Reconstruction. In the event the Premises are damaged by fire or other perils covered by extended coverage insurance, Landlord agrees to forthwith repair same, and this Lease shall remain in full force and effect, except that Tenant shall be entitled to a proportionate reduction of the Minimum Rent from the date of damage and while such repairs are being made, such proportionate reduction to be based upon the extent to which the damage and making of such repairs shall reasonably interfere with the business carried on by the Tenant in the Premises. If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of rent. In the event the Premises are damaged as a result of any cause other than the perils covered by fire and extended coverage insurance, then Landlord shall forthwith repair the same, provided the extent of the destruction be less than ten (10%) percent of the then full replacement cost of the premises. In the event the destruction of the Premises is to an extent of ten (10%) percent or more of the full replacement cost then Landlord shall have the option; (1) to repair or restore such damage, this Lease continuing in full force and effect, but the Monthly Base Rent to be proportionately reduced as hereinabove in this Article provided; or (2) give notice to Tenant at any time within sixty (60) days after such damage, terminating this Lease as of the date specified in such notice, which date shall be no more than thirty (30) days after the giving of such notice. In the event of giving such
Appears in 1 contract
Sources: Asset Purchase Agreement (Cet Environmental Services Inc)
Reconstruction. In the event the Premises, or the Building of which the Premises are a part, are damaged by fire or other perils covered by extended coverage insurance, Landlord agrees to forthwith repair same, the same to substantially the same condition as existed immediately prior to such damage; and this Lease shall remain in full force and effect, except that Tenant shall be entitled to a proportionate reduction of the Minimum Rent from the date of damage and while such repairs are being made, such proportionate reduction to be based upon the extent to which the damage and the making of such repairs shall reasonably materially and adversely interfere with the business carried on by the Tenant in the Premises. If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of rentRent. In the event the Premises or the Building of which the Premises are a part are damaged as a result of any cause other than the perils covered by fire and extended coverage insurance, then Landlord shall forthwith repair the samesame within one hundred and fifty (150) days of casualty, provided the extent of the destruction be less than ten thirty percent (1030%) percent of the then full replacement cost of the premisesPremises or the Building of which the Premises are a part. In the event the destruction of the Premises or the Building is to an extent of ten greater than thirty percent (1030%) percent or more of the full replacement cost cost, then Landlord shall have the option; : (1) to repair or restore such damage, this Lease continuing in full force and effect, but the Monthly Base Rent to be proportionately reduced as hereinabove in this Article Paragraph provided; or (2) give notice to Tenant at any time within sixty thirty (6030) days after such damage, damage terminating this Lease as of the date specified in such notice, which date shall be no more less than thirty (30) and no more than sixty (60) days after the giving of such notice. In the event of giving suchsuch notice, this Lease shall expire and all interest of Tenant in the Premises shall terminate on the date so specified in such notice and the Rent, reduced by a proportionate amount, based upon the extent, if any, to which such damage materially interfered with the business carried on by Tenant in the Premises, shall be paid up to date of said such termination. Notwithstanding anything to the contrary contained in this paragraph, Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this paragraph occurs during the last twelve (12) months of the term of this Lease or any extension thereof and in the event of such casualty during the last twelve (12) months of the term of this Lease, and Landlord shall have the right to terminate this Lease by giving written notice to Tenant within thirty (30) days of such casualty. Landlord shall not be required to repair any injury or damage by fire or other cause, or to make any repairs or replacements of any panels, decoration, office fixtures, railings, floor coverings, partitions, or any other property installed in the Premises by Tenant unless covered by Landlord’s insurance as part of the Building. Except as otherwise expressly authorized hereunder, Tenant shall not be entitled to any compensation or damages from Landlord for loss of the use of the whole or any part of the Premises or Tenant’s personal property. In the event the Premises, or the Building of which the Premises are a part, are damaged by fire or other perils covered by extended coverage insurance, and Landlord has not ‘terminated the lease as defined above or has not restored the building within 10 (ten) months, Tenant shall have the right to give notice to Landlord at any time terminating this Lease no less than thirty (30) days after the giving of such notice.
Appears in 1 contract
Sources: Lease (Signal Genetics, Inc.)
Reconstruction. In the event the Premises or the Building of which the Premises are a part are damaged by fire or other perils covered by extended coverage insurance, Landlord Lessor agrees to forthwith repair the same, ; and this Lease shall remain in full force and effect, except that Tenant Lessee shall be entitled to a proportionate reduction of the Minimum Rent from the date of damage and rent while such repairs are being made, such proportionate reduction to be based upon the extent to which the damage and making of such repairs shall reasonably materially interfere with the business carried on by the Tenant Lessee in the Premises. If the damage is due to the fault or neglect of Tenant Lessee or its employees, there shall be no abatement of rent. In the event the Premises are damaged as a result of any cause other than the perils covered by fire and extended coverage insurance, then Landlord shall forthwith repair the same, provided the extent of the destruction be less than ten (10%) percent of the then full replacement cost of the premises. In the event the destruction of the Premises is to an extent of ten (10%) percent or more of the full replacement cost then Landlord shall have the option; .
(1) to repair or restore such damage, this Lease continuing in full force and effect, but the Monthly Base Rent rent to be proportionately reduced as hereinabove in this Article provided; or (2) give notice to Tenant Lessee at any time within sixty (60) days after such damage, damage terminating this Lease as of the date specified in such notice, which date shall be no more less than thirty (30) and no more than sixty (60) days after the giving of such notice. In the event of giving suchsuch notice, this Lease shall expire and all interest of the Lessee in the Premises shall terminate on the date so specified in such notice and the Rent, reduced by a proportionate amount, based upon the extent, if any, to which such damage materially interfered with the business carried on by the Lessee in the Premises, shall be paid up to the time of such termination. Notwithstanding anything to the contrary contained in this Article, Lessor shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting form any casualty covered under this Article occurs during the last twelve (12) months of the term of this Lease or any extension thereof. Lessor shall not be required to repair any injury or damage by fire or other cause, or to make any repairs or replacements of any panels, decoration, office fixtures, railings, floor covering, partitions, or any other property installed in the Premises by Lessee. The Lessee shall not be entitled to any compensation or damages from Lessor for loss of the use of the whole or any part of the premises, Lessee's personal property or any inconvenience or annoyance occasioned by such damage, repair, reconstruction or restoration.
Appears in 1 contract
Reconstruction. In the event the Premises are damaged by fire or other perils covered by extended coverage insurance, Landlord agrees to forthwith repair same, and this Lease shall remain in full force and effect, except that Tenant shall be entitled to a proportionate reduction of the Minimum Rent from the date of damage and while such repairs are being made, such proportionate reduction reductions to be based upon the extent to which the damage damages and making of such repairs shall reasonably interfere with the business carried on by the Tenant in the Premises. If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of rent. In the event the Premises are damaged as a result of any cause other than the perils covered by fire and extended coverage insurance, then Landlord shall forthwith repair the same, provided the extent of the destruction be less than ten (10%) percent of the then full replacement cost of the premisesPremises. In the event the destruction of the Premises is to an extent of ten (10%) percent or more of the full replacement cost then Landlord shall have the option; (1) to repair or restore such damage, this Lease continuing in full force and effect, but the Monthly Base Minimum Rent to be proportionately reduced as hereinabove in this Article provided; or (2) give notice to Tenant at any time within sixty (60) days after such damage, terminating this Lease as of the date specified in such notice, which date shall be no more than thirty (30) days after the giving of such notice. In the event of giving suchsuch notice, this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date so specified in such notice and the Minimum Rent, reduced by a proportionate reduction, based upon the extent, if any to which such damage interfered with the business carried on by the Tenant in the Premises shall be paid up to date of said such termination. Notwithstanding anything to the contrary contained in this Article, Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Article occurs during the last twenty-four months of the term of this Lease or any extension thereof. Landlord shall not be required to repair any injury or damage by fire or other cause, or to make any repairs or replacements of any leasehold improvements, fixtures, or other personal property of Tenant. In the event that fifty (50) percent or more of the rentable area of the Shopping Center shall be damaged or destroyed by fire or other cause, notwithstanding that the Premises may be unaffected by such fire and other cause, Landlord shall have the right, to be exercised by notice in writing delivered to Tenant within sixty (60) days from and after said occurrence, to elect to cancel and terminate this Lease. Upon the giving of such notice to Tenant, the term of this Lease shall expire by lapse of time upon the third day after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord.
Appears in 1 contract
Reconstruction. In the event the Premises, or the Building of which the Premises are a part, are damaged by fire or other perils covered by extended coverage insurance, Landlord agrees to forthwith repair same, the same to substantially the same condition as existed immediately prior to such damage; and this Lease shall remain in full force and effect, except that Tenant shall be entitled to a proportionate reduction of the Minimum Rent from the date of damage and while such repairs are being made, such proportionate reduction to be based upon the extent to which the damage and the making of such repairs shall reasonably materially and adversely interfere with the business carried on by the Tenant in the Premises. If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of rentRent. In the event the Premises or the Building of which the Premises are a part are damaged as a result of any cause other than the perils covered by fire and extended coverage insurance, then Landlord shall forthwith repair the samesame within one hundred and fifty (150) days of casualty, provided the extent of the destruction be less than ten percent (10%) percent of the then full replacement cost of the premisesPremises or the Building of which the Premises are a part. In the event the destruction of the Premises or the Building is to an extent of greater than ten percent (10%) percent or more of the full replacement cost cost, then Landlord shall have the option; : (1) to repair or restore such damage, this Lease continuing in full force and effect, but the Monthly Base Rent to be proportionately reduced as hereinabove in this Article Paragraph provided; or (2) give notice to Tenant at any time within sixty thirty (6030) days after such damage, damage terminating this Lease as of the date specified in such notice, which date shall be no more less than thirty (30) and no more than sixty (60) days after the giving of such notice. In the event of giving suchsuch notice, this Lease shall expire and all interest of Tenant in the Premises shall terminate on the date so specified in such notice and the Rent, reduced by a proportionate amount, based upon the extent, if any, to which such damage materially interfered with the business carried on by Tenant in the Premises, shall be paid up to date of said such termination. Notwithstanding anything to the contrary contained in this paragraph, Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this paragraph occurs during the last twelve (12) months of the term of this Lease or any extension thereof and in the event of such casualty during the last twelve (12) months of the term of this Lease, and Landlord shall have the right to terminate this Lease by giving written notice to Tenant within thirty (30) days of such casualty. Landlord shall not be required to repair any injury or damage by fire or other cause, or to make any repairs or replacements of any panels, decoration, office fixtures, railings, floor coverings, partitions, or any other property installed in the Premises by Tenant unless covered by Landlord’s insurance as part of the Building. Except as otherwise expressly authorized hereunder, Tenant shall not be entitled to any compensation or damages from Landlord for loss of the use of the whole or any part of the Premises or Tenant’s personal property.
Appears in 1 contract
Sources: Lease (Brickell Biotech, Inc.)
Reconstruction. In the event the Premises, or the Building of which the Premises are a part, are damaged by fire or other perils covered by extended coverage insurance, Landlord agrees to forthwith repair same, the same to substantially the same condition as existed immediately prior to such damage; and this Lease shall remain in full force and effect, except that Tenant shall be entitled to a proportionate reduction of the Minimum Rent from the date of damage and while such repairs are being made, such proportionate reduction to be based upon the extent to which the damage and the making of such repairs shall reasonably materially and adversely interfere with the business carried on by the Tenant in the Premises. If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of rentRent. In the event the Premises or the Building of which the Premises are a part are damaged as a result of any cause other than the perils covered by fire and extended coverage insurance, then Landlord shall forthwith repair the samesame within one hundred and fifty (150) days of casualty, provided the extent of the destruction be less than ten twenty percent (1020%) percent of the then full replacement cost of the premisesPremises or the Building of which the Premises are a part. In the event the destruction of the Premises or the Building is to an extent of ten greater than twenty percent (1020%) percent or more of the full replacement cost cost, then Landlord shall have the option; : (1) to repair or restore such damage, this Lease continuing in full force and effect, but the Monthly Base Rent to be proportionately reduced as hereinabove in this Article Paragraph provided; or (2) give notice to Tenant at any time within sixty thirty (6030) days after such damage, damage terminating this Lease as of the date specified in such notice, which date shall be no more less than thirty (30) and no more than sixty (60) days after the giving of such notice. In the event of giving suchsuch notice, this Lease shall expire and all interest of Tenant in the Premises shall terminate on the date so specified in such notice and the Rent, reduced by a proportionate amount, based upon the extent, if any, to which such damage materially interfered with the business carried on by Tenant in the Premises, shall be paid up to date of said such termination. Notwithstanding anything to the contrary contained in this paragraph, Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this paragraph occurs during the last twelve (12) months of the term of this Lease or any extension thereof and in the event of such casualty during the last twelve (12) months of the term of this Lease, and Landlord shall have the right to terminate this Lease by giving written notice to Tenant within thirty (30) days of such casualty. Landlord shall not be required to repair any injury or damage by fire or other cause, or to make any repairs or replacements of any panels, decoration, office fixtures, railings, floor coverings, partitions, or any other property installed in the Premises by Tenant unless covered by Landlord's insurance as part of the Building. Except as otherwise expressly authorized hereunder, Tenant shall not be entitled to any compensation or damages from Landlord for loss of the use of the whole or any part of the Premises or Tenant's personal property.
Appears in 1 contract
Reconstruction. In the event the Premises are damaged by fire or other perils covered by extended coverage insurance, Landlord agrees to forthwith repair same, and this (his Lease shall remain in full force and effect, except that Tenant shall be entitled to a proportionate reduction of the Minimum Rent from the date ▇▇▇▇ of damage and while such repairs are being made, such proportionate reduction to be based upon the extent to which the damage and making of such repairs shall reasonably interfere with the (he business carried on by the Tenant in the Premises. If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of rent. In the event the Premises are damaged as a result of any cause other than the perils covered by fire and extended coverage insurance, then Landlord Tenant shall forthwith repair the same, provided the extent of the destruction be less than ten (10%) percent of the then full replacement cost of the premisesPremises. In the event the destruction of the Premises is to an extent of ten (10%) percent or more of the full replacement cost then the Landlord shall have the option; (1) to repair or restore such damage, this Lease continuing in full force and effect, but the Monthly Base Minimum Rent to be proportionately reduced as hereinabove in this Article provided; or (2) give notice to Tenant at any time within sixty (60) days after such damage, terminating this Lease as of the date specified in such notice, which date shall be no more than thirty (30) days after the (he giving of such notice. In the event of giving suchsuch notice, this Lease shall expire and all Interest of the Tenant in the Premises shall terminate on the date so specified in such notice and the Minimum Rent, reduced by a proportionate reduction, based upon the extent, if any. to which such damage interfered with the business carried on by the Tenant in the Premises, shall be paid up to date of said such termination. Notwithstanding anything to the contrary contained in this Article, Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Article occurs during the last twenty-four months of the term of this Lease or any extension thereof. Landlord shall not be required to repair any injury or damage by fire or other cause, or to make any repairs or replacements of any leasehold improvements, fixtures, or other personal property of Tenant
Appears in 1 contract
Sources: Building Lease (VCG Holding Corp)
Reconstruction. In the event the Premises or the Building of which the Premises are a part are damaged by fire or other perils covered by extended coverage insurance, Landlord Lessor agrees to forthwith repair the same, ; and this Lease shall remain in full force and effect, except that Tenant Lessee shall be entitled to a proportionate reduction of the Minimum Rent from the date of damage and rent while such repairs are being made, such proportionate reduction to be based upon the extent to which the damage and making of such repairs shall reasonably materially interfere with the business carried on by the Tenant Lessee in the Premises. If the damage is due to the fault or neglect intentional misconduct of Tenant Lessee or its employees, there shall be no abatement of rent. Notwithstanding anything to the contrary above, in the event Landlord is unable to collect under its "Loss of Rent" insurance provision, there shall be no abatement of Lessee's rent. In the event the Premises or the Building of which the Premises are a part are damaged as a result of any cause other than the perils covered by fire and extended coverage insurance, then Landlord Lessor shall forthwith repair the same, provided the extent of the destruction be less than ten (10%) percent of the then full replacement cost of the premisesPremises or the Building of which the Premises are a part. In the event the destruction of the Premises or the Building is to an extent of greater than ten (10%) percent or more of the full replacement cost cost, then Landlord Lessor shall have the option; (1) to repair or restore such damage, this Lease continuing in full force and effect, but the Monthly Base Rent rent to be proportionately reduced as hereinabove in this Article provided; or (2) give notice to Tenant Lessee at any time within sixty (60) days after such damage, damage terminating this Lease as of the date specified in such notice, which date shall be no more less than thirty (30) and no more than sixty (60) days after the giving of such notice. In the event of giving suchsuch notice, this Lease shall expire and all interest of the Lessee in the Premises shall terminate on the date so specified in such notice and the Rent, reduced by a proportionate amount, based upon the extent, if any, to which such damage materially interfered with the business carried on by the Lessee in the Premises, shall be paid up to the time of such termination. Notwithstanding anything to the contrary contained in this Article, Lessor shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Article occurs during the last twelve (12) months of the term of this Lease or any extension thereof. Lessor shall not be required to repair any injury or damage by fire or other cause, or to make any repairs or replacements of any panels, decoration, office fixtures, railings, floor covering, partitions, or any other property installed in the Premises by Lessee. The Lessee shall not be entitled to any compensation or damages from Lessor for loss of the use of the whole or any part of the premises. Lessee's personal property or any inconvenience or annoyance occasioned by such damage, repair, reconstruction or restoration. Notwithstanding the above, in the event of damage to the Premises or the Building, which cannot be repaired within three hundred sixty-five (365) days from the date of such damage, Lessee may terminate this Lease with thirty (30) days written notice.
Appears in 1 contract
Sources: Office Building Lease (Firepond Inc)
Reconstruction. In the event the Premises are damaged by fire or other perils covered by extended coverage insurance, Landlord agrees to forthwith repair same, and this Lease shall remain in full force and effect, except that Tenant shall be entitled to a proportionate reduction of the Minimum Rent from the date of damage and while such repairs are being made, such proportionate reduction to be based upon the square footage of the devised premises which is rendered unsuitable for occupancy by Tenant the extent to which the damage and making of such repairs shall reasonably interfere with the business carried on by the Tenant in the Premises. If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of rent. In the event the Premises are damaged as a result of any cause other than the perils covered by fire and extended coverage insurance, then Landlord shall forthwith repair the same, provided the extent of the destruction be less than ten (10%) percent of the then full replacement cost of the premises. In the event the destruction of the Premises is to an extent of ten percent (10%) percent or more of the full replacement cost cost, then Landlord shall have the option; option to (1) to repair or restore such damage, this Lease continuing in full force and effect, but the Monthly Base Minimum Rent to be proportionately reduced as hereinabove herein above in this Article provided; or (2) give notice to Tenant at any time within sixty (60) days after such damage, terminating this Lease lease as of the date specified in such notice, which date shall be no not more than thirty (30) days after the giving of such notice. In the event of giving suchof such notice, DB DG -------- ------ LANDLORD TENANT this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date so specified in such notice and the Minimum Rent, reduced by a proportionate reduction, based upon the square footage of the devised Premises which is rendered unsuitable for occupancy by Tenant. The extent, if any, to which such damage interfered with the business carried on by the Tenant in the Premises, shall be paid up to date of said termination.
Appears in 1 contract
Sources: Lease (Optiva Corp /Wa/)
Reconstruction. In the event the Premises of the Building of which the Premises are a part are damaged by fire or other perils covered by extended coverage insurance, Landlord agrees to forthwith repair the same, ; and this Lease shall remain in full force and effect, except that Tenant shall be entitled to a proportionate reduction of the Minimum Rent from the date of damage and rent while such repairs are being made, such proportionate reduction to be based upon the extent to which the damage and making of such repairs shall reasonably materially interfere with the business carried on by the Tenant in the Premises. If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of rent. In the event the Premises are damaged as a result of any cause other than the perils covered by fire and extended coverage insurance, then Landlord shall forthwith repair the same, provided the extent of the destruction be less than ten (10%) percent of the then full replacement cost of the premises. In the event the destruction of the Premises is to an extent of ten (10%) percent or more of the full replacement cost then Landlord shall have the option; .
(1) to repair or restore such damage, this Lease continuing in full force and effect, but the Monthly Base Rent rent to be proportionately reduced as hereinabove in this Article provided; or (2) give notice to Tenant at any time within sixty (60) days after such damage, damage terminating this Lease as of the date specified in such notice, which date shall not be no more less than thirty (30) and no more than sixty (60) days after the giving of such notice. In the event of giving suchsuch notice this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date or specified in such notice and the Rent, reduced by a proportionate amount, based upon the extent, if any, to which such damage materially interfered with the business carried on or by the Tenant in the Premises, shall be paid up to the date of said such termination. Notwithstanding anything to the contrary contained in this Article, Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Article occurs during the last twelve (12) months of the term of this Lease or any extension thereof. Landlord shall not be required to repair any injury or damage by fire or other cause, or to make any repairs or replacement of any panels, decoration, office fixtures, railing, floor covering, partitions, or any other property installed in the Premises by Tenant.
Appears in 1 contract
Sources: Office Building Lease (Sycamore Park Convalescent Hospital)
Reconstruction. In the event the Premises or the Building of which the Premises are a part are damaged by fire or other perils covered by extended coverage insurance, Landlord agrees and if Lessor elects at his sole option, to forthwith repair sameor rebuild and shall in writing give Lessee thirty (30) days written notice of such intention, and this Lease shall remain in full force and effect, except that Tenant then Lessee shall be entitled to a proportionate reduction of the Minimum Rent from the date of damage and rent while such repairs are being made, such . Such proportionate reduction to be based upon the extent to which the damage and making of such repairs shall reasonably materially interfere with the business carried on by the Tenant Lessee in the Premises. If the damage is due to the fault or neglect of Tenant Lessee or its employees, there shall be no abatement of rent. In the event the Premises are damaged as a result of any cause other than the perils covered by fire and extended coverage insurance, then Landlord shall forthwith repair the same, provided the extent destruction of the destruction be less Premises or the Building is to an extent greater than ten (10%) percent of the then full replacement cost of the premises. In the event the destruction of the Premises or is to an extent of ten (10%) percent or more of the full replacement cost then Landlord caused by a peril not covered by insurance, then, in either event, Lessor shall have the option; : (1) to repair or restore such damage, this Lease continuing in full force and effect, but the Monthly Base Rent rent to be proportionately reduced as hereinabove herein above in this Article article provided; : or (2) give notice to Tenant Lessee at any time within sixty (60) days after such damage, damage terminating this Lease as of the date specified in such notice, which date shall not be no more less than thirty (30) days and not more than sixty (60) days after the giving filing of such notice. .** In the event of giving suchsuch notice, this Lease shall expire and all interest of the Lessee in the Premises shall terminate on the date so specified in such notice and the rent, reduced by a proportionate amount based upon the extent, if any, to which such damage materially interfered with the business carried on by Lessee in the Premises, shall be paid up to the date of such termination. **SEE ADDENDUM.
Appears in 1 contract
Reconstruction. In the event the Premises are damaged by fire or other perils covered by extended coverage insurance, Landlord agrees to forthwith repair same, and this Lease shall remain in full force and effect, except that Tenant shall be entitled to a proportionate reduction of the Minimum Rent from the date of damage and while such repairs are being made, such proportionate reduction to be based upon the extent to which the damage and making of such repairs shall reasonably interfere with the business carried on by the Tenant in the Premises. If the damage is due to the fault or neglect of Tenant or its employees, there shall be no abatement of rent. In the event the Premises are damaged as a result of any cause other than the perils covered by fire and extended coverage insurance, then Landlord shall forthwith repair the same, provided the extent of the destruction be less than ten (10%) percent of the then full replacement cost of the premisesPremises. In the event the destruction of the Premises is to an extent of ten (10%) percent or more of the full replacement cost then Landlord shall have the option; : (1) to repair or restore such damage, this Lease continuing in full force and effect, but the Monthly Base Minimum Rent to be proportionately reduced as hereinabove in this Article provided; or (2) give notice to Tenant at any time within sixty (60) days after such damage, terminating this Lease as of the date specified in such notice, which date shall be no more than thirty (30) days after the giving of such notice. In the event of giving suchsuch notice, this lease shall expire and all interest of the Tenant in the Premises shall terminate on the date so specified in such notice and the Minimum Rent, reduced by a proportionate reduction, based upon the extent, if any, to which such damage interfered with the business carried on by the Tenant in the Premises, shall be paid up to date of said such termination. Notwithstanding anything to the contrary contained in this Article, Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this article occurs during the last twenty-four months of the term of this Lease or any extension thereof. Landlord shall not be required to repair any injury or damage by fire or other cause, or to make any repairs or replacements of any leasehold improvements, fixtures, or other personal property of Tenant.
Appears in 1 contract
Reconstruction. In the event the Premises or the Building are damaged by fire or other perils covered by extended coverage insurance, Landlord agrees to forthwith repair the same, ; and this Lease shall remain in full force and effect, except that Tenant shall be entitled to a proportionate reduction of the Minimum Rent from the date of damage and all rent payable hereunder while such repairs are being made, such proportionate reduction to be based upon the extent to which the damage and and/or the making of such repairs shall reasonably materially interfere with the business carried on by the Tenant in the Premises. If the damage is due to the fault or and neglect of Tenant or its his employees, there shall be no abatement of rent. In the event the Premises or the Building are damaged as a result of any cause other than the perils covered by fire and extended coverage insurance, then Landlord shall forthwith repair the same, provided the extent of the destruction be less than ten percent (10%) percent of the then full replacement cost of the premisesbuilding in which the Premises are located. In the event the destruction of the Premises or the Building by a peril not covered by fire and extended coverage insurance is to an extent of greater than ten percent (10%) percent or more of the full replacement cost cost, then Landlord shall have the option; (1) to repair or restore such damage, this Lease continuing in full force and effect, but the Monthly Base Rent to be proportionately reduced as hereinabove in this Article provided; or (2) give notice to Tenant at any time within sixty (60) days after such damage, terminating this Lease as of the date specified in such notice, which date shall be no more less than thirty (30) and no more than sixty (60) days after the giving of such notice. In the event of giving suchsuch notice, this Lease shall expire and all interest of the Tenant in the Premises shall terminate on the date so specified in such notice. If the Premises of the Building are damaged as a result of any cause other than the perils covered by fire and extended coverage insurance, and whether or not Landlord elects to repair or restore such damage or to terminate this Lease as herein provided, Tenant shall be entitled to a proportionate reduction of all rent payable hereunder to be based upon the extent to which the damage and the making of such repairs, if any, shall materially interfere with the business carried on by the Tenant in the Premises. Notwithstanding anything to the contrary contained in this Article, Landlord shall not have any obligation whatsoever to repair, reconstruct or restore the Premises (1) when the damage resulting from any casualty covered under this Article occurs during the last twelve (12) months of the extended term of this Lease, if any extended term there is; or (2) when the damage resulting from any casualty covered under this Article occurs during the last twelve (12) months of the original term of this Lease unless Tenant, within ten (10) days following Landlord's notice to Tenant of Landlord's election not to repair such damage, exercises Tenant's option to renew. Landlord shall not be required to repair any injury or damage by fire or other cause, or to make any repairs or replacements of any panels, decoration,, office fixtures, railings, floor covering, partitions, or any other property which is installed in the Premises by Tenant. Except as otherwise provided in this Article, Tenant shall not be entitled to any compensation or damages from Landlord for loss of the use of the whole or any part of the Premises, Tenant's personal property or any inconvenience or annoyance occasioned by such damage, repair, reconstruction or restoration, except as caused by Landlord, Landlord's agents or employees.
Appears in 1 contract