Common use of Restoration Clause in Contracts

Restoration. (a) Reference is made to Paragraphs 6.4 and 26.2 of the Lease. Notwithstanding anything therein to the contrary, but subject to subparagraph (b) below, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order to be entitled to reimbursement. To secure its obligation under this paragraph, Tenant shall deposit with Landlord, not later than ten (10) days after the execution and delivery of this Amendment, an irrevocable letter of credit in the amount of $241,375.00 (the “Restoration LOC”). The Restoration LOC must comply with, and shall be governed by the terms of, Paragraph 5.2 of the Lease; except that (i) the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 of the Lease and as applied to the Restoration LOC, may not be not earlier than seven (7) months after the Termination Date, and (iii) Paragraph 5.2.8 will not apply. The total amount due by Tenant for the cost of the Restoration shall not exceed the amount of the Restoration LOC. The letter of credit must be in form acceptable to Landlord and its counsel. Said letter of credit is in addition to, and not in lieu of, the letter of credit provided for in Paragraph 5.2 of the Lease.

Appears in 2 contracts

Samples: Lease (Aspen Aerogels Inc), Lease (Aspen Aerogels Inc)

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Restoration. (a) Reference is made to Paragraphs 6.4 and 26.2 If, at any time during the Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 45 days after discovery of the Lease. Notwithstanding anything therein such damage as to the contraryamount of time Landlord reasonably estimates it will take to restore the Project or the Premises, but subject to subparagraph as applicable (b) below, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) ). If the Restoration Period is estimated to exceed 9 months (the “Maximum Restoration Period”), Landlord may, in order such notice, elect to be entitled to reimbursement. To secure its obligation under terminate this paragraph, Tenant shall deposit with Landlord, not later than ten (10) Lease as of the date that is 60 days after the execution date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless either Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and delivery paid for by Tenant), subject to delays arising from the collection of this Amendmentinsurance proceeds, an irrevocable letter from Force Majeure events or as needed to obtain any license, clearance or other authorization of credit any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the amount of $241,375.00 Premises (the collectively referred to herein as Restoration LOCHazardous Materials Clearances”). The ; provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration LOC must comply withPeriod or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 5 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord shall be governed by the terms of, Paragraph 5.2 relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the Lease; except date that is 60 days after the later of: (i) the reduction provisions discovery of Paragraph 5.2.1 will not applysuch damage or destruction, or (ii) the “End Date,” date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as that term is defined in Paragraph 5.2.3 Section 34) events or to obtain Hazardous Material Clearances, any repairs or restoration Tenant wishes to have performed that are not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either Landlord or Tenant may terminate this Lease upon written notice to the other if the Premises are damaged during the last year of the Lease Term and as applied Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord provides Tenant with written notice of the estimated Restoration Period. Notwithstanding anything to the Restoration LOCcontrary contained herein, may Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration. Rent shall be abated from the date all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not earlier than seven usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable (7as reasonably determined by Tenant) months after for the Termination Datetemporary conduct of Tenant’s business for the Permitted Use. In the event that no Hazardous Material Clearances are required to be obtained by Tenant with respect to the Premises, rent abatement shall commence on the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and (iii) Paragraph 5.2.8 will not applyexcept as provided in this Section 18, Tenant waives any right to terminate this Lease by reason of damage or casualty loss. The total amount due by provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant for the cost with respect to any and all damage to, or destruction of, all or any part of the Restoration shall not exceed the amount Premises, or any other portion of the Restoration LOC. The letter of credit must Project, and any statute or regulation which is now or may hereafter be in form acceptable effect shall have no application to Landlord and its counsel. Said letter this Lease or any damage or destruction to all or any part of credit is in addition to, and not in lieu ofthe Premises or any other portion of the Project, the letter of credit provided for in Paragraph 5.2 of the Leaseparties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 2 contracts

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

Restoration. (a) Reference is made to Paragraphs 6.4 and 26.2 If, at any time during the Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of the Lease. Notwithstanding anything therein such damage as to the contraryamount of time Landlord reasonably estimates it will take to restore the Project or the Premises, but subject to subparagraph as applicable (b) below, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) ). If the Restoration Period is estimated to exceed 12 months (the “Maximum Restoration Period”), Landlord may, in order such notice, elect to be entitled to reimbursement. To secure its obligation under terminate this paragraph, Tenant shall deposit with Landlord, not later than ten (10) Lease as of the date that is 75 days after the execution date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless either Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and delivery paid for by Tenant), subject to delays arising from the collection of this Amendmentinsurance proceeds, an irrevocable letter from Force Majeure events or as needed to obtain any license, clearance or other authorization of credit any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the amount of $241,375.00 Premises (the collectively referred to herein as Restoration LOCHazardous Materials Clearances”). The ; provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration LOC must comply withPeriod or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 5 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord shall be governed by the terms of, Paragraph 5.2 relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the Lease; except date that is 75 days after the later of: (i) the reduction provisions discovery of Paragraph 5.2.1 will not applysuch damage or destruction, or (ii) the “End Date,” date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as that term is defined in Paragraph 5.2.3 Section 34) events or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either Landlord or Tenant may terminate this Lease upon written notice to the other if the Premises are damaged during the last year of the Lease Term and as applied Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord provides Tenant with written notice of the estimated Restoration Period. Notwithstanding anything to the Restoration LOCcontrary contained herein, may Landlord shall also have the right to terminate this Lease if adequate insurance proceeds, as reasonably determined by Landlord, are not available for such restoration so long as the unavailability is not the result of Landlord’s failure to maintain the insurance required to be maintained by Landlord pursuant to Section 17. Rent shall be abated from the date all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not earlier than seven (7) months after usable by Tenant bears to the Termination Datetotal area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Material Clearances are required to be obtained by Tenant with respect to the Premises, rent abatement shall commence on the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and (iii) Paragraph 5.2.8 will not applyexcept as provided in this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The total amount due by provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant for the cost with respect to any and all damage to, or destruction of, all or any part of the Restoration shall not exceed the amount Premises, or any other portion of the Restoration LOC. The letter of credit must Project, and any statute or regulation which is now or may hereafter be in form acceptable effect shall have no application to Landlord and its counsel. Said letter this Lease or any damage or destruction to all or any part of credit is in addition to, and not in lieu ofthe Premises or any other portion of the Project, the letter of credit provided for in Paragraph 5.2 of the Leaseparties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 2 contracts

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

Restoration. (a) Reference is made to Paragraphs 6.4 and 26.2 If, at any time during the Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of the Lease. Notwithstanding anything therein such damage as to the contraryamount of time Landlord reasonably estimates it will take to restore the Project or the Premises, but subject to subparagraph as applicable (b) below, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) ). If the Restoration Period is estimated to exceed 12 months (the “Maximum Restoration Period”), Landlord may, in order such notice, elect to be entitled to reimbursement. To secure its obligation under terminate this paragraph, Tenant shall deposit with Landlord, not later than ten (10) Lease as of the date that is 75 days after the execution date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless either Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and delivery paid for by Tenant), subject to delays arising from the collection of this Amendmentinsurance proceeds, an irrevocable letter from Force Majeure events or as needed to obtain any license, clearance or other authorization of credit any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the amount of $241,375.00 Premises (the collectively referred to herein as Restoration LOCHazardous Materials Clearances”). The ; provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration LOC must comply withPeriod or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 5 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord shall be governed by the terms of, Paragraph 5.2 relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the Lease; except date that is 75 days after the later of: (i) the reduction provisions discovery of Paragraph 5.2.1 will not applysuch damage or destruction, or (ii) the “End Date,” date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. If neither Tenant nor Landlord elects to terminate this Lease as that term is provided above, Tenant, at its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as defined in Paragraph 5.2.3 Section 34) events or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord may terminate this Lease if the Premises are damaged during the last 1 year of the Lease Term and as applied Landlord reasonably estimates that it will take more than 2 months to repair such damage, or if insurance proceeds are not available for such restoration. Rent shall be abated from the date all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the Restoration LOCtotal area of the Premises, may not unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. Such abatement shall be not earlier than seven (7) months after the Termination Datesole remedy of Tenant, and (iii) Paragraph 5.2.8 will not applyexcept as provided in this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The total amount due by provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant for the cost with respect to any and all damage to, or destruction of, all or any part of the Restoration shall not exceed the amount Premises, or any other portion of the Restoration LOC. The letter of credit must Project, and any statute or regulation which is now or may hereafter be in form acceptable effect shall have no application to Landlord and its counsel. Said letter this Lease or any damage or destruction to all or any part of credit is in addition to, and not in lieu ofthe Premises or any other portion of the Project, the letter of credit provided for in Paragraph 5.2 of the Leaseparties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 2 contracts

Samples: Lease Agreement (Immune Design Corp.), Lease Agreement (Immune Design Corp.)

Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 45 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, (a) Reference is made or actually does exceed 6 months, subject to Paragraphs 6.4 Force Majeure events and 26.2 Tenant caused delays), Tenant may elect to terminate this Lease upon notice to Landlord given no later than 30 days after Landlord's notice. If Tenant does not elect to terminate this Lease as permitted hereunder, then, Landlord shall promptly restore the Premises excluding Tenant's Tenant-Made Alterations, Trade Fixtures and/or personal property, subject to delays arising from Force Majeure events. Tenant at Tenant's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration to Tenant's Tenant-Made Alterations, which Landlord requires to remain as Landlord's property upon surrender of the Premises pursuant to the terms of Paragraph 12 with this Lease. Notwithstanding anything therein to the contraryforegoing, but subject to subparagraph (b) below, Landlord either party may require that Tenant reimburse Landlord for terminate this Lease if the reasonable cost of demolishing Premises are damaged during the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order to be entitled to reimbursement. To secure its obligation under this paragraph, Tenant shall deposit with Landlord, not later than ten (10) days after the execution and delivery of this Amendment, an irrevocable letter of credit in the amount of $241,375.00 (the “Restoration LOC”). The Restoration LOC must comply with, and shall be governed by the terms of, Paragraph 5.2 of the Lease; except that (i) the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 last year of the Lease Term and as applied Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the Restoration LOC, may not total area of the Premises. Such abatement shall be not earlier than seven (7) months after the Termination Datesole remedy of Tenant, and (iii) Paragraph 5.2.8 will not apply. The total amount due except as provided herein, Tenant waives any right to terminate the Lease by Tenant for the cost reason of the Restoration shall not exceed the amount of the Restoration LOC. The letter of credit must be in form acceptable to Landlord and its counsel. Said letter of credit is in addition to, and not in lieu of, the letter of credit provided for in Paragraph 5.2 of the Leasedamage or casualty loss.

Appears in 2 contracts

Samples: Lease Agreement (Ikanos Communications), Lease Agreement (Ikanos Communications)

Restoration. (a) Reference is made to Paragraphs 6.4 and 26.2 If, at any time during the Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of the Lease. Notwithstanding anything therein such damage as to the contraryamount of time Landlord reasonably estimates it will take to restore the Project or the Premises, but subject to subparagraph as applicable (b) below, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) ). If the Restoration Period is estimated to exceed 12 months (the “Maximum Restoration Period”), Landlord may, in order such notice, elect to be entitled to reimbursement. To secure its obligation under terminate this paragraph, Tenant shall deposit with Landlord, not later than ten (10) Lease as of the date that is 75 days after the execution date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless either Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and delivery paid for by Tenant), subject to delays arising from the collection of this Amendmentinsurance proceeds, an irrevocable letter from Force Majeure events or as needed to obtain any license, clearance or other authorization of credit any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the amount of $241,375.00 Premises (the collectively referred to herein as Restoration LOCHazardous Materials Clearances”). The ; provided however that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration LOC must comply withPeriod or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 5 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord shall be governed by the terms of, Paragraph 5.2 relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the Lease; except date that is 75 days after the later of: (i) the reduction provisions discovery of Paragraph 5.2.1 will not applysuch damage or destruction, or (ii) the “End Date,” date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as that term is defined in Paragraph 5.2.3 Section 34) events or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord and shall promptly reenter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either Landlord or Tenant may terminate this Lease upon written notice to the other if the Premises are damaged during the last year of the Lease Term and as applied Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord provides Tenant with written notice of the estimated Restoration Period. Notwithstanding anything to the Restoration LOCcontrary contained herein, may Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration. Rent shall be abated from the date all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not earlier than seven (7) months after usable by Tenant bears to the Termination Datetotal area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. Such abatement shall be the sole remedy of Tenant, and (iii) Paragraph 5.2.8 will not applyexcept as provided in this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The total amount due by provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant for the cost with respect to any and all damage to, or destruction of, all or any part of the Restoration shall not exceed the amount Premises, or any other portion of the Restoration LOC. The letter of credit must Project, and any statute or regulation which is now or may hereafter be in form acceptable effect shall have no application to Landlord and its counsel. Said letter this Lease or any damage or destruction to all or any part of credit is in addition to, and not in lieu ofthe Premises or any other portion of the Project, the letter of credit provided for in Paragraph 5.2 of the Leaseparties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 2 contracts

Samples: Lease Agreement (Twist Bioscience Corp), Lease Agreement (Twist Bioscience Corp)

Restoration. (a) Reference is made to Paragraphs 6.4 and 26.2 If, at any time during the Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of the Lease. Notwithstanding anything therein such damage as to the contraryamount of time Landlord reasonably estimates it will take to restore the Project or the Premises, but subject to subparagraph as applicable (b) below, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) ). If the Restoration Period is estimated to exceed 12 months (the “Maximum Restoration Period”), Landlord may, in order such notice, elect to be entitled to reimbursement. To secure its obligation under terminate this paragraph, Tenant shall deposit with Landlord, not later than ten (10) Lease as of the date that is 75 days after the execution date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless either Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and delivery paid for by Tenant), subject to delays arising from the collection of this Amendmentinsurance proceeds, an irrevocable letter from Force Majeure events or as needed to obtain any license, clearance or other authorization of credit any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the amount of $241,375.00 Premises (the collectively referred to herein as Restoration LOCHazardous Materials Clearances”). The ; provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration LOC must comply withPeriod or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 5 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord shall be governed by the terms of, Paragraph 5.2 relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the Lease; except date that is 75 days after the later of: (i) the reduction provisions discovery of Paragraph 5.2.1 will not applysuch damage or destruction, or (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Notwithstanding the foregoing, if a portion of the Project, not including the Building, is damaged, Landlord may not terminate this Lease on the basis that the Restoration Period will exceed the Maximum Restoration Period if Landlord elects to merely repair the damage rather than redevelop or improve the Project as a whole, and as applied Landlord actually commences construction of the repair of such damage. The Restoration Period and the Maximum Restoration Period shall not be extended by Force Majeure. In the event that the Lease terminates pursuant to the Restoration LOCprovisions of this Section 18 as a result of an earthquake, may Tenant shall not be required to pay any deductibles as part of Operating Expenses in connection with such earthquake. Tenant may, at Tenant’s option, promptly re-enter the Premises and commence doing business in accordance with this Lease upon Landlord’s completion of all repairs or restoration required to be done by Landlord with pursuant to this Section 18; provided, however, that Tenant shall nonetheless (and even if Tenant does not earlier re-enter the Premises) continue to be responsible for all of its obligations under this Lease. Notwithstanding the foregoing, Landlord may terminate this Lease if the Premises are damaged during the last 1 year of the Term and Landlord reasonably estimates that it will take more than seven (7) 2 months after to repair such damage, or if insurance proceeds are not available for such restoration. Rent shall be abated from the Termination Datedate all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. Such abatement shall be the sole remedy of Tenant, and (iii) Paragraph 5.2.8 will not applyexcept as provided in this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The total amount due by provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant for the cost with respect to any and all damage to, or destruction of, all or any part of the Restoration shall not exceed the amount Premises, or any other portion of the Restoration LOC. The letter of credit must Project, and any statute or regulation which is now or may hereafter be in form acceptable effect shall have no application to Landlord and its counsel. Said letter this Lease or any damage or destruction to all or any part of credit is in addition to, and not in lieu ofthe Premises or any other portion of the Project, the letter of credit provided for in Paragraph 5.2 of the Leaseparties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 2 contracts

Samples: Lease Agreement (BioCardia, Inc.), Lease Agreement (BioCardia, Inc.)

Restoration. (a) Reference is made to Paragraphs 6.4 and 26.2 If, at any time during the Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of the Lease. Notwithstanding anything therein such damage as to the contraryamount of time Landlord reasonably estimates it will take to restore the Project or the Premises, but subject to subparagraph as applicable (b) below, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) ). If the Restoration Period is estimated to exceed 9 months (the “Maximum Restoration Period”), Landlord may, in order such notice, elect to be entitled to reimbursement. To secure its obligation under terminate this paragraph, Tenant shall deposit with Landlord, not later than ten (10) Lease as of the date that is 75 days after the execution date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless either Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and delivery paid for by Tenant), subject to delays arising from the collection of this Amendmentinsurance proceeds, an irrevocable letter from Force Majeure events or as needed to obtain any license, clearance or other authorization of credit any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the amount of $241,375.00 Premises (the collectively referred to herein as Restoration LOCHazardous Materials Clearances”). The ; provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration LOC must comply withPeriod or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration or Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord shall be governed by the terms of, Paragraph 5.2 relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the Lease; except date that is 75 days after the later of: (i) the reduction provisions discovery of Paragraph 5.2.1 will not applysuch damage or destruction, or (ii) the “End Date,” date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as that term is defined in Paragraph 5.2.3 Section 34) events or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either Landlord or Tenant may terminate this Lease upon written notice to the other if the Premises are damaged during the last year of the Lease Term and as applied Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord provides Tenant with written notice of the estimated Restoration Period. Notwithstanding anything to the Restoration LOCcontrary contained herein, may Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration. Rent shall be abated from the date all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not earlier than seven (7) months after usable by Tenant bears to the Termination Datetotal area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Material Clearances are required to be obtained by Tenant with respect to the Premises, rent abatement shall commence on the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and (iii) Paragraph 5.2.8 will not applyexcept as provided in this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The total amount due by provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant for the cost with respect to any and all damage to, or destruction of, all or any part of the Restoration shall not exceed the amount Premises, or any other portion of the Restoration LOC. The letter of credit must Project, and any statute or regulation which is now or may hereafter be in form acceptable effect shall have no application to Landlord and its counsel. Said letter this Lease or any damage or destruction to all or any part of credit is in addition to, and not in lieu ofthe Premises or any other portion of the Project, the letter of credit provided for in Paragraph 5.2 of the Leaseparties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 2 contracts

Samples: Lease Agreement (Zentalis Pharmaceuticals, Inc.), Lease Agreement (Zentalis Pharmaceuticals, LLC)

Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty covered by insurance carried by Landlord, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 12 months from the casualty date or if Landlord is unable to obtain the necessary permits for restoration within 6 months from the casualty date (a) Reference is made a “Premises Total Destruction”), either Landlord or Tenant may elect to Paragraphs 6.4 terminate this Lease upon notice to the other party given no later than 30 days after Landlord's notice; provided, however, if the damage or destruction was caused by the gross negligence or willful misconduct of Tenant, Landlord shall have the right to recover Landlord's damages from Tenant, except as provided in Section 8.C., and 26.2 Tenant shall have no right to terminate this Lease. If neither party elects to terminate this Lease or if Landlord estimates that restoration will take 12 months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall diligently pursue the necessary permits and promptly restore the Premises excluding Trade Fixtures and the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events (as defined in Section 47). Tenant at Tenant's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last 6 months of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Notwithstanding the foregoing, if Tenant at that time has an exercisable option to extend this Lease, then Tenant may preserve this Lease by exercising such option and providing Landlord with any shortage in insurance proceeds (or adequate assurance thereof) needed to make the repairs within 10 days after Tenant's receipt of Landlord's written notice purporting to terminate this Lease. Base Rent and Operating Expenses shall be abated for the period of repair and restoration of an insured casualty commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss, including without limitation those available under California Civil Code Sections 1932 and 1933(4). Notwithstanding anything therein contained in the Lease to the contrary, but subject to subparagraph (b) below, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing extent the office improvements in damage to the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises Project is attributable to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order to be entitled to reimbursement. To secure its obligation under this paragraphTenant, Tenant shall deposit pay to Landlord with Landlord, not later than ten (10) days after the execution and delivery of this Amendment, an irrevocable letter of credit in the amount of $241,375.00 (the “Restoration LOC”). The Restoration LOC must comply with, and shall be governed by the terms of, Paragraph 5.2 of the Lease; except that (i) the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 of the Lease and as applied respect to any damage to the Restoration LOC, may not be not earlier than seven (7) months after the Termination Date, and (iii) Paragraph 5.2.8 will not apply. The total amount due by Tenant for the cost of the Restoration shall not exceed Project the amount of the Restoration LOC. The letter commercially reasonable deductible under Landlord's insurance policy, not to exceed $10,000.00, within 30 days after presentment of credit must be in form acceptable to Landlord and its counsel. Said letter of credit is in addition to, and not in lieu of, the letter of credit provided for in Paragraph 5.2 of the LeaseLandlord's invoice.

Appears in 2 contracts

Samples: Lease Agreement (iPower Inc.), Lease Agreement (iPower Inc.)

Restoration. (a) Reference is made to Paragraphs 6.4 and 26.2 If, at any time during the Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of the Lease. Notwithstanding anything therein such damage as to the contraryamount of time Landlord reasonably estimates it will take to restore the Project or the Premises, but subject to subparagraph as applicable (b) below, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) ). If the Restoration Period is estimated to exceed 9 months (the “Maximum Restoration Period”), Landlord may, in order such notice, elect to be entitled to reimbursement. To secure its obligation under terminate this paragraph, Tenant shall deposit with Landlord, not later than ten (10) Lease as of the date that is 75 days after the execution date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 20 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless either Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding any Alterations installed by Tenant or by Landlord and delivery paid for by Tenant), subject to delays arising from the collection of this Amendmentinsurance proceeds, an irrevocable letter from Force Majeure events or as needed to obtain any license, clearance or other authorization of credit any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the amount of $241,375.00 Premises (the collectively referred to herein as Restoration LOCHazardous Materials Clearances”). The ; provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration LOC must comply withPeriod or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord shall be governed by the terms of, Paragraph 5.2 relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the Lease; except date that is 75 days after the later of: (i) the reduction provisions discovery of Paragraph 5.2.1 will not applysuch damage or destruction, or (ii) the “End Date,” as date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. If this Lease has not been terminated pursuant to this Section 18, after the date that term is defined in Paragraph 5.2.3 of the Lease and as applied to the Restoration LOC, may not be not earlier than seven (7) 4.5 months after the Termination Datediscovery of the damage or destruction, Tenant may deliver to Landlord a written request of Landlord’s determination of the time remaining to restore the Project or the Premises, as applicable. Landlord shall deliver a response to Tenant within 10 days after Landlord’s receipt of Tenant’s written request indicating Landlord’s reasonable estimate of the time remaining to restore the Project or the Premises. If the time estimated by Landlord exceeds the Restoration Period or, if applicable, the Maximum Restoration Period, Tenant may by written notice to Landlord delivered within 10 business days after Tenant’s receipt of Landlord’s response, elect to terminate this Lease and this Lease shall terminate as provided above. Notwithstanding the foregoing, either Landlord or Tenant may terminate this Lease upon written notice to the other if the Premises are damaged during the last year of the Term (which, if Tenant has elected to exercise its Extension Right pursuant to Section 39, shall be the last year of the Extension Term) and Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord provides Tenant with written notice of the estimated Restoration Period. Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration. Notwithstanding the foregoing, Landlord shall have no right to terminate this Lease pursuant to the immediately preceding sentence if insurance proceeds are not available as a result of Landlord’s failure to maintain insurance required to be maintained by Landlord pursuant to the terms of this Lease. Rent shall be abated from the date all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space reasonably acceptable to Tenant during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Material Clearances are required to be obtained by Tenant with respect to the Premises, rent abatement shall commence on the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and (iii) Paragraph 5.2.8 will not applyexcept as provided in this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The total amount due by provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant for the cost with respect to any and all damage to, or destruction of, all or any part of the Restoration shall not exceed the amount Premises, or any other portion of the Restoration LOC. The letter of credit must Project, and any statute or regulation which is now or may hereafter be in form acceptable effect shall have no application to Landlord and its counsel. Said letter this Lease or any damage or destruction to all or any part of credit is in addition to, and not in lieu ofthe Premises or any other portion of the Project, the letter of credit provided for in Paragraph 5.2 of the Leaseparties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 2 contracts

Samples: Lease Agreement (ONCOSEC MEDICAL Inc), Lease Agreement (Vividion Therapeutics, Inc.)

Restoration. (a) Reference If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is made estimated to Paragraphs 6.4 exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will xxxx 0 months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and 26.2 paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding anything therein the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Tenant shall pay to Landlord with respect to any damage to the contrary, but subject to subparagraph (b) below, Landlord may require that Tenant reimburse Landlord for Premises the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination amount of the Term commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after presentment of Landlord's invoice. If the Lease, and restoring damage involves the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses premises of other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order to be entitled to reimbursement. To secure its obligation under this paragraphtenants, Tenant shall deposit with Landlord, not later than ten (10) days after pay the execution and delivery of this Amendment, an irrevocable letter of credit in the amount of $241,375.00 (the “Restoration LOC”). The Restoration LOC must comply with, and shall be governed by the terms of, Paragraph 5.2 portion of the Lease; except deductible that (i) the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 of the Lease and as applied to the Restoration LOC, may not be not earlier than seven (7) months after the Termination Date, and (iii) Paragraph 5.2.8 will not apply. The total amount due by Tenant for the cost of the Restoration shall not exceed the amount restoration of the Restoration LOCPremises bears to the total cost of restoration, as determined by Landlord. The letter Base Rent and Operating Expenses shall be abated for the period of credit must repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be in form acceptable to Landlord and its counsel. Said letter the sole remedy of credit is in addition toTenant, and not in lieu ofexcept as provided herein, Tenant waives any right to terminate the letter Lease by reason of credit provided for in Paragraph 5.2 of the Leasedamage or casualty loss.

Appears in 2 contracts

Samples: Lease Agreement (Onsale Inc), Lease Agreement (Channell Commercial Corp)

Restoration. (a) Reference is made to Paragraphs 6.4 and 26.2 If, at any time during the Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of the Lease. Notwithstanding anything therein such damage as to the contraryamount of time Landlord reasonably estimates it will take to restore the Project or the Premises, but subject to subparagraph as applicable (b) below, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) ). If the Restoration Period is estimated to exceed 12 months (the “Maximum Restoration Period”), Landlord may, in order such notice, elect to be entitled to reimbursement. To secure its obligation under terminate this paragraph, Tenant shall deposit with Landlord, not later than ten (10) Lease as of the date that is 75 days after the execution date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless either Landlord or Tenant so elect to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and delivery paid for by Tenant), subject to delays arising from the collection of this Amendmentinsurance proceeds, an irrevocable letter from Force Majeure events or as needed to obtain any license, clearance or other authorization of credit any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the amount of $241,375.00 Premises (the collectively referred to herein as Restoration LOCHazardous Materials Clearances”). The ; provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration LOC must comply withPeriod or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 5 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord shall be governed by the terms of, Paragraph 5.2 relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the Lease; except date that is 75 days after the later of: (i) the reduction provisions discovery of Paragraph 5.2.1 will not applysuch damage or destruction, or (ii) the “End Date,” date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as that term is defined in Paragraph 5.2.3 Section 34) events or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord may terminate this Lease if the Premises are damaged during the last 1 year of the Lease Term and as applied Landlord reasonably estimates that it will take more than 2 months to repair such damage, or if insurance proceeds are not available for such restoration. Rent shall be abated from the date all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the Restoration LOCtotal area of the Premises, may not unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. Such abatement shall be not earlier than seven (7) months after the Termination Datesole remedy of Tenant, and (iii) Paragraph 5.2.8 will not applyexcept as provided in this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The total amount due by provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant for the cost with respect to any and all damage to, or destruction of, all or any part of the Restoration shall not exceed the amount Premises, or any other portion of the Restoration LOC. The letter of credit must Project, and any statute or regulation which is now or may hereafter be in form acceptable effect shall have no application to Landlord and its counsel. Said letter this Lease or any damage or destruction to all or any part of credit is in addition to, and not in lieu ofthe Premises or any other portion of the Project, the letter of credit provided for in Paragraph 5.2 of the Leaseparties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 2 contracts

Samples: Sublease Agreement (Poniard Pharmaceuticals, Inc.), Lease Agreement (Poniard Pharmaceuticals, Inc.)

Restoration. (a) Reference is made to Paragraphs 6.4 and 26.2 If, at any time during the Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of the Lease. Notwithstanding anything therein such damage as to the contraryamount of time Landlord reasonably estimates it will take to restore the Project or the Premises, but subject to subparagraph as applicable (b) below, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) ). If the Restoration Period is estimated to exceed 12 months (the “Maximum Restoration Period”), Landlord may, in order such notice, elect to be entitled to reimbursement. To secure its obligation under terminate this paragraph, Tenant shall deposit with Landlord, not later than ten (10) Lease as of the date that is 75 days after the execution date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless either Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and delivery paid for by Tenant), subject to delays arising from the collection of this Amendmentinsurance proceeds, an irrevocable letter from Force Majeure events or as needed to obtain any license, clearance or other authorization of credit any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the amount of $241,375.00 Premises (the collectively referred to herein as Restoration LOCHazardous Materials Clearances”). The ; provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration LOC must comply withPeriod or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 5 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this, in which event Landlord shall be governed by the terms of, Paragraph 5.2 relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the Lease; except date that is 75 days after the later of: (i) the reduction provisions discovery of Paragraph 5.2.1 will not applysuch damage or destruction, or (ii) the “End Date,” date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Net Multi-Tenant Laboratory 455 Mission Bay/Twist Bioscience - Page 13 Tenant, at its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as that term is defined in Paragraph 5.2.3 Section 34) events or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either Landlord or Tenant may terminate this Lease upon written notice to the other if the Premises are damaged during the last year of the Term and Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord provides Tenant with written notice of the estimated Restoration Period. Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration. Rent shall be abated from the date all required Hazardous Material Clearances are obtained until the Premises are repaired and as applied restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the Restoration LOCtotal area of the Premises, may not unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. Such abatement shall be not earlier than seven (7) months after the Termination Datesole remedy of Tenant, and (iii) Paragraph 5.2.8 will not applyexcept as provided in this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The total amount due by provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant for the cost with respect to any and all damage to, or destruction of, all or any part of the Restoration shall not exceed the amount Premises, or any other portion of the Restoration LOC. The letter of credit must Project, and any statute or regulation which is now or may hereafter be in form acceptable effect shall have no application to Landlord and its counsel. Said letter this Lease or any damage or destruction to all or any part of credit is in addition to, and not in lieu ofthe Premises or any other portion of the Project, the letter of credit provided for in Paragraph 5.2 of the Leaseparties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 2 contracts

Samples: Lease Agreement (Twist Bioscience Corp), Lease Agreement (Twist Bioscience Corp)

Restoration. (a) Reference If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within thirty (30) days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is made estimated to Paragraphs 6.4 exceed 120 days from the date of Landlord’s Notice, Tenant may elect to terminate this Lease upon notice to the other party given no later than thirty (30) days after Landlord’s Notice. If Tenant does not elect to terminate this Lease or if Landlord estimates that restoration will take 120 days or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises, excluding the improvements installed by Tenant or by Landlord and 26.2 paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant, at Tenant’s expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration to the Premises not required to be done by Landlord (provided, however, if such damage or destruction is caused by the act(s) or omission(s) of Landlord, its employees, agents, or contractors, Landlord shall pay to Tenant with respect to any damage to the Premises the amount of the Lease. Notwithstanding anything therein to the contrarycommercially reasonable deductible under Tenant’s insurance policy, but subject to subparagraph (b) below, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse exceed Five Thousand Dollars (all such demolition$5,000.00), restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order to be entitled to reimbursement. To secure its obligation under this paragraph, Tenant shall deposit with Landlord, not later than ten (10) days after the execution and delivery presentment of this Amendment, an irrevocable letter of credit in the amount of $241,375.00 (the “Restoration LOC”). The Restoration LOC must comply with, Tenant’s invoice) and shall be governed by promptly re-enter the terms ofPremises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Paragraph 5.2 of either party may terminate this Lease upon thirty (30) days written notice to the Lease; except that (i) other if the reduction provisions of Paragraph 5.2.1 will not apply, (ii) Premises are damaged during the “End Date,” as that term is defined in Paragraph 5.2.3 last year of the Lease Term and as applied Landlord reasonably estimates that it will take more than thirty (30) days to the Restoration LOC, may not be not earlier than seven (7) months after the Termination Date, and (iii) Paragraph 5.2.8 will not apply. The total amount due by Tenant for the cost of the Restoration shall not exceed the amount of the Restoration LOC. The letter of credit must be in form acceptable to Landlord and its counsel. Said letter of credit is in addition to, and not in lieu of, the letter of credit provided for in Paragraph 5.2 of the Leaserepair such damage.

Appears in 2 contracts

Samples: Lease Agreement (MetaMorphix Inc.), Sublease (MetaMorphix Inc.)

Restoration. (a) Reference is made to Paragraphs 6.4 and 26.2 If, at any time during the Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of the Lease. Notwithstanding anything therein such damage as to the contraryamount of time Landlord reasonably estimates it will take to restore the Project or the Premises, but subject to subparagraph as applicable (b) below, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) ). If the Restoration Period is estimated to exceed 12 months (the “Maximum Restoration Period”), Landlord may, in order such notice, elect to be entitled to reimbursement. To secure its obligation under terminate this paragraph, Tenant shall deposit with Landlord, not later than ten (10) Lease as of the date that is 75 days after the execution date of discovery of such damage or destruction. Unless Landlord so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and delivery paid for by Tenant), subject to delays arising from the collection of this Amendmentinsurance proceeds, an irrevocable letter from Force Majeure events or as needed to obtain any license, clearance or other authorization of credit any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the amount of $241,375.00 Premises (the collectively referred to herein as Restoration LOCHazardous Materials Clearances”). The ; provided however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration LOC must comply withPeriod or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, in which event Landlord shall be governed by the terms of, Paragraph 5.2 relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the Lease; except date that is 75 days after the later of: (i) the reduction provisions discovery of Paragraph 5.2.1 will not applysuch damage or destruction, or (ii) the “End Date,” date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as that term is defined in Paragraph 5.2.3 Section 34) events or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord and shall promptly re­enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord may terminate this Lease if the Premises are damaged during the last 1 year of the Lease Term and as applied Landlord reasonably estimates that it will take more than 2 months to repair such damage, or if insurance proceeds are not available for such restoration. Rent shall be abated from the date all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the Restoration LOCtotal area of the Premises, may not unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant's business. Such abatement shall be not earlier than seven (7) months after the Termination Datesole remedy of Tenant, and (iii) Paragraph 5.2.8 will not applyexcept as provided in this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The total amount due by provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant for the cost with respect to any and all damage to, or destruction of, all or any part of the Restoration shall not exceed the amount Premises, or any other portion of the Restoration LOC. The letter of credit must Project, and any statute or regulation which is now or may hereafter be in form acceptable effect shall have no application to Landlord and its counsel. Said letter this Lease or any damage or destruction to all or any part of credit is in addition to, and not in lieu ofthe Premises or any other portion of the Project, the letter of credit provided for in Paragraph 5.2 of the Leaseparties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 2 contracts

Samples: Lease Agreement (Stem Cell Assurance, Inc.), Lease Agreement (Stem Cell Assurance, Inc.)

Restoration. (a) Reference is made to Paragraphs 6.4 and 26.2 of If at any time during the Lease. Notwithstanding anything therein to Lease Term the contrary, but subject to subparagraph (b) belowPremises are damaged by fire or other casualty, Landlord may require that shall notify Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration writing within the six (6) month period following the Termination Date (“Restoration Period”) in order to be entitled to reimbursement. To secure its obligation under this paragraph, Tenant shall deposit with Landlord, not later than ten (10) 60 days after the execution and delivery of this Amendment, an irrevocable letter of credit in such damage as to the amount of $241,375.00 (time Landlord reasonably estimates it will take to restore the “Restoration LOC”)Premises. The Restoration LOC must comply withIf the restoration time is estimated to exceed 6 months, and either Landlord or Tenant may elect to terminate this Lease upon written notice to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease, or if Landlord estimates that restoration will take 6 months or less, then Landlord shall, subject to delays arising from the collection of insurance proceeds or from events of Force Majeure, restore the Premises, excluding any Tenant-Made Alterations. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be governed done by Landlord. Notwithstanding the terms offoregoing, Paragraph 5.2 of either party may terminate this Lease if the Lease; except that (i) Premises are damaged during the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 last year of the Lease Term and as applied Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the proportion of the Premises, if any, which is not usable by Tenant bears to the Restoration LOC, may not total area of the Premises. Such abatement shall be not earlier than seven (7) months after the Termination Datesole remedy of Tenant, and (iii) Paragraph 5.2.8 will not apply. The total amount due except as provided above, Tenant waives any right to terminate the Lease by Tenant for the cost reason of the Restoration shall not exceed the amount of the Restoration LOC. The letter of credit must be in form acceptable to Landlord and its counsel. Said letter of credit is in addition to, and not in lieu of, the letter of credit provided for in Paragraph 5.2 of the Leasedamage or casualty loss.

Appears in 2 contracts

Samples: Lease Agreement (RayzeBio, Inc.), Lease Agreement (RayzeBio, Inc.)

Restoration. (a) Reference is made to Paragraphs 6.4 and 26.2 If, at any time during the Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of the Lease. Notwithstanding anything therein such damage as to the contraryamount of time Landlord reasonably estimates it will take to restore the Project or the Premises, but subject to subparagraph as applicable (b) below, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) ). If the Restoration Period is estimated to exceed 9 months (the “Maximum Restoration Period”), Landlord may, in order such notice, elect to be entitled to reimbursement. To secure its obligation under terminate this paragraph, Tenant shall deposit with Landlord, not later than ten (10) Lease as of the date that is 75 days after the execution date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless either Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and delivery paid for by Tenant), subject to delays arising from the collection of this Amendmentinsurance proceeds, an irrevocable letter from Force Majeure events or as needed to obtain any license, clearance or other authorization of credit any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the amount of $241,375.00 Premises (the collectively referred to herein as Restoration LOCHazardous Materials Clearances”). The ; provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration LOC must comply withPeriod or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration or Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord shall be governed by the terms of, Paragraph 5.2 relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the Lease; except date that is 75 days after the later of: (i) the reduction provisions discovery of Paragraph 5.2.1 will not applysuch damage or destruction, or (ii) the “End Date,” as that term is defined date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure events or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in Paragraph 5.2.3 accordance with this Lease. Notwithstanding the foregoing, either Landlord or Tenant may terminate this Lease upon written notice to the other if the Premises are damaged during the last year of the Lease Term and as applied Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord provides Tenant with written notice of the estimated Restoration Period. Notwithstanding anything to the Restoration LOCcontrary contained herein, may Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration. Rent shall be abated from the date all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not earlier than seven (7) months after usable by Tenant bears to the Termination Datetotal area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Material Clearances are required to be obtained by Tenant with respect to the Premises, rent abatement shall commence on the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and (iii) Paragraph 5.2.8 will not applyexcept as provided in this Section 18, Tenant waives any right to terminate this Lease by reason of damage or casualty loss. The total amount due by provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant for the cost with respect to any and all damage to, or destruction of, all or any part of the Restoration shall not exceed the amount Premises, or any other portion of the Restoration LOC. The letter of credit must Project, and any statute or regulation which is now or may hereafter be in form acceptable effect shall have no application to Landlord and its counsel. Said letter this Lease or any damage or destruction to all or any part of credit is in addition to, and not in lieu ofthe Premises or any other portion of the Project, the letter of credit provided for in Paragraph 5.2 of the Leaseparties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 2 contracts

Samples: Lease Agreement (Erasca, Inc.), Lease Agreement (Erasca, Inc.)

Restoration. (a) Reference is made to Paragraphs 6.4 and 26.2 If, at any time during the Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of the Lease. Notwithstanding anything therein such damage as to the contraryamount of time Landlord reasonably estimates it will take to restore the Project or the Premises, but subject to subparagraph as applicable (b) below, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) ). If the Restoration Period is estimated to exceed 9 months from the date of discovery of the damage or destruction (the “Maximum Restoration Period”), Landlord may, in order such notice, elect to be entitled to reimbursement. To secure its obligation under terminate this paragraph, Tenant shall deposit with Landlord, not later than ten (10) Lease as of the date that is 75 days after the execution date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless either Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and delivery paid for by Tenant), subject to delays arising from the collection of this Amendmentinsurance proceeds, an irrevocable letter from Force Majeure events or as needed to obtain any license, clearance or other authorization of credit any kind required in connection with Tenant’s occupancy of the amount Premises to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of $241,375.00 Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as Restoration LOCHazardous Materials Clearances”). The ; provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration LOC must comply withPeriod or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration or Tenant may by written notice to Landlord delivered within 5 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord shall be governed by the terms of, Paragraph 5.2 relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the Lease; except date that is 75 days after the later of: (i) the reduction provisions discovery of Paragraph 5.2.1 will not applysuch damage or destruction, or (ii) the “End Date,” date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Except to the extent that this Lease is terminated by Landlord or Tenant pursuant to the terms of this Section 18, Tenant, at its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as that term is defined in Paragraph 5.2.3 Section 34) events or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord may terminate this Lease if the Premises are damaged during the last 1 year of the Lease Term and as applied Landlord reasonably estimates that it will take more than 2 months to repair such damage, or if insurance proceeds are not available for such restoration. Rent shall be abated from the date all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the Restoration LOCtotal area of the Premises, may not unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Material Clearances are required to be not earlier than seven (7) months after obtained by Tenant with respect to the Termination DatePremises, rent abatement shall commence on the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and (iii) Paragraph 5.2.8 will not applyexcept as provided in this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The total amount due by provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant for the cost with respect to any and all damage to, or destruction of, all or any part of the Restoration shall not exceed the amount Premises, or any other portion of the Restoration LOC. The letter of credit must Project, and any statute or regulation which is now or may hereafter be in form acceptable effect shall have no application to Landlord and its counsel. Said letter this Lease or any damage or destruction to all or any part of credit is in addition to, and not in lieu ofthe Premises or any other portion of the Project, the letter of credit provided for in Paragraph 5.2 of the Leaseparties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 2 contracts

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

Restoration. (a) Reference is made to Paragraphs 6.4 and 26.2 If, at any time during the Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of the Lease. Notwithstanding anything therein such damage as to the contraryamount of time Landlord reasonably estimates it will take to restore the Project or the Premises, but subject to subparagraph as applicable (b) below, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) ). If the Restoration Period is estimated to exceed 9 months (the “Maximum Restoration Period”), Landlord may, in order such notice, elect to be entitled to reimbursement. To secure its obligation under terminate this paragraph, Tenant shall deposit with Landlord, not later than ten (10) Lease as of the date that is 75 days after the execution date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless either Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and delivery paid for by Tenant), subject to delays arising from the collection of this Amendmentinsurance proceeds, an irrevocable letter from Force Majeure events or as needed to obtain any license, clearance or other authorization of credit any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the amount of $241,375.00 Premises (the collectively referred to herein as Restoration LOCHazardous Materials Clearances”). The ; provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration LOC must comply withPeriod or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord shall be governed by the terms of, Paragraph 5.2 relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the Lease; except date that is 75 days after the later of: (i) the reduction provisions discovery of Paragraph 5.2.1 will not applysuch damage or destruction, or (ii) the “End Date,” as that term is defined date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure events or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in Paragraph 5.2.3 accordance with this Lease. Notwithstanding the foregoing, either Landlord or Tenant may terminate this Lease upon written notice to the other if the Premises are damaged during the last year of the Lease Term and as applied Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord provides Tenant with written notice of the estimated Restoration Period. Notwithstanding anything to the Restoration LOCcontrary contained herein, may Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration. Rent shall be abated from the date all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not earlier than seven (7) months after usable by Tenant bears to the Termination Datetotal area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Material Clearances are required to be obtained by Tenant with respect to the Premises, rent abatement shall commence on the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and (iii) Paragraph 5.2.8 will not applyexcept as provided in this Section 18, Tenant waives any right to terminate this Lease by reason of damage or casualty loss. The total amount due by provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant for the cost with respect to any and all damage to, or destruction of, all or any part of the Restoration shall not exceed the amount Premises, or any other portion of the Restoration LOC. The letter of credit must Project, and any statute or regulation which is now or may hereafter be in form acceptable effect shall have no application to Landlord and its counsel. Said letter this Lease or any damage or destruction to all or any part of credit is in addition to, and not in lieu ofthe Premises or any other portion of the Project, the letter of credit provided for in Paragraph 5.2 of the Leaseparties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 2 contracts

Samples: Lease Agreement (RayzeBio, Inc.), Lease Agreement (RayzeBio, Inc.)

Restoration. (a) Reference If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is made estimated to Paragraphs 6.4 exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will xxxx 0 months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and 26.2 paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding anything therein the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Tenant shall pay to Landlord with respect to any damage to the contrary, but subject to subparagraph (b) below, Landlord may require that Tenant reimburse Landlord for Premises the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination amount of the Term commercially reasonable deductible under Landlord's insurance policy within 10 days after presentment of Landlord's invoice. If the Lease, and restoring damage involves the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses premises of other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order to be entitled to reimbursement. To secure its obligation under this paragraphtenants, Tenant shall deposit with Landlord, not later than ten (10) days after pay the execution and delivery of this Amendment, an irrevocable letter of credit in the amount of $241,375.00 (the “Restoration LOC”). The Restoration LOC must comply with, and shall be governed by the terms of, Paragraph 5.2 portion of the Lease; except deductible that (i) the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 of the Lease and as applied to the Restoration LOC, may not be not earlier than seven (7) months after the Termination Date, and (iii) Paragraph 5.2.8 will not apply. The total amount due by Tenant for the cost of the Restoration shall not exceed the amount restoration of the Restoration LOCPremises bears to the total cost of restoration, as determined by Landlord. The letter Base Rent and Operating Expenses shall be abated for the period of credit must repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be in form acceptable to Landlord and its counsel. Said letter the sole remedy of credit is in addition toTenant, and not in lieu ofexcept as provided herein, Tenant waives any right to terminate the letter Lease by reason of credit provided for in Paragraph 5.2 of the Leasedamage or casualty loss.

Appears in 2 contracts

Samples: Lease Agreement (Volterra Semiconductor Corp), Lease Agreement (Intervideo Inc)

Restoration. If, at any time during the Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Project or the Premises, as applicable (a) Reference the “Restoration Period”). If the Restoration Period is made estimated to Paragraphs 6.4 and 26.2 exceed 9 months (the “Maximum Restoration Period”), Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless either Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the Tenant Improvements and any other improvements installed by Tenant or by Landlord and paid for by Tenant), subject to delays arising from the collection of insurance proceeds, from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 5 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs and restoration, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure events or to obtain Hazardous Materials Clearances, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding anything therein the foregoing, either Landlord or Tenant may terminate this Lease upon written notice to the contrary, but subject to subparagraph (b) below, Landlord may require that Tenant reimburse Landlord for other if the reasonable cost of demolishing Premises are damaged during the office improvements in the FONS Premises upon the expiration or sooner termination last year of the Term and Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord delivers written notice to Tenant of the Leaseestimated Restoration Period. Notwithstanding anything to the contrary contained herein, and restoring Landlord shall also have the entire FONS Premises right to shell warehouse condition, repairing any damage caused by terminate this Lease if insurance proceeds are not available for such demolition and restoration, provided that such demolition unavailability of insurance proceeds is not the result of Landlord’s failure to prepare maintain the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order insurance policies required to be entitled maintained by Landlord under Section 17. Rent shall be abated from the date all required Hazardous Materials Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to reimbursementthe total area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. To secure its obligation under In the event that no Hazardous Materials Clearances are required to be obtained by Tenant with respect to the Premises in connection with such fire or other casualty, rent abatement shall commence on the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this paragraphSection 18, Tenant shall deposit with Landlord, not later than ten (10) days after the execution and delivery waives any right to terminate this Lease by reason of damage or casualty loss. The provisions of this AmendmentLease, including this Section 18, constitute an irrevocable letter express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of credit in the amount Premises, or any other portion of $241,375.00 (the “Restoration LOC”). The Restoration LOC must comply withProject, and any statute or regulation which is now or may hereafter be in effect shall be governed by the terms of, Paragraph 5.2 have no application to this Lease or any damage or destruction to all or any part of the Lease; except that (i) the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 Premises or any other portion of the Lease and as applied to the Restoration LOC, may not be not earlier than seven (7) months after the Termination Date, and (iii) Paragraph 5.2.8 will not apply. The total amount due by Tenant for the cost of the Restoration shall not exceed the amount of the Restoration LOC. The letter of credit must be in form acceptable to Landlord and its counsel. Said letter of credit is in addition to, and not in lieu ofProject, the letter of credit provided for in Paragraph 5.2 of the Leaseparties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Vaxcyte, Inc.)

Restoration. (a) Reference If at any time during the Term the Premises are damaged by a fire or other insured casualty, Landlord shall notify Tenant as soon as reasonably possible, but in any event within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is made estimated to Paragraphs 6.4 and 26.2 exceed 9 months, Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that if Landlord estimates the restoration period to be greater than 9 months, then notwithstanding Landlord's election to restore the Premises, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 5 business days of receipt of Landlord's notice electing to restore the Premises. Unless either Landlord or Tenant elects to terminate this Lease. Notwithstanding anything therein , Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense; provided, however that with respect to the contrarydeductible for earthquake insurance the maximum amount included in current Operating Expenses shall be 5% of the replacement value of the Premises), but promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant), subject to subparagraph delays arising from the collection of insurance proceeds, from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any governmental or quasi-governmental agency having jurisdiction over the use, storage, release or removal of Hazardous Materials in, on or about the Premises (b) belowcollectively referred to herein as "HAZARDOUS MATERIALS CLEARANCES"); provided, however, that if repair or restoration of the Premises is not Substantially Complete as of the end of 9 months from the date of damage or destruction, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements may, in the FONS Premises upon the expiration or sooner termination of the Term of the Leaseits sole and absolute discretion, and restoring the entire FONS Premises elect not to shell warehouse condition, repairing any damage caused by proceed with such demolition repair and restoration, provided that or Tenant may by written notice to Landlord delivered within 5 business days of the expiration of such demolition is not 9 month period, elect to prepare the FONS Premises for fit out for office use terminate this Lease, in which event Landlord shall be relieved of its obligation to make such repairs or uses other than warehouse (all such demolition, restoration and repair collectively referred to this Lease shall terminate as of the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order to be entitled to reimbursement. To secure its obligation under this paragraph, Tenant shall deposit with Landlord, not later than ten (10) date that is 75 days after the execution and delivery of this Amendment, an irrevocable letter of credit in the amount of $241,375.00 (the “Restoration LOC”). The Restoration LOC must comply with, and shall be governed by the terms later of, Paragraph 5.2 of the Lease; except that : (i) the reduction provisions discovery of Paragraph 5.2.1 will not applysuch damage or destruction, or (ii) the “End Date,” as that term is defined date all required Hazardous Materials Clearances are obtained. Tenant, at its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure events or to obtain Hazardous Material Clearances, all repairs or restoration to Tenant's Alterations, personal property and trade fixtures not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in Paragraph 5.2.3 accordance with this Lease. Notwithstanding the foregoing, Landlord or Tenant may terminate this Lease if the Premises are damaged during the last year of the Lease Term and as applied Landlord reasonably estimates that it will take more than 3 months to repair such damage, or if insurance proceeds are not available for such restoration, by written notice to the Restoration LOCother party delivered within 5 business days of receipt of Landlord's notice to Tenant of such damage. Rent shall be abated from the date all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, may in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant's business. Such abatement shall be not earlier than seven (7) months after the Termination Datesole remedy of Tenant, and (iii) Paragraph 5.2.8 will not applyexcept as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The total amount due by provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant for the cost with respect to any and all damage to, or destruction of, all or any part of the Restoration Premises, and any statute or regulation which is now or may hereafter be in effect, shall not exceed the amount have no application to this Lease or any damage or destruction to all or any part of the Restoration LOC. The letter of credit must be in form acceptable to Landlord and its counsel. Said letter of credit is in addition to, and not in lieu ofPremises, the letter of credit provided for in Paragraph 5.2 of the Leaseparties hereto expressly agreeing this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (SGX Pharmaceuticals, Inc.)

Restoration. (a) Reference is made to Paragraphs 6.4 and 26.2 of If at any time during the Lease. Notwithstanding anything therein to Lease Term the contrary, but subject to subparagraph (b) belowPremises are damaged by a fire or other casualty, Landlord may require that shall notify Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse within sixty (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order to be entitled to reimbursement. To secure its obligation under this paragraph, Tenant shall deposit with Landlord, not later than ten (1060) days after the execution and delivery of this Amendment, an irrevocable letter of credit in such damage as to the amount of $241,375.00 (time. Landlord or Landlord’s architect or general contractor reasonably estimates it will take to restore the “Restoration LOC”)Premises. The Restoration LOC must comply withIf Landlord or Landlord’s architect or general contractor estimates the restoration time to exceed 180 days from the date Landlord receives all permits, approvals, and licenses required to begin construction, then Tenant may request in writing within five (5) days following Landlord’s notice that Landlord select a third-party professional construction manager, subject to Landlord’s reasonable approval, to estimate the time it will take to restore the Premises. If Landlord and Tenant cannot mutually agree within three (3) business days of Tenant’s request as to the identity of such third-party professional construction manager, then Landlord and Tenant shall each nominate a professional construction manager, who shall, within two (2) business days thereafter, jointly select one professional construction manager in Dallas, Texas to determine the time needed to restore the Premises (and the determination of such third professional construction manager shall be governed by made as soon as reasonably practicable [but in no event more than 45 days following the terms ofdamage], Paragraph 5.2 of the Lease; except that (i) the reduction provisions of Paragraph 5.2.1 will not applyshall be deemed final, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 of the Lease and as applied and, notwithstanding anything else to the Restoration LOCcontrary in this Lease, may not be not earlier than seven (7) months after arbitrated or thereafter disputed by the Termination Dateparties hereto). If the restoration time is estimated to exceed 180 days from the date Landlord receives all permits, approvals, and licenses required to begin reconstruction, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than thirty (iii30) Paragraph 5.2.8 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord or Landlord’s architect or general contractor estimates that restoration will not apply. The total amount due take 180 days or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant for or by Landlord and paid by Tenant, subject to delays not caused by Landlord arising from CONFIDENTIAL & PROPRIETARY Subject to Audit Protective Agreement the cost collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays not caused by Tenant arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord. Notwithstanding the foregoing, either party may terminate this Lease upon thirty (30) days written notice to the other if the Premises are damaged during the last year of the Restoration shall not exceed the amount of the Restoration LOC. The letter of credit must be in form acceptable Lease Term and Landlord or Landlord’s architect or general contractor reasonably estimates that it will take more than thirty (30) days to Landlord and its counsel. Said letter of credit is in addition to, and not in lieu of, the letter of credit provided for in Paragraph 5.2 of the Leaserepair such damage.

Appears in 1 contract

Samples: Part of Lease Agreement (Rackspace Inc)

Restoration. (a) Reference If at any time during the Term the Premises is made damaged by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to Paragraphs 6.4 and 26.2 the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 12 months, Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided. however, that notwithstanding Landlord’s election to restore the Premises, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 5 business days of receipt of Landlord’s notice electing to restore the Premises over a 12 month or longer period. Unless Landlord or Tenant elects to terminate this Lease. Notwithstanding anything therein to the contrary, but Landlord shall, subject to subparagraph receipt of sufficient insurance proceeds (bwith any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant, subject to delays arising from the collection of insurance proceeds, from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any governmental or quasi-governmental agency having jurisdiction over the use, storage, release or removal of Hazardous Materials (as defined in Section 30) belowin, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of 12 months from the date of damage or destruction, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements may, in the FONS Premises upon the expiration or sooner termination of the Term of the Leaseits sole and absolute discretion, and restoring the entire FONS Premises elect not to shell warehouse condition, repairing any damage caused by proceed with such demolition repair and restoration, provided that or Tenant may, by written notice to Landlord delivered within 5 business days of the expiration of such demolition is not 12 month period, elect to prepare the FONS Premises for fit out for office use terminate this Lease in which event Landlord shall be relieved of its obligation to make such repairs or uses other than warehouse (all such demolition, restoration and repair collectively referred this Lease shall terminate as of the date that is 5 days after either party delivers written notice to as the other party of its election to terminate this Lease. If Landlord does not receive sufficient insurance proceeds to restore the Premises, Landlord shall be required to promptly elect whether to terminate this Lease or, subject to the other provisions of this Section 18, restore the Premises. In the event that Landlord elects to terminate this Lease pursuant to the preceding sentence, Landlord shall give notice (the “RestorationTermination Notice”) to Tenant of such election which notice shall also state the amount which is the difference between the amount of insurance proceeds received by Landlord and the cost to restore the Premises (the “Shortfall”). Landlord must perform the Restoration If, within the six (6) month period following the Termination Date (“Restoration Period”) in order to be entitled to reimbursement. To secure its obligation under this paragraph, Tenant shall deposit with Landlord, not later than ten (10) 10 days after the execution date of the Termination Notice, Tenant unconditionally delivers the Shortfall to Landlord in immediately available funds, this Lease shall not terminate and delivery Landlord shall, subject to the other provisions of this AmendmentSection 18, an irrevocable letter of credit in restore the amount of $241,375.00 (the “Restoration LOC”)Premises. The Restoration LOC must comply with, and shall be governed by the terms of, Paragraph 5.2 of the Lease; except Tenant acknowledges that (i) the reduction provisions payment by Tenant of Paragraph 5.2.1 will the Shortfall shall not apply, give Tenant any ownership rights or any other rights with respect to the Premises or the Project beyond those expressly provided for in this Lease and (ii) Landlord shall be under no obligation to repay the “End Date,” Shortfall to Tenant except the extent that any portion thereof is not used by Landlord. Tenant, at its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as that term is defined in Paragraph 5.2.3 Section 34) events or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord may terminate this Lease if the Premises are damaged during the last year of the Lease Term and as applied Landlord reasonably estimates that it will take more than one month to repair such damage, or if insurance proceeds are not available for such restoration. Rent shall be abated from the date all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the Restoration LOCtotal area of the Premises, may not unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. Such abatement shall be not earlier than seven (7) months after the Termination Datesole remedy of Tenant, and (iii) Paragraph 5.2.8 will not applyexcept as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The total amount due by provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant for the cost with respect to any and all damage to, or destruction of, all or any part of the Restoration shall not exceed the amount Premises, or any other portion of the Restoration LOC. The letter of credit must Project, and any statute or regulation which is now or may hereafter be in form acceptable effect shall have no application to Landlord and its counsel. Said letter this Lease or any damage or destruction to all or any part of credit is in addition to, and not in lieu ofthe Premises or any other portion of the Project, the letter of credit provided for in Paragraph 5.2 of the Leaseparties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Sunesis Pharmaceuticals Inc)

Restoration. (a) Reference is made to Paragraphs 6.4 and 26.2 If, at any time during the Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of the Lease. Notwithstanding anything therein such damage as to the contraryamount of time Landlord reasonably estimates it will take to restore the Project or the Premises, but subject to subparagraph as applicable (b) below, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) ). If the Restoration Period is estimated to exceed 9 months (the “Maximum Restoration Period”), Landlord may, in order such notice, elect to be entitled to reimbursement. To secure its obligation under terminate this paragraph, Tenant shall deposit with Landlord, not later than ten (10) Lease as of the date that is 75 days after the execution date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 10 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless either Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and delivery paid for by Tenant), subject to delays arising from the collection of this Amendmentinsurance proceeds, an irrevocable letter from Force Majeure events or as needed to obtain any license, clearance or other authorization of credit any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the amount of $241,375.00 Premises (the collectively referred to herein as Restoration LOCHazardous Materials Clearances”). The ; provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration LOC must comply withPeriod or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord shall be governed by the terms of, Paragraph 5.2 relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the Lease; except date that is 75 days after the later of: (i) the reduction provisions discovery of Paragraph 5.2.1 will not applysuch damage or destruction, or (ii) the “End Date,” as that term is defined date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure events or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in Paragraph 5.2.3 accordance with this Lease. Notwithstanding the foregoing, either Landlord or Tenant may terminate this Lease upon written notice to the other if the Premises are damaged during the last year of the Lease Term and as applied Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord provides Tenant with written notice of the estimated Restoration Period. Notwithstanding anything to the Restoration LOCcontrary contained herein, may Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration. Rent shall be abated from the date all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not earlier than seven (7) months after usable by Tenant bears to the Termination Datetotal area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Material Clearances are required to be obtained by Tenant with respect to the Premises, rent abatement shall commence on the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and (iii) Paragraph 5.2.8 will not applyexcept as provided in this Section 18, Tenant waives any right to terminate this Lease by reason of damage or casualty loss. The total amount due by provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant for the cost with respect to any and all damage to, or destruction of, all or any part of the Restoration shall not exceed the amount Premises, or any other portion of the Restoration LOC. The letter of credit must Project, and any statute or regulation which is now or may hereafter be in form acceptable effect shall have no application to Landlord and its counsel. Said letter this Lease or any damage or destruction to all or any part of credit is in addition to, and not in lieu ofthe Premises or any other portion of the Project, the letter of credit provided for in Paragraph 5.2 of the Leaseparties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Iovance Biotherapeutics, Inc.)

Restoration. (a) Reference is made to Paragraphs 6.4 and 26.2 If, at any time during the Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 45 days after discovery of the Lease. Notwithstanding anything therein such damage as to the contraryamount of time Landlord reasonably estimates it will take to restore the Project or the Premises, but subject to subparagraph as applicable (b) below, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) ). If the Restoration Period is estimated to exceed 9 months (the “Maximum Restoration Period”), Landlord may, in order such notice, elect to be entitled to reimbursement. To secure its obligation under terminate this paragraph, Tenant shall deposit with Landlord, not later than ten (10) Lease as of the date that is 60 days after the execution date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 10 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless either Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and delivery paid for by Tenant), subject to delays arising from the collection of this Amendmentinsurance proceeds, an irrevocable letter from Force Majeure events or as needed to obtain any license, clearance or other authorization of credit any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the amount of $241,375.00 Premises (the collectively referred to herein as Restoration LOCHazardous Materials Clearances”). The ; provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration LOC must comply withPeriod or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord shall be governed by the terms of, Paragraph 5.2 relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the Lease; except date that is 60 days after the later of: (i) the reduction provisions discovery of Paragraph 5.2.1 will not applysuch damage or destruction, or (ii) the “End Date,” date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as that term is defined in Paragraph 5.2.3 Section 34) events or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either Landlord or Tenant may terminate this Lease upon written notice to the other if the Premises are damaged during the last year of the Lease Term and either 25% or more of the Premises has been damaged, as applied reasonably determined by Landlord, or Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord provides Tenant with written notice of the estimated Restoration Period. Notwithstanding anything to the Restoration LOCcontrary contained herein, may Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration. Rent shall be abated from the date all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not earlier than seven (7) months after usable by Net Laboratory 29 Xxxxxxxx/Rana Development - Page 14 Tenant bears to the Termination Datetotal area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Material Clearances are required to be obtained by Tenant with respect to the Premises, rent abatement shall commence on the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and (iii) Paragraph 5.2.8 will not applyexcept as provided in this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The total amount due by provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant for the cost with respect to any and all damage to, or destruction of, all or any part of the Restoration shall not exceed the amount Premises, or any other portion of the Restoration LOC. The letter of credit must Project, and any statute or regulation which is now or may hereafter be in form acceptable effect shall have no application to Landlord and its counsel. Said letter this Lease or any damage or destruction to all or any part of credit is in addition to, and not in lieu ofthe Premises or any other portion of the Project, the letter of credit provided for in Paragraph 5.2 of the Leaseparties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Translate Bio, Inc.)

Restoration. (a) Reference If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within thirty (30) days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is made estimated to Paragraphs 6.4 exceed 180 days from the date Landlord receives all permits, approvals, and 26.2 licenses required to begin reconstruction, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than thirty (30) days after Landlord's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will take 180 days or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding Tenant's personal property and trade fixtures, subject to delays arising from the collection of insurance proceeds or from Force Majeure events provided, however if, despite Landlord's reasonable efforts, such repairs are not actually completed within one hundred eighty (180) days from commencement of the repairs, then Landlord shall use commercially reasonable efforts to relocate or find replacement space for the tenant in the Project until such repairs are completed, but if Landlord is unable to do so within such one hundred eighty (180) day period, then Tenant shall have the right to terminate this Lease within 30 days after the expiration of such one hundred eighty (180) day period. Tenant at Tenant's expense shall promptly perform after completion of Landlord's restoration and delivery of the Premises to Tenant, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding anything therein the foregoing, either party may terminate this Lease upon thirty (30) days written notice to the contrary, but subject to subparagraph (b) below, Landlord may require that Tenant reimburse Landlord for other if the reasonable cost of demolishing Premises are damaged during the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order to be entitled to reimbursement. To secure its obligation under this paragraph, Tenant shall deposit with Landlord, not later than ten (10) days after the execution and delivery of this Amendment, an irrevocable letter of credit in the amount of $241,375.00 (the “Restoration LOC”). The Restoration LOC must comply with, and shall be governed by the terms of, Paragraph 5.2 of the Lease; except that (i) the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 last year of the Lease Term and as applied Landlord reasonably estimates that it will take more than thirty (30) days to the Restoration LOC, may not be not earlier than seven (7) months after the Termination Date, and (iii) Paragraph 5.2.8 will not apply. The total amount due by Tenant for the cost of the Restoration shall not exceed the amount of the Restoration LOC. The letter of credit must be in form acceptable to Landlord and its counsel. Said letter of credit is in addition to, and not in lieu of, the letter of credit provided for in Paragraph 5.2 of the Leaserepair such damage.

Appears in 1 contract

Samples: Lease Agreement (Haights Cross Communications Inc)

Restoration. (a) Reference is made to Paragraphs 6.4 and 26.2 If, at any time during the Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of the Lease. Notwithstanding anything therein such damage as to the contraryamount of time Landlord reasonably estimates it will take to restore the Project or the Premises, but subject to subparagraph as applicable (b) below, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) ). If the Restoration Period is estimated to exceed 6 months (the “Maximum Restoration Period”), Landlord may, in order such notice, elect to be entitled to reimbursement. To secure its obligation under terminate this paragraph, Tenant shall deposit with Landlord, not later than ten (10) Lease as of the date that is 75 days after the execution date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless either Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and delivery paid for by Tenant), subject to delays arising from the collection of this Amendmentinsurance proceeds, an irrevocable letter from Force Majeure events or as needed to obtain any license, clearance or other authorization of credit any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the amount of $241,375.00 Premises (the collectively referred to herein as Restoration LOCHazardous Materials Clearances”). The ; provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration LOC must comply withPeriod or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 5 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord shall be governed by the terms of, Paragraph 5.2 relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the Lease; except date that is 75 days after the later of: (i) the reduction provisions discovery of Paragraph 5.2.1 will not applysuch damage or destruction, or (ii) the “End Date,” date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as that term is defined in Paragraph 5.2.3 Section 34) events or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either Landlord or Tenant may terminate this Lease upon written notice to the other if the Premises are damaged during the last year of the Lease Term and as applied Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord provides Tenant with written notice of the estimated Restoration Period. Notwithstanding anything to the Restoration LOCcontrary contained herein, may Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration. Rent shall be abated from the date all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not earlier than seven (7) months after usable by Tenant bears to the Termination Datetotal area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Material Clearances are required to be obtained by Tenant with respect to the Premises, rent abatement shall commence on the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and (iii) Paragraph 5.2.8 will not applyexcept as provided in this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The total amount due by provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant for the cost with respect to any and all damage to, or destruction of, all or any part of the Restoration shall not exceed the amount Premises, or any other portion of the Restoration LOC. The letter of credit must Project, and any statute or regulation which is now or may hereafter be in form acceptable effect shall have no application to Landlord and its counsel. Said letter this Lease or any damage or destruction to all or any part of credit is in addition to, and not in lieu ofthe Premises or any other portion of the Project, the letter of credit provided for in Paragraph 5.2 of the Leaseparties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Neoleukin Therapeutics, Inc.)

Restoration. (a) Reference is made to Paragraphs 6.4 and 26.2 If, at any time during the Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of the Lease. Notwithstanding anything therein such damage as to the contraryamount of time Landlord reasonably estimates it will take to restore the Project or the Premises, but subject to subparagraph as applicable (b) below, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) ). If the Restoration Period is estimated to exceed 12 months (the “Maximum Restoration Period”), Landlord may, in order such notice, elect to be entitled to reimbursement. To secure its obligation under terminate this paragraph, Tenant shall deposit with Landlord, not later than ten (10) Lease as of the date that is 75 days after the execution date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 15 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless either Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and delivery paid for by Tenant), subject to delays arising from the collection of this Amendmentinsurance proceeds, an irrevocable letter from Force Majeure events or as needed to obtain any license, clearance or other authorization of credit any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the amount of $241,375.00 Premises (the collectively referred to herein as Restoration LOCHazardous Materials Clearances”). The ; provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration LOC must comply withPeriod or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 5 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord shall be governed by the terms of, Paragraph 5.2 relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the Lease; except date that is 75 days after the later of: (i) the reduction provisions discovery of Paragraph 5.2.1 will not applysuch damage or destruction, or (ii) the “End Date,” date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as that term is defined in Paragraph 5.2.3 Section 34) events or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either Landlord or Tenant may terminate this Lease upon written notice to the other if the Premises are damaged during the last year of the Lease Term and as applied Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord provides Tenant with written notice of the estimated Restoration Period. Notwithstanding anything to the Restoration LOCcontrary contained herein, may Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration. Rent shall be abated from the date all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not earlier than seven (7) months after usable by Tenant bears to the Termination Datetotal area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. Such abatement shall be the sole remedy of Tenant, and (iii) Paragraph 5.2.8 will not applyexcept as provided in this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The total amount due by provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant for the cost with respect to any and all damage to, or destruction of, all or any part of the Restoration shall not exceed the amount Premises, or any other portion of the Restoration LOC. The letter of credit must Project, and any statute or regulation which is now or may hereafter be in form acceptable effect shall have no application to Landlord and its counsel. Said letter this Lease or any damage or destruction to all or any part of credit is in addition to, and not in lieu ofthe Premises or any other portion of the Project, the letter of credit provided for in Paragraph 5.2 of the Leaseparties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Immune Design Corp.)

Restoration. (a) Reference is made to Paragraphs 6.4 and 26.2 If, at any time during the Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of the Lease. Notwithstanding anything therein such damage as to the contraryamount of time Landlord reasonably estimates it will take to restore the Project or the Premises, but subject to subparagraph as applicable (b) below, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) ). If the Restoration Period is estimated to exceed 9 months (the “Maximum Restoration Period”), Landlord may, in order such notice, elect to be entitled to reimbursement. To secure its obligation under terminate this paragraph, Tenant shall deposit with Landlord, not later than ten (10) Lease as of the date that is 75 days after the execution date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 20 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless either Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the Alterations or other improvements installed by Tenant or by Landlord and paid for by Tenant), subject to delays arising from the collection of insurance proceeds, from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect by delivery of written notice to Tenant any time after the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, not to proceed with such repair and restoration or Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this AmendmentLease, an irrevocable letter of credit in the amount of $241,375.00 (the “Restoration LOC”). The Restoration LOC must comply with, and which event Landlord shall be governed by the terms of, Paragraph 5.2 relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the Lease; except date that is 75 days after the later of: (i) the reduction provisions discovery of Paragraph 5.2.1 will not applysuch damage or destruction, or (ii) the “End Date,” date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as that term is defined in Paragraph 5.2.3 Section 34) events or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord. Notwithstanding the foregoing, either Landlord or Tenant may terminate this Lease upon written notice to the other if the Premises are damaged during the last year of the Lease Term and as applied Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord provides Tenant with written notice of the estimated Restoration Period. Notwithstanding anything to the Restoration LOCcontrary contained herein, may Landlord shall also have the right to terminate this Lease if sufficient insurance proceeds are not available for such restoration (for any reason other than Landlord’s failure to maintain the insurance required to be maintained by Landlord pursuant to Section 17). Rent shall be abated from the date all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not earlier than seven (7) months after usable by Tenant bears to the Termination Datetotal area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable, in Tenant’s reasonable discretion, for the temporary conduct of Tenant’s business. In the event that no Hazardous Material Clearances are required to be obtained by Tenant with respect to the Premises, rent abatement shall commence on the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and (iii) Paragraph 5.2.8 will not applyexcept as provided in this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The total amount due by provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant for the cost with respect to any and all damage to, or destruction of, all or any part of the Restoration shall not exceed the amount Premises, or any other portion of the Restoration LOC. The letter of credit must Project, and any statute or regulation which is now or may hereafter be in form acceptable effect shall have no application to Landlord and its counsel. Said letter this Lease or any damage or destruction to all or any part of credit is in addition to, and not in lieu ofthe Premises or any other portion of the Project, the letter of credit provided for in Paragraph 5.2 of the Leaseparties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (ONCOSEC MEDICAL Inc)

Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 45 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, (a) Reference is made or actually does exceed 6 months, subject to Paragraphs 6.4 Force Majeure events and 26.2 Tenant caused delays), Tenant may elect to terminate this Lease upon notice to Landlord given no later than 30 days after Landlord’s notice. If Tenant does not elect to terminate this Lease as permitted hereunder, then, Landlord shall promptly restore the Premises excluding Tenant’s Tenant-Made Alterations, Trade Fixtures and/or personal property, subject to delays arising from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration to Tenant’s Tenant-Made Alterations, which Landlord requires to remain as Landlord’s property upon surrender of the Premises pursuant to the terms of Paragraph 12 with this Lease. Notwithstanding anything therein to the contraryforegoing, but subject to subparagraph (b) below, Landlord either party may require that Tenant reimburse Landlord for terminate this Lease if the reasonable cost of demolishing Premises are damaged during the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order to be entitled to reimbursement. To secure its obligation under this paragraph, Tenant shall deposit with Landlord, not later than ten (10) days after the execution and delivery of this Amendment, an irrevocable letter of credit in the amount of $241,375.00 (the “Restoration LOC”). The Restoration LOC must comply with, and shall be governed by the terms of, Paragraph 5.2 of the Lease; except that (i) the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 last year of the Lease Term and as applied Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the Restoration LOC, may not total area of the Premises. Such abatement shall be not earlier than seven (7) months after the Termination Datesole remedy of Tenant, and (iii) Paragraph 5.2.8 will not apply. The total amount due except as provided herein, Tenant waives any right to terminate the Lease by Tenant for the cost reason of the Restoration shall not exceed the amount of the Restoration LOC. The letter of credit must be in form acceptable to Landlord and its counsel. Said letter of credit is in addition to, and not in lieu of, the letter of credit provided for in Paragraph 5.2 of the Leasedamage or casualty loss.

Appears in 1 contract

Samples: Lease Agreement (Ikanos Communications)

Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within sixty (a60) Reference is made to Paragraphs 6.4 and 26.2 of the Lease. Notwithstanding anything therein days after such damage as to the contrary, but subject amount of time Landlord reasonably estimates it will take to subparagraph (b) below, Landlord may require that Tenant reimburse Landlord for restore the reasonable cost of demolishing Premises. If the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises restoration time is estimated to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the exceed six (6) month period following months, either Landlord or Tenant may elect to te1minate this Lease upon notice to the Termination Date (“Restoration Period”) in order to be entitled to reimbursement. To secure its obligation under this paragraph, Tenant shall deposit with Landlord, not other party given no later than ten thirty (1030) days after Landlord's notice. If neither party elects to tem1inate this Lease or if Landlord estimates that restoration will take six (6) months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the execution Premises excluding the improvements installed by Landlord and delivery paid by Tenant or installed by Tenant, subject to delays arising from Force Majeure events. Tenant, at Tenant's expense, shall promptly perform, subject to delays arising from the collection of this Amendmentinsurance proceeds or from Force Majeure events, an irrevocable letter of credit in the amount of $241,375.00 (the “Restoration LOC”). The Restoration LOC must comply with, all repairs or restoration not required to be done by Landlord and shall be governed by promptly re-enter the terms ofPremises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Paragraph 5.2 of either party may terminate this Lease if the Lease; except that (i) Premises are damaged during the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 last year of the Lease Term and as applied Landlord reasonably estimates that it will take more than one month to repair the damage. Rent shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the Restoration LOC, may not total area of the Premises. Such abatement shall be not earlier than seven (7) months after the Termination Datesole remedy of Tenant, and (iii) Paragraph 5.2.8 will not apply. The total amount due except as provided in this Lease, Tenant waives any right to terminate the Lease by Tenant for the cost reason of the Restoration shall not exceed the amount of the Restoration LOC. The letter of credit must be in form acceptable to Landlord and its counsel. Said letter of credit is in addition to, and not in lieu of, the letter of credit provided for in Paragraph 5.2 of the Leasedamage or casualty loss.

Appears in 1 contract

Samples: Lease Agreement (CUI Global, Inc.)

Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will xxxx 0 months or less, then subject to receipt of sufficient insurance proceeds (a) Reference is made provided that Landlord maintained the insurance required under this Lease), Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to Paragraphs 6.4 delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and 26.2 of shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding anything therein the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage; provided however, if Tenant has exercised its right to renew under Addendum 3 hereof, the provisions of the second sentence of this Paragraph 15 shall apply. Tenant shall pay to Landlord with respect to any damage to the contrary, but subject to subparagraph (b) below, Landlord may require that Tenant reimburse Landlord for Premises the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination amount of the Term commercially reasonable deductible under Landlord's insurance policy (currently $25,000) within 10 days after presentment of Landlord's invoice. If the Lease, and restoring damage involves the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses premises of other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order to be entitled to reimbursement. To secure its obligation under this paragraphtenants, Tenant shall deposit with Landlord, not later than ten (10) days after pay the execution and delivery of this Amendment, an irrevocable letter of credit in the amount of $241,375.00 (the “Restoration LOC”). The Restoration LOC must comply with, and shall be governed by the terms of, Paragraph 5.2 portion of the Lease; except deductible that (i) the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 of the Lease and as applied to the Restoration LOC, may not be not earlier than seven (7) months after the Termination Date, and (iii) Paragraph 5.2.8 will not apply. The total amount due by Tenant for the cost of the Restoration shall not exceed the amount restoration of the Restoration LOCPremises bears to the total cost of restoration, as determined by Landlord. The letter Base Rent and Operating Expenses shall be abated for the period of credit must repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be in form acceptable to Landlord and its counsel. Said letter the sole remedy of credit is in addition toTenant, and not in lieu ofexcept as provided herein, Tenant waives any right to terminate the letter Lease by reason of credit provided for in Paragraph 5.2 of the Leasedamage or casualty loss.

Appears in 1 contract

Samples: Lease Agreement (Americas Shopping Mall Inc)

Restoration. (a) Reference If Landlord does not elect to terminate this Lease pursuant to Section 7.1, in the event of a taking, fire or other casualty, then this Lease shall continue in force and, if such taking or damage is made of or to Paragraphs 6.4 and 26.2 the Premises, a just proportion of the Lease. Notwithstanding anything therein Rent reserved, according to the contrarynature and extent of the damage sustained by the Premises, shall be suspended or abated until the Premises, or what may remain thereof, shall be put by Landlord in proper condition for use, which Landlord covenants to do with reasonable diligence (subject to delays which result from any cause beyond the reasonable control of Landlord) to the extent permitted by the net proceeds of insurance recovered or damages awarded for such taking, destruction or damage and subject to zoning and building laws or ordinances then in existence. If the net proceeds of insurance recovered or damages awarded be insufficient to cover the cost of restoring the Premises, in the reasonable estimate of the Landlord, then Landlord may elect to, but subject to subparagraph (b) belowshall have no obligation to, supply the amount of such insufficiency and restore the Premises with all reasonable diligence or the Landlord may require that terminate the Lease by giving notice to the Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order to be entitled to reimbursement. To secure its obligation under this paragraph, Tenant shall deposit with Landlord, not later than ten a reasonable time after the Landlord has determined the estimated net proceeds of insurance recovered or damages awarded and the estimated cost of such restoration. In case of damage or destruction, as a result of a risk which is not covered by the Landlord’s insurance, the Landlord shall likewise be obligated to rebuild the Premises, all as aforesaid, unless the Landlord, within a reasonable time after the occurrence of such event, gives written notice to the Tenant of the Landlord’s election to terminate this Lease. “Net proceeds of insurance recovered or damages awarded” refers to the gross amount of such insurance or damages actually received by Landlord less the reasonable expenses of Landlord incurred in connection with the collection of the same, including without limitation, fees and expenses for legal and appraisal services. If Landlord’s restoration work has not been substantially completed within twelve (1012) months after the taking or damage, then Tenant shall have the right to terminate this Lease by giving Landlord written notice of its election to do so within thirty (30) days after the execution and delivery end of this Amendment, an irrevocable letter of credit in the amount of $241,375.00 such twelve (the “Restoration LOC”). The Restoration LOC must comply with12) month period, and if Tenant timely gives such notice, this Lease shall terminate on the date which is thirty (30) days after the date of the giving of such notice, unless Landlord’s restoration work is substantially completed within such thirty (30) day period, in which event such termination notice shall be governed by the terms of, Paragraph 5.2 of the Lease; except that (i) the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined null and void and this Lease shall continue in Paragraph 5.2.3 of the Lease full force and as applied to the Restoration LOC, may not be not earlier than seven (7) months after the Termination Date, and (iii) Paragraph 5.2.8 will not apply. The total amount due by Tenant for the cost of the Restoration shall not exceed the amount of the Restoration LOC. The letter of credit must be in form acceptable to Landlord and its counsel. Said letter of credit is in addition to, and not in lieu of, the letter of credit provided for in Paragraph 5.2 of the Leaseeffect.

Appears in 1 contract

Samples: Commencement Date Agreement (Kura Oncology, Inc.)

Restoration. (a) Reference If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 45 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is made estimated to Paragraphs 6.4 exceed 4 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 45 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will take 4 months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and 26.2 paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding anything therein the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Tenant shall pay to Landlord with respect to any damage to the contrary, but subject to subparagraph (b) below, Landlord may require that Tenant reimburse Landlord for Premises the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination amount of the Term commercially reasonably deductible under Landlord’s insurance policy (up to $10,000) within 10 days after presentment of Landlord’s invoice. If the Lease, and restoring damage involves the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses premises of other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order to be entitled to reimbursement. To secure its obligation under this paragraphtenants, Tenant shall deposit with Landlord, not later than ten (10) days after pay the execution and delivery of this Amendment, an irrevocable letter of credit in the amount of $241,375.00 (the “Restoration LOC”). The Restoration LOC must comply with, and shall be governed by the terms of, Paragraph 5.2 portion of the Lease; except deductible that (i) the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 of the Lease and as applied to the Restoration LOC, may not be not earlier than seven (7) months after the Termination Date, and (iii) Paragraph 5.2.8 will not apply. The total amount due by Tenant for the cost of the Restoration shall not exceed the amount restoration of the Restoration LOCPremises bears to the total cost of restoration, as determined by Landlord. The letter Base Rent and Operating Expenses shall be abated for the period of credit must repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be in form acceptable to Landlord and its counsel. Said letter the sole remedy of credit is in addition toTenant, and not in lieu ofexcept as provided herein, Tenant waives any right to terminate the letter Lease by reason of credit provided for in Paragraph 5.2 of the Leasedamage or casualty loss.

Appears in 1 contract

Samples: Lease Agreement (Gtsi Corp)

Restoration. (a) Reference If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is made estimated to Paragraphs 6.4 exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will take 6 months or less, then, subject to receipt of suffixxxxx insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and 26.2 paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding anything therein the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Tenant shall pay to Landlord with respect to any damage to the contrary, but subject to subparagraph (b) below, Landlord may require that Tenant reimburse Landlord for Premises the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination amount of the Term commercially reasonably deductible under Landlord's insurance policy (currently $10,000) within 10 days after presentment of Landlord's invoice. If the Lease, and restoring damage involves the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses premises of other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order to be entitled to reimbursement. To secure its obligation under this paragraphtenants, Tenant shall deposit with Landlord, not later than ten (10) days after pay the execution and delivery of this Amendment, an irrevocable letter of credit in the amount of $241,375.00 (the “Restoration LOC”). The Restoration LOC must comply with, and shall be governed by the terms of, Paragraph 5.2 portion of the Lease; except deductible that (i) the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 of the Lease and as applied to the Restoration LOC, may not be not earlier than seven (7) months after the Termination Date, and (iii) Paragraph 5.2.8 will not apply. The total amount due by Tenant for the cost of the Restoration shall not exceed the amount restoration of the Restoration LOCPremises bears to the total cost of restoration, as determined by Landlord. The letter Base Rent and Operating Expenses shall be abated for the period of credit must repair and restoration in the proportion which the areas of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be in form acceptable to Landlord and its counsel. Said letter the sole remedy of credit is in addition toTenant, and not in lieu ofexcept as provided herein, Tenant waives any right to terminate the letter Lease by reason of credit provided for in Paragraph 5.2 of the Leasedamage or casualty loss.

Appears in 1 contract

Samples: Lease Agreement (Iomega Corp)

Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 15 days after such damage as to the amount of time Landlord reasonably estimates will take to restore the Premises. If the restoration time is estimated to exceed 4 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will take 4 months or less, then, Landlord shall promptly restore the Premises (aincluding the Initial Improvements as defined in Addendum 3 attached hereto) Reference is made excluding Tenant's Tenant-Made Alterations, Trade Fixtures and personal property, subject to Paragraphs 6.4 delays arising from Force Majeure events. Tenant at Tenant's expense shall promptly perform, subject to delays arising from Force Majeure events, all repairs or restoration to Tenant's Tenant-Made Alterations, Trade Fixtures and 26.2 of personal property and shall promptly re-inter the Premises and commence doing business in accordance with this Lease. Notwithstanding anything therein to the contraryforegoing, but subject to subparagraph (b) below, Landlord either party may require that Tenant reimburse Landlord for terminate this Lease if the reasonable cost of demolishing Premises are damaged during the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order to be entitled to reimbursement. To secure its obligation under this paragraph, Tenant shall deposit with Landlord, not later than ten (10) days after the execution and delivery of this Amendment, an irrevocable letter of credit in the amount of $241,375.00 (the “Restoration LOC”). The Restoration LOC must comply with, and shall be governed by the terms of, Paragraph 5.2 of the Lease; except that (i) the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 last year of the Lease Term and as applied Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the Restoration LOC, may not total area of the Premises. Such abatement shall be not earlier than seven (7) months after the Termination Datesole remedy of Tenant, and (iii) Paragraph 5.2.8 will not apply. The total amount due except as provided herein, Tenant waives any right to terminate the Lease by Tenant for the cost reason of the Restoration shall not exceed the amount of the Restoration LOC. The letter of credit must be in form acceptable to Landlord and its counsel. Said letter of credit is in addition to, and not in lieu of, the letter of credit provided for in Paragraph 5.2 of the Leasedamage or casualty loss.

Appears in 1 contract

Samples: Lease Agreement (Innotrac Corp)

Restoration. If, at any time during the Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Project or the Premises, as applicable (a) Reference the “Restoration Period”). If the Restoration Period is made estimated to Paragraphs 6.4 and 26.2 exceed 12 months after discovery of the damage (the “Maximum Restoration Period”), Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless Landlord so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant), subject to delays arising from the collection of insurance proceeds, from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the Premises; provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect (by delivery of written notice to Tenant) not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 5 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease in which event Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the discovery of such damage or destruction, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Promptly following the date that Landlord makes the Premises available to Tenant for Tenant’s repairs and/or restoration, Tenant shall, at Tenant’s expense, promptly perform, subject to delays arising from the collection of insurance proceeds or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding anything therein to the contrary, but subject to subparagraph (b) belowforegoing, Landlord may require that Tenant reimburse Landlord for terminate this Lease if the reasonable cost of demolishing Premises are damaged during the office improvements in the FONS Premises upon the expiration or sooner termination last year of the Term of the Leaseand Landlord reasonably estimates that it will take more than 2 months to repair such damage, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by or if insurance proceeds are not available for such demolition and restoration, provided that such demolition unavailability of insurance proceeds is not the result of Landlord’s failure to prepare maintain the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order insurance policies required to be entitled maintained by Landlord under Section 17. Rent shall be abated from the date of discovery of such damage or destruction until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to reimbursementthe total area of the Premises, unless Landlord provides Tenant with other space reasonably acceptable to Tenant during the period of repair that is suitable for the temporary conduct of Tenant’s business. To secure its obligation under Such abatement shall be the sole remedy of Tenant, and except as provided in this paragraphSection 18, Tenant shall deposit with Landlord, not later than ten (10) days after the execution and delivery waives any right to terminate this Lease by reason of damage or casualty loss. Net Multi-Tenant Office/Laboratory 611 Gateway – Suite 740/Spruce Bio - Page 17 The provisions of this AmendmentLease, including this Section 18, constitute an irrevocable letter express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of credit in the amount Premises, or any other portion of $241,375.00 (the “Restoration LOC”). The Restoration LOC must comply withProject, and any statute or regulation which is now or may hereafter be in effect shall be governed by the terms of, Paragraph 5.2 have no application to this Lease or any damage or destruction to all or any part of the Lease; except that (i) the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 Premises or any other portion of the Lease and as applied to the Restoration LOC, may not be not earlier than seven (7) months after the Termination Date, and (iii) Paragraph 5.2.8 will not apply. The total amount due by Tenant for the cost of the Restoration shall not exceed the amount of the Restoration LOC. The letter of credit must be in form acceptable to Landlord and its counsel. Said letter of credit is in addition to, and not in lieu ofProject, the letter of credit provided for in Paragraph 5.2 of the Leaseparties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Spruce Biosciences, Inc.)

Restoration. (a) Reference If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is made estimated to Paragraphs 6.4 exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will xxxx 0 months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and 26.2 paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding anything therein the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Tenant shall pay to Landlord with respect to any damage to the contrary, but subject to subparagraph (b) below, Landlord may require that Tenant reimburse Landlord for Premises the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination amount of the Term commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after presentment of Landlord's invoice. If the Lease, and restoring damage involves the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses premises of other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order to be entitled to reimbursement. To secure its obligation under this paragraphtenants, Tenant shall deposit with Landlord, not later than ten (10) days after pay the execution and delivery of this Amendment, an irrevocable letter of credit in the amount of $241,375.00 (the “Restoration LOC”). The Restoration LOC must comply with, and shall be governed by the terms of, Paragraph 5.2 portion of the Lease; except deductible that (i) the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 of the Lease and as applied to the Restoration LOC, may not be not earlier than seven (7) months after the Termination Date, and (iii) Paragraph 5.2.8 will not apply. The total amount due by Tenant for the cost of the Restoration shall not exceed the amount restoration of the Restoration LOCPremises bears to the total cost of restoration, as determined by Landlord. The letter Base Rent and Operating Expenses shall be abated for the period of credit must be repair and restoration in form acceptable to Landlord and its counsel. Said letter of credit is in addition to, and not in lieu of, the letter of credit provided for in Paragraph 5.2 proportion which the area of the Lease.Premises, if any, which is not usable by Tenant bears to the total area of the

Appears in 1 contract

Samples: Lease Agreement (Burke Industries Inc /Ca/)

Restoration. (a) Reference is made to Paragraphs 6.4 and 26.2 If, at any time during the Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of the Lease. Notwithstanding anything therein such damage as to the contraryamount of time Landlord reasonably estimates it will take to restore the Project or the Premises, but subject to subparagraph as applicable (b) below, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) ). If the Restoration Period is estimated to exceed 9 months (the “Maximum Restoration Period”), Landlord may, in order such notice, elect to be entitled to reimbursement. To secure its obligation under terminate this paragraph, Tenant shall deposit with Landlord, not later than ten (10) Lease as of the date that is 75 days after the execution date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless either Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and delivery paid for by Tenant), subject to delays arising from the collection of this Amendmentinsurance proceeds, an irrevocable letter from Force Majeure events or as needed to obtain any license, clearance or other authorization of credit any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the amount of $241,375.00 Premises (the collectively referred to herein as Restoration LOCHazardous Materials Clearances”). The ; provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration LOC must comply withPeriod or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration or Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord shall be governed by the terms of, Paragraph 5.2 relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the Lease; except date that is 75 days after the later of: (i) the reduction provisions discovery of Paragraph 5.2.1 will not applysuch damage or destruction, or (ii) the “End Date,” as that term is defined date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. 3115 Xxxxxxxxxx/Erasca - Page 19 Tenant, at its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure events or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in Paragraph 5.2.3 accordance with this Lease. Notwithstanding the foregoing, either Landlord or Tenant may terminate this Lease upon written notice to the other if the Premises are damaged during the last year of the Lease Term and as applied Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord provides Tenant with written notice of the estimated Restoration Period. Notwithstanding anything to the Restoration LOCcontrary contained herein, may Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration. Rent shall be abated from the date all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not earlier than seven (7) months after usable by Tenant bears to the Termination Datetotal area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Material Clearances are required to be obtained by Tenant with respect to the Premises, rent abatement shall commence on the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and (iii) Paragraph 5.2.8 will not applyexcept as provided in this Section 18, Tenant waives any right to terminate this Lease by reason of damage or casualty loss. The total amount due by provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant for the cost with respect to any and all damage to, or destruction of, all or any part of the Restoration shall not exceed the amount Premises, or any other portion of the Restoration LOC. The letter of credit must Project, and any statute or regulation which is now or may hereafter be in form acceptable effect shall have no application to Landlord and its counsel. Said letter this Lease or any damage or destruction to all or any part of credit is in addition to, and not in lieu ofthe Premises or any other portion of the Project, the letter of credit provided for in Paragraph 5.2 of the Leaseparties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Erasca, Inc.)

Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 45 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will xxxx 0 months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (a) Reference is made as defined in Paragraph 33), all repairs or restoration not required to Paragraphs 6.4 be done by Landlord and 26.2 of shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term or any extensions thereof and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything therein contained in the Lease to the contrary, but subject to subparagraph (b) below, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing extent the office improvements in damage to the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises Project is attributable to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order to be entitled to reimbursement. To secure its obligation under this paragraphTenant, Tenant shall deposit pay to Landlord with Landlord, not later than ten (10) days after the execution and delivery of this Amendment, an irrevocable letter of credit in the amount of $241,375.00 (the “Restoration LOC”). The Restoration LOC must comply with, and shall be governed by the terms of, Paragraph 5.2 of the Lease; except that (i) the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 of the Lease and as applied respect to any damage to the Restoration LOC, may not be not earlier than seven (7) months after the Termination Date, and (iii) Paragraph 5.2.8 will not apply. The total amount due by Tenant for the cost of the Restoration shall not exceed the Project an amount of the Restoration LOC. The letter commercially reasonable deductible under Landlord's insurance policy, not to exceed $10,000.00, within 30 days after presentment of credit must be in form acceptable to Landlord and its counsel. Said letter of credit is in addition to, and not in lieu of, the letter of credit provided for in Paragraph 5.2 of the LeaseLandlord's invoice.

Appears in 1 contract

Samples: Lease Agreement (Systemax Inc)

Restoration. (a) Reference is made to Paragraphs 6.4 and 26.2 If, at any time during the Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of the Lease. Notwithstanding anything therein such damage as to the contraryamount of time Landlord reasonably estimates it will take to restore the Project or the Premises, but subject to subparagraph as applicable (b) below, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) ). If the Restoration Period is estimated to exceed 12 months (the “Maximum Restoration Period”), Landlord may, in order such notice, elect to be entitled to reimbursement. To secure its obligation under terminate this paragraph, Tenant shall deposit with Landlord, not later than ten (10) Lease as of the date that is 75 days after the execution date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless either Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and delivery paid for by Tenant), subject to delays arising from the collection of this Amendmentinsurance proceeds, an irrevocable letter from Force Majeure events or as needed to obtain any license, clearance or other authorization of credit any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the amount of $241,375.00 Premises (the collectively referred to herein as Restoration LOCHazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 5 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. The Restoration LOC must comply withTenant, at its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as defined in Section 34) events or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord and shall be governed by promptly reenter the terms ofPremises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Paragraph 5.2 of either Landlord or Tenant may terminate this Lease upon written notice to the Lease; except that other if (i) the reduction provisions Premises are damaged during the last year of Paragraph 5.2.1 the Term and Landlord reasonably estimates that it will not applytake more than 1 month to repair such damage, or (ii) if the “End Date,” as that term is defined in Paragraph 5.2.3 Premises are damaged prior to the last year of the Term but restoration would not be completed, as reasonably determined by Landlord, until the last year of the Term; provided, however, that such notice is delivered within 10 business days after the date that Landlord provides Tenant with written notice of the estimated Restoration Period or estimated restoration date, as applicable. Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration. Rent shall be abated from the date all required Hazardous Material Clearances are obtained until the Premises are repaired and as applied restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the Restoration LOCtotal area of the Premises, may not unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. Such abatement shall be not earlier than seven (7) months after the Termination Datesole remedy of Tenant, and (iii) Paragraph 5.2.8 will not applyexcept as provided in this Section 18. Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The total amount due by provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant for the cost with respect to any and all damage to, or destruction of, all or any part of the Restoration shall not exceed the amount Premises, or any other portion of the Restoration LOC. The letter of credit must Project, and any statute or regulation which is now or may hereafter be in form acceptable effect shall have no application to Landlord and its counsel. Said letter this Lease or any damage or destruction to all or any part of credit is in addition to, and not in lieu ofthe Premises or any other portion of the Project, the letter of credit provided for in Paragraph 5.2 of the Leaseparties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Epizyme, Inc.)

Restoration. (a) Reference If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 30 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is made estimated to Paragraphs 6.4 exceed 4 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will take 4 months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and 26.2 paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding anything therein the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Tenant shall pay to Landlord with respect to any damage to the contrary, but subject to subparagraph (b) below, Landlord may require that Tenant reimburse Landlord for Premises the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination amount of the Term commercially reasonably deductible under Landlord's insurance policy (currently $10,000) within 10 days after presentment of Landlord's invoice. If the Lease, and restoring damage involves the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses premises of other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order to be entitled to reimbursement. To secure its obligation under this paragraphtenants, Tenant shall deposit with Landlord, not later than ten (10) days after pay the execution and delivery of this Amendment, an irrevocable letter of credit in the amount of $241,375.00 (the “Restoration LOC”). The Restoration LOC must comply with, and shall be governed by the terms of, Paragraph 5.2 portion of the Lease; except deductible that (i) the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 of the Lease and as applied to the Restoration LOC, may not be not earlier than seven (7) months after the Termination Date, and (iii) Paragraph 5.2.8 will not apply. The total amount due by Tenant for the cost of the Restoration shall not exceed the amount restoration of the Restoration LOCPremises bears to the total cost of restoration, as determined by Landlord. The letter Base Rent and Operating Expenses shall be abated for the period of credit must repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be in form acceptable to Landlord and its counsel. Said letter the sole remedy of credit is in addition toTenant, and not in lieu ofexcept as provided herein, Tenant waives any right to terminate the letter Lease by reason of credit provided for in Paragraph 5.2 of the Leasedamage or casualty loss.

Appears in 1 contract

Samples: Lease Agreement (Stuart Entertainment Inc)

Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within sixty (a60) Reference is made to Paragraphs 6.4 and 26.2 of the Lease. Notwithstanding anything therein days after such damage as to the contrary, but subject amount of time Landlord reasonably estimates it will take to subparagraph (b) below, Landlord may require that Tenant reimburse Landlord for restore the reasonable cost of demolishing Premises. If the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises restoration time is estimated to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the exceed six (6) month period following months, either Landlord or Tenant may elect to terminate this Lease upon notice to the Termination Date (“Restoration Period”) in order other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will xxxx 0 months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be entitled done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to reimbursementrepair such damage. To secure its obligation under The cost of Landlord’s insurance deductible shall be considered an Operating Expense in accordance with paragraph 6 of this paragraphLease. If the damage involves the premises of other tenants, Tenant shall deposit with Landlord, not later than ten (10) days after pay the execution and delivery of this Amendment, an irrevocable letter of credit in the amount of $241,375.00 (the “Restoration LOC”). The Restoration LOC must comply with, and shall be governed by the terms of, Paragraph 5.2 portion of the Lease; except deductible that (i) the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 of the Lease and as applied to the Restoration LOC, may not be not earlier than seven (7) months after the Termination Date, and (iii) Paragraph 5.2.8 will not apply. The total amount due by Tenant for the cost of the Restoration shall not exceed the amount restoration of the Restoration LOCPremises. The letter bears to the total cost of credit must restoration, as determined by Landlord. Base Rent and Operating Expenses shall be abated for the period of repair and restoration in form acceptable the proportion which the area of the Premises, if any, which is not usable by Tenant bears to Landlord and its counselthe total area of the Premises. Said letter Such abatement shall be the sole remedy of credit is in addition toTenant, and not in lieu ofexcept as provided herein, Tenant waives any right to terminate the letter Lease by reason of credit provided for in Paragraph 5.2 of the Leasedamage or casualty loss.

Appears in 1 contract

Samples: Lease Agreement (Oxford Ventures Inc)

Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will txxx 0 months or less, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events (a) Reference is made as defined in Paragraph 33). Tenant at Tenant’s expense shall promptly perform, subject to Paragraphs 6.4 delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and 26.2 of shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding anything therein to the contraryforegoing, but subject to subparagraph (b) below, Landlord either party may require that Tenant reimburse Landlord for terminate this Lease if the reasonable cost of demolishing Premises are damaged during the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order to be entitled to reimbursement. To secure its obligation under this paragraph, Tenant shall deposit with Landlord, not later than ten (10) days after the execution and delivery of this Amendment, an irrevocable letter of credit in the amount of $241,375.00 (the “Restoration LOC”). The Restoration LOC must comply with, and shall be governed by the terms of, Paragraph 5.2 of the Lease; except that (i) the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 last year of the Lease Term and as applied Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the Restoration LOCtotal area of the Premises. Such abatement shall be the sole remedy of Tenant, may and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding the terms and conditions of this Paragraph 15, if the Premises are not be not earlier than seven restored by Landlord on, or prior to, the date which is the later of 9 months of the date of the casualty event (7subject to Force Majeure and Tenant-caused delays) or 9 months after the Termination Date, and (iii) Paragraph 5.2.8 will not apply. The total amount due by Tenant for the cost date Landlord estimated completion of the Restoration restoration as described above (subject to Force Majeure and Tenant-caused delays), Tenant may terminate the Lease upon thirty (30) days written notice to Landlord; provided, however, if Landlord completes the restoration in said thirty (30) day notice period, Tenant’s notice of termination shall not exceed the amount of the Restoration LOC. The letter of credit must be null and void and this Lease shall continue in form acceptable to Landlord full force and its counsel. Said letter of credit is in addition to, and not in lieu of, the letter of credit provided for in Paragraph 5.2 of the Leaseeffect.

Appears in 1 contract

Samples: Lease Agreement (Atlas Crest Investment Corp.)

Restoration. (a) Reference If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within forty-five (45) days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is made estimated to Paragraphs 6.4 and 26.2 exceed 210 days from the date of the Lease. Notwithstanding anything therein damage, either Landlord or Tenant may elect to terminate this Lease upon notice to the contraryother party given no later than thirty (30) days after Landlord’s notice; provided, but subject however, that if Landlord elects to subparagraph (b) below, Landlord may require that Tenant reimburse Landlord for terminate this Lease during the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination first eighty four months of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order to be entitled to reimbursement. To secure its obligation under this paragraphLease Term, Tenant shall deposit have the right during the thirty (30) day period after receipt of Landlord’s termination notice, in Tenant’s sole discretion and at Tenant’s sole cost, to elect to pay for such restoration, in which event this Lease shall continue in full force and effect If neither party elects to terminate this Lease or if Landlord estimates that restoration will take 210 days or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the Tenant-Made Alterations and/or Tenant Improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Base Rent shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Notwithstanding the foregoing, either party may terminate this Lease upon thirty (30) days written notice to the other if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than thirty (30) days to repair such damage. In the event Landlord makes a claim to Landlord’s insurance carrier in connection with a casualty described in this Section 15, Tenant shall pay to Landlord, not later than within ten (10) days after the execution and delivery of this Amendmentfollowing Landlord’s demand therefor, an irrevocable letter of credit in the amount of $241,375.00 (the “Restoration LOC”). The Restoration LOC must comply with, and shall be governed by the terms of, Paragraph 5.2 of the Lease; except that (i) the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 of the Lease and as applied to the Restoration LOC, may not be not earlier than seven (7) months after the Termination Date, and (iii) Paragraph 5.2.8 will not apply. The total amount due by Tenant for the cost of the Restoration shall not exceed the amount of the Restoration LOC. The letter of credit must be in form acceptable to Landlord and its counsel. Said letter of credit is in addition to, and not in lieu of, the letter of credit provided for in Paragraph 5.2 of the Leasedeductible under Landlord’s insurance policy.

Appears in 1 contract

Samples: Lease Agreement (Gores Holdings VIII Inc.)

Restoration. (a) Reference If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 30 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is made estimated to Paragraphs 6.4 exceed 4 months and 26.2 such damage materially interferes with Tenant's use of the Premises, Tenant may elect to terminate this Lease upon notice to Landlord given no later than 30 days after Landlord's notice. If Tenant elects not to terminate this Lease or if Landlord estimates that restoration will take 4 months or less, then, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from Force Majeure events. Tenant at Tenant's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding anything therein to the contraryforegoing, but subject to subparagraph (b) below, Landlord either party may require that Tenant reimburse Landlord for terminate this Lease if the reasonable cost of demolishing Premises are damaged during the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order to be entitled to reimbursement. To secure its obligation under this paragraph, Tenant shall deposit with Landlord, not later than ten (10) days after the execution and delivery of this Amendment, an irrevocable letter of credit in the amount of $241,375.00 (the “Restoration LOC”). The Restoration LOC must comply with, and shall be governed by the terms of, Paragraph 5.2 of the Lease; except that (i) the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 last 9 months of the Lease Term and Tenant has not exercised its option to renew, as applied applicable, (as hereinafter described in Addendum 3), and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the Restoration LOC, may not total area of the Premises. Such abatement shall be not earlier than seven (7) months after the Termination Datesole remedy of Tenant, and (iii) Paragraph 5.2.8 will not apply. The total amount due except as provided herein, Tenant waives any right to terminate the Lease by Tenant for the cost reason of the Restoration shall not exceed the amount of the Restoration LOC. The letter of credit must be in form acceptable to Landlord and its counsel. Said letter of credit is in addition to, and not in lieu of, the letter of credit provided for in Paragraph 5.2 of the Leasedamage or casualty loss.

Appears in 1 contract

Samples: Lease Agreement (Skechers Usa Inc)

Restoration. if, at any time during the Term, the Project or the Premises (a) Reference is made to Paragraphs 6.4 and 26.2 excluding Suite 100 of the Lease. Notwithstanding anything therein Premises) are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the contraryamount of time Landlord reasonably estimates it will take to restore the Project or the Premises, but subject to subparagraph as applicable (b) below, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) ). If the Restoration Period is estimated to exceed 12 months (the “Maximum Restoration Period”), Landlord may (subject to Tenant’s right to continue the Lease in order effect as set forth below in this Section 18), in such notice elect to be entitled terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction. Notwithstanding Landlord’s election to reimbursementrestore, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. To secure its obligation under If Landlord elects to terminate this paragraphLease, Tenant shall deposit with have the right by written notice to Landlord delivered within 5 business days of receipt of Landlord’s notice of termination, not later than ten (10) days after to elect to continue this Lease in effect for up to two years from the execution and delivery date of this Amendment, an irrevocable letter of credit in the amount of $241,375.00 Landlord’s notice (the “Restoration LOCCasualty Loss Extension period”); provided, however, that Rent during the Casualty Loss Extension Period shall be adjusted so that Tenant shall pay Rent as set forth herein on the entire Premises and on any portion of the Project for which Landlord is prevented from commencing restoration and is not collecting Rent because Tenant has elected to continue the Lease in effect during the Casualty Loss Extension Period. Unless either Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with up to $50,000 of any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant), subject to delays arising from the collection of insurance proceeds, from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”). The Restoration LOC must comply withTenant, at its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as defined in Section 34) events or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord and shall promptly reenter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord may terminate this Lease if the Premises are damaged during the last 1 year of the Term and Landlord reasonably estimates that it will take more than 2 months to repair such damage, or if insurance proceeds are not available for such restoration. Rent shall be abated from the date all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord, at its sole cost, provides Tenant with other space in the Xxxxxx Xxxxx area of San Diego, California, during the period of repair that is suitable for the temporary conduct of Tenant’s business. Such abatement shall be the sole remedy of Tenant, and shall be governed except as provided in this Section 18, Tenant waives any right to terminate the Lease by the terms reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, Paragraph 5.2 all or any part of the Lease; except that (i) the reduction provisions of Paragraph 5.2.1 will not applyPremises, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 or any other portion of the Lease and as applied to the Restoration LOC, may not be not earlier than seven (7) months after the Termination DateProject, and any statute or regulation which is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any either portion of the Project, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters. If Suite 100 of the Premises is materially damaged or destroyed by fire or other casualty, this Lease shall not terminate, and Landlord shall have no obligation to restore Suite 100. In the event of material damage or destruction of Suite 100, the parties shall amend this Lease, effective upon receipt of any Hazardous Materials clearances required in connection with Suite 100 (iiior if no Hazardous Materials clearances are required, then effective upon the date of such casualty) Paragraph 5.2.8 will not apply. The total amount due by Tenant to indicate a reduction in the size of the Premises, and to provide for the cost termination of the Restoration shall not exceed the amount of the Restoration LOC. The letter of credit must be in form acceptable this Lease with respect to Landlord and its counsel. Said letter of credit is in addition to, and not in lieu of, the letter of credit provided for in Paragraph 5.2 of the LeaseSuite 100.

Appears in 1 contract

Samples: Sublease Agreement (Advanced BioHealing Inc)

Restoration. (a) Reference is made to Paragraphs 6.4 and 26.2 If, at any time during the Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of the Lease. Notwithstanding anything therein such damage as to the contraryamount of time Landlord reasonably estimates it will take to restore the Project or the Premises, but subject to subparagraph as applicable (b) below, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) ). If the Restoration Period is estimated to exceed 9 months (the “Maximum Restoration Period”), Landlord may, in order such notice, elect to be entitled to reimbursement. To secure its obligation under terminate this paragraph, Tenant shall deposit with Landlord, not later than ten (10) Lease as of the date that is 75 days after the execution date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless either Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and delivery paid for by Tenant), subject to delays arising from the collection of this Amendmentinsurance proceeds, an irrevocable letter from Force Majeure events or as needed to obtain any license, clearance or other authorization of credit any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the amount of $241,375.00 Premises (the collectively referred to herein as Restoration LOCHazardous Materials Clearances”). The ; provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration LOC must comply withPeriod or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 5 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord shall be governed by the terms of, Paragraph 5.2 relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the Lease; except date that is 75 days after the later of: (i) the reduction provisions discovery of Paragraph 5.2.1 will not applysuch damage or destruction, or (ii) the “End Date,” date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as that term is defined in Paragraph 5.2.3 Section 34) events or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either Landlord or Tenant may terminate this Lease upon written notice to the other if the Premises are damaged during the last year of the Lease Term and as applied Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord provides Tenant with written notice of the estimated Restoration Period. Notwithstanding anything to the Restoration LOCcontrary contained herein, may Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration. Rent shall be abated from the date all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not earlier than seven (7) months after usable by Tenant bears to the Termination Datetotal area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Material Clearances are required to be obtained by Tenant with respect to the Premises, rent abatement shall commence on the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and (iii) Paragraph 5.2.8 will not applyexcept as provided in this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The total amount due by provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant for the cost with respect to any and all damage to, or destruction of, all or any part of the Restoration shall not exceed the amount Premises, or any other portion of the Restoration LOC. The letter of credit must Project, and any statute or regulation which is now or may hereafter be in form acceptable effect shall have no application to Landlord and its counsel. Said letter this Lease or any damage or destruction to all or any part of credit is in addition to, and not in lieu ofthe Premises or any other portion of the Project, the letter of credit provided for in Paragraph 5.2 of the Leaseparties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Dimension Therapeutics, Inc.)

Restoration. (a) Reference is made to Paragraphs 6.4 and 26.2 If, at any time during the Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of the Lease. Notwithstanding anything therein such damage as to the contraryamount of time Landlord reasonably estimates it will take to restore the Project or the Premises, but subject to subparagraph as applicable (b) below, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) ). If the Restoration Period is estimated to exceed 12 months (the “Maximum Restoration Period”), Landlord may, in order such notice, elect to be entitled to reimbursement. To secure its obligation under terminate this paragraph, Tenant shall deposit with Landlord, not later than ten (10) Lease as of the date that is 75 days after the execution date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless either Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and delivery paid for by Tenant), subject to delays arising from the collection of this Amendmentinsurance proceeds, an irrevocable letter from Force Majeure events or as needed to obtain any license, clearance or other authorization of credit any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the amount of $241,375.00 Premises (the collectively referred to herein as Restoration LOCHazardous Materials Clearances”). The ; provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration LOC must comply withPeriod or, and if longer, the Restoration Period, Tenant may by written notice to Landlord delivered within 5 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord shall be governed by the terms of, Paragraph 5.2 relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the Lease; except date that is 75 days after the later of: (i) the reduction provisions discovery of Paragraph 5.2.1 will not applysuch damage or destruction, or (ii) the “End Date,” date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as that term is defined in Paragraph 5.2.3 Section 34) events or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either Landlord or Tenant may terminate this Lease upon written notice to the other if the Premises are damaged during the last year of the Term and Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord provides Tenant with written notice of the estimated Restoration Period. Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration. Rent shall be abated from the date all required Hazardous Material Clearances are obtained until the Premises are repaired and as applied restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the Restoration LOCtotal area of the Premises, may not unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Material Clearances are required to be not earlier than seven (7) months after obtained by Tenant with respect to the Termination DatePremises, rent abatement shall commence on the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and (iii) Paragraph 5.2.8 will not applyexcept as provided in this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The total amount due by provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant for the cost with respect to any and all damage to, or destruction of, all or any part of the Restoration shall not exceed the amount Premises, or any other portion of the Restoration LOC. The letter of credit must Project, and any statute or regulation which is now or may hereafter be in form acceptable effect shall have no application to Landlord and its counsel. Said letter this Lease or any damage or destruction to all or any part of credit is in addition to, and not in lieu ofthe Premises or any other portion of the Project, the letter of credit provided for in Paragraph 5.2 of the Leaseparties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (OvaScience, Inc.)

Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 45 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months (a) Reference is made or actually does exceed 6 months, subject to Paragraphs 6.4 Force Majeure events and 26.2 Tenant-caused delays), Tenant may elect to terminate this Lease upon notice to Landlord given no later than 30 days after Landlord's notice. If Tenant does not elect to terminate this Lease as permitted hereunder, then, Landlord shall promptly restore the Premises excluding Tenant's Tenant-Made Alterations, Trade Fixtures and/or personal property, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration to Tenant's Tenant-Made Alterations, Trade Fixtures and/or personal property and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding anything therein to the contraryforegoing, but subject to subparagraph (b) below, Landlord either party may require that Tenant reimburse Landlord for terminate this Lease if the reasonable cost of demolishing Premises are damaged during the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order to be entitled to reimbursement. To secure its obligation under this paragraph, Tenant shall deposit with Landlord, not later than ten (10) days after the execution and delivery of this Amendment, an irrevocable letter of credit in the amount of $241,375.00 (the “Restoration LOC”). The Restoration LOC must comply with, and shall be governed by the terms of, Paragraph 5.2 of the Lease; except that (i) the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 last year of the Lease Term and as applied Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the Restoration LOC, may not total area of the Premises. Such abatement shall be not earlier than seven (7) months after the Termination Datesole remedy of Tenant, and (iii) Paragraph 5.2.8 will not apply. The total amount due except as provided herein, Tenant waives any right to terminate the Lease by Tenant for the cost reason of the Restoration shall not exceed the amount of the Restoration LOC. The letter of credit must be in form acceptable to Landlord and its counsel. Said letter of credit is in addition to, and not in lieu of, the letter of credit provided for in Paragraph 5.2 of the Leasedamage or casualty loss.

Appears in 1 contract

Samples: Lease Agreement (Ikanos Communications)

Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 30 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon written notice to the other party given no later than 15 days after Landlord's notice (a) Reference is made with the actual termination to Paragraphs 6.4 be effected no earlier than 30 days after such notice has been received by the other party). If neither party elects to terminate this Lease or if Landlord estimates that restoration will xxxx 0 months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and 26.2 paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding anything therein the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Tenant shall pay to Landlord with respect to any damage to the contrary, but subject to subparagraph (b) below, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order to be entitled to reimbursement. To secure its obligation under this paragraph, Tenant shall deposit with Landlord, not later than ten (10) days after the execution and delivery of this Amendment, an irrevocable letter of credit in the amount of $241,375.00 the commercially reasonable deductible under Landlord's insurance policy (the “Restoration LOC”). The Restoration LOC must comply with, and which shall be governed by proportionally allocated among all tenants whose premises also suffered damage or destruction, based on the terms of, Paragraph 5.2 of the Lease; except that (i) the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 of the Lease and as applied to the Restoration LOC, may not be not earlier than seven (7) months after the Termination Date, and (iii) Paragraph 5.2.8 will not apply. The total amount due by Tenant for relationship between the cost of the Restoration restoration each premises and the total cost of restoration, as determined by Landlord) within 10 days after presentment of Landlord's invoice. Base Rent and Operating Expenses shall not exceed be abated for the amount period of repair and restoration in the proportion which the area of the Restoration LOCPremises, if any, which is not usable by Tenant bears to the total area of the Premises. The letter Such abatement shall be the sole remedy of credit must be in form acceptable to Landlord and its counsel. Said letter of credit is in addition toTenant, and not in lieu ofexcept as provided herein, Tenant waives any right to terminate the letter Lease by reason of credit provided for in Paragraph 5.2 of the Leasedamage or casualty loss.

Appears in 1 contract

Samples: Lease Agreement (Atroad Inc)

Restoration. (a) Reference is made to Paragraphs 6.4 and 26.2 If, at any time during the Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of the Lease. Notwithstanding anything therein such damage as to the contraryamount of time Landlord reasonably estimates it will take to restore the Project or the Premises, but subject to subparagraph as applicable (b) below, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) ). If the Restoration Period is estimated to exceed 3 months (the “Maximum Restoration Period”), Landlord may, in order such notice, elect to be entitled to reimbursement. To secure its obligation under terminate this paragraph, Tenant shall deposit with Landlord, not later than ten (10) Lease as of the date that is 75 days after the execution date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless either Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and delivery paid for by Tenant), subject to delays arising from the collection of this Amendmentinsurance proceeds, an irrevocable letter from Force Majeure events or as needed to obtain any license, clearance or other authorization of credit any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the amount of $241,375.00 Premises (the collectively referred to herein as Restoration LOCHazardous Materials Clearances”). The ; provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration LOC must comply withPeriod or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 5 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord shall be governed by the terms of, Paragraph 5.2 relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the Lease; except date that is 75 days after the later of: (i) the reduction provisions discovery of Paragraph 5.2.1 will not applysuch damage or destruction, or (ii) the “End Date,” date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as that term is defined in Paragraph 5.2.3 Section 34) events or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either Landlord or Tenant may terminate this Lease upon written notice to the other if the Premises are damaged during the last year of the Lease Term and as applied Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord provides Tenant with written notice of the estimated Restoration Period. Notwithstanding anything to the Restoration LOCcontrary contained herein, may Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration. Rent shall be abated from the date all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not earlier than seven (7) months after usable by Tenant bears to the Termination Datetotal area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Material Clearances are required to be obtained by Tenant with respect to the Premises, rent abatement shall commence on the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and (iii) Paragraph 5.2.8 will not applyexcept as provided in this Section 18, Tenant waives any right to terminate this Lease by reason of damage or casualty loss. The total amount due by provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant for the cost with respect to any and all damage to, or destruction of, all or any part of the Restoration shall not exceed the amount Premises, or any other portion of the Restoration LOC. The letter of credit must Project, and any statute or regulation which is now or may hereafter be in form acceptable effect shall have no application to Landlord and its counsel. Said letter this Lease or any damage or destruction to all or any part of credit is in addition to, and not in lieu ofthe Premises or any other portion of the Project, the letter of credit provided for in Paragraph 5.2 of the Leaseparties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Atreca, Inc.)

Restoration. If at any time the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within sixty (a60) Reference is made to Paragraphs 6.4 and 26.2 of the Lease. Notwithstanding anything therein days after such damage as to the contrary, but subject amount of time Landlord reasonably estimates it will take to subparagraph (b) below, Landlord may require that Tenant reimburse Landlord for restore the reasonable cost of demolishing Premises. If the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises restoration time is estimated to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the exceed six (6) month period following months, either Landlord or Tenant may elect to terminate this Lease upon notice to the Termination Date other party given no later than thirty (“Restoration Period”30) in order days after Landlord's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will take six (6) months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord on Tenant’s behalf, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds or from Force Majeure events, all repairs or restoration not required to be entitled done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to reimbursementrepair such damage. To secure its obligation under this paragraph, Tenant shall deposit pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonably deductible under Landlord, not later than 's insurance policy within ten (10) days after the execution presentment of Landlord's invoice. If the damage involves the premises of other tenants, Tenant shall pay the portion of the deductible that the cost of the restoration of the Premises bears to the total cost of restoration, as determined by Landlord. Base Rent and delivery Operating Expenses shall be abated for the period of this Amendment, an irrevocable letter of credit repair and restoration in the amount proportion which the area of $241,375.00 (the “Restoration LOC”)Premises, if any, which is not usable by Tenant bears to the total area of the Premises. The Restoration LOC must comply withSuch abatement shall be the sole remedy of Tenant, and shall be governed except as provided herein, Tenant waives any right to terminate the Lease by the terms of, Paragraph 5.2 reason of the Lease; except that damage or casualty loss. Tenant further waives all claims (i) the reduction provisions of Paragraph 5.2.1 will not applyfor any damage or injury resulting from any damage or destruction, (ii) for any loss of profits or interruption of business resulting from Tenant’s inability to use and occupy the “End Date,” Premises or any part thereof as that term is defined in Paragraph 5.2.3 a result of the Lease and as applied to the Restoration LOCany damage or destruction, may not be not earlier than seven (7) months after the Termination Date, and or (iii) Paragraph 5.2.8 by reason of any required surrender of possession of the Premises pursuant to this Section. Tenant also waives the benefit of New Jersey Revised Statutes, Title 46, Chapter 8, Sections 6 and 7, and agrees that Tenant will not apply. The total amount due by Tenant for the cost be relieved of the Restoration shall not exceed obligation to pay Rent in case of damage or destruction to the amount of Premises or the Restoration LOC. The letter of credit must be Building, except as expressly provided in form acceptable to Landlord and its counsel. Said letter of credit is in addition to, and not in lieu of, the letter of credit provided for in Paragraph 5.2 of the Leasethis Section.

Appears in 1 contract

Samples: Lease Agreement (Systemax Inc)

Restoration. (a) Reference is made to Paragraphs 6.4 and 26.2 If, at any time during the Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant in writing within 45 days after discovery of the Lease. Notwithstanding anything therein such damage as to the contraryamount of time Landlord reasonably estimates it will take to restore the Project or the Premises, but subject to subparagraph as applicable (b) below, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) ). If the Restoration Period is estimated to exceed 9 months (the “Maximum Restoration Period”), Landlord may, in order such notice, elect to be entitled to reimbursement. To secure its obligation under terminate this paragraph, Tenant shall deposit with Landlord, not later than ten (10) Lease as of the date that is 75 days after the execution date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by 732202571.1 written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless either Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and delivery paid for by Tenant), subject to delays arising from the collection of this Amendmentinsurance proceeds, an irrevocable letter from Force Majeure events or as needed to obtain any license, clearance or other authorization of credit any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the amount of $241,375.00 Premises (the collectively referred to herein as Restoration LOCHazardous Materials Clearances”). The ; provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration LOC must comply withPeriod or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration or Tenant may by written notice to Landlord delivered within 5 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord and Tenant shall be governed by the terms of, Paragraph 5.2 relieved of their respective obligations hereunder obligation to make such repairs or restoration and this Lease shall terminate as of the Lease; except date that is 75 days after the later of: (i) the reduction provisions discovery of Paragraph 5.2.1 will not applysuch damage or destruction, or (ii) the “End Date,” date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as that term is defined in Paragraph 5.2.3 Section 34) events or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord. Notwithstanding the foregoing, either Landlord or Tenant may terminate this Lease upon written notice to the other if the Premises are damaged during the last year of the Lease Term and as applied Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord provides Tenant with written notice of the estimated Restoration Period. Notwithstanding anything to the Restoration LOCcontrary contained herein, may Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration (for any reason other than Landlord’s failure to maintain the insurance required to be maintained by Landlord pursuant to Section 17). Rent shall be abated from the date all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not earlier than seven (7) months after usable by Tenant bears to the Termination Datetotal area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable, in Tenant’s reasonable discretion, for the temporary conduct of Tenant’s business. In the event that no Hazardous Material Clearances are required to be obtained by Tenant with respect to the Premises, rent abatement shall commence on the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and (iii) Paragraph 5.2.8 will not applyexcept as provided in this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The total amount due by provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant for the cost with respect to any and all damage to, or destruction of, all or any part of the Restoration shall not exceed the amount Premises, or any other portion of the Restoration LOC. The letter of credit must Project, and any statute or regulation which is now or may hereafter be in form acceptable effect shall have no application to Landlord and its counsel. Said letter this Lease or any damage or destruction to all or any part of credit is in addition to, and not in lieu ofthe Premises or any other portion of the Project, the letter of credit provided for in Paragraph 5.2 of the Leaseparties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Regulus Therapeutics Inc.)

Restoration. (a) Reference is made to Paragraphs 6.4 and 26.2 If, at any time during the Term, the Building or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of the Lease. Notwithstanding anything therein such damage as to the contraryamount of time Landlord reasonably estimates it will take to restore the Project or the Premises, but subject to subparagraph as applicable (b) below, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) ). If the Restoration Period is estimated to exceed 9 months (the “Maximum Restoration Period”), Landlord may, in order such notice, elect to be entitled to reimbursement. To secure its obligation under terminate this paragraph, Tenant shall deposit with Landlord, not later than ten (10) Lease as of the date that is 75 days after the execution date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless either Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and delivery paid for by Tenant), subject to delays arising from the collection of insurance proceeds or from Force Majeure events; provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 5 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the discovery of such damage or destruction Tenant, at its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as defined in Section 34) events or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, 215 First/Bluebird Bio - Page 15 either Landlord or Tenant may terminate this Lease upon written notice to the other if the Premises are damaged during the last year of the Term and Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord provides Tenant with written notice of the estimated Restoration Period. Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration. Rent shall be abated from the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this AmendmentLease, including this Section 18, constitute an irrevocable letter express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of credit in the amount Premises, or any other portion of $241,375.00 (the “Restoration LOC”). The Restoration LOC must comply withProject, and any statute or regulation which is now or may hereafter be in effect shall be governed by the terms of, Paragraph 5.2 have no application to this Lease or any damage or destruction to all or any part of the Lease; except that (i) the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 Premises or any other portion of the Lease and as applied to the Restoration LOC, may not be not earlier than seven (7) months after the Termination Date, and (iii) Paragraph 5.2.8 will not apply. The total amount due by Tenant for the cost of the Restoration shall not exceed the amount of the Restoration LOC. The letter of credit must be in form acceptable to Landlord and its counsel. Said letter of credit is in addition to, and not in lieu ofProject, the letter of credit provided for in Paragraph 5.2 of the Leaseparties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: License Agreement (Bluebird Bio, Inc.)

Restoration. (a) Reference is made to Paragraphs 6.4 If the Premises are damaged during the Lease Term by a risk covered by Landlord's insurance, Landlord shall promptly repair and 26.2 reconstruct the portion of the Premises required to be insured by Landlord hereunder, subject to delays arising from the collection of insurance proceeds or from Force Majeure events; and this Lease shall remain in full force and effect. Tenant at Tenant's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, all repairs or restoration not required to be done by Landlord and shall promptly reenter the Premises and commence doing business in accordance with this Lease. Notwithstanding anything therein the foregoing, either party may terminate this Lease (as provided in the following sentence) if the Premises are damaged during the Lease Term and Landlord reasonably estimates that it will take more than nine (9) months to repair such damage. Landlord shall promptly notify Tenant in writing if it reasonably estimates that such restoration will require in excess of nine months and each party shall have a period of ten business days after delivery of such notice to Tenant in which to notify the contraryother party of its election to terminate, otherwise the Lease shall continue in full force and effect. The foregoing notwithstanding, if the Lease Term (as it may have been previously extended but subject not including any unexercised extension period) extends for at least 5 years beyond such estimated repair period and Tenant elects by written notice to subparagraph (b) belowLandlord within such 10 day period not to terminate this Lease, then this Lease shall continue in full force and effect, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is shall not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order to be entitled to reimbursementterminate as provided above, and Landlord shall proceed with restoration as required hereunder. To secure its obligation under this paragraphIf the Premises or a portion thereof is not usable as a result of damage by a risk covered by insurance required hereunder to be carried by Landlord, Base Rent shall be abated for the period of restoration in the proportion which the area of the Premises which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and to the extent permitted by applicable law, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. If the Premises are damaged during the Lease Term by a risk not covered by Landlord's insurance and not caused by the negligence of Tenant, its agents, employees, or contractors, then Landlord may either restore the Premises at Landlord's expense, in which case this Lease shall deposit with Landlordcontinue or, not subject to Tenant's right to continue this Lease as provided below, terminate this Lease. Landlord shall make its election no later than ten (10) 20 days after the execution and delivery of this Amendment, an irrevocable letter of credit in the amount of $241,375.00 (the “Restoration LOC”)Tenant's written request to Landlord. The Restoration LOC must comply with, and shall be governed by the terms of, Paragraph 5.2 of the Lease; except that (i) the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 of Tenant may continue the Lease and as applied despite Landlord's election to terminate if Tenant notifies Landlord within 20 days after receipt of Landlord's notice to terminate that Tenant intends to restore the Restoration LOC, may not be not earlier than seven (7) months after the Termination Date, and (iii) Paragraph 5.2.8 will not apply. The total amount due by Tenant for the cost of the Restoration shall not exceed the amount of the Restoration LOC. The letter of credit must be in form acceptable to Landlord and damage at its counsel. Said letter of credit is in addition to, and not in lieu of, the letter of credit provided for in Paragraph 5.2 of the Leaseexpense.

Appears in 1 contract

Samples: Lease Agreement (Edwards J D & Co)

Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within sixty (a60) Reference is made to Paragraphs 6.4 and 26.2 of the Lease. Notwithstanding anything therein days after such damage as to the contrary, but subject amount of time Landlord reasonably estimates it will take to subparagraph (b) below, Landlord may require that Tenant reimburse Landlord for restore the reasonable cost of demolishing Premises. If the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises restoration time is estimated to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the exceed six (6) month period following months, either Landlord or Tenant may elect to terminate this Lease upon notice to the Termination Date other party given no later than thirty (“Restoration Period”30) in order days after Landlord's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will take six (6) months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be entitled done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to reimbursementrepair such damage. To secure its obligation under this paragraph, Tenant shall deposit pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonably deductible under Landlord, not later than 's insurance policy within ten (10) days after the execution and delivery presentment of this AmendmentLandlord's invoice. If the damage involves the premises of other tenants, an irrevocable letter of credit in Tenant shall pay the amount of $241,375.00 (the “Restoration LOC”). The Restoration LOC must comply with, and shall be governed by the terms of, Paragraph 5.2 portion of the Lease; except deductible that (i) the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 of the Lease and as applied to the Restoration LOC, may not be not earlier than seven (7) months after the Termination Date, and (iii) Paragraph 5.2.8 will not apply. The total amount due by Tenant for the cost of the Restoration shall not exceed the amount restoration of the Restoration LOCPremises bears to the total cost of restoration, as determined by Landlord. The letter Base Rent and Operating Expenses shall be abated for the period of credit must repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be in form acceptable to Landlord and its counsel. Said letter the sole remedy of credit is in addition toTenant, and not in lieu ofexcept as provided herein, Tenant waives any right to terminate the letter Lease by reason of credit provided for in Paragraph 5.2 of the Leasedamage or casualty loss.

Appears in 1 contract

Samples: Lease Agreement (United Stationers Supply Co)

Restoration. (a) Reference If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 30 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is made estimated to Paragraphs 6.4 exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 20 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will xxxx 0 months or less, then Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and 26.2 paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding anything therein the foregoing, either party may terminate this Lease if (i) the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage, by providing written notice to the contrary, but subject to subparagraph (b) below, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination other party no later than 15 days after Landlord’s notice of the Term of estimated restoration time period, or (ii) Landlord fails to restore the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, as provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration above within the six (6) months after the commencement of the restoration, subject to delays caused by Force Majeure events, and either party provides written notice to the other party of its election to terminate within 10 days after the expiration of such 6-month period following period. Tenant shall pay to Landlord with respect to any damage to the Termination Date Premises the amount of the commercially reasonably deductible under Landlord’s insurance policy (“Restoration Period”but in no event more than $10,000) in order to be entitled to reimbursementwithin 10 days after presentment of Landlord’s invoice. To secure its obligation under this paragraphIf the damage involves the premises of other tenants, Tenant shall deposit with Landlord, not later than ten (10) days after pay the execution and delivery of this Amendment, an irrevocable letter of credit in the amount of $241,375.00 (the “Restoration LOC”). The Restoration LOC must comply with, and shall be governed by the terms of, Paragraph 5.2 portion of the Lease; except deductible that (i) the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 of the Lease and as applied to the Restoration LOC, may not be not earlier than seven (7) months after the Termination Date, and (iii) Paragraph 5.2.8 will not apply. The total amount due by Tenant for the cost of the Restoration shall not exceed the amount restoration of the Restoration LOCPremises bears to the total cost of restoration, as determined by Landlord. The letter Base Rent and Operating Expenses shall be abated for the period of credit must repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be in form acceptable to Landlord and its counsel. Said letter the sole remedy of credit is in addition toTenant, and not in lieu ofexcept as provided herein, Tenant waives any right to terminate the letter Lease by reason of credit provided for in Paragraph 5.2 of the Leasedamage or casualty loss.

Appears in 1 contract

Samples: Lease Agreement (Eye Care Centers of America Inc)

Restoration. (a) Reference If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is made estimated to Paragraphs 6.4 exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will txxx 0 months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and 26.2 paid by Tenant, subject to receipt of sufficient insurance proceeds, reasonable delays arising from the collection of insurance proceeds or delays from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to receipt of sufficient insurance proceeds, delays arising from the collection of insurance proceeds, or delays from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding anything therein to the contraryforegoing, but subject to subparagraph (b) below, Landlord either party may require that Tenant reimburse Landlord for terminate this Lease if the reasonable cost of demolishing Premises are damaged during the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order to be entitled to reimbursement. To secure its obligation under this paragraph, Tenant shall deposit with Landlord, not later than ten (10) days after the execution and delivery of this Amendment, an irrevocable letter of credit in the amount of $241,375.00 (the “Restoration LOC”). The Restoration LOC must comply with, and shall be governed by the terms of, Paragraph 5.2 of the Lease; except that (i) the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 last year of the Lease Term and as applied Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the Restoration LOC, may not total area of the Premises. Such abatement shall be not earlier than seven (7) months after the Termination Datesole remedy of Tenant, and (iii) except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding the terms and conditions of this Paragraph 5.2.8 will 15, if the Premises are not apply. The total amount due restored by Tenant for the cost Landlord within 6 months of the Restoration date of casualty (subject to Force Majeure and Tenant-caused delays), Tenant may terminate the Lease upon thirty (30) days written notice to Landlord; provided, however, if Landlord completes the restoration in said thirty (30) day notice period, Tenant’s notice of termination shall be null and void and this Lease shall continue in full force and effect. Notwithstanding the foregoing, if the Premises are not exceed the amount restored by Landlord within 9 months of the Restoration LOC. The letter date of credit must casualty for any reason whatsoever other than Tenant-caused delays, Tenant may terminate the Lease upon thirty (30) days written notice to Landlord; provided, however, if Landlord completes the restoration in said thirty (30) day notice period, Tenant’s notice of termination shall be null and void and this Lease shall continue in form acceptable to Landlord full force and its counsel. Said letter of credit is in addition to, and not in lieu of, the letter of credit provided for in Paragraph 5.2 of the Leaseeffect.

Appears in 1 contract

Samples: Lease Agreement (Volterra Semiconductor Corp)

Restoration. (a) Reference is made to Paragraphs 6.4 and 26.2 If, at any time during the Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of the Lease. Notwithstanding anything therein such damage as to the contraryamount of time Landlord reasonably estimates it will take to restore the Project or the Premises, but subject to subparagraph as applicable (b) below, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) ). If the Restoration Period is estimated to exceed 12 months (the “Maximum Restoration Period”), Landlord may, in order such notice, elect to be entitled to reimbursement. To secure its obligation under terminate this paragraph, Tenant shall deposit with Landlord, not later than ten (10) Lease as of the date that is 75 days after the execution date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless either Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to DocuSign Envelope ID: 3D9421BF-E23B-4F57-8C3D-FC854D1C296D Net Laboratory Lease 20 Xxxxxxxx Xxxxxx – Suite 100/Greenlight - Page 19 receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and delivery paid for by Tenant unless covered by the insurance Landlord maintains as an Operating Expense hereunder, in which case such improvements shall be included, to the extent of this Amendmentsuch insurance proceeds, an irrevocable letter in Landlord’s restoration), subject to delays arising from the collection of credit insurance proceeds, from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the amount of $241,375.00 Premises (the collectively referred to herein as Restoration LOCHazardous Materials Clearances”). The ; provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration LOC must comply withPeriod or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 5 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord shall be governed by the terms of, Paragraph 5.2 relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the Lease; except date that is 75 days after the later of: (i) the reduction provisions discovery of Paragraph 5.2.1 will not applysuch damage or destruction, or (ii) the “End Date,” as that term is defined date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure events or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in Paragraph 5.2.3 accordance with this Lease. Notwithstanding the foregoing, Landlord may terminate this Lease if the Premises are damaged during the last year of the Lease Term and as applied Landlord reasonably estimates that it will take more than 2 months to repair such damage, or if insurance proceeds are not available for such restoration. Rent shall be abated from the date all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the Restoration LOCtotal area of the Premises, may not unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Material Clearances are required to be not earlier than seven (7) months after obtained by Tenant with respect to the Termination DatePremises, rent abatement shall commence on the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and (iii) Paragraph 5.2.8 will not applyexcept as provided in this Section 18, Tenant waives any right to terminate this Lease by reason of damage or casualty loss. The total amount due by provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant for the cost with respect to any and all damage to, or destruction of, all or any part of the Restoration shall not exceed the amount Premises, or any other portion of the Restoration LOC. The letter of credit must Project, and any statute or regulation which is now or may hereafter be in form acceptable effect shall have no application to Landlord and its counsel. Said letter this Lease or any damage or destruction to all or any part of credit is in addition to, and not in lieu ofthe Premises or any other portion of the Project, the letter of credit provided for in Paragraph 5.2 of the Leaseparties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (GreenLight Biosciences Holdings, PBC)

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Restoration. (a) Reference is made to Paragraphs 6.4 and 26.2 If, at any time during the Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 45 days after discovery of the Lease. Notwithstanding anything therein such damage as to the contraryamount of time Landlord reasonably estimates it will take to restore the Project or the Premises, but subject to subparagraph as applicable (b) below, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) ). If the Restoration Period is estimated to exceed 9 months (the “Maximum Restoration Period”), Landlord may, in order such notice, elect to be entitled to reimbursement. To secure its obligation under terminate this paragraph, Tenant shall deposit with Landlord, not later than ten (10) Lease as of the date that is 60 days after the execution date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless either Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and delivery paid for by Tenant), subject to delays arising from the collection of this Amendmentinsurance proceeds, an irrevocable letter from Force 739800997.11739800997.11 Net Office/Laboratory 0000 Xxxxxx Xxxxxx /Atara - Page 19 Majeure events or as needed to obtain any license, clearance or other authorization of credit any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the amount of $241,375.00 Premises (the collectively referred to herein as Restoration LOCHazardous Materials Clearances”). The ; provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration LOC must comply withPeriod or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 5 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord shall be governed by the terms of, Paragraph 5.2 relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the Lease; except date that is 75 days after the later of: (i) the reduction provisions discovery of Paragraph 5.2.1 will not applysuch damage or destruction, or (ii) the “End Date,” as that term is defined date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure events or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in Paragraph 5.2.3 accordance with this Lease. Notwithstanding the foregoing, either Landlord or Tenant may terminate this Lease upon written notice to the other if the Premises are damaged during the last year of the Lease Term and as applied Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord provides Tenant with written notice of the estimated Restoration Period. Notwithstanding anything to the Restoration LOCcontrary contained herein, may Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration. Rent shall be abated from the date all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not earlier than seven (7) months after usable by Tenant bears to the Termination Datetotal area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Material Clearances are required to be obtained by Tenant with respect to the Premises, rent abatement shall commence on the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and (iii) Paragraph 5.2.8 will not applyexcept as provided in this Section 18, Tenant waives any right to terminate this Lease by reason of damage or casualty loss. The total amount due by provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant for the cost with respect to any and all damage to, or destruction of, all or any part of the Restoration shall not exceed the amount Premises, or any other portion of the Restoration LOC. The letter of credit must Project, and any statute or regulation which is now or may hereafter be in form acceptable effect shall have no application to Landlord and its counsel. Said letter this Lease or any damage or destruction to all or any part of credit is in addition to, and not in lieu ofthe Premises or any other portion of the Project, the letter of credit provided for in Paragraph 5.2 of the Leaseparties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Atara Biotherapeutics, Inc.)

Restoration. (a) Reference If at any time during the Lease Term the Premises arc damaged by a Fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is made estimated to Paragraphs 6.4 exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will xxxx 0 months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and 26.2 paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding anything therein the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and landlord reasonably estimates that it will take more than one month to repair such damage. Tenant shall pay to Landlord with respect to any damage to the contrary, but subject to subparagraph (b) below, Landlord may require that Tenant reimburse Landlord for Premises the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination amount of the Term commercially reasonable deductible under Landlord's insurance policy within 10 days after presentment of Landlord's invoice. If the Lease, and restoring damage involves the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses premises of other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order to be entitled to reimbursement. To secure its obligation under this paragraphtenants, Tenant shall deposit with Landlord, not later than ten (10) days after pay the execution and delivery of this Amendment, an irrevocable letter of credit in the amount of $241,375.00 (the “Restoration LOC”). The Restoration LOC must comply with, and shall be governed by the terms of, Paragraph 5.2 portion of the Lease; except deductible that (i) the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 of the Lease and as applied to the Restoration LOC, may not be not earlier than seven (7) months after the Termination Date, and (iii) Paragraph 5.2.8 will not apply. The total amount due by Tenant for the cost of the Restoration shall not exceed the amount restoration of the Restoration LOCPremises bears to the total cost of restoration, as determined by Landlord. The letter Base Rent and Operating Expenses shall be abated for the period of credit must repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be in form acceptable to Landlord and its counsel. Said letter the sole remedy of credit is in addition toTenant, and not in lieu ofexcept as provided herein, Tenant waives any right to terminate the letter Lease by reason of credit provided for in Paragraph 5.2 of the Leasedamage or casualty loss.

Appears in 1 contract

Samples: Lease Agreement (Americabilia Com Inc)

Restoration. (a) Reference If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is made estimated to Paragraphs 6.4 and 26.2 exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will xxxx 0 months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises to the condition existing as of the date Tenant received the Premises under the Prior Lease, reasonable wear and tear and Tenant’s Tenant-Made Alterations, Trade Fixtures and personal property excepted, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. If Landlord fails to complete the restoration within 90 days (such date shall be extended for tenant-caused delays and Force Majeure (defined in Paragraph 33)) after Landlord’s estimated time of completion, Tenant may elect to terminate this Lease following 30-days written notice to Landlord given no later than 10 days after expiration of such 90-day period (such date shall be extended for tenant-caused delays and Force Majeure 33); provided, however, that if Landlord completes the restoration within such 30-day period following Tenant’s notice, then Tenant’s termination shall be null and void and the Lease Term shall continue. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding anything therein to the contraryforegoing, but subject to subparagraph (b) below, Landlord either party may require that Tenant reimburse Landlord for terminate this Lease if the reasonable cost of demolishing Premises are damaged during the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order to be entitled to reimbursement. To secure its obligation under this paragraph, Tenant shall deposit with Landlord, not later than ten (10) days after the execution and delivery of this Amendment, an irrevocable letter of credit in the amount of $241,375.00 (the “Restoration LOC”). The Restoration LOC must comply with, and shall be governed by the terms of, Paragraph 5.2 of the Lease; except that (i) the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 last year of the Lease Term and as applied Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the Restoration LOC, may not total area of the Premises. Such abatement shall be not earlier than seven (7) months after the Termination Datesole remedy of Tenant, and (iii) Paragraph 5.2.8 will not apply. The total amount due except as provided herein, Tenant waives any right to terminate the Lease by Tenant for the cost reason of the Restoration shall not exceed the amount of the Restoration LOC. The letter of credit must be in form acceptable to Landlord and its counsel. Said letter of credit is in addition to, and not in lieu of, the letter of credit provided for in Paragraph 5.2 of the Leasedamage or casualty loss.

Appears in 1 contract

Samples: Lease Agreement (Brooks Automation Inc)

Restoration. (a) Reference is made to Paragraphs 6.4 and 26.2 If, at any time during the Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of the Lease. Notwithstanding anything therein such damage as to the contraryamount of time Landlord reasonably estimates it will take to restore the Project or the Premises, but subject to subparagraph as applicable (b) below, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) ). If the Restoration Period is estimated to exceed 9 months (the “Maximum Restoration Period”), Landlord may, in order such notice, elect to be entitled to reimbursement. To secure its obligation under terminate this paragraph, Tenant shall deposit with Landlord, not later than ten (10) Lease as of the date that is 75 days after the execution date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless either Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and delivery paid for by Tenant), subject to delays arising from the collection of this Amendmentinsurance proceeds, an irrevocable letter from Force Majeure events or as needed to obtain any license, clearance or other authorization of credit any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the amount of $241,375.00 Premises (the collectively referred to herein as Restoration LOCHazardous Materials Clearances”). The ; provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration LOC must comply withPeriod or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 5 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord shall be governed by the terms of, Paragraph 5.2 relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the Lease; except date that is 75 days after the later of: (i) the reduction provisions discovery of Paragraph 5.2.1 will not applysuch damage or destruction, or (ii) the “End Date,” date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as that term is defined in Paragraph 5.2.3 Section 34) events or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either Landlord or Tenant may terminate this Lease upon written notice to the other if the Premises are damaged during the last year of the Lease Term and as applied Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord provides Tenant with written notice of the estimated Restoration Period. Notwithstanding anything to the Restoration LOCcontrary contained herein, may Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration. Rent shall be abated from the date all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not earlier than seven (7) months after usable by Tenant bears to the Termination Datetotal area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Material Clearances are required to be obtained by Tenant with respect to the Premises, rent abatement shall commence on the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and (iii) Paragraph 5.2.8 will not applyexcept as provided in this Section 18, Tenant waives any right to terminate this Lease by reason of damage or casualty loss. The total amount due by provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant for the cost with respect to any and all damage to, or destruction of, all or any part of the Restoration shall not exceed the amount Premises, or any other portion of the Restoration LOC. The letter of credit must Project, and any statute or regulation which is now or may hereafter be in form acceptable effect shall have no application to Landlord and its counsel. Said letter this Lease or any damage or destruction to all or any part of credit is in addition to, and not in lieu ofthe Premises or any other portion of the Project, the letter of credit provided for in Paragraph 5.2 of the Leaseparties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Atreca, Inc.)

Restoration. (a) Reference If at any time during the Lease Term the Premises are materially damaged by a fire or other casualty, Landlord shall notify Tenant within sixty (60) days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is made estimated to Paragraphs 6.4 exceed three hundred sixty (360) days from the date the parties receive notice of such damage, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than thirty (30) days after Landlord's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will take three hundred sixty (360) days or less, or if the casualty damage in question is not material, then Landlord shall promptly and 26.2 diligently restore the Premises excluding the Tenant-Made Alterations, the Tenant Improvements and/or any other improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds, any Tenant Delay(s) and/or from Force Majeure events. Tenant at Tenant's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Base Rent and Tenant's Proportionate Share of Operating Expenses shall be abated for the period of repair and restoration in the proportion which the area of the LeasePremises, if any, which is not usable by Tenant bears to the total area of the Premises. Notwithstanding anything therein the foregoing, either party may terminate this Lease upon thirty (30) days written notice to the contraryother if the Premises are substantially damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than thirty (30) days to repair such damage. Notwithstanding the foregoing, if Tenant was entitled to but subject elected not to subparagraph exercise its right to terminate the Lease and Landlord does not substantially complete the repair and restoration of the Premises within sixty (b60) below, Landlord may require that Tenant reimburse Landlord for days after the reasonable cost expiration of demolishing the office improvements estimated period of time set forth in the FONS Premises upon Landlord's estimate (except to the expiration extent that substantial completion is delayed as a result of events of Force Majeure or sooner termination any acts or omission of the Term of the LeaseTenant or any Tenant Party), and restoring the entire FONS Premises then Tenant may terminate this Lease by written notice to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order to be entitled to reimbursement. To secure its obligation under this paragraph, Tenant shall deposit with Landlord, not later than ten (10) days after the execution and delivery expiration of this Amendment, an irrevocable letter of credit in the amount of $241,375.00 such period (the “Restoration LOC”). The Restoration LOC must comply with, and shall be governed by the terms of, Paragraph 5.2 but prior to substantial completion of the Lease; except that (i) restoration), as the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 of the Lease and as applied to the Restoration LOC, same may not be not earlier than seven (7) months after the Termination Date, and (iii) Paragraph 5.2.8 will not apply. The total amount due by Tenant for the cost of the Restoration shall not exceed the amount of the Restoration LOC. The letter of credit must be in form acceptable to Landlord and its counsel. Said letter of credit is in addition to, and not in lieu of, the letter of credit provided for in Paragraph 5.2 of the Leaseextended.

Appears in 1 contract

Samples: Lease Agreement (Allogene Therapeutics, Inc.)

Restoration. (a) Reference is made to Paragraphs 6.4 and 26.2 of If at any time during the Lease. Notwithstanding anything therein to Lease Term the contrary, but subject to subparagraph (b) belowPremises are damaged by a fire or other casualty, Landlord may require that shall notify Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse within FIFTY (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order to be entitled to reimbursement. To secure its obligation under this paragraph, Tenant shall deposit with Landlord, not later than ten (1050) days after the execution and delivery of this Amendment, an irrevocable letter of credit in such damage as to the amount of $241,375.00 time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed OR EXCEEDS 210 days from the date OF THE CASUALTY, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than thirty (30) days after Landlord's notice OR AFTER EXPIRATION OF THE 210 DAY TIME PERIOD. If neither party elects to terminate this Lease or if Landlord estimates that restoration will take 180 days or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the “Restoration LOC”)Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. The Restoration LOC must comply withTenant at Tenant's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall be governed by promptly re-enter the terms ofPremises and commence doing business in accordance with this Lease. NOTWITHSTANDING THE FOREGOING, Paragraph 5.2 of the Lease; except that EITHER PARTY MAY TERMINATE THIS LEASE UPON THIRTY (i30) the reduction provisions of Paragraph 5.2.1 will not apply, DAYS WRITTEN NOTICE TO THE OTHER IF THE PREMISES ARE DAMAGED DURING THE LAST YEAR OF THE LEASE TERM AND LANDLORD REASONABLY ESTIMATES THAT IT WILL TAKE MORE THAN THIRTY (ii30) the “End Date,” as that term is defined in Paragraph 5.2.3 of the Lease and as applied to the Restoration LOC, may not be not earlier than seven (7) months after the Termination Date, and (iii) Paragraph 5.2.8 will not apply. The total amount due by Tenant for the cost of the Restoration shall not exceed the amount of the Restoration LOC. The letter of credit must be in form acceptable to Landlord and its counsel. Said letter of credit is in addition to, and not in lieu of, the letter of credit provided for in Paragraph 5.2 of the LeaseDAYS TO REPAIR SUCH DAMAGE.

Appears in 1 contract

Samples: Lease Agreement (Interphase Corp)

Restoration. (a) Reference If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is made estimated to Paragraphs 6.4 exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will take 0 xxxths or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and 26.2 paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly reenter the Premises and commence doing business in accordance with this Lease. Notwithstanding anything therein the foregoing, either party may terminate this Iease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Tenant shall pay to Landlord with respect to any damage to the contrary, but subject to subparagraph (b) below, Landlord may require that Tenant reimburse Landlord for Premises the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination amount of the Term commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after presentment of Landlord's invoice. If the Lease, and restoring damage involves the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses premises of other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order to be entitled to reimbursement. To secure its obligation under this paragraphtenants, Tenant shall deposit with Landlord, not later than ten (10) days after pay the execution and delivery of this Amendment, an irrevocable letter of credit in the amount of $241,375.00 (the “Restoration LOC”). The Restoration LOC must comply with, and shall be governed by the terms of, Paragraph 5.2 portion of the Lease; except deductible that (i) the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 of the Lease and as applied to the Restoration LOC, may not be not earlier than seven (7) months after the Termination Date, and (iii) Paragraph 5.2.8 will not apply. The total amount due by Tenant for the cost of the Restoration shall not exceed the amount restoration of the Restoration LOCPremises bears to the total cost of restoration, as determined by Landlord. The letter Base Rent and Operating Expenses shall be abated for the period of credit must repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be in form acceptable to Landlord and its counsel. Said letter the sole remedy of credit is in addition toTenant, and not in lieu ofexcept as provided herein, Tenant waives any right to terminate the letter Lease by reason of credit provided for in Paragraph 5.2 of the Leasedamage or casualty loss.

Appears in 1 contract

Samples: Lease Agreement (Brightpoint Inc)

Restoration. (a) Reference If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is made estimated to Paragraphs 6.4 exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will txxx 0 months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and 26.2 paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding anything therein to the contraryforegoing, but subject to subparagraph (b) below, Landlord either party may require that Tenant reimburse Landlord for terminate this Lease if the reasonable cost of demolishing Premises are damaged during the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order to be entitled to reimbursement. To secure its obligation under this paragraph, Tenant shall deposit with Landlord, not later than ten (10) days after the execution and delivery of this Amendment, an irrevocable letter of credit in the amount of $241,375.00 (the “Restoration LOC”). The Restoration LOC must comply with, and shall be governed by the terms of, Paragraph 5.2 of the Lease; except that (i) the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 last year of the Lease Term and as applied Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the Restoration LOC, may not total area of the Premises. Such abatement shall be not earlier than seven (7) months after the Termination Datesole remedy of Tenant, and (iii) Paragraph 5.2.8 will not apply. The total amount due except as provided herein, Tenant waives any right to terminate the Lease by Tenant for the cost reason of the Restoration shall not exceed the amount of the Restoration LOC. The letter of credit must be in form acceptable to Landlord and its counsel. Said letter of credit is in addition to, and not in lieu of, the letter of credit provided for in Paragraph 5.2 of the Leasedamage or casualty loss.

Appears in 1 contract

Samples: Lease Agreement (Adams Golf Inc)

Restoration. (a) Reference is made to Paragraphs 6.4 and 26.2 If, at any time during the Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of the Lease. Notwithstanding anything therein such damage as to the contraryamount of time Landlord reasonably estimates it will take to restore the Project or the Premises, but subject to subparagraph as applicable (b) below, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) ). If the Restoration Period is estimated to exceed 3 months (the “Maximum Restoration Period”), Landlord may, in order such notice, elect to be entitled to reimbursement. To secure its obligation under terminate this paragraph, Tenant shall deposit with Landlord, not later than ten (10) Lease as of the date that is 75 days after the execution date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless either Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and delivery paid for by Tenant), subject to delays arising from the collection of this Amendmentinsurance proceeds, an irrevocable letter from Force Majeure events or as needed to obtain any license, clearance or other authorization of credit any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the amount of $241,375.00 Premises (the collectively referred to herein as Restoration LOCHazardous Materials Clearances”). The ; provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration LOC must comply withPeriod or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 5 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord shall be governed by the terms of, Paragraph 5.2 relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the Lease; except date that is 75 days after the later of: (i) the reduction provisions discovery of Paragraph 5.2.1 will not applysuch damage or destruction, or (ii) the “End Date,” as that term is defined date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure events or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in Paragraph 5.2.3 accordance with this Lease. Notwithstanding the foregoing, either Landlord or Tenant may terminate this Lease upon written notice to the other if the Premises are damaged during the last year of the Lease Term and as applied Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord provides Tenant with written notice of the estimated Restoration Period. Notwithstanding anything to the Restoration LOCcontrary contained herein, may Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration. Rent shall be abated from the date all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not earlier than seven (7) months after usable by Tenant bears to the Termination Datetotal area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Material Clearances are required to be obtained by Tenant with respect to the Premises, rent abatement shall commence on the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and (iii) Paragraph 5.2.8 will not applyexcept as provided in this Section 18, Tenant waives any right to terminate this Lease by reason of damage or casualty loss. The total amount due by provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant for the cost with respect to any and all damage to, or destruction of, all or any part of the Restoration shall not exceed the amount Premises, or any other portion of the Restoration LOC. The letter of credit must Project, and any statute or regulation which is now or may hereafter be in form acceptable effect shall have no application to Landlord and its counsel. Said letter this Lease or any damage or destruction to all or any part of credit is in addition to, and not in lieu ofthe Premises or any other portion of the Project, the letter of credit provided for in Paragraph 5.2 of the Leaseparties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Werewolf Therapeutics, Inc.)

Restoration. (a) Reference is made to Paragraphs 6.4 and 26.2 If, at any time during the Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of the Lease. Notwithstanding anything therein such damage as to the contraryamount of time Landlord reasonably estimates it will take to restore the Project or the Premises, but subject to subparagraph as applicable (b) below, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) ). If the Restoration Period is estimated to exceed 9 months (the “Maximum Restoration Period”), Landlord may, in order such notice, elect to be entitled to reimbursement. To secure its obligation under terminate this paragraph, Tenant shall deposit with Landlord, not later than ten (10) Lease as of the date that is 75 days after the execution date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless either Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and delivery paid for by Tenant), subject to delays arising from the collection of this Amendmentinsurance proceeds, an irrevocable letter from Force Majeure events or as needed to obtain any license, clearance or other authorization of credit any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the amount of $241,375.00 Premises (the collectively referred to herein as Restoration LOCHazardous Materials Clearances”). The ; provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration LOC must comply withPeriod or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 5 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord shall be governed by the terms of, Paragraph 5.2 relieved of its obligation to make repairs or restoration and this Lease shall terminate as of the Lease; except date that is 75 days after the later of: (i) the reduction provisions discovery of Paragraph 5.2.1 will not applysuch damage or destruction, or (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant shall have no obligation to perform any repair or restoration of the Premises, or to reoccupy the Premises; provided, however, that so long as the Lease and as applied has not been terminated pursuant to this Section 18, Tenant shall continue to comply with all of the provisions of this Lease including, without limitation, the payment of Rent. Notwithstanding the foregoing, either Landlord or Tenant may terminate this Lease upon written notice to the Restoration LOCother if the Premises are damaged during the last year of the Term and Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, may not be not earlier than seven (7) months however, that such notice is delivered within 10 business days after the Termination Datedate that Landlord provides Tenant with written notice of the estimated Restoration Period. Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration. Rent shall be abated from the date all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and (iii) Paragraph 5.2.8 will not applyexcept as provided in this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. In the event that this Lease is terminated pursuant to this Section 18, the Other Lease shall automatically terminate concurrently with this Lease. The total amount due by provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant for the cost with respect to any and all damage to, or destruction of, all or any part of the Restoration shall not exceed the amount Premises, or any other portion of the Restoration LOC. The letter of credit must Project, and any statute or regulation which is now or may hereafter be in form acceptable effect shall have no application to Landlord and its counsel. Said letter this Lease or any damage or destruction to all or any part of credit is in addition to, and not in lieu ofthe Premises or any other portion of the Project, the letter of credit provided for in Paragraph 5.2 of the Leaseparties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Phaserx, Inc.)

Restoration. If, at any time during the Term, the Building or the Premises are damaged or destroyed by a fire or other casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building or the Premises, as applicable (athe “Restoration Period”). If the Restoration Period is estimated to exceed 12 months after the discovery of the damage (the “Maximum Restoration Period”), Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless either Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense except to the extent the cost thereof is excluded from Operating Expenses pursuant to Section 5 hereof), promptly restore the Premises (including the Tenant Improvements but excluding any improvements or Alterations installed by Tenant or by Landlord and paid for by Tenant), subject to delays arising from the collection of insurance proceeds, from Force Majeure events or as needed for Tenant to obtain any license, clearance or other authorization of any kind required by Legal Requirements to be obtained by Tenant for Landlord to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) Reference in, on or about the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if repair or restoration of the Premises is made not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Tenant may by written notice to Paragraphs 6.4 Landlord delivered within 5 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord shall be relieved of its obligation to make such repairs or restoration and 26.2 this Lease shall terminate as of the date that is 75 days after the later of: (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. In the event that this Lease terminates pursuant to the provisions of this Section 18 as a result of an earthquake, Tenant shall not be required to pay any deductibles applicable thereto as part of Operating Expenses. If this Lease is not terminated by Landlord or Tenant pursuant to the immediately preceding paragraph, Tenant, at its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as defined in Section 34) events or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord; provided, however, that Tenant shall nonetheless (and even if Tenant does not re-enter the Premises) continue to be responsible for all of its obligations under the Lease. Notwithstanding anything therein to the contrary, but subject to subparagraph (b) belowforegoing, Landlord may require that Tenant reimburse Landlord for terminate this Lease if the reasonable cost of demolishing Premises are damaged during the office improvements in the FONS Premises upon the expiration or sooner termination last 1 year of the Term and Landlord reasonably estimates that it will take more than 3 months to repair such damage, or if insurance proceeds are not available for such restoration. Rent shall be abated from the date all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. In the event that no Hazardous Material Clearances are required to be obtained by Tenant with respect to the Premises, rent abatement shall commence on the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and restoring Tenant with respect to any and all damage to, or destruction of, all or any part of the entire FONS Premises Premises, or any other portion of the Project, and any statute or regulation which is now or may hereafter be in effect shall have no application to shell warehouse condition, repairing this Lease or any damage caused by such demolition and restoration, provided that such demolition is not or destruction to prepare the FONS Premises for fit out for office use all or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order to be entitled to reimbursement. To secure its obligation under this paragraph, Tenant shall deposit with Landlord, not later than ten (10) days after the execution and delivery of this Amendment, an irrevocable letter of credit in the amount of $241,375.00 (the “Restoration LOC”). The Restoration LOC must comply with, and shall be governed by the terms of, Paragraph 5.2 any part of the Lease; except that (i) the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 Premises or any other portion of the Lease and as applied to the Restoration LOC, may not be not earlier than seven (7) months after the Termination Date, and (iii) Paragraph 5.2.8 will not apply. The total amount due by Tenant for the cost of the Restoration shall not exceed the amount of the Restoration LOC. The letter of credit must be in form acceptable to Landlord and its counsel. Said letter of credit is in addition to, and not in lieu ofProject, the letter of credit provided for in Paragraph 5.2 of the Leaseparties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Otonomy, Inc.)

Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will xxxx 0 months or less, then (ai) Reference is made Landlord at Landlord’s expense shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to Paragraphs 6.4 delays arising from the collection of insurance proceeds or from Force Majeure events, and 26.2 (ii) Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (as defined in Paragraph 33), all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding anything therein contained in the Lease to the contrary, but subject to subparagraph (b) below, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing extent the office improvements in damage to the FONS Premises upon the expiration Project is attributable to Tenant’s gross negligence or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order to be entitled to reimbursement. To secure its obligation under this paragraphintentional misconduct, Tenant shall deposit pay to Landlord with Landlord, not later than ten (10) days after the execution and delivery of this Amendment, an irrevocable letter of credit in the amount of $241,375.00 (the “Restoration LOC”). The Restoration LOC must comply with, and shall be governed by the terms of, Paragraph 5.2 of the Lease; except that (i) the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 of the Lease and as applied respect to any damage to the Restoration LOC, may not be not earlier than seven (7) months after the Termination Date, and (iii) Paragraph 5.2.8 will not apply. The total amount due by Tenant for the cost of the Restoration shall not exceed the Project an amount of the Restoration LOC. The letter commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of credit must be in form acceptable to Landlord and its counsel. Said letter of credit is in addition to, and not in lieu of, the letter of credit provided for in Paragraph 5.2 of the LeaseLandlord’s invoice.

Appears in 1 contract

Samples: Lease Agreement (Supernova Partners Acquisition Co II, Ltd.)

Restoration. (a) Reference If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is made reasonably estimated to Paragraphs 6.4 exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord reasonably estimates that restoration will xxxx 0 months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and 26.2 paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding anything therein to the contraryforegoing, but subject to subparagraph (b) below, Landlord either party may require that Tenant reimburse Landlord for terminate this Lease if the reasonable cost of demolishing Premises are damaged during the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order to be entitled to reimbursement. To secure its obligation under this paragraph, Tenant shall deposit with Landlord, not later than ten (10) days after the execution and delivery of this Amendment, an irrevocable letter of credit in the amount of $241,375.00 (the “Restoration LOC”). The Restoration LOC must comply with, and shall be governed by the terms of, Paragraph 5.2 of the Lease; except that (i) the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 last year of the Lease Term and as applied Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the Restoration LOC, may not total area of the Premises. Such abatement shall be not earlier than seven (7) months after the Termination Datesole remedy of Tenant, and (iii) Paragraph 5.2.8 will not apply. The total amount due except as provided herein, Tenant waives any right to terminate the Lease by Tenant for the cost reason of the Restoration shall not exceed the amount of the Restoration LOC. The letter of credit must be in form acceptable to Landlord and its counsel. Said letter of credit is in addition to, and not in lieu of, the letter of credit provided for in Paragraph 5.2 of the Leasedamage or casualty loss.

Appears in 1 contract

Samples: Lease Agreement (Cmgi Inc)

Restoration. (a) Reference is made to Paragraphs 6.4 and 26.2 If, at any time during the Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of the Lease. Notwithstanding anything therein such damage as to the contraryamount of time Landlord reasonably estimates it will take to restore the Project or the Premises, but subject to subparagraph as applicable (b) below, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) ). If the Restoration Period is estimated to exceed 12 months (the “Maximum Restoration Period”), Landlord may, in order such notice, elect to be entitled to reimbursement. To secure its obligation under terminate this paragraph, Tenant shall deposit with Landlord, not later than ten (10) Lease as of the date that is 75 days after the execution date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 10 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless either Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and delivery paid for by Tenant), subject to delays arising from the collection of this Amendmentinsurance proceeds, an irrevocable letter from Force Majeure events or as needed to obtain any license, clearance or other authorization of credit any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the amount of $241,375.00 Premises (the collectively referred to herein as Restoration LOCHazardous Materials Clearances”). The ; provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration LOC must comply withPeriod or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 5 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord shall be governed by the terms of, Paragraph 5.2 relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the Lease; except date that is 75 days after the later of: (i) the reduction provisions discovery of Paragraph 5.2.1 will not applysuch damage or destruction, or (ii) the “End Date,” date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as that term is defined in Paragraph 5.2.3 Section 34) events or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord and shall promptly re- enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either Landlord or Tenant may terminate this Lease upon written notice to the other if the Premises are damaged during the last year of the Lease Term and as applied Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord provides Tenant with written notice of the estimated Restoration Period. Notwithstanding anything to the Restoration LOCcontrary contained herein, may Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration. Rent shall be abated from the date all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not earlier than seven (7) months after usable by Tenant bears to the Termination Datetotal area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Material Clearances are required to be obtained by Tenant with respect to the Premises, rent abatement shall commence on the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and (iii) Paragraph 5.2.8 will not applyexcept as provided in this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The total amount due by provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant for the cost with respect to any and all damage to, or destruction of, all or any part of the Restoration shall not exceed the amount Premises, or any other portion of the Restoration LOC. The letter of credit must Project, and any statute or regulation which is now or may hereafter be in form acceptable effect shall have no application to Landlord and its counsel. Said letter this Lease or any damage or destruction to all or any part of credit is in addition to, and not in lieu ofthe Premises or any other portion of the Project, the letter of credit provided for in Paragraph 5.2 of the Leaseparties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Singular Genomics Systems, Inc.)

Restoration. If at any time during the Lease Term the Building should be totally destroyed by fire or other casualty or in the event the Building (aor any portion thereof) Reference is made to Paragraphs 6.4 and 26.2 should be so damaged that rebuilding or repairs cannot be completed, in Landlord's reasonable opinion, within 6 months after the date of the casualty, Landlord may, at its option, terminate this Lease, in which event Base Rent and Tenant's Proportionate Share of Operating Expenses shall be abated during the unexpired portion of this Lease effective with the date of such damage. Landlord shall exercise the termination right pursuant to the preceding sentence, if at all, by delivering written notice of termination to Tenant within 30 days after determining that the repairs cannot be completed within such 6 month period. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon written notice to the other party given no later than 30 days after Landlord's notice that the restoration is estimated to exceed such 6 month period. If neither party elects to terminate this Lease or if Landlord estimates that restoration will taxx 0 xonths or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding anything therein to the contraryforegoing, but subject to subparagraph (b) below, Landlord either party may require that Tenant reimburse Landlord for terminate this Lease if the reasonable cost of demolishing Premises are damaged during the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order to be entitled to reimbursement. To secure its obligation under this paragraph, Tenant shall deposit with Landlord, not later than ten (10) days after the execution and delivery of this Amendment, an irrevocable letter of credit in the amount of $241,375.00 (the “Restoration LOC”). The Restoration LOC must comply with, and shall be governed by the terms of, Paragraph 5.2 of the Lease; except that (i) the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 last year of the Lease Term and as applied Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Tenant's Proportionate Share of Operating Expenses shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the Restoration LOCtotal area of the Premises; provided, may not that if such casualty was caused by Tenant, its agents, employees, licensees or invitees, Base Rent and Tenant's Proportionate Share of Operating Expenses shall be not earlier than seven (7) months after abated only to the Termination Dateextent Landlord is compensated for the same by loss of rents insurance, if any. Such abatement shall be the sole remedy of Tenant, and (iii) Paragraph 5.2.8 will not applyexcept as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The total amount due Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the cost sole benefit of the Restoration shall not exceed the amount of the Restoration LOC. The letter of credit must be in form acceptable to Landlord party carrying such insurance and under its counsel. Said letter of credit is in addition to, and not in lieu of, the letter of credit provided for in Paragraph 5.2 of the Leasesole control.

Appears in 1 contract

Samples: Lease Agreement (Optex Systems Holdings Inc)

Restoration. (a) Reference is made to Paragraphs 6.4 and 26.2 If, at any time during the Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of the Lease. Notwithstanding anything therein such damage as to the contraryamount of time Landlord reasonably estimates it will take to restore the Project or the Premises, but subject to subparagraph as applicable (b) below, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) ). If the Restoration Period is estimated to exceed 9 months (the “Maximum Restoration Period”), Landlord may, in order such notice, elect to be entitled to reimbursement. To secure its obligation under terminate this paragraph, Tenant shall deposit with Landlord, not later than ten (10) Lease as of the date that is 75 days after the execution date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless either Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and delivery paid for by Tenant), subject to delays arising from the collection of this Amendmentinsurance proceeds, an irrevocable letter from Force Majeure events or as needed to obtain any license, clearance or other authorization of credit any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the amount of $241,375.00 Premises (the collectively referred to herein as Restoration LOCHazardous Materials Clearances”). The ; provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration LOC must comply withPeriod or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 5 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord shall be governed by the terms of, Paragraph 5.2 relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the Lease; except date that is 75 days after the later of: (i) the reduction provisions discovery of Paragraph 5.2.1 will not applysuch damage or destruction, or (ii) the “End Date,” date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as that term is defined in Paragraph 5.2.3 Section 34) events or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either Landlord or Tenant may terminate this Lease upon written notice to the other if the Premises are damaged during the last year of the Term and Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord provides Tenant with written notice of the estimated Restoration Period. Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration. Rent shall be abated from the date all required Hazardous Material Clearances are obtained until the Premises are repaired and as applied restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the Restoration LOCtotal area of the Premises, may not unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. Such abatement shall be not earlier than seven (7) months after the Termination Datesole remedy of Tenant, and (iii) Paragraph 5.2.8 will not applyexcept as provided in this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The total amount due by provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant for the cost with respect to any and all damage to, or destruction of, all or any part of the Restoration shall not exceed the amount Premises, or any other portion of the Restoration LOC. The letter of credit must Project, and any statute or regulation which is now or may hereafter be in form acceptable effect shall have no application to Landlord and its counsel. Said letter this Lease or any damage or destruction to all or any part of credit is in addition to, and not in lieu ofthe Premises or any other portion of the Project, the letter of credit provided for in Paragraph 5.2 of the Leaseparties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Seres Therapeutics, Inc.)

Restoration. (a) Reference If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is made reasonably estimated to Paragraphs 6.4 and 26.2 exceed 6 months from the date of the casualty event, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord's notice. If neither party elects to terminate this Lease, or if Landlord estimates that the restoration will take less than 6 months from the date of such damage, then Landlord shall, subject to delays arising from the collection of insurance proceeds or from events of Force Majeure, restore the Premises, excluding any Tenant-Made Alterations. Tenant at Tenant's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord. Notwithstanding anything therein the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage, provided, however, Tenant may nullify Landlord’s termination notice by exercising its right to the contrary, but subject to subparagraph First Extension Term (bas defined in Exhibit E) below, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order to be entitled to reimbursement. To secure its obligation under this paragraph, Tenant shall deposit with Landlord, not later than ten (10) days after of its receipt of Landlord’s notice of termination. With respect to any damage to the execution Premises attributable to Tenant, Tenant shall pay Landlord’s deductible with respect to its insurance policy not to exceed USD$[***] no later than thirty (30) days following receipt of an invoice for such amount. Base Rent, Taxes, and delivery the Monthly Fixed Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding the terms and conditions of this AmendmentParagraph, an irrevocable letter if the Premises are not restored by Landlord on, or prior to, the date which is the later of credit 6 months of the date of the casualty event (subject to Force Majeure and Tenant-caused delays) or the date Landlord estimated completion of the restoration as described above (subject to Force Majeure and Tenant-caused delays), Tenant may terminate the Lease upon thirty (30) days written notice to Landlord; provided, however, if Landlord completes the restoration in the amount said thirty (30) day notice period, Tenant's notice of $241,375.00 (the “Restoration LOC”). The Restoration LOC must comply with, and termination shall be governed by the terms of, Paragraph 5.2 of the Lease; except that (i) the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined null and void and this Lease shall continue in Paragraph 5.2.3 of the Lease full force and as applied to the Restoration LOC, may not be not earlier than seven (7) months after the Termination Date, and (iii) Paragraph 5.2.8 will not apply. The total amount due by Tenant for the cost of the Restoration shall not exceed the amount of the Restoration LOC. The letter of credit must be in form acceptable to Landlord and its counsel. Said letter of credit is in addition to, and not in lieu of, the letter of credit provided for in Paragraph 5.2 of the Leaseeffect.

Appears in 1 contract

Samples: Lease Agreement (TheRealReal, Inc.)

Restoration. If, at any time during the Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Project or the Premises, as applicable (a) Reference the "Restoration Period"). If the Restoration Period is made estimated to Paragraphs 6.4 and 26.2 exceed 12 months (the "Maximum Restoration Period"), Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however that notwithstanding Landlord's election to restore, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless either Landlord or Tenant so elects to terminate this Lease. Notwithstanding anything therein to the contrary, but Landlord shall, subject to subparagraph receipt of sufficient insurance proceeds (bwith any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and paid for by Tenant), subject to delays arising from the collection of insurance proceeds, from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) belowin on or about the Premises (collectively referred to herein as "Hazardous Materials Clearances"); provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements may, in the FONS Premises upon the expiration or sooner termination of the Term of the Leaseits sole and absolute discretion, and restoring the entire FONS Premises elect not to shell warehouse condition, repairing any damage caused by proceed with such demolition repair and restoration, provided that or Tenant may by written notice to Landlord delivered within 5 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord shall be relieved of its obligation to make such demolition is not to prepare the FONS Premises for fit out for office use repairs or uses other than warehouse (all such demolition, restoration and repair collectively referred to this Lease shall terminate as of the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order to be entitled to reimbursement. To secure its obligation under this paragraph, Tenant shall deposit with Landlord, not later than ten (10) date that is 75 days after the execution and delivery of this Amendment, an irrevocable letter of credit in the amount of $241,375.00 (the “Restoration LOC”). The Restoration LOC must comply with, and shall be governed by the terms later of, Paragraph 5.2 of the Lease; except that : (i) the reduction provisions discovery of Paragraph 5.2.1 will not applysuch damage or destruction, or (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Notwithstanding the foregoing, if a portion of the Project, not including the Building, is damaged, Landlord may not terminate this Lease on the basis that the Restoration Period will exceed the Maximum Restoration Period if Landlord elects to merely repair the damage rather than redevelop or improve the Project as a whole, and as applied Landlord actually commences construction of the repair of such damage. The Restoration Period and the Maximum Restoration Period shall not be extended by Force Majeure. In the event that the Lease terminates pursuant to the Restoration LOCprovisions of this Section 18 as a result of an earthquake, may Tenant shall not be required to pay any deductibles as part of Operating Expenses in connection with such earthquake. Tenant may, at Tenant's option, promptly re-enter the Premises and commence doing business in accordance with this Lease upon Landlord's completion of all repairs or restoration required to be done by Landlord with pursuant to this Section 18; provided, however, that Tenant shall nonetheless (and even if Tenant does not earlier re-enter the Premises) continue to be responsible for all of its obligations under this Lease. Notwithstanding the foregoing, Landlord may terminate this Lease if the Premises are damaged during the last 1 year of the Term and Landlord reasonably estimates that it will take more than seven (7) 2 months after to repair such damage, or if insurance proceeds are not available for such restoration. Rent shall be abated from the Termination Datedate all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant's business. Such abatement shall be the sole remedy of Tenant, and (iii) Paragraph 5.2.8 will not applyexcept as provided in this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The total amount due by provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant for the cost with respect to any and all damage to, or destruction of, all or any part of the Restoration shall not exceed the amount Premises, or any other portion of the Restoration LOC. The letter of credit must Project, and any statute or regulation which is now or may hereafter be in form acceptable effect shall have no application to Landlord and its counsel. Said letter this Lease or any damage or destruction to all or any part of credit is in addition to, and not in lieu ofthe Premises or any other portion of the Project, the letter of credit provided for in Paragraph 5.2 of the Leaseparties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (BioCardia, Inc.)

Restoration. (a) Reference is made to Paragraphs 6.4 and 26.2 If, at any time during the Term, the Project or the Premises are damaged or destroyed by a fire or other casualty, Landlord shall notify Tenant within 60 days after discovery of the Lease. Notwithstanding anything therein such damage as to the contraryamount of time Landlord reasonably estimates it will take to restore the Project or the Premises, but subject to subparagraph as applicable (b) below, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) ). If the Restoration Period is estimated to exceed 12 months following the date of discovery of the casualty (the “Maximum Restoration Period”), Landlord may, in order such notice, elect to be entitled to reimbursement. To secure its obligation under terminate this paragraph, Tenant shall deposit with Landlord, not later than ten (10) Lease as of the date that is 75 days after the execution date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written notice from Tenant to Landlord delivered within 10 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless either Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and delivery paid for by Tenant), subject to delays arising from the collection of this Amendmentinsurance proceeds, an irrevocable letter from Force Majeure events or as needed to obtain any license, clearance or other authorization of credit any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the amount of $241,375.00 Premises (the collectively referred to herein as Restoration LOCHazardous Materials Clearances”). The ; provided, however, that if repair or restoration of the Premises is not substantially complete and access to the Premises as of the end of the Maximum Restoration LOC must comply withPeriod or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice from Tenant to Landlord delivered within 5 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord shall be governed by the terms of, Paragraph 5.2 relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the Lease; except date that is 75 days after the later of: (i) the reduction provisions discovery of Paragraph 5.2.1 will not applysuch damage or destruction, or (ii) the “End Date,” date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant, subject to abatement as expressly set forth in the immediately following paragraph. Promptly following the date that term is defined Landlord makes the Premises available to Tenant for Tenant’s repairs and/or restoration, Tenant shall, at Tenant’s expense, promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure events or to obtain Hazardous Materials Clearances, all repairs or restoration (which restoration shall be performed as an Alteration in Paragraph 5.2.3 accordance with Section 12) not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either Landlord or Tenant may terminate this Lease upon written notice to the other if the Premises are damaged during the last year of the Lease Term and as applied Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord provides Tenant with written notice of the estimated Restoration Period. Notwithstanding anything to the Restoration LOCcontrary contained herein, may Landlord shall also have the right to terminate this Lease if insurance proceeds (excluding deductible amounts) are not available for such restoration. Base Rent and Operating Expenses shall be abated from the date all required Hazardous Materials Clearances are obtained until the Premises are repaired and restored, in the proportion that the area of the Premises, if any, that is not earlier than seven (7) months after usable by Tenant bears to the Termination Datetotal area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. Such abatement shall be the sole remedy of Tenant, and (iii) Paragraph 5.2.8 will not applyexcept as provided in this Section 18, Tenant waives any right to terminate this Lease by reason of damage or casualty loss. The total amount due by provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant for the cost with respect to any and all damage to, or destruction of, all or any part of the Restoration shall not exceed the amount Premises, or any other portion of the Restoration LOC. The letter of credit must Property or Project, and any statute or regulation that is now or may hereafter be in form acceptable effect shall have no application to Landlord and its counsel. Said letter this Lease or any damage or destruction to all or any part of credit is in addition to, and not in lieu ofthe Premises or any other portion of the Property or the Project, the letter of credit provided for in Paragraph 5.2 of the Leaseparties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Contineum Therapeutics, Inc.)

Restoration. (a) Reference If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 45 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is made estimated to Paragraphs 6.4 exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will take 0 xxxths or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and 26.2 paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding anything therein the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Tenant shall pay to Landlord with respect to any damage to the contrary, but subject to subparagraph (b) below, Landlord may require that Tenant reimburse Landlord for Promises the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination amount of the Term commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after presentment of Landlord's invoice. If the Lease, and restoring damage involves the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses premises of other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order to be entitled to reimbursement. To secure its obligation under this paragraphtenants, Tenant shall deposit with Landlord, not later than ten (10) days after pay the execution and delivery of this Amendment, an irrevocable letter of credit in the amount of $241,375.00 (the “Restoration LOC”). The Restoration LOC must comply with, and shall be governed by the terms of, Paragraph 5.2 portion of the Lease; except deductible that (i) the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 of the Lease and as applied to the Restoration LOC, may not be not earlier than seven (7) months after the Termination Date, and (iii) Paragraph 5.2.8 will not apply. The total amount due by Tenant for the cost of the Restoration shall not exceed the amount restoration of the Restoration LOCPremises bears to the total cost of restoration, as determined by Landlord. The letter Base Rent and Operating Expenses shall be abated for the period of credit must repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be in form acceptable to Landlord and its counsel. Said letter the sole remedy of credit is in addition toTenant, and not in lieu ofexcept as provided herein, Tenant waives any right to terminate the letter Lease by reason of credit provided for in Paragraph 5.2 of the Leasedamage or casualty loss.

Appears in 1 contract

Samples: Lease Agreement (Sterigenics International Inc)

Restoration. (a) Reference is made to Paragraphs 6.4 and 26.2 If, at any time during the Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of the Lease. Notwithstanding anything therein such damage as to the contraryamount of time Landlord reasonably estimates it will take to restore the Project or the Premises, but subject to subparagraph as applicable (b) below, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) ). If the Restoration Period is estimated to exceed 9 months following the discovery of the casualty (the “Maximum Restoration Period”), Landlord may, in order such notice, elect to be entitled to reimbursement. To secure its obligation under terminate this paragraph, Tenant shall deposit with Landlord, not later than ten (10) Lease as of the date that is 75 days after the execution date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 10 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless either Landlord or Tenant so elect to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds, promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and delivery paid for by Tenant), subject to delays arising from the collection of this Amendmentinsurance proceeds, an irrevocable letter from Force Majeure events or as needed to obtain any license, clearance or other authorization of credit any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the amount of $241,375.00 Premises (the collectively referred to herein as Restoration LOCHazardous Materials Clearances”). The ; provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration LOC must comply withPeriod or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord shall be governed by the terms of, Paragraph 5.2 relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the Lease; except date that is 75 days after the later of: (i) the reduction provisions discovery of Paragraph 5.2.1 will not applysuch damage or destruction, or (ii) the “End Date,” date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as that term is defined in Paragraph 5.2.3 Section 34) events or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either Landlord or Tenant may terminate this Lease upon written notice to the other if the Premises are damaged during the last year of the Lease Term and as applied Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord provides Tenant with written notice of the estimated Restoration Period. Notwithstanding anything to the Restoration LOCcontrary contained herein, may Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration. Rent shall be abated from the date all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not earlier than seven (7) months after usable by Tenant bears to the Termination Datetotal area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Material Clearances are required to be obtained by Tenant with respect to the Premises, rent abatement shall commence on the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and (iii) Paragraph 5.2.8 will not applyexcept as provided in this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The total amount due by provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant for the cost with respect to any and all damage to, or destruction of, all or any part of the Restoration shall not exceed the amount Premises, or any other portion of the Restoration LOC. The letter of credit must Project, and any statute or regulation which is now or may hereafter be in form acceptable effect shall have no application to Landlord and its counsel. Said letter this Lease or any damage or destruction to all or any part of credit is in addition to, and not in lieu ofthe Premises or any other portion of the Project, the letter of credit provided for in Paragraph 5.2 of the Leaseparties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Singular Genomics Systems, Inc.)

Restoration. (a) Reference is made to Paragraphs 6.4 and 26.2 of If at any time during the Lease. Notwithstanding anything therein Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within sixty (60) days after such damage as to the contraryamount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed one hundred eighty (180) days from the date Landlord receives all permits, but subject approvals, and licenses required to subparagraph begin reconstruction, Tenant may elect to terminate this Lease upon notice to Landlord given no later than thirty (b30) belowdays after Landlord’s notice. If the restoration time is estimated to exceed two hundred seventy (270) days from the date Landlord receives all permits, approvals, and licenses required to begin reconstruction, or the damage is uninsured and the restoration time is estimated to exceed thirty (30) days, Landlord may require elect to terminate this Lease upon notice to Tenant given no later than thirty (30) days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will take two hundred seventy (270) days or less (or the damage is uninsured and Landlord estimates that restoration will take thirty (30) days of less), then, Landlord shall promptly restore the Premises excluding the Tenant-Made Alterations, the Tenant reimburse Improvements, and any other improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Landlord shall not be required to expend more for the reasonable cost restoration of demolishing the office improvements Premises than the amount Landlord receives as insurance proceeds from Landlord’s insurer, or the amount Landlord would have received if Landlord had maintained the insurance required to be maintained by Landlord under this Lease and had diligently pursued a claim against such insurer. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Base Rent, Operating Expenses and Parking Fees shall be abated for the period of repair and restoration in the FONS Premises upon proportion which the expiration or sooner termination area of the Term Premises, if any, which is not usable by Tenant bears to the total area of the LeasePremises. Notwithstanding the foregoing, either party may terminate this Lease upon thirty (30) days written notice to the other if the Premises are damaged during the last year of the Lease Term and restoring Landlord reasonably estimates that it will take more than sixty (60) days (or such lesser period as is remaining in the entire FONS Premises Term) to shell warehouse conditionrepair such damage. Tenant shall pay to Landlord, repairing any damage caused within thirty (30) days following Landlord’s demand therefor accompanied by such demolition and restorationreasonable supporting documentation with respect thereto, provided that such demolition is the amount of the deductible under Landlord’s insurance policy. Notwithstanding the above, Landlord will not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order to be entitled to reimbursementterminate this Lease solely because there is less than one (1) year on the Lease Term if Tenant has an exercisable right to renew or extend the Lease Term and Tenant, within ten (10) days after receipt of Landlord’s notice of termination, validly exercises such right. To secure The foregoing shall not prohibit Landlord from exercising its obligation under right to terminate for any of the other reasons set forth herein. Notwithstanding the foregoing, if Tenant was entitled to but elected not to exercise its right to terminate the Lease and Landlord does not substantially complete the repair and restoration of the Premises within ninety (90) days after the expiration of the estimated period of time set forth in the Landlord’s estimate (except to the extent that substantial completion is delayed as a result of events of Force Majeure or any acts or omission of Tenant or any agent, employee, contractor, licensee or invitee of Tenant), then Tenant may terminate this paragraph, Tenant shall deposit with Landlord, not later than Lease by written notice to Landlord within ten (10) days after the execution and delivery expiration of this Amendment, an irrevocable letter of credit in the amount of $241,375.00 such period (the “Restoration LOC”). The Restoration LOC must comply with, and shall be governed by the terms of, Paragraph 5.2 but prior to substantial completion of the restoration), as the same may be extended. Zip Recruiting/604 Arizona-ZipRecruiter Lease; except that (i) the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 of the Lease and as applied to the Restoration LOC, may not be not earlier than seven (7) months after the Termination Date, and (iii) Paragraph 5.2.8 will not apply. The total amount due by Tenant for the cost of the Restoration shall not exceed the amount of the Restoration LOC. The letter of credit must be in form acceptable to Landlord and its counsel. Said letter of credit is in addition to, and not in lieu of, the letter of credit provided for in Paragraph 5.2 of the Lease.

Appears in 1 contract

Samples: Lease Agreement (Ziprecruiter, Inc.)

Restoration. (a) Reference is made to Paragraphs 6.4 and 26.2 of If at any time during the Lease. Notwithstanding anything therein to Lease Term the contrary, but subject to subparagraph (b) belowPremises are damaged by a fire or other casualty, Landlord may require that shall notify Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse within sixty (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order to be entitled to reimbursement. To secure its obligation under this paragraph, Tenant shall deposit with Landlord, not later than ten (1060) days after the execution and delivery of this Amendment, an irrevocable letter of credit in such damage as to the amount of $241,375.00 (time Landlord reasonably estimates it will take to restore the “Restoration LOC”)Premises. The Restoration LOC must comply withIf the restoration time is estimated to exceed 270 days from the date Landlord receives all permits, approvals, and licenses required to begin reconstruction, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than thirty (30) days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will take 270 days or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the Tenant-Made Alterations and/or Tenant Improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events; provided, however, if Landlord does not fully-restore the Premises due to insufficient insurance proceeds, such failure shall entitle Tenant to terminate this Lease upon not less than thirty (30) days written notice to Landlord. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Base Rent shall be governed by abated for the terms of, Paragraph 5.2 period of repair and restoration in the proportion which the area of the Lease; except that Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Notwithstanding the foregoing, either party may terminate this Lease upon thirty (i30) days written notice to the reduction provisions of Paragraph 5.2.1 will not apply, (ii) other if the “End Date,” as that term is defined in Paragraph 5.2.3 Premises are damaged during the last year of the Lease Term and as applied Landlord reasonably estimates that it will take more than ninety (90) days to repair such damage; provided, however, if Landlord should elect its right to terminate the Lease pursuant to the Restoration LOCterms of this sentence, Tenant may not be not earlier than seven (7) months after vitiate any such termination by exercising any remaining Renewal Term prior to the Termination Date, and (iii) Paragraph 5.2.8 will not apply. The total amount due by Tenant for the cost date of the Restoration shall not exceed the amount of the Restoration LOC. The letter of credit must be in form acceptable to Landlord and its counsel. Said letter of credit is in addition to, and not in lieu of, the letter of credit provided for in Paragraph 5.2 of the Leasetermination.

Appears in 1 contract

Samples: Agreement of Purchase and Sale (Sears Hometown & Outlet Stores, Inc.)

Restoration. (a) Reference is made to Paragraphs 6.4 and 26.2 of If at any time during the Lease. Notwithstanding anything therein to Lease Term the contrary, but subject to subparagraph (b) belowPremises are damaged by a fire or other casualty, Landlord may require that shall notify Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse within forty-five (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order to be entitled to reimbursement. To secure its obligation under this paragraph, Tenant shall deposit with Landlord, not later than ten (1045) days after the execution and delivery of this Amendment, an irrevocable letter of credit in such damage as to the amount of $241,375.00 (time Landlord reasonably estimates it will take to restore the “Restoration LOC”)Premises. The Restoration LOC must comply withIf the restoration time is estimated to exceed 180 days from the date Landlord receives all permits, approvals, and licenses required to begin reconstruction, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than thirty (30) days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will take 180 days or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall be governed promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the terms ofcollection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, Paragraph 5.2 of the Lease; except that subject to delays arising from (i) the reduction provisions collection of Paragraph 5.2.1 will not applyinsurance proceeds, (ii) Force Majeure events, or (iii) delays in Landlord’s restoration obligations, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the “End Date,” as that term is defined Premises and commence doing business in Paragraph 5.2.3 accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease upon thirty (30) days written notice to the other if the Premises are damaged during the last year of the Lease Term and as applied Landlord reasonably estimates that it will take more than thirty (30) days to the Restoration LOC, may not be not earlier than seven (7) months after the Termination Date, and (iii) Paragraph 5.2.8 will not apply. The total amount due by Tenant for the cost of the Restoration shall not exceed the amount of the Restoration LOC. The letter of credit must be in form acceptable to Landlord and its counsel. Said letter of credit is in addition to, and not in lieu of, the letter of credit provided for in Paragraph 5.2 of the Leaserepair such damage.

Appears in 1 contract

Samples: Lease Agreement (Systemax Inc)

Restoration. (a) Reference If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within forty-five (45) days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises and whether Landlord has sufficient insurance proceeds or other sources of funds with which to restore the Premises. If the restoration time is made estimated to Paragraphs 6.4 exceed 150 days from the date Landlord receives all permits, approvals, and 26.2 licenses required to begin reconstruction, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than thirty (30) days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will take 150 days or less and Landlord has determined there are sufficient insurance proceeds (with regard to which Landlord shall have previously notified Tenant pursuant to the first sentence of this Paragraph 15), then, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding anything therein the foregoing, either party may terminate this Lease upon thirty (30) days written notice to the contrary, but subject to subparagraph (b) below, Landlord may require that Tenant reimburse Landlord for other if the reasonable cost of demolishing Premises are damaged during the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order to be entitled to reimbursement. To secure its obligation under this paragraph, Tenant shall deposit with Landlord, not later than ten (10) days after the execution and delivery of this Amendment, an irrevocable letter of credit in the amount of $241,375.00 (the “Restoration LOC”). The Restoration LOC must comply with, and shall be governed by the terms of, Paragraph 5.2 of the Lease; except that (i) the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 last year of the Lease Term and as applied Landlord reasonably estimates that it will take more than thirty (30) days to the Restoration LOC, may not be not earlier than seven (7) months after the Termination Date, and (iii) Paragraph 5.2.8 will not apply. The total amount due by Tenant for the cost of the Restoration shall not exceed the amount of the Restoration LOC. The letter of credit must be in form acceptable to Landlord and its counsel. Said letter of credit is in addition to, and not in lieu of, the letter of credit provided for in Paragraph 5.2 of the Leaserepair such damage.

Appears in 1 contract

Samples: Part of Lease Agreement (Intcomex Holdings, LLC)

Restoration. (a) Reference If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is made estimated to Paragraphs 6.4 exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will take 6 months or less, then, subject to receipt of sufficient insuraxxx xxoceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and 26.2 paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding anything therein to the contraryforegoing, but subject to subparagraph (b) below, Landlord either party may require that Tenant reimburse Landlord for terminate this Lease if the reasonable cost of demolishing Premises are damaged during the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order to be entitled to reimbursement. To secure its obligation under this paragraph, Tenant shall deposit with Landlord, not later than ten (10) days after the execution and delivery of this Amendment, an irrevocable letter of credit in the amount of $241,375.00 (the “Restoration LOC”). The Restoration LOC must comply with, and shall be governed by the terms of, Paragraph 5.2 of the Lease; except that (i) the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 last year of the Lease Term and as applied Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the Restoration LOC, may not total area of the Premises. Such abatement shall be not earlier than seven (7) months after the Termination Datesole remedy of Tenant, and (iii) Paragraph 5.2.8 will not apply. The total amount due except as provided herein, Tenant waives any right to terminate the Lease by Tenant for the cost reason of the Restoration shall not exceed the amount of the Restoration LOC. The letter of credit must be in form acceptable to Landlord and its counsel. Said letter of credit is in addition to, and not in lieu of, the letter of credit provided for in Paragraph 5.2 of the Leasedamage or casualty loss.

Appears in 1 contract

Samples: Lease Agreement (Wilson Greatbatch Technologies Inc)

Restoration. (a) Reference is made to Paragraphs 6.4 and 26.2 If, at any time during the Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of the Lease. Notwithstanding anything therein such damage as to the contraryamount of time Landlord reasonably estimates it will take to restore the Project or the Premises, but subject to subparagraph as applicable (b) below, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) ). If the Restoration Period is estimated to exceed 12 months (the “Maximum Restoration Period”), Landlord may, in order such notice, elect to be entitled to reimbursement. To secure its obligation under terminate this paragraph, Tenant shall deposit with Landlord, not later than ten (10) Lease as of the date that is 75 days after the execution date of discovery of such damage or destruction. In the event the Premises are damages or destroyed and delivery Landlord fails to timely provide such notice of Landlord’s estimate of the Restoration Period, then Tenant may, in its sole and absolute discretion, terminate this AmendmentLease by at least sixty (60) days’ prior written notice to Landlord given within 10 days after the expiration of the period for Landlord to give notice of the estimated Restoration Period (but such notice shall be null and void if Landlord delivers its estimate notice within such 60-day period). Additionally, an irrevocable letter of credit in the amount event Landlord’s estimate notice indicates that the Restoration Period for damage or destruction to the Premises is expected to exceed the Maximum Restoration Period, then Tenant shall also have the right to terminate this Lease by written notice to Landlord within thirty (30) days following the date Tenant receives Landlord’s restoration estimate notice. Unless Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of $241,375.00 sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises and/or the Building (with such changes as Landlord may desire), as applicable (excluding the improvements installed by Tenant or by Landlord and paid for solely by Tenant), subject to delays arising from the collection of insurance proceeds, from Force Majeure events or as needed to obtain any license, clearance or other authorization of any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Premises (collectively referred to herein as Restoration LOCHazardous Materials Clearances”). The If the repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration LOC must comply withPeriod or, if longer, the Restoration Period, as extended by Force Majeure, Tenant may, in its sole and absolute discretion, terminate this Lease by at least thirty (30) days’ prior written notice to Landlord given within 15 days following expiration of the Restoration Period (and which notice shall be governed null and void if Landlord substantially completes the restoration within such 30-day period). Tenant, at its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure events or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord. Notwithstanding the terms offoregoing, Paragraph 5.2 of the Lease; except that (i) Landlord or Tenant may terminate this Lease if the reduction provisions Premises are damaged during the last 18 months of Paragraph 5.2.1 the Term and Landlord reasonably estimates that it will not apply, take more than the lesser of one half of the remaining Term or 3 months to repair such damage or (ii) Landlord may terminate this Lease if the “End Date,” as that term is defined in Paragraph 5.2.3 Premises are damaged and insurance proceeds (plus any applicable deductible) are not available for such restoration. In the event any fire or other casualty renders any material portion of the Lease Premises inaccessible or not reasonably usable for the Permitted Use, Rent shall be abated from the date of such fire or other casualty until the Premises are repaired and as applied restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the Restoration LOCtotal area of the Premises, may not unless Landlord provides Tenant at no additional cost or expense beyond the Rent set forth in this Lease with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. Such abatement shall be not earlier than seven (7) months after the Termination Datesole remedy of Tenant, and (iii) Paragraph 5.2.8 will not applyexcept as provided in this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss except as expressly provided herein. The total amount due by provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant for the cost with respect to any and all damage to, or destruction of, all or any part of the Restoration shall not exceed the amount Premises, or any other portion of the Restoration LOC. The letter of credit must Project, and any statute or regulation which is now or may hereafter be in form acceptable effect shall have no application to Landlord and its counsel. Said letter this Lease or any damage or destruction to all or any part of credit is in addition to, and not in lieu ofthe Premises or any other portion of the Project, the letter of credit provided for in Paragraph 5.2 of the Leaseparties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Forma Therapeutics Holdings, Inc.)

Restoration. If at any time during the Lease Term, the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within sixty (a60) Reference is made to Paragraphs 6.4 and 26.2 of the Lease. Notwithstanding anything therein days after such damage as to the contrary, but subject amount of time Landlord reasonably estimates it will take to subparagraph (b) below, Landlord may require that Tenant reimburse Landlord for restore the reasonable cost of demolishing Premises. If the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises restoration time is estimated to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the exceed six (6) month period following months, either Landlord or Tenant may elect to terminate this Lease upon notice to the Termination Date other party given no later than thirty (“Restoration Period”30) in order days after Landlord's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will take six (6) months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be entitled done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are materially damaged during the last year of the Lease Term (as the same may have been extended) and Landlord reasonably estimates that it will take more than one month to reimbursementrepair such damage. To secure its obligation under If Landlord elects to terminate this paragraphLease pursuant to the preceding sentence, Tenant shall deposit with Landlord, not later than have the right exercisable within ten (10) days after of the execution receipt of Landlord's notice to terminate, to cause this Lease to not be terminated by electing to repair the damage at Tenant's sole cost and delivery expense, in which event Tenant shall promptly and continuously repair such damage at its sole cost and expense and this Lease shall remain in full force and effect. Base Rent and Operating Expenses shall be abated for the period of this Amendment, an irrevocable letter of credit repair and restoration in the amount proportion which the area of $241,375.00 (the “Restoration LOC”)Premises, if any, which is not usable by Tenant bears to the total area of the Premises. The Restoration LOC must comply withSuch abatement shall be the sole remedy of Tenant, and shall be governed by the terms ofexcept as provided herein, Paragraph 5.2 of the Lease; except that (i) the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 of Tenant waives any right to terminate the Lease and as applied to the Restoration LOC, may not be not earlier than seven (7) months after the Termination Date, and (iii) Paragraph 5.2.8 will not apply. The total amount due by Tenant for the cost reason of the Restoration shall not exceed the amount of the Restoration LOC. The letter of credit must be in form acceptable to Landlord and its counsel. Said letter of credit is in addition to, and not in lieu of, the letter of credit provided for in Paragraph 5.2 of the Leasedamage or casualty loss.

Appears in 1 contract

Samples: Lease Agreement (Homegrocer Com Inc)

Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within sixty (a60) Reference days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is made estimated to Paragraphs 6.4 and 26.2 exceed twelve (12) months, either Landlord or Tenant may elect to terminate this Lease as of the date of the casualty upon notice to the other party given no later than thirty (30) days after Landlord's notice. In no event shall Landlord have the right to terminate this Lease for insufficient insurance proceeds if Landlord failed to carry the insurance required by this Lease. If neither party elects to terminate this Lease or if Landlord estimates that restoration will take twelve (12) months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises, excluding the Tenant Improvements and any Tenant-Made Alterations installed by Tenant or by Landlord and paid for by Tenant, subject to delays arising from the collection of insurance proceeds or for up to ninety (90) days of Force Majeure Events (as defined in Paragraph 33 below). Tenant at Tenant's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from up to ninety (90) days of Force Majeure Events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding anything therein the foregoing, either party may terminate this Lease by written notice to the contrary, but subject to subparagraph (b) below, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination other as of the Term date of the Lease, casualty if the Premises are damaged during the last twelve (12) months of the Lease Term and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided Landlord reasonably estimates that such demolition is not to prepare the FONS Premises for fit out for office use or uses other it will take more than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following months to repair such damage. If, however, Landlord elects to terminate this Lease pursuant to the Termination Date (“Restoration Period”) in order to be entitled to reimbursement. To secure its obligation under this paragraphpreceding sentence, Tenant shall deposit with have the right to exercise its option to extend the Lease Term for the First Renewal Term or the Second Renewal Term, as applicable, in which case Landlord, not later than ten (10) days after ’s notice shall be of no force or effect and Landlord and Tenant shall complete the execution and delivery required restoration pursuant to the provisions of this Amendment, an irrevocable letter of credit in the amount of $241,375.00 Paragraph 15. Rent (the “Restoration LOC”). The Restoration LOC must comply with, and shall be governed by the terms of, Paragraph 5.2 of the Lease; except that (i) the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 37(a) below) shall be abated for the period of repair and restoration in the proportion which the area of the Lease and as applied Premises, if any, which is not usable by Tenant bears to the Restoration LOC, may not total area of the Premises. Such abatement shall be not earlier than seven (7) months after the Termination Datesole remedy of Tenant, and (iii) Paragraph 5.2.8 will not applyexcept as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The total amount due by Tenant for This Lease sets forth the cost terms and conditions upon which this Lease may terminate in the event of any damage or destruction. Accordingly, the Restoration shall not exceed parties hereby waive the amount provisions of the Restoration LOC. The letter of credit must be in form acceptable to Landlord and its counsel. Said letter of credit is in addition toCalifornia Civil Code Section 1932, Subsection 2, and not in lieu ofSection 1933, Subsection 4 (and any successor statutes thereof permitting the letter parties to terminate this Lease as a result of credit provided for in Paragraph 5.2 of the Leaseany damage or destruction).

Appears in 1 contract

Samples: Lease (Bloom Energy Corp)

Restoration. (a) Reference If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is made estimated to Paragraphs 6.4 exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will xxxx 0 months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and 26.2 paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding anything therein the foregoing, either parry may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Tenant shall pay to Landlord with respect to any damage to the contrary, but subject to subparagraph (b) below, Landlord may require that Tenant reimburse Landlord for Premises the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination amount of the Term commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after presentment of Landlord's invoice. If the Lease, and restoring damage involves the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses premises of other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order to be entitled to reimbursement. To secure its obligation under this paragraphtenants, Tenant shall deposit with Landlord, not later than ten (10) days after pay the execution and delivery of this Amendment, an irrevocable letter of credit in the amount of $241,375.00 (the “Restoration LOC”). The Restoration LOC must comply with, and shall be governed by the terms of, Paragraph 5.2 portion of the Lease; except deductible that (i) the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 of the Lease and as applied to the Restoration LOC, may not be not earlier than seven (7) months after the Termination Date, and (iii) Paragraph 5.2.8 will not apply. The total amount due by Tenant for the cost of the Restoration shall not exceed the amount restoration of the Restoration LOCPremises bears to the total cost of restoration, as determined by Landlord. The letter Base Rent and Operating Expenses shall be abated for the period of credit must repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be in form acceptable to Landlord and its counsel. Said letter the sole remedy of credit is in addition toTenant, and not in lieu ofexcept as provided herein, Tenant waives any right to terminate the letter Lease by reason of credit provided for in Paragraph 5.2 of the Leasedamage or casualty loss.

Appears in 1 contract

Samples: Lease Agreement (Celerity Group Inc)

Restoration. (a) Reference is made to Paragraphs 6.4 and 26.2 If, at any time during the Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of the Lease. Notwithstanding anything therein such damage as to the contraryamount of time Landlord reasonably estimates it will take to restore the Project or the Premises, but subject to subparagraph as applicable (b) below, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) ). If the Restoration Period is estimated to exceed 12 months (the “Maximum Restoration Period”), Landlord may, in order such notice, elect to be entitled to reimbursement. To secure its obligation under terminate this paragraph, Tenant shall deposit with Landlord, not later than ten (10) Lease as of the date that is 75 days after the execution date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless either Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and delivery paid for by Tenant), subject to delays arising from the collection of this Amendmentinsurance proceeds, an irrevocable letter from Force Majeure events or as needed to obtain any license, clearance or other authorization of credit any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the amount of $241,375.00 Premises (the collectively referred to herein as Restoration LOCHazardous Materials Clearances”). The ; provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration LOC must comply withPeriod or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 10 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord shall be governed by the terms of, Paragraph 5.2 relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the Lease; except date that is 75 days after the later of: (i) the reduction provisions discovery of Paragraph 5.2.1 will not applysuch damage or destruction, or (ii) the “End Date,” date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. After the repairs and/or restoration required to be done by Landlord to the Premises have been completed, Tenant, at its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as that term is defined in Paragraph 5.2.3 Section 34) events or to obtain Hazardous Material Clearances, all repairs or restoration of Tenant’s property necessary for the conduct of Tenant’s business at the Premises and any improvements or Alterations to the Premises installed by Tenant and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either Landlord or Tenant may terminate this Lease upon written notice to the other if the Premises are damaged during the last year of the Lease Term and as applied Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord provides Tenant with written notice of the estimated Restoration Period. Notwithstanding anything to the Restoration LOCcontrary contained herein, may Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration. Tenant shall have the right to terminate this Lease if insurance proceeds are not available for such restoration and Landlord does not otherwise elect to proceed with the restoration. Rent shall be abated from the date all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not earlier than seven (7) months after usable by Tenant bears to the Termination Datetotal area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Material Clearances are required to be obtained by Tenant with respect to the Premises, rent abatement shall commence on the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and (iii) Paragraph 5.2.8 will not applyexcept as provided in this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The total amount due by provisions of this Lease, including this Section 18. constitute an express agreement between Landlord and Tenant for the cost with respect to any and all damage to, or destruction of, all or any part of the Restoration shall not exceed the amount Premises, or any other portion of the Restoration LOC. The letter of credit must Project, and any statute or regulation which is now or may hereafter be in form acceptable effect shall have no application to Landlord and its counsel. Said letter this Lease or any damage or destruction to all or any part of credit is in addition to, and not in lieu ofthe Premises or any other portion of the Project, the letter of credit provided for in Paragraph 5.2 of the Leaseparties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Xeris Pharmaceuticals Inc)

Restoration. (a) Reference is made to Paragraphs 6.4 and 26.2 If, at any time during the Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 45 days after discovery of the Lease. Notwithstanding anything therein such damage as to the contraryamount of time Landlord reasonably estimates it will take to restore the Project or the Premises, but subject to subparagraph as applicable (b) below, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) ). If the Restoration Period is estimated to exceed 12 months (the “Maximum Restoration Period”), Landlord may, in order such notice, elect to be entitled to reimbursement. To secure its obligation under terminate this paragraph, Tenant shall deposit with Landlord, not later than ten (10) Lease as of the date that is 75 days after the execution date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless either Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and delivery paid for by Tenant), subject to delays arising from the collection of this Amendmentinsurance proceeds, an irrevocable letter from Force Majeure events or as needed to obtain any license, clearance or other authorization of credit any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the amount of $241,375.00 Premises (the collectively referred to herein as Restoration LOCHazardous Materials Clearances”). The ; provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration LOC must comply withPeriod or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 5 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord shall be governed by the terms of, Paragraph 5.2 relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the Lease; except date that is 75 days after the later of: (i) the reduction provisions discovery of Paragraph 5.2.1 will not applysuch damage or destruction, or (ii) the “End Date,” date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant, at its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure (as that term is defined in Paragraph 5.2.3 Section 34) events or to obtain Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either Landlord or Tenant may terminate this Lease upon written notice to the other if the Premises are damaged during the last year of the Lease Term and as applied Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, however, that such notice is delivered within 10 business days after the date that Landlord provides Tenant with written notice of the estimated Restoration Period. Notwithstanding anything to the Restoration LOCcontrary contained herein, may Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration. Rent shall be abated from the date all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not earlier than seven (7) months after usable by Tenant bears to the Termination Datetotal area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. In the event that no Hazardous Material Clearances are required to be obtained by Tenant with respect to the Premises, rent abatement shall commence on the date of discovery of the damage or destruction. Such abatement shall be the sole remedy of Tenant, and (iii) Paragraph 5.2.8 will not applyexcept as provided in this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The total amount due by provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant for the cost with respect to any and all damage to, or destruction of, all or any part of the Restoration shall not exceed the amount Premises, or any other portion of the Restoration LOC. The letter of credit must Project, and any statute or regulation which is now or may hereafter be in form acceptable effect shall have no application to Landlord and its counsel. Said letter this Lease or any damage or destruction to all or any part of credit is in addition to, and not in lieu ofthe Premises or any other portion of the Project, the letter of credit provided for in Paragraph 5.2 of the Leaseparties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Neoleukin Therapeutics, Inc.)

Restoration. (a) Reference If at any time during the Lease Term the Premises am damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is made estimated to Paragraphs 6.4 exceed 6 months from the date of damage, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord's notice. If neither party elects to terminate this Lease or if Landlord estim tes that restoration will take 0 xxxths or is less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and 26.2 paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration 10 not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding anything therein to the contraryforegoing, but subject to subparagraph (b) below, Landlord either party may require that Tenant reimburse Landlord for terminate this Lease if the reasonable cost of demolishing Premises are damaged during the office improvements in the FONS Premises upon the expiration or sooner termination last year of the Lease Term of the Lease, and restoring the entire FONS Premises Landlord reasonably estimates that it will take more than one month to shell warehouse condition, repairing any damage caused by repair such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order to be entitled to reimbursement. To secure its obligation under this paragraphdamage, Tenant shall deposit pay to Landlord with Landlord, not later than ten (10) days after respect to any-damage to the execution and delivery of this Amendment, an irrevocable letter of credit in Premises the amount of the commercially reasonably deductible under Landlord's insurance policy (CURRENTLY $241,375.00 (10,000) within 10 days after presentment of Landlord's invoice. If the “Restoration LOC”). The Restoration LOC must comply withdamage involves the premises of other tenants, and Tenant shall be governed by pay the terms of, Paragraph 5.2 portion of the Lease; except deductible that (i) the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 of the Lease and as applied to the Restoration LOC, may not be not earlier than seven (7) months after the Termination Date, and (iii) Paragraph 5.2.8 will not apply. The total amount due by Tenant for the cost of the Restoration shall not exceed the amount restoration of the Restoration LOCPremises bears to the total cost of restoration, as determined by Landlord. The letter Base Rent and Operating Expenses shall be abated for the period of credit must repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. 'Such abatement shall be in form acceptable to Landlord and its counsel. Said letter the sole remedy of credit is in addition toTenant, and not in lieu ofexcept as provided herein, Tenant waives any right to terminate the letter Lease by reason of credit provided for in Paragraph 5.2 of the Leasedamage or casualty loss.

Appears in 1 contract

Samples: Lease Agreement (Sterile Recoveries Inc)

Restoration. (a) Reference If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is made estimated to Paragraphs 6.4 exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will xxxx 0 months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and 26.2 paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding anything therein the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Tenant shall pay to Landlord with respect to any damage to the contrary, but subject to subparagraph (b) below, Landlord may require that Tenant reimburse Landlord for Premises the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination amount of the Term commercially reasonably deductible under Landlord's insurance policy (currently US$10,000) within 10 days after presentment of Landlord's invoice. If the Lease, and restoring damage involves the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses premises of other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order to be entitled to reimbursement. To secure its obligation under this paragraphtenants, Tenant shall deposit with Landlord, not later than ten (10) days after pay the execution and delivery of this Amendment, an irrevocable letter of credit in the amount of $241,375.00 (the “Restoration LOC”). The Restoration LOC must comply with, and shall be governed by the terms of, Paragraph 5.2 portion of the Lease; except deductible that (i) the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 of the Lease and as applied to the Restoration LOC, may not be not earlier than seven (7) months after the Termination Date, and (iii) Paragraph 5.2.8 will not apply. The total amount due by Tenant for the cost of the Restoration shall not exceed the amount restoration of the Restoration LOCPremises bears to the total cost of restoration, as determined by Landlord. The letter Base Rent and Operating Expenses shall be abated in the proportion which the area of credit must the Premises, if any, which is not usable by Tenant bears to the total area of the Premises from the date of the casualty through the period of repair and restoration until the Premises are repaired. Such abatement shall be in form acceptable to Landlord and its counsel. Said letter the sole remedy of credit is in addition toTenant, and not in lieu ofexcept as provided herein, Tenant waives any right to terminate the letter Lease by reason of credit provided for in Paragraph 5.2 of the Leasedamage or casualty loss.

Appears in 1 contract

Samples: Lease Agreement (Converse Inc)

Restoration. (a) Reference is made to Paragraphs 6.4 and 26.2 of If at any time during the Lease. Notwithstanding anything therein to Lease Term the contrary, but subject to subparagraph (b) belowPremises are damaged by fire or other casualty, Landlord may require that shall notify Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order to be entitled to reimbursement. To secure its obligation under this paragraph, Tenant shall deposit with Landlord, not later than ten (10) 60 days after the execution and delivery of this Amendment, an irrevocable letter of credit in such damage as to the amount of $241,375.00 (time Landlord reasonably estimates it will take to restore the “Restoration LOC”)Premises. The Restoration LOC must comply withIf the restoration time is estimated to exceed 5 months, and shall be governed by either Landlord or Tenant may elect to terminate this Lease upon notice to the terms ofother party given no later than 30 days after Landlord's notice. If neither party elects to terminate this Lease, Paragraph 5.2 or if Landlord estimates that restoration will take 5 months or less, then Landlord shall, subject to delays arising from the collection of insurance proceeds or from events of Force Majeure, restore the Lease; except that (i) Premises, excluding any Tenant-Made Alterations. Notwithstanding the reduction provisions of Paragraph 5.2.1 will not applyforegoing, (ii) either party may terminate this Lease if the “End Date,” as that term is defined in Paragraph 5.2.3 Premises are damaged during the last year of the Lease Term and as applied Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the proportion of the Premises, if any, which is not usable by Tenant bears to the Restoration LOC, may not total area of the Premises. Such abatement shall be not earlier than seven (7) months after the Termination Datesole remedy of Tenant, and (iii) Paragraph 5.2.8 will except as provided above, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. Notwithstanding the terms and conditions of this Paragraph, if the Premises are not apply. The total amount due restored by Tenant for Landlord on, or prior to, the cost date which is the later of 5 months of the Restoration shall not exceed the amount date of the Restoration LOC. The letter of credit must be in form acceptable casualty event (subject to Force Majeure and Tenant-caused delays) or the date Landlord and its counsel. Said letter of credit is in addition to, and not in lieu of, the letter of credit provided for in Paragraph 5.2 estimated completion of the Leaserestoration as described above (subject to Force Majeure and Tenant-caused delays), Tenant may terminate the Lease upon thirty (30) days written notice to Landlord; provided, however, if Landlord completes the restoration in said thirty (30) day notice period, Tenant's notice of termination shall be null and void and this Lease shall continue in full force and effect.

Appears in 1 contract

Samples: Lease Agreement (Venus Concept Inc.)

Restoration. (a) Reference is made to Paragraphs 6.4 and 26.2 If, at any time during the Term, the Project or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of the Lease. Notwithstanding anything therein such damage as to the contraryamount of time Landlord reasonably estimates it will take to restore the Project or the Premises, but subject to subparagraph as applicable (b) below, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) ). If the Restoration Period is estimated to exceed 9 months (the “Maximum Restoration Period”), Landlord may, in order such notice, elect to be entitled to reimbursement. To secure its obligation under terminate this paragraph, Tenant shall deposit with Landlord, not later than ten (10) Lease as of the date that is 75 days after the execution date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period. Unless either Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and delivery paid for by Tenant), subject to delays arising from the collection of this Amendmentinsurance proceeds, an irrevocable letter from Force Majeure events or as needed to obtain any license, clearance or other authorization of credit any kind required to enter into and restore the Premises issued by any Governmental Authority having jurisdiction over the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the amount of $241,375.00 Premises (the collectively referred to herein as Restoration LOCHazardous Materials Clearances”). The ; provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration LOC must comply withPeriod or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, or Tenant may by written notice to Landlord delivered within 5 business days of the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord shall be governed by the terms of, Paragraph 5.2 relieved of its obligation to make repairs or restoration and this Lease shall terminate as of the Lease; except date that is 75 days after the later of: (i) the reduction provisions discovery of Paragraph 5.2.1 will not applysuch damage or destruction, or (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant. Tenant shall have no obligation to perform any repair or restoration of the Premises, or to reoccupy the Premises; provided, however, that so long as the Lease and as applied has not been terminated pursuant to this Section 18, Tenant shall continue to comply with all of the provisions of this Lease including, without limitation, the payment of Rent. Notwithstanding the foregoing, either Landlord or Tenant may terminate this Lease upon written notice to the Restoration LOCother if the Premises are damaged during the last year of the Term and Landlord reasonably estimates that it will take more than 2 months to repair such damage; provided, may not be not earlier than seven (7) months however, that such notice is delivered within 10 business days after the Termination Datedate that Landlord provides Tenant with written notice of the estimated Restoration Period. Landlord shall also have the right to terminate this Lease if insurance proceeds are not available for such restoration. Rent shall be abated from the date all required Hazardous Material Clearances are obtained until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and (iii) Paragraph 5.2.8 will not applyexcept as provided in this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The total amount due by provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant for the cost with respect to any and all damage to, or destruction of, all or any part of the Restoration shall not exceed the amount Premises, or any other portion of the Restoration LOC. The letter of credit must Project, and any statute or regulation which is now or may hereafter be in form acceptable effect shall have no application to Landlord and its counsel. Said letter this Lease or any damage or destruction to all or any part of credit is in addition to, and not in lieu ofthe Premises or any other portion of the Project, the letter of credit provided for in Paragraph 5.2 of the Leaseparties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (Phaserx, Inc.)

Restoration. (a) Reference If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is made estimated to Paragraphs 6.4 exceed 4 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will take 4 months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and 26.2 paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding anything therein to the contraryforegoing, but subject to subparagraph (b) below, Landlord either party may require that Tenant reimburse Landlord for terminate this Lease if the reasonable cost of demolishing Premises are damaged during the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order to be entitled to reimbursement. To secure its obligation under this paragraph, Tenant shall deposit with Landlord, not later than ten (10) days after the execution and delivery of this Amendment, an irrevocable letter of credit in the amount of $241,375.00 (the “Restoration LOC”). The Restoration LOC must comply with, and shall be governed by the terms of, Paragraph 5.2 of the Lease; except that (i) the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 last year of the Lease Term and as applied Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the Restoration LOC, may not total area of the Premises. Such abatement shall be not earlier than seven (7) months after the Termination Datesole remedy of Tenant, and (iii) Paragraph 5.2.8 will not apply. The total amount due except as provided herein, Tenant waives any right to terminate the Lease by Tenant for the cost reason of the Restoration shall not exceed the amount of the Restoration LOC. The letter of credit must be in form acceptable to Landlord and its counsel. Said letter of credit is in addition to, and not in lieu of, the letter of credit provided for in Paragraph 5.2 of the Leasedamage or casualty loss.

Appears in 1 contract

Samples: Lease Agreement (Leslies Poolmart Inc)

Restoration. (a) Reference is made to Paragraphs 6.4 and 26.2 If, at any time during the Term, the Building or the Premises are damaged or destroyed by a fire or other insured casualty, Landlord shall notify Tenant within 60 days after discovery of the Lease. Notwithstanding anything therein such damage as to the contraryamount of time Landlord reasonably estimates it will take to restore the Building or the Premises, but subject to subparagraph as applicable (b) below, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing the office improvements in the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) ). If the Restoration Period is estimated to exceed 9 months (the “Maximum Restoration Period”), Landlord may, in order such notice, elect to be entitled to reimbursement. To secure its obligation under terminate this paragraph, Tenant shall deposit with Landlord, not later than ten (10) Lease as of the date that is 75 days after the execution date of discovery of such damage or destruction. Unless Landlord so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (with any deductible to be treated as a current Operating Expense), promptly restore the Premises (excluding the improvements installed by Tenant or by Landlord and delivery paid for by Tenant), subject to delays arising from the collection of insurance proceeds, or from Force Majeure events; provided, however, that if repair or restoration of the Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Landlord may, in its sole and absolute discretion, elect not to proceed with such repair and restoration, in which event Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the discovery of such damage or destruction. Tenant, at its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, Landlord may terminate this Lease if the Premises are damaged during the last 1 year of the Term and Landlord reasonably estimates that it will take more than 2 months to repair such damage, or if insurance proceeds are not available for such restoration. Rent shall be abated from the date of discovery of the damage or destruction until the Premises are repaired and restored, in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises, unless Landlord provides Tenant with other space during the period of repair that is suitable for the temporary conduct of Tenant’s business. Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. The provisions of this AmendmentLease, including this Section 18, constitute an irrevocable letter express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of credit in the amount Premises, or any other portion of $241,375.00 (the “Restoration LOC”). The Restoration LOC must comply withBuilding, Property or Project, and any statute or regulation which is now or may hereafter be in effect shall be governed by the terms of, Paragraph 5.2 have no application to this Lease or any damage or destruction to all or any part of the Lease; except that (i) the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 Premises or any other portion of the Lease and as applied to the Restoration LOCBuilding, may not be not earlier than seven (7) months after the Termination Date, and (iii) Paragraph 5.2.8 will not apply. The total amount due by Tenant for the cost of the Restoration shall not exceed the amount of the Restoration LOC. The letter of credit must be in form acceptable to Landlord and its counsel. Said letter of credit is in addition to, and not in lieu ofProperty or Project, the letter of credit provided for in Paragraph 5.2 of the Leaseparties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

Appears in 1 contract

Samples: Lease Agreement (AVROBIO, Inc.)

Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 days after Landlord’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will xxxx 0 months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events (a) Reference is made as defined in Paragraph 33), all repairs or restoration not required to Paragraphs 6.4 be done by Landlord and 26.2 of shall promptly reenter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Base Rent and Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss. In the event that either party elects to terminate the Lease pursuant to the express provisions of this paragraph, all rent shall be apportioned to and shall cease as of the date of the casualty. Notwithstanding the terms and conditions of this Paragraph 15, if the Premises are not restored by Landlord on, or prior to, the date which is the later of 6 months of the date of the casualty event (subject to Force Majeure and Tenant-caused delays) or the date Landlord estimated completion of the restoration as described above (subject to Force Majeure and Tenant-caused delays), Tenant may terminate the Lease upon thirty (30) days written notice to Landlord; provided, however, if Landlord completes the restoration in said thirty (30) day notice period, Tenant’s notice of termination shall be null and void and this Lease shall continue in full force and effect. Notwithstanding anything therein contained in the Lease to the contrary, but subject to subparagraph (b) below, Landlord may require that Tenant reimburse Landlord for the reasonable cost of demolishing extent the office improvements in damage to the FONS Premises upon the expiration or sooner termination of the Term of the Lease, and restoring the entire FONS Premises Project is attributable solely to shell warehouse condition, repairing any damage caused by such demolition and restoration, provided that such demolition is not to prepare the FONS Premises for fit out for office use or uses other than warehouse (all such demolition, restoration and repair collectively referred to as the “Restoration”). Landlord must perform the Restoration within the six (6) month period following the Termination Date (“Restoration Period”) in order to be entitled to reimbursement. To secure its obligation under this paragraphTenant, Tenant shall deposit pay to Landlord with Landlord, not later than ten (10) days after the execution and delivery of this Amendment, an irrevocable letter of credit in the amount of $241,375.00 (the “Restoration LOC”). The Restoration LOC must comply with, and shall be governed by the terms of, Paragraph 5.2 of the Lease; except that (i) the reduction provisions of Paragraph 5.2.1 will not apply, (ii) the “End Date,” as that term is defined in Paragraph 5.2.3 of the Lease and as applied respect to any damage to the Restoration LOC, may not be not earlier than seven (7) months after the Termination Date, and (iii) Paragraph 5.2.8 will not apply. The total amount due by Tenant for the cost of the Restoration shall not exceed the Project an amount of the Restoration LOC. The letter commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of credit must be in form acceptable to Landlord and its counsel. Said letter of credit is in addition to, and not in lieu of, the letter of credit provided for in Paragraph 5.2 of the LeaseLandlord’s invoice.

Appears in 1 contract

Samples: Lease Agreement (ArcLight Clean Transition Corp.)

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