant's insured Alterations, fixtures and improvements in the Premises. Landlord will allow Tenant an equitable abatement of rent during the time the Premises are unfit for occupancy due to such damage or casualty. In the event any mortgagee under a deed of trust, security agreement or mortgage on the Building requires that the insurance proceeds be applied to the debt secured thereby, Landlord will have no obligation to rebuild or is unable to by virtue of any such requirement or by virtue of any restrictions, prohibitions or requirements of law, and if Landlord elects not to rebuild or is unable to rebuild by virtue of any such requirement or by virtue of any restrictions, prohibitions or requirements of law, this Lease will terminate upon notice of such election given by Landlord to Tenant. Except as specifically provided above, there will be no reduction of rentalresponsible.

Appears in 1 contract

Sources: Standard Tenancy Agreement (Argosy Education Group Inc)

Partial Destruction. In the event of Partial Destruction to any Leased Property, Rent shall not a▇▇▇▇ and Tenant shall, subject to the Building Secured Loan Documents, using the proceeds of insurance and with due diligence, repair, rebuild or replace the Premises is damaged by fireLeased Property, tornado such that following such repair, rebuilding or other casualtyreplacement such Leased Property shall be substantially the same as, but only or better than, prior to such extent damage or destruction. Tenant shall promptly notify Landlord and the applicable insurance carriers of all such casualties and fully cooperate in processing the claim with the applicable insurance carriers. Tenant shall promptly make all necessary arrangements for the appropriate contractors and suppliers to repair and/or replace the damaged portion of the Leased Property. All such work shall be undertaken by Tenant in a workmanlike manner and in accordance with plans and specifications approved by Landlord (which approval or disapproval shall be made within fifteen (15) business days after Landlord receives the applicable plans or specifications and, if applicable, within five (5) business days after Landlord receives any modifications of said plans or specifications), failing which the Landlord shall be deemed to have approved, provided that the parties agree that the standard for such repair and/or replacement shall be to repair and/or replace the damaged portion of the Improvements to levels of quality and quantity that are equal to those that existed with respect to such portion of the Improvements prior to the occurrence of the damage at issue. If insurance proceeds are insufficient to pay all of the costs of such repair, rebuild, or replacement, Tenant shall use funds available in the Capital Renewals Reserve to fund such shortfall, and if there are inadequate funds in the Capital Renewals Reserve, then the provisions of Section 5.3 regarding “Capital Expenditures Exceeding the Capital Renewals Reserve” shall apply. Tenant shall, upon completion of such repair, rebuilding or repairs can replacement, be completed entitled to continue its operation of the Leased Property under the terms and conditions of this Lease. If Tenant fails to diligently pursue the repair, rebuilding or replacement, or in any event fails to substantially commence such repair, rebuilding or replacement within two one hundred ten eighty (210180) days after the date of such damageoccurrence, or if Tenant thereafter fails to diligently prosecute and complete the damage is more serious but neither work, Landlord nor Tenant elects may, at its option and in addition to terminate any other remedy it may have under this Lease, Landlord will, following Landlord's receipt of insurance proceeds with respect give to Tenant Notice electing to undertake such damage in an amount sufficient (in Landlord's discretion) to pay the costs of the following rebuilding or repair, commence to rebuild replacement or repair the Building and/or the Premises and proceed with reasonable diligence to restore the Building and/or the Premises to substantially the same condition in which the same existed immediately prior to the happening of the casualty; provided, however, that (i) Landlord will not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and leasehold improvements which have been placed by Tenant, or on behalf of Tenant, on or within the Premises, nor any Alterations which Tenant is required to insure pursuant to Section 9.1.2 above, (ii) Landlord shall not be required to rebuild or repair any damage to the extent that such damage is not insured under the insurance policy or policies required to be carried by Landlord pursuant to Section 9.3 above, nor shall Landlord be required to spend more than the amount of insurance proceeds actually received, and (iii) in no event shall Landlord be required to rebuild or repair the Premises or Building to other than substantially the same condition each was in immediately prior to the happening of the fire or other casualty. In the event the repairs and rebuilding of the Building Leased Property in which event the insurance proceeds and funds in the Capital Renewals Reserve shall be available to Landlord for such repair, replacement or the Premises (as the case may be) have rebuilding. If Tenant determines that for reasons of obsolescence or any other reason it would be best not been substantially completed within two hundred forty (240) days following the occurrence of the subject casualtyto undertake any such repair, replacement or rebuilding, and provided that Landlord agrees in writing, then the statement of the estimated time for rebuilding or repair delivered by Landlord indicated the repairs could be effectuated within two hundred ten (210) days, Tenant may elect to terminate this Lease by providing Landlord with written notice of termination following the expiration of such two hundred forty (240) day period so long as notice is delivered to Landlord prior to Landlord's substantial completion of such rebuilding or repairs; provided, that for purposes of this paragraph, "substantial completion" of the repairs or rebuilding shall be deemed to have occurred when (a) been amended to remove the architect responsible for preparing the appropriate plans and construction drawings for such repair or rebuilding has certified in writing that the repairs and/or rebuilding have been completed in accordance with the agreed plans and that the repairs and rebuilding are in good and satisfactory condition, subject only to completion of minor punch list items which do not materially interfere with Tenant's use of the Premises as contemplated and permitted hereby, and (b) if applicable, a Certificate of Occupancy for the applicable damaged portion of the Premises so repaired or rebuilt has Improvements and the definition of “Leased Property” will be deemed to have been reissued by accordingly modified to take into account the City of Frisco, Texas, and obtained by Landlord. Following any such rebuilding or repair by Landlord, Tenant shall rebuild and repair Tenant's insured Alterations, fixtures and improvements in the Premises. Landlord will allow Tenant an equitable abatement of rent during the time the Premises are unfit for occupancy due to such damage or casualty. In the event any mortgagee under a deed of trust, security agreement or mortgage on the Building requires that the insurance proceeds be applied to the debt secured thereby, Landlord will have no obligation to rebuild or is unable to by virtue of any such requirement or by virtue of any restrictions, prohibitions or requirements of law, and if Landlord elects not to rebuild or is unable to rebuild by virtue of any such requirement or by virtue of any restrictions, prohibitions or requirements of law, this Lease will terminate upon notice removal of such election given by Landlord to Tenant. Except as specifically provided above, there will be no reduction portion of rentalthe Improvements.

Appears in 1 contract

Sources: Sub Permit and Lease Agreement (CNL Lifestyle Properties Inc)

Partial Destruction. In the event of Partial Destruction to any Leased Property, Rent shall not ▇▇▇▇▇ and Tenant shall, subject to the Building Secured Loan Documents, using the proceeds of insurance and with due diligence, repair, rebuild or replace the Premises is damaged by fireLeased Property, tornado such that following such repair, rebuilding or other casualtyreplacement such Leased Property shall be substantially the same as, but only or better than, prior to such extent damage or destruction. Tenant shall promptly notify Landlord and the applicable insurance carriers of all such casualties and fully cooperate in processing the claim with the applicable insurance carriers. Tenant shall promptly make all necessary arrangements for the appropriate contractors and suppliers to repair and/or replace the damaged portion of the Leased Property. All such work shall be undertaken by Tenant in a workmanlike manner and in accordance with plans and specifications approved by Landlord (which approval or disapproval shall be made within fifteen (15) business days after Landlord receives the applicable plans or specifications and, if applicable, within five (5) business after Landlord receives any modifications of said plans or specifications), failing which the Landlord shall be deemed to have approved, provided that the parties agree that the standard for such repair and/or replacement shall be to repair and/or replace the damaged portion of the Improvements to levels of quality and quantity that are equal to those that existed with respect to such portion of the Improvements prior to the occurrence of the damage at issue. If insurance proceeds are insufficient to pay all of the costs of such repair, rebuild, or replacement, Tenant shall use funds available in the Capital Renewals Reserve to fund such shortfall, and if there are inadequate funds in the Capital Renewals Reserve, then the provisions of Section 5.3 regarding “Capital Expenditures Exceeding the Capital Renewals Reserve” shall apply. Tenant shall, upon completion of such repair, rebuilding or repairs can replacement, be completed entitled to continue its operation of the Leased Property under the terms and conditions of this Lease. If Tenant fails to diligently pursue the repair, rebuilding or replacement, or in any event fails to substantially commence such repair, rebuilding or replacement within two one hundred ten eighty (210180) days after the date of such damageoccurrence, or if Tenant thereafter fails to diligently prosecute and complete the damage is more serious but neither work, Landlord nor Tenant elects - 66 - may, at its option and in addition to terminate any other remedy it may have under this Lease, Landlord will, following Landlord's receipt of insurance proceeds with respect give to Tenant Notice electing to undertake such damage in an amount sufficient (in Landlord's discretion) to pay the costs of the following rebuilding or repair, commence to rebuild replacement or repair the Building and/or the Premises and proceed with reasonable diligence to restore the Building and/or the Premises to substantially the same condition in which the same existed immediately prior to the happening of the casualty; provided, however, that (i) Landlord will not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and leasehold improvements which have been placed by Tenant, or on behalf of Tenant, on or within the Premises, nor any Alterations which Tenant is required to insure pursuant to Section 9.1.2 above, (ii) Landlord shall not be required to rebuild or repair any damage to the extent that such damage is not insured under the insurance policy or policies required to be carried by Landlord pursuant to Section 9.3 above, nor shall Landlord be required to spend more than the amount of insurance proceeds actually received, and (iii) in no event shall Landlord be required to rebuild or repair the Premises or Building to other than substantially the same condition each was in immediately prior to the happening of the fire or other casualty. In the event the repairs and rebuilding of the Building Leased Property in which event the insurance proceeds and funds in the Capital Renewals Reserve shall be available to Landlord for such repair, replacement or the Premises (as the case may be) have rebuilding. If Tenant determines that for reasons of obsolescence or any other reason it would be best not been substantially completed within two hundred forty (240) days following the occurrence of the subject casualtyto undertake any such repair, replacement or rebuilding, and provided that Landlord agrees in writing, then the statement of the estimated time for rebuilding or repair delivered by Landlord indicated the repairs could be effectuated within two hundred ten (210) days, Tenant may elect to terminate this Lease by providing Landlord with written notice of termination following the expiration of such two hundred forty (240) day period so long as notice is delivered to Landlord prior to Landlord's substantial completion of such rebuilding or repairs; provided, that for purposes of this paragraph, "substantial completion" of the repairs or rebuilding shall be deemed to have occurred when (a) been amended to remove the architect responsible for preparing the appropriate plans and construction drawings for such repair or rebuilding has certified in writing that the repairs and/or rebuilding have been completed in accordance with the agreed plans and that the repairs and rebuilding are in good and satisfactory condition, subject only to completion of minor punch list items which do not materially interfere with Tenant's use of the Premises as contemplated and permitted hereby, and (b) if applicable, a Certificate of Occupancy for the applicable damaged portion of the Premises so repaired or rebuilt has Improvements and the definition of “Leased Property” will be deemed to have been reissued by accordingly modified to take into account the City of Frisco, Texas, and obtained by Landlord. Following any such rebuilding or repair by Landlord, Tenant shall rebuild and repair Tenant's insured Alterations, fixtures and improvements in the Premises. Landlord will allow Tenant an equitable abatement of rent during the time the Premises are unfit for occupancy due to such damage or casualty. In the event any mortgagee under a deed of trust, security agreement or mortgage on the Building requires that the insurance proceeds be applied to the debt secured thereby, Landlord will have no obligation to rebuild or is unable to by virtue of any such requirement or by virtue of any restrictions, prohibitions or requirements of law, and if Landlord elects not to rebuild or is unable to rebuild by virtue of any such requirement or by virtue of any restrictions, prohibitions or requirements of law, this Lease will terminate upon notice removal of such election given by Landlord to Tenant. Except as specifically provided above, there will be no reduction portion of rentalthe Improvements.

Appears in 1 contract

Sources: Sub Permit and Lease Agreement

Partial Destruction. In the event that the Premises or the Building or the Premises is are damaged by fire, tornado fire or other casualtyinsured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Building, but only the damage shall be repaired by and at the expense of Landlord to the extent of such extent that rebuilding or insurance proceeds available therefor, provided such repairs can and restoration can, in Landlord's reasonable opinion, be completed made within two one hundred ten eighty (210180) days after the date occurrence of such damagedamage without the payment of overtime or other premiums, and until such repairs and restoration are completed, the Base Rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business, as may be reasonably determined by Landlord (but there shall be no abatement of Base Rent by reason of any portion of the Premises being unusable for a period equal to five (5) business days or less). Landlord agrees to notify Tenant within sixty (60) days after such casualty if it estimates that it will be unable to repair and restore the Premises within said one hundred eighty (180) day period. Such notice shall set forth the approximate length of time Landlord estimates will be required to complete such repairs and restoration. Notwithstanding anything to the contrary contained herein, if Landlord cannot or estimates it cannot make such repairs and restoration within said one hundred eighty (180) day period, then Tenant may, by written notice to Landlord, cancel this Lease, provided such notice is given to Landlord within fifteen (15) days after Landlord notifies Tenant of the estimated time for completion of such repairs and restoration. Notwithstanding the preceding sentence, Tenant may not cancel this Lease as hereinabove stated if the damage to the Premises or the Building is more serious but neither in whole or in part the result of the act, omission, fault, or negligence of Tenant, its agents, contractors, employees, licensees, or invitees. Except as provided in this Article 21, there shall be no abatement of rent and no liability of Landlord nor by reason of any injury to or interference with Tenant's business or property arising from the making of any such repairs, alterations, or improvements in or to the Building, Premises, or fixtures, appurtenances, and equipment. Tenant elects to terminate understands that Landlord will not carry insurance of any kind on Tenant's property, including furniture and furnishings, or on any fixtures or equipment removable by Tenant under the provisions of this Lease, Landlord will, following Landlord's receipt of insurance proceeds with respect to such damage or any improvement installed in an amount sufficient (in Landlord's discretion) to pay the costs of the following rebuilding or repair, commence to rebuild or repair the Building and/or the Premises and proceed with reasonable diligence to restore the Building and/or the Premises to substantially the same condition in which the same existed immediately prior to the happening of the casualty; provided, however, that (i) Landlord will not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and leasehold improvements which have been placed by Tenant, or on behalf of Tenant, on or within the Premises, nor any Alterations which Tenant is required to insure pursuant to Section 9.1.2 above, (ii) and that Landlord shall not be required obligated to rebuild or repair any damage to thereto or replace the extent that such damage is not insured under the insurance policy or policies required to be carried by Landlord pursuant to Section 9.3 above, nor shall Landlord be required to spend more than the amount of insurance proceeds actually received, and (iii) in no event shall Landlord be required to rebuild or repair the Premises or Building to other than substantially the same condition each was in immediately prior to the happening of the fire or other casualty. In the event the repairs and rebuilding of the Building or the Premises (as the case may be) have not been substantially completed within two hundred forty (240) days following the occurrence of the subject casualty, and provided that the statement of the estimated time for rebuilding or repair delivered by Landlord indicated the repairs could be effectuated within two hundred ten (210) days, Tenant may elect to terminate this Lease by providing Landlord with written notice of termination following the expiration of such two hundred forty (240) day period so long as notice is delivered to Landlord prior to Landlord's substantial completion of such rebuilding or repairs; provided, that for purposes of this paragraph, "substantial completion" of the repairs or rebuilding shall be deemed to have occurred when (a) the architect responsible for preparing the appropriate plans and construction drawings for such repair or rebuilding has certified in writing that the repairs and/or rebuilding have been completed in accordance with the agreed plans and that the repairs and rebuilding are in good and satisfactory condition, subject only to completion of minor punch list items which do not materially interfere with Tenant's use of the Premises as contemplated and permitted hereby, and (b) if applicable, a Certificate of Occupancy for the applicable portion of the Premises so repaired or rebuilt has been reissued by the City of Frisco, Texas, and obtained by Landlord. Following any such rebuilding or repair by Landlord, Tenant shall rebuild and repair Tenant's insured Alterations, fixtures and improvements in the Premises. Landlord will allow Tenant an equitable abatement of rent during the time the Premises are unfit for occupancy due to such damage or casualty. In the event any mortgagee under a deed of trust, security agreement or mortgage on the Building requires that the insurance proceeds be applied to the debt secured thereby, Landlord will have no obligation to rebuild or is unable to by virtue of any such requirement or by virtue of any restrictions, prohibitions or requirements of law, and if Landlord elects not to rebuild or is unable to rebuild by virtue of any such requirement or by virtue of any restrictions, prohibitions or requirements of law, this Lease will terminate upon notice of such election given by Landlord to Tenant. Except as specifically provided above, there will be no reduction of rentalsame.

Appears in 1 contract

Sources: Lease Agreement (Frontier Airlines Inc /Co/)

Partial Destruction. In the event the Building or If the Premises is or Building are damaged by fire, tornado fire or other casualtycasualty to an extent not exceeding twenty-five percent (25%) of the full replacement cost thereof, but only and Landlord's contractor reasonably estimates in a writing delivered to Landlord and Tenant that the damage thereto may be repaired, reconstructed or restored to substantially its condition immediately prior to such extent that rebuilding or repairs can be completed within two damage within, subject to Paragraph 33 below, one hundred ten eighty (210180) days after from the date of such damagecasualty, or if the damage is more serious but neither and Landlord nor Tenant elects to terminate this Lease, Landlord will, following Landlord's receipt of will receive insurance proceeds with respect sufficient to such damage in an amount sufficient (in Landlord's discretion) to pay cover the costs of the following rebuilding or repairsuch repairs, commence to rebuild or repair the Building reconstruction and restoration (including proceeds from Tenant and/or the Premises and proceed with reasonable diligence to restore the Building and/or the Premises to substantially the same condition in which the same existed immediately prior to the happening of the casualty; provided, however, that (i) Landlord will not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and leasehold improvements which have been placed by Tenant, or on behalf of Tenant, on or within the Premises, nor any Alterations 's insurance which Tenant is required to insure deliver to Landlord pursuant to Section 9.1.2 aboveSubparagraph 20(e) below to cover Tenant's obligation for the costs of repair, (ii) reconstruction and restoration of any portion of the Tenant Improvements and any Alterations for which Tenant is responsible under this Lease), then Landlord shall not be required agrees to rebuild or repair any damage commence and proceed diligently with the work of repair, reconstruction and restoration and this Lease will continue in full force and effect. Notwithstanding anything to the extent that such damage is contrary contained in this Lease (including, but not insured limited to, Paragraph 19 (c) above), Tenant shall only be responsible for the first $50,000 of the deductible under the insurance policy or policies required to be any earthquake coverage carried by Landlord pursuant to Section 9.3 above, nor shall Landlord be required to spend more than the amount of insurance proceeds actually received, and (iii) in no event shall Landlord be required to rebuild or repair the Premises or Building to other than substantially the same condition each was in immediately prior with respect to the happening Building with Landlord responsible for the next $50,000 of the fire or other casualtysuch deductible. In the event such deductible exceeds $100,000, then, in the repairs and rebuilding event of the Building or the Premises (as the case any earthquake triggering coverage under such earthquake policy, either party may be) have not been substantially completed within two hundred forty (240) days following the occurrence of the subject casualty, and provided that the statement of the estimated time for rebuilding or repair delivered by Landlord indicated the repairs could be effectuated within two hundred ten (210) days, Tenant may elect to terminate this Lease by providing Landlord with written notice to the other effective as of termination following the expiration date of such two hundred forty earthquake unless the other party, within ten (24010) day period so long as notice is delivered to Landlord prior to Landlord's substantial completion days of receipt of such rebuilding or repairs; providednotice of termination, that for purposes delivers written notice to the terminating party of this paragraph, "substantial completion" of the repairs or rebuilding shall be deemed its agreement to have occurred when (a) the architect responsible for preparing the appropriate plans and construction drawings for such repair or rebuilding has certified in writing that the repairs and/or rebuilding have been completed in accordance with the agreed plans and that the repairs and rebuilding are in good and satisfactory condition, subject only to completion of minor punch list items which do not materially interfere with Tenant's use of the Premises as contemplated and permitted hereby, and (b) if applicable, a Certificate of Occupancy pay for the applicable portion cost of the Premises so repaired or rebuilt has been reissued by the City of Frisco, Texas, and obtained by Landlord. Following any repairing such rebuilding or repair by Landlord, Tenant shall rebuild and repair Tenant's insured Alterations, fixtures and improvements in the Premises. Landlord will allow Tenant an equitable abatement of rent during the time the Premises are unfit for occupancy due earthquake damage to such damage or casualty. In the event any mortgagee under a deed of trust, security agreement or mortgage on the Building requires that the insurance proceeds be applied to the debt secured thereby, Landlord will have no obligation to rebuild or is unable to by virtue in excess of any such requirement or by virtue of any restrictions, prohibitions or requirements of law, and if Landlord elects not to rebuild or is unable to rebuild by virtue of any such requirement or by virtue of any restrictions, prohibitions or requirements of law, this Lease will terminate upon notice of such election given by Landlord to Tenant. Except as specifically provided above, there will be no reduction of rental$100,000.

Appears in 1 contract

Sources: Standard Industrial/Commercial Lease (Axsys Technologies Inc)

Partial Destruction. In 112.1 If the event Collocation space or a portion thereof sufficient to make the Building Collocation space substantially unusable shall be destroyed or the Premises is damaged rendered unoccupiable by fire, tornado fire or other casualty, but only CenturyLink may, at its option, restore the Collocation space to its previous condition. CLEC’s rights to the applicable Collocation space shall not terminate unless, within ninety (90) Days after the occurrence of such casualty, CenturyLink notifies CLEC of its election to terminate CLEC’s rights to the applicable Collocation space. If CenturyLink does not elect to terminate CLEC’s rights to the applicable Collocation space, CenturyLink shall repair the damage to the Collocation space caused by such casualty. 112.2 Notwithstanding any other provision of this Agreement to the contrary, if any casualty is the result of any act, omission or negligence of CLEC, its agents, employees, contractors, CLECs, customers or business invitees, unless CenturyLink otherwise elects, CLEC’s rights to the applicable Collocation space shall not terminate, and, if CenturyLink elects to make such repairs, CLEC shall reimburse CenturyLink for the cost of such repairs, or CLEC shall repair such damage, including damage to the Building and the area surrounding it, and the contractual monthly fees paid by CLEC for the affected Collocation shall not ▇▇▇▇▇. 112.3 If the Building shall be damaged by fire or other casualty to the extent that rebuilding or repairs can portions are rendered unoccupiable, notwithstanding that the Collocation space may be completed directly unaffected, CenturyLink may, at its election within two hundred ten ninety (21090) days Days of such casualty, terminate CLEC’s rights to the applicable Collocation space by giving written notice of its intent to terminate CLEC’s rights to the applicable Collocation space. The termination as provided in this paragraph shall be effective thirty (30) Days after the date of such damage, or if the damage is more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord will, following Landlord's receipt of insurance proceeds with respect to such damage in an amount sufficient (in Landlord's discretion) to pay the costs of the following rebuilding or repair, commence to rebuild or repair the Building and/or the Premises and proceed with reasonable diligence to restore the Building and/or the Premises to substantially the same condition in which the same existed immediately prior to the happening of the casualty; provided, however, that (i) Landlord will not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and leasehold improvements which have been placed by Tenant, or on behalf of Tenant, on or within the Premises, nor any Alterations which Tenant is required to insure pursuant to Section 9.1.2 above, (ii) Landlord shall not be required to rebuild or repair any damage to the extent that such damage is not insured under the insurance policy or policies required to be carried by Landlord pursuant to Section 9.3 above, nor shall Landlord be required to spend more than the amount of insurance proceeds actually received, and (iii) in no event shall Landlord be required to rebuild or repair the Premises or Building to other than substantially the same condition each was in immediately prior to the happening of the fire or other casualty. In the event the repairs and rebuilding of the Building or the Premises (as the case may be) have not been substantially completed within two hundred forty (240) days following the occurrence of the subject casualty, and provided that the statement of the estimated time for rebuilding or repair delivered by Landlord indicated the repairs could be effectuated within two hundred ten (210) days, Tenant may elect to terminate this Lease by providing Landlord with written notice of termination following the expiration of such two hundred forty (240) day period so long as notice is delivered to Landlord prior to Landlord's substantial completion of such rebuilding or repairs; provided, that for purposes of this paragraph, "substantial completion" of the repairs or rebuilding shall be deemed to have occurred when (a) the architect responsible for preparing the appropriate plans and construction drawings for such repair or rebuilding has certified in writing that the repairs and/or rebuilding have been completed in accordance with the agreed plans and that the repairs and rebuilding are in good and satisfactory condition, subject only to completion of minor punch list items which do not materially interfere with Tenant's use of the Premises as contemplated and permitted hereby, and (b) if applicable, a Certificate of Occupancy for the applicable portion of the Premises so repaired or rebuilt has been reissued by the City of Frisco, Texas, and obtained by Landlord. Following any such rebuilding or repair by Landlord, Tenant shall rebuild and repair Tenant's insured Alterations, fixtures and improvements in the Premises. Landlord will allow Tenant an equitable abatement of rent during the time the Premises are unfit for occupancy due to such damage or casualty. In the event any mortgagee under a deed of trust, security agreement or mortgage on the Building requires that the insurance proceeds be applied to the debt secured thereby, Landlord will have no obligation to rebuild or is unable to by virtue of any such requirement or by virtue of any restrictions, prohibitions or requirements of law, and if Landlord elects not to rebuild or is unable to rebuild by virtue of any such requirement or by virtue of any restrictions, prohibitions or requirements of law, this Lease will terminate upon notice of such election given by Landlord to Tenant. Except as specifically provided above, there will be no reduction of rentalnotice.

Appears in 1 contract

Sources: Interconnection Agreement

Partial Destruction. In the event that the Building Leased Premises, or the Premises is any portion thereof, shall be damaged by fire, tornado fire or other casualty, but only Tenant shall provide Landlord written notice of the same as soon as practicable thereafter. If following damage or destruction to such extent that rebuilding the Leased Premises by fire or repairs can be completed within two hundred ten (210) days after the date other casualty, this Lease is not terminated pursuant to Section 7.1 of such damage, or if the damage is more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord willshall proceed, following Landlord's receipt to the extent of insurance proceeds with respect actually received by Landlord after the exercise by a mortgagee of the Property of an option to apply proceeds against Landlord’s debt to such damage in an amount sufficient (in Landlord's discretion) to pay the costs of the following rebuilding or repairmortgagee, commence with reasonable diligence to rebuild or repair the Building and/or or other improvements to substantially the same conditions in which they existed prior to such damage or destruction. If the Leased Premises are to be rebuilt or repaired and proceed with reasonable diligence are untenantable in whole or in part following the damage, and the damage or destruction was not caused or contributed to by act or negligence of Tenant, its agents, employees, invitees or others for whom Tenant is responsible, the Rent payable under this Lease during the period for which the Leased Premises are untenantable shall be reduced to an amount determined by multiplying the Base Rent that would otherwise be payable but for this provision by the ratio that the portion of Leased Premises not rendered untenantable bears to the total net rentable area of the Leased Premises prior to the casualty. Landlord’s obligation to rebuild or restore under this Section shall be limited to restoring the Building and/or the Leased Premises to substantially the same condition in which the same existed immediately prior to the happening casualty, exclusive of the casualty; provided, however, that (i) Landlord will not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and leasehold improvements which have been placed by Tenant, or on behalf of Tenant, on or within the Premises, nor any Alterations for which Tenant is required responsible under the terms of Exhibit “E” (if any) described in Section 6.1 of this Lease, and Tenant shall, promptly after the completion of such work by Landlord, proceed with reasonable diligence (and at Tenant’s sole cost and expense) to insure pursuant restore those improvements for which Tenant is responsible under the terms of Exhibit “E” (if any) to Section 9.1.2 above, (ii) substantially the condition in which the same existed prior to the casualty and to otherwise make the Leased Premises suitable for Tenant’s use. Landlord shall not in no event be required obligated to rebuild expend for such repair or repair replacements any damage to amount in excess of the extent that such damage is not insured under the insurance policy or policies required to be carried by Landlord pursuant to Section 9.3 above, nor shall Landlord be required to spend more than the amount of insurance proceeds actually received, and received by Landlord (iii) in no event shall Landlord be required to rebuild or repair i.e. after the Premises or Building to other than substantially the same condition each was in immediately prior to the happening exercise by a mortgagee of the fire Property of an option to apply proceeds against Landlord’s debt to such mortgagee). If the cost of repair and replacements for the leasehold improvements (based on Landlord’s or other casualty. In the event the repairs and rebuilding its contractor’s estimate of the Building or cost) exceeds the Premises (as the case may be) have not been substantially completed within two hundred forty (240) days following the occurrence of the subject casualty, and provided that the statement of the estimated time for rebuilding or repair delivered insurance proceeds received by Landlord indicated from Tenant’s insurance carrier (which Tenant shall cause its insurance carrier to pay to Landlord), the repairs could shortfall shall be effectuated within two hundred ten (210) days, paid by Tenant may elect to terminate this Lease by providing Landlord with written notice of termination following the expiration of such two hundred forty (240) day period so long as notice is delivered to Landlord prior to Landlord's substantial completion ’s repair of the damage (to the extent to which Landlord is required to perform such rebuilding or repairs; provided, that for purposes repairs and replacements under the terms and provisions of this paragraph, "substantial completion" Section 7.2 and/or Exhibit “E” [if any]). Landlord is not liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in any way from casualty damage or any repairs related to the repairs or rebuilding shall be deemed same. If Landlord has failed to have occurred when (a) the architect responsible for preparing the appropriate plans and construction drawings for such repair or rebuilding has certified in writing that substantially complete the repairs and/or rebuilding have been completed in accordance with replacements required by this Section 7.2 and/or Exhibit “E” (if any) within two hundred seventy (270) working days from the agreed plans and that the repairs and rebuilding are in good and satisfactory condition, subject only to completion date of minor punch list items which do not materially interfere with Tenant's use Landlord’s receipt of written notification by Tenant of the Premises as contemplated and permitted hereby, and (b) if applicable, a Certificate of Occupancy for the applicable portion of the Premises so repaired damage or rebuilt has been reissued by the City of Frisco, Texas, and obtained by Landlord. Following any such rebuilding or repair by Landlorddestruction at issue, Tenant shall rebuild and repair Tenant's insured Alterations, fixtures and improvements in the Premises. Landlord will allow Tenant an equitable abatement of rent during the time the Premises are unfit for occupancy due to such damage or casualty. In the event any mortgagee under a deed of trust, security agreement or mortgage on the Building requires that the insurance proceeds be applied to the debt secured thereby, Landlord will have no obligation to rebuild or is unable to by virtue of any such requirement or by virtue of any restrictions, prohibitions or requirements of law, and if Landlord elects not to rebuild or is unable to rebuild by virtue of any such requirement or by virtue of any restrictions, prohibitions or requirements of law, may at its option terminate this Lease will terminate upon by delivering written notice of such election given by termination to Landlord prior to Tenant. Except as specifically provided above, there will be no reduction of rentalthe date on which Landlord has substantially completed Landlord’s work under this Section 7.2 and/or Exhibit “E” (if any).

Appears in 1 contract

Sources: Office Lease (Pc Connection Inc)

Partial Destruction. In the event the Building or If the Premises is (other than Lessee's personal property, fixtures and installations) shall be destroyed or damaged in any way by fire, flood, earthquake, tornado or other casualty, but only to such extent that rebuilding by the elements or repairs otherwise which can reasonably be completed within two hundred ten repaired in six (2106) days after months or less from the date of such damagedamage or destruction, or if the damage is more serious but neither Landlord nor Tenant elects to terminate this LeaseLessor shall notify Lessee thereof and shall, Landlord willat Lessor's own cost and expense, following Landlord's receipt of insurance proceeds and in conformance with respect to such damage in an amount sufficient (in Landlord's discretion) to pay the costs of the following rebuilding or all applicable laws, ordinances, development agreements and/or restrictive covenants, promptly repair, commence to rebuild or repair the Building and/or the Premises and proceed with reasonable diligence to restore the Building and/or the Premises to substantially the same into at least as good a condition in which the same they existed immediately prior to such destruction or damage and, from the happening date of such destruction or damage until such time as the casualtyPremises are repaired and restored as aforesaid, the Fixed Rent and other charges payable hereunder shall be equitably abated from the date of such destruction or damage in the proportion and to the extent that the Premises are unusable by Lessee for its purposes as elsewhere herein stated and this Lease shall continue in full force and effect; provided, however, that Lessee shall, at Lessor's election, make the repair of any damage or destruction the total cost to repair of which is $10,000 or less, and, in such event, Lessor shall make any applicable insurance proceeds available to Lessee on a reasonable basis for that purpose. Notwithstanding the foregoing, if the insurance proceeds are not sufficient to effect such repair, Lessee may, at its cost, promptly contribute the shortage in proceeds as and when required to complete said repairs within ten (10) days of request therefor. If ▇▇▇▇▇▇ receives said funds or adequate assurance thereof within said ten (10) day period, Lessor shall complete them as soon as reasonably possible and this Lease shall remain in full force and effect. If such funds or assurance are not received, Lessor may elect by written notice to Lessee within ten (10) days thereafter to: (i) Landlord will make such restoration and repair as is commercially reasonable with Lessor paying any shortage in proceeds, in which case this Lease shall remain in full force and effect, or (ii) have this Lease terminated thirty (30) days thereafter and Lessee shall not be required entitled to rebuild, reimbursement of any funds contributed by Lessee to repair any such damage or destruction. Unreasonable delay on the part of Lessor in commencing repair and restoration following destruction or damage shall entitle Lessee to terminate this Lease on a date not less than sixty (60) days from the date of such notice but in no event shall any delay for ninety (90) days or less from the date of such damage or destruction be deemed unreasonable. In the event that Lessor shall not complete any repair or replace restoration within six (6) months following any part destruction or damage, then Lessee shall have the right to terminate this Lease upon written notice to Lessor delivered no longer than fifteen (15) days thereafter. In case the Premises shall be substantially damaged during the last six (6) months of the furnitureterms of this Lease, equipmentthen Lessor or Lessee may cancel this Lease upon written notice to the other party given within thirty (30) days after such damage provided, fixtures however, that if such damage or destruction has occurred during the Primary Term or the initial Renewal Term and leasehold improvements which have been placed Lessee has validly exercised its Renewal Option for the following Renewal Term, Lessee may preserve this Lease by Tenant, or on behalf of Tenantproviding Lessor, on or within before the Premisesdate which is ten (10) days after ▇▇▇▇▇▇'s receipt of ▇▇▇▇▇▇'s written notice purporting to terminate this Lease, nor any Alterations which Tenant is required with all insurance proceeds relating to insure pursuant such casualty and other immediately available funds necessary to Section 9.1.2 abovefully repair such damage or destruction. If Lessee duly exercises such option and provides Lessor with such funds, (ii) Landlord Lessor shall, at ▇▇▇▇▇▇'s cost and expense, payable solely from such funds, repair such damage as soon as reasonably possible with rent being equitably abated as stated above and this Lease shall continue in full force and effect. If Lessee fails to provide such funds during such period, then this Lease shall terminate on the date specified in the termination notice and ▇▇▇▇▇▇'s option shall be extinguished. Lessor shall not be required to rebuild make any repairs or repair replacements of any leasehold improvements, fixtures, or other personal property of ▇▇▇▇▇▇. Any payments (including insurance proceeds) received by Lessor or Lessee from any governmental authority, development association or other party with respect to damage, loss or casualty, will be applied directly in payment of repairs of such damage, loss or casualty. Any balance remaining will be retained by Lessor to the extent not specifically identified by the applicable governmental entity or development association as compensation to Lessee. ▇▇▇▇▇▇ and ▇▇▇▇▇▇ agree that the terms of this Lease shall govern the effect of any damage to the extent that such damage is not insured under the insurance policy or policies required to be carried by Landlord pursuant to Section 9.3 above, nor shall Landlord be required to spend more than the amount of insurance proceeds actually received, and (iii) in no event shall Landlord be required to rebuild or repair the Premises or Building to other than substantially the same condition each was in immediately prior to the happening of the fire or other casualty. In the event the repairs and rebuilding of the Building or the Premises (as the case may be) have not been substantially completed within two hundred forty (240) days following the occurrence of the subject casualty, and provided that the statement of the estimated time for rebuilding or repair delivered by Landlord indicated the repairs could be effectuated within two hundred ten (210) days, Tenant may elect to terminate this Lease by providing Landlord with written notice of termination following the expiration of such two hundred forty (240) day period so long as notice is delivered to Landlord prior to Landlord's substantial completion of such rebuilding or repairs; provided, that for purposes of this paragraph, "substantial completion" of the repairs or rebuilding shall be deemed to have occurred when (a) the architect responsible for preparing the appropriate plans and construction drawings for such repair or rebuilding has certified in writing that the repairs and/or rebuilding have been completed in accordance with the agreed plans and that the repairs and rebuilding are in good and satisfactory condition, subject only to completion of minor punch list items which do not materially interfere with Tenant's use destruction of the Premises as contemplated and permitted hereby, and (b) if applicable, a Certificate of Occupancy for the applicable portion of the Premises so repaired or rebuilt has been reissued by the City of Frisco, Texas, and obtained by Landlord. Following any such rebuilding or repair by Landlord, Tenant shall rebuild and repair Tenant's insured Alterations, fixtures and improvements in the Premises. Landlord will allow Tenant an equitable abatement of rent during the time the Premises are unfit for occupancy due to such damage or casualty. In the event any mortgagee under a deed of trust, security agreement or mortgage on the Building requires that the insurance proceeds be applied with respect to the debt secured thereby, Landlord will have no obligation to rebuild or is unable to by virtue termination of this Lease and hereby waive the provisions of any such requirement present or by virtue of any restrictions, prohibitions or requirements of law, and if Landlord elects not future law to rebuild or is unable to rebuild by virtue of any such requirement or by virtue of any restrictions, prohibitions or requirements of law, this Lease will terminate upon notice of such election given by Landlord to Tenant. Except as specifically provided above, there will be no reduction of rentalthe extent inconsistent herewith.

Appears in 1 contract

Sources: Lease Agreement (Corporate Realty Income Fund I L P)

Partial Destruction. In Except as provided in SECTION 7.5, if during the event Term, the Building Tenant's Improvements or Tenant's Trade Fixtures are partially destroyed due to a risk covered by the insurance described in SECTION 6 but the Impacted Premises is damaged are not thereby rendered unsuitable for their primary intended use (taking into account all relevant factors, including but not limited to the number of useable beds, the amount of square footage reasonably available for use by fireTenant and the amount of gross revenues lost), tornado or other casualty, but only to such extent that rebuilding or repairs can Tenant shall be completed within two hundred ten (210) days after the date of such damage, or if the damage is more serious but neither Landlord nor Tenant elects to terminate this Lease, Landlord will, following Landlord's receipt of insurance proceeds with respect to such damage in an amount sufficient (in Landlord's discretion) to pay the costs of the following rebuilding or repair, commence to rebuild or repair the Building and/or the Premises and proceed with reasonable diligence entitled to restore the Building and/or the Impacted Premises to substantially the same condition in which the same as existed immediately prior to before the happening of damage or destruction and be reimbursed from the casualtyinsurance proceeds. Such damage or destruction shall not terminate this Lease; provided, however, that if Tenant cannot, with reasonable diligence and within ninety (i90) days, obtain all government approvals, including building permits, licenses, conditional use permits and any certificates of need, necessary to perform all required repair and restoration work and to operate the Impacted Premises in substantially the same manner and for the primary intended use, Tenant shall either (a) offer to purchase the Premises for the then fair market value thereof, (b) continue to operate under the Lease, which shall remain in full force and effect and Landlord will not shall be required entitled to rebuildretain the insurance proceeds, repair or replace any part less the amount needed to restore the Premises so that the portion of the furniturePremises unaffected by the casualty can be used as a complete architectural unit; or (c) terminate the Lease. If Tenant shall make such offer and Landlord does not accept the same within one hundred twenty (120) days of Landlord's receipt of such offer, equipmentTenant may either (a) withdraw such offer, fixtures in which case this Lease shall remain in full force and leasehold improvements which have been placed by Tenant, or on behalf of Tenant, on or within effect and Tenant shall proceed to restore the Premises, nor any Alterations which Tenant is required Impacted Premises as soon as reasonably practicable to insure pursuant to Section 9.1.2 above, (ii) Landlord shall not be required to rebuild or repair any damage to the extent that such damage is not insured under the insurance policy or policies required to be carried by Landlord pursuant to Section 9.3 above, nor shall Landlord be required to spend more than the amount of insurance proceeds actually received, and (iii) in no event shall Landlord be required to rebuild or repair the Premises or Building to other than substantially the same condition each was in as existed immediately prior to the happening of the fire before such damage or other casualty. In the event the repairs and rebuilding of the Building destruction, or the Premises (as the case may beb) have not been substantially completed within two hundred forty (240) days following the occurrence of the subject casualty, and provided that the statement of the estimated time for rebuilding or repair delivered by Landlord indicated the repairs could be effectuated within two hundred ten (210) days, Tenant may elect to terminate this Lease after recovery by providing Landlord with written notice of termination following all insurance proceeds and the expiration payment by Tenant of any Shortfall in cash. If Tenant so restores the Impacted Premises, insurance proceeds shall be paid out by Landlord form time to time as reasonably requested by Tenant to pay for the reasonable costs of such two hundred forty (240) day period so long as notice is delivered to Landlord prior to Landlord's substantial completion of restoration, and any excess proceeds remaining after such rebuilding or repairs; provided, that for purposes of this paragraph, "substantial completion" of the repairs or rebuilding restoration shall be deemed to have occurred when (a) the architect responsible for preparing the appropriate plans and construction drawings for such repair or rebuilding has certified in writing that the repairs and/or rebuilding have been completed in accordance with the agreed plans and that the repairs and rebuilding are in good and satisfactory condition, subject only to completion of minor punch list items which do not materially interfere with retained by Tenant's use of the Premises as contemplated and permitted hereby, and (b) if applicable, a Certificate of Occupancy for the applicable portion of the Premises so repaired or rebuilt has been reissued by the City of Frisco, Texas, and obtained by Landlord. Following any such rebuilding or repair by Landlord, Tenant shall rebuild and repair Tenant's insured Alterations, fixtures and improvements in the Premises. Landlord will allow Tenant an equitable abatement of rent during the time the Premises are unfit for occupancy due to such damage or casualty. In the event any mortgagee under a deed of trust, security agreement or mortgage on the Building requires that the insurance proceeds be applied to the debt secured thereby, Landlord will have no obligation to rebuild or is unable to by virtue of any such requirement or by virtue of any restrictions, prohibitions or requirements of law, and if Landlord elects not to rebuild or is unable to rebuild by virtue of any such requirement or by virtue of any restrictions, prohibitions or requirements of law, this Lease will terminate upon notice of such election given by Landlord to Tenant. Except as specifically provided above, there will be no reduction of rental.

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Sources: Commercial Lease (Skilled Healthcare Group Inc)