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 take ▇ ▇▇▇ths 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 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 Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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 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 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.
Appears in 4 contracts
Sources: Sublease (Jni Corp), Lease Agreement (Sunrise Technologies International Inc), Lease Agreement (Brightpoint 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 ’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will take ▇ ▇▇▇ths ▇ ▇ 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 ’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure eventsevents (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. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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 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 contained in the Lease to the contrary, to the extent the damage to the Project is attributable to Tenant, Tenant shall pay to Landlord with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoice.
Appears in 4 contracts
Sources: Lease Agreement (Sphere 3D Corp), Lease Agreement (Virobay Inc), Lease Agreement (Virobay Inc)
Restoration. (a) If at any time during the Lease Term Building of which the Premises are a part is damaged as the result of an event of casualty, then subject to the provisions below, Landlord shall repair that damage as soon as reasonably possible unless: (i) Landlord reasonably determines that the cost of repair would exceed ten percent (10%) of the full replacement cost of the Building (“Replacement Cost”) and the damage is not covered by Landlord’s fire and extended coverage insurance (or by a fire normal extended coverage policy should Landlord fail to carry that insurance); or other casualty(ii) Landlord reasonably determines that the cost of repair would exceed twenty-five percent (25%) of the Replacement Cost; or (iii) Landlord reasonably determines that the cost of repair would exceed ten percent (10%) of the Replacement Cost and the damage occurs during the final twelve (12) months of the Term. Should Landlord elect not to repair the damage for one of the preceding reasons, Landlord shall so notify Tenant in the “Casualty Notice” (as defined below), and this Lease shall terminate as of the date of delivery of that notice.
(b) As soon as reasonably practicable following the casualty event but not later than sixty (60) days thereafter, Landlord shall notify Tenant within 60 days after such damage as in writing (“Casualty Notice”) of Landlord’s election, if applicable, to terminate this Lease. If this Lease is not so terminated, the amount of time Landlord reasonably estimates it will take to restore Casualty Notice shall set forth the Premisesanticipated period for repairing the casualty damage. If the restoration time anticipated repair period exceeds two hundred seventy (270) days and if the damage is estimated so extensive as to exceed 6 monthsreasonably prevent Tenant’s substantial use and enjoyment of the Premises, either Landlord or then Tenant may elect to terminate this Lease upon by written notice to Landlord within ten (10) days following delivery of the other party given no later than 30 days after Landlord's notice. If neither party elects Casualty Notice.
(c) To the extent and for the period that Landlord is entitled to terminate reimbursement from the proceeds of rental interruption insurance carried by Landlord as part of Operating Expenses, the rental to be paid under this Lease or if Landlord estimates that restoration will take ▇ ▇▇▇ths or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore be abated in 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 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 Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after presentment of Landlord's invoice. If the damage involves the premises of other tenants, Tenant shall pay the portion of the deductible same proportion that the cost of the restoration floor area of the Premises that is rendered unusable by the damage from time to time bears to the total cost of restoration, as determined by Landlord. Base Rent and Operating Expenses shall be abated for the period of repair and restoration in the proportion which the floor area of the Premises.
(d) Notwithstanding the provisions of subsections (a), if any(b) and (c) of this Section, which is not usable by Tenant bears but subject to Section 10.5, the total area cost of the Premises. Such abatement any repairs shall be the sole remedy of borne by Tenant, and except as provided hereinTenant shall not be entitled to rental abatement or termination rights, if the damage is due to the fault or neglect of Tenant waives or its employees, subtenants, contractors, invitees or representatives. In addition, the provisions of this Section shall not be deemed to require Landlord to repair any right Tenant Installations, fixtures and other items that Tenant is obligated to terminate the Lease by reason insure pursuant to Exhibit D or any other provision of damage or casualty lossthis Lease.
Appears in 4 contracts
Sources: Office Space Lease, Office Space Lease (United Business Holdings, Inc), Office Space Lease (Infosonics Corp)
Restoration. If at (a) Borrower shall deliver, or shall cause Mortgage Borrower to deliver, to Lender all reports, plans, specifications, documents and other materials that are delivered to Mortgage Lender under the applicable terms and conditions of the Mortgage Loan Agreement in connection with a Restoration of the Property after a loss or damage or condemnation, simultaneously with 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 delivery to Mortgage Lender. Subject only to the amount rights 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 Mortgage Lender pursuant 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 ▇ ▇▇▇ths 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 eventsMortgage Loan Agreement, all repairs or restoration not required Net Insurance Proceeds that are permitted by the terms of the Mortgage Loan Documents to be done by Landlord and shall promptly re-enter paid to Mortgage Borrower or otherwise distributed to Borrower or Mortgage Borrower (rather than being used to rebuild or improve the Premises and commence doing business Property in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises Mortgage Loan Documents) shall be immediately paid over to Lender and are damaged during the last year hereby assigned to Lender as additional collateral security hereunder.
(b) Borrower shall (or shall cause Mortgage Borrower to) keep Lender timely informed of the Lease Term progress of any Restoration and Landlord reasonably estimates that it will take more than one month to repair such damage. Tenant shall pay to Landlord the status of any negotiations with respect insurers relating to any such loss or damage or condemnation. In addition, Borrower shall (or shall cause Mortgage Borrower to) provide Lender with any and all documentation reasonably requested by Lender relating to any loss or damage or condemnation or Restoration. If any Net Insurance Proceeds are to be disbursed by Mortgage Lender for Restoration, Borrower shall deliver or cause to be delivered to Lender copies of all written correspondence delivered to and received from Mortgage Lender that relates to the Premises the amount Restoration and release of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after presentment Net Insurance Proceeds. If, in connection with a Restoration, Mortgage Lender does not require the deposit by Mortgage Borrower of Landlord's invoice. If any Net Insurance Proceeds pursuant to the damage involves the premises of other tenants, Tenant shall pay the portion applicable terms and conditions of the deductible Mortgage Loan Agreement, Lender shall have the right to demand that Borrower make a deposit of such Net Insurance Proceeds in accordance with those same terms and conditions, such Net Insurance Proceeds to then be governed by such terms and conditions as if each reference therein to “Administrative Agent” and “Borrower” referred to Lender and Borrower, respectively.
(c) Notwithstanding any provision in this Agreement to the cost contrary, all Net Insurance Proceeds will be made available to Mortgage Borrower in accordance with the Mortgage Loan Agreement. In the event the Mortgage Loan has been paid in full and Lender receives any Net Insurance Proceeds, Lender shall either apply such proceeds to the Indebtedness or for the Restoration in accordance with the same terms and conditions contained in the Mortgage Loan Agreement. Upon repayment in full of the restoration Mortgage Loan, the provisions of the Premises bears to the total cost Mortgage Loan Agreement governing Restoration and use of restoration, as determined by Landlord. Base Rent and Operating Expenses Net Insurance Proceeds shall be abated for the period of repair and restoration incorporated into this Agreement 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 losstheir entirety.
Appears in 3 contracts
Sources: Mezzanine Loan Documents (Strategic Storage Trust VI, Inc.), Mezzanine Loan Agreement (Strategic Storage Trust VI, Inc.), Mezzanine Loan Agreement (Strategic Storage Trust VI, 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 ’s notice. If neither party elects to terminate this Lease Lease, or if Landlord estimates that restoration will take ▇ ▇▇▇ths ▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, then Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenantshall, subject to delays arising from the collection of insurance proceeds or from events of Force Majeure eventsMajeure, restore the Premises, excluding any Tenant-Made Alterations. Tenant at Tenant's ’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 LeaseLandlord. 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. Tenant shall pay to Landlord with respect to any damage to Base Rent, Taxes, and the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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 Operating Expenses Monthly FOE 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 hereinabove, Tenant waives any right to terminate the Lease by reason of damage or casualty loss.
Appears in 3 contracts
Sources: Lease Agreement (Lakeside Holding LTD), Lease Agreement (Lakeside Holding LTD), Lease Agreement (Lakeside Holding LTD)
Restoration. (a) If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify or if the Building is damaged such that Tenant within 60 days after such damage as is deprived of reasonable access to the amount Premises, the damage shall be repaired by Landlord, to substantially the condition 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 Premises prior 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 ▇ ▇▇▇ths or less, thendamage, subject to receipt the provisions of sufficient insurance proceedsany Mortgage or Superior Lease, but 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 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 have no obligation to repair such damage. Tenant shall pay to Landlord with respect to or restore (i) Tenant’s Property or (ii) except as provided in Section 11.3(b), any damage Alterations or improvements to the Premises to the amount extent such Alterations or improvements exceed Building Standard Installations (“Above Building Standard Installations”). So long as Tenant is not in default beyond applicable grace or notice provisions in the payment or performance of its obligations under this Section 11.3, and provided Tenant timely delivers to Landlord either Tenant’s Restoration Payment (as hereinafter defined) or the commercially reasonable deductible under Landlord's insurance policy Restoration Security (currently $10,000as hereinafter defined) within 10 days after presentment or Tenant expressly waives any obligation of Landlord's invoice. If the damage involves the premises Landlord to repair or restore any of other tenantsTenant’s Above Building Standard Installations, Tenant shall pay the portion of the deductible that the cost of then until the restoration of the Premises bears to the total cost of restorationis Substantially Completed or would have been Substantially Completed but for Tenant Delay, as determined by Landlord. Base Rent Fixed Rent, Tenant’s Tax Payment and Tenant’s Operating Expenses Payment shall be abated for the period of repair and restoration reduced in the proportion by which the area of the Premises, if any, part of the Premises which is not usable (or accessible ) and is not used by Tenant bears to the total area of the Premises.
(b) As a condition precedent to Landlord’s obligation to repair or restore any Above Building Standard Installations, Tenant shall (i) pay to Landlord upon demand a sum (“Tenant’s Restoration Payment”) equal to the amount, if any, by which (A) the cost, as estimated by a reputable independent contractor designated by Landlord, of repairing and restoring all Alterations and Initial Installations in the Premises to their condition prior to the damage, exceeds (B) the cost of restoring the Premises with Building Standard Installations, or (ii) furnish to Landlord security (the “Restoration Security”) in form and amount reasonably acceptable to Landlord to secure Tenant’s obligation to pay all costs in excess of restoring the Premises with Building Standard Installations. Such abatement If Tenant shall be fail to deliver to Landlord either (1) Tenant’s Restoration Payment or the sole remedy of Restoration Security, as applicable, or (2) a waiver by Tenant, in form satisfactory to Landlord, of all of Landlord’s obligations to repair or restore any of the Above Building Standard Installations, in either case within 15 days after Landlord’s demand therefor, Landlord shall have no obligation to restore any Above Building Standard Installations and except as provided hereinTenant’s abatement of Fixed Rent, Tenant waives Tenant’s Tax Payment and Tenant’s Operating Payment shall cease when the restoration of the Premises (other than any right to terminate the Lease by reason of damage or casualty lossAbove Building Standard Installations) is Substantially Complete.
Appears in 3 contracts
Sources: Lease Agreement (Achieve Life Sciences, Inc.), Lease Agreement (Marchex Inc), Lease Agreement (Marchex 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 take ▇ ▇▇▇ths or less, then, subject to receipt of sufficient insurance proceedsis not terminated, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenantdiligently, subject to reasonable delays arising for insurance adjustment or other matters beyond Landlord’s reasonable control, restore the Building, Leased Premises and Common Areas. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Applicable Laws or any other modifications to the Common Areas deemed desirable by Landlord (provided, such Common Areas shall be of a materially consistent utility and functionality as same existed prior to such Casualty). Upon notice from Landlord, Tenant shall assign or endorse over to Landlord (or to any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant’s insurance with respect to any alterations or improvements performed by or for the collection benefit of Tenant (provided that for purposes of clarification Tenant shall not be responsible for paying or crediting to Landlord any deductibles applicable to Tenant’s insurance policies); provided if the estimated cost to repair such Tenant alterations or improvements exceeds the amount of insurance proceeds or received by Landlord from Force Majeure eventsLandlord’s and Tenant’s insurance carriers, the excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord’s commencement of repairs. Within thirty (30) days of written demand, together with supporting documentation, Tenant at Tenant's expense shall promptly perform, subject to delays arising from also pay Landlord for any additional excess costs that are reasonably incurred during the collection performance of insurance proceeds, or from Force Majeure events, all repairs or restoration not the repairs. In no event shall Landlord be required to spend more for the restoration than the proceeds received by Landlord, other than with respect to deductibles under Landlord’s insurance policies. Except as otherwise set forth in this Lease, Landlord shall not be done liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant occasioned by damage by fire or other casualty or the repair thereof. Landlord will not carry insurance of any kind on Tenant’s Property and shall promptly re-enter not be obligated to restore or repair any damage to Tenant’s Property except to the extent that Landlord receives Tenant’s insurance proceeds as set forth above. Provided that Tenant is not then in Default beyond any applicable notice and cure periods, during any period of time that all or a material portion of the Leased Premises is rendered untenantable as a result of a Casualty, rent shall ▇▇▇▇▇ for the portion of the Leased Premises that is untenantable and commence doing business in accordance with this Leasenot used by Tenant. 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. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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 Operating Expenses shall be abated liable for the period of repair and restoration in the proportion which the area of the Premises, all excess costs if any, which is Landlord did not usable by Tenant bears carry insurance it was required 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 lossunder this Lease.
Appears in 3 contracts
Sources: Lease Agreement (Grail, LLC), Lease Agreement (Grail, Inc.), Lease Agreement (Grail, 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 take ▇ ▇▇▇ths ▇ ▇ 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 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. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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 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 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.
Appears in 3 contracts
Sources: Lease Agreement (Adams Golf Inc), Lease Agreement (Viewsonic Corp), Lease Agreement (Winsonic Digital Media Group LTD)
Restoration. If i. Grantee shall not open, disturb, or obstruct any more of the Property than is reasonably necessary and shall not allow any portion of the Property so disturbed or obstructed by it to remain open, disturbed, or obstructed for a longer period of time than shall be reasonably necessary. After the construction and installation of any portion the Improvements is completed, Grantee shall, at its cost, repair and return the Property to a condition to a minimum of the same or similar condition existing before the start of the construction and installation. Grantee shall be responsible for any time during damage to street pavements, existing utilities, curbs, gutters, sand dunes, vegetation, landscaping, grounds, walkways, sidewalks and any other structures or improvements on the Lease Term Property due to Grantee’s construction and installation of the Premises are damaged by a fire or other casualtyImprovements (the “Damaged Property”), Landlord and shall notify Tenant repair, replace, and restore in-kind, the said Damaged Property at its sole expense within 60 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 construction and installation 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 take ▇ ▇▇▇ths or less, thencompleted, subject to receipt extension as provided in the Agreement . If Grantee fails to repair, replace, and restore said Damaged Property to the reasonable satisfaction of sufficient insurance proceedsGrantor, Landlord after thirty (30) days’ written notice given by Grantor to Grantee, Grantor may cause such necessary repairs to be made. All out-of-pocket costs incurred by Grantor, as well as reasonable, direct charges for Grantor’s employee labor and use of Grantor’s equipment, shall be charged against Grantee and payable within ten (10) business days or may be collected by exercising the right to draw on letters of credit. Grantor may collect such costs, and any expenses and reasonable attorney fees incurred in collecting such costs, as debts owed to Grantor, by bringing action in any court of competent jurisdiction or in any manner allowed by law.
ii. If weather or other conditions do not permit the complete restoration required by this Agreement, Grantee shall temporarily restore the Damaged Property to the reasonable satisfaction of Grantor. Such temporary restoration shall be at Grantee’s sole expense and Grantee shall promptly restore undertake and complete the Premises excluding required permanent restoration when the improvements installed by Tenant weather 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 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 other conditions no longer prevent such damage. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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 permanent restoration, as determined by Landlord. 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 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.
Appears in 3 contracts
Sources: Easement Agreement, Easement Agreement, Easement Agreement
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 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 estimated to exceed 6 monthstwo hundred ten (210) days, then either Landlord or Tenant may elect to terminate this Lease upon written notice to the other party given no later than 30 thirty (30) days after Landlord's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will take ▇ ▇▇▇ths two hundred ten (210) days or less, thenthen Landlord shall promptly restore the Premises excluding the Tenant-Made Alterations or Trade Fixtures and improvements paid for by Tenant whether or not installed by Landlord, 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 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. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy within ten (currently $10,00010) within 10 days after presentment of Landlord's invoice. If the damage involves the premises of other tenants, Tenant Rent 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 Operating Expenses shall be abated for not ▇▇▇▇▇ during 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. 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 lossrestoration.
Appears in 3 contracts
Sources: Lease (Blue Rhino Corp), Lease (Blue Rhino Corp), Lease (Blue Rhino 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 60 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 actually does exceed 6 months, subject to Force Majeure events and Tenant caused delays), Tenant may elect to terminate this Lease upon notice to the other party Landlord given no later than 30 days after Landlord's notice. If neither party elects Tenant does not elect to terminate this Lease or if Landlord estimates that restoration will take ▇ ▇▇▇ths or lessas permitted hereunder, 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'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 not required to be done by Tenant's Tenant-Made Alterations, which Landlord and shall promptly re-enter requires to remain as Landlord's property upon surrender of the Premises and commence doing business in accordance pursuant to the terms of Paragraph 12 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. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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 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 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.
Appears in 2 contracts
Sources: Lease Agreement (Ikanos Communications), Lease Agreement (Ikanos Communications)
Restoration. If at any time during the Lease Term the Premises are Project is damaged by a fire or other insured casualty, Landlord shall notify shall, within thirty (30) days thereafter, provide an estimate to Tenant within 60 days after such damage as to of the amount length of time Landlord reasonably estimates it will take need to restore complete its repair and restoration obligations set forth below (“Landlord’s Estimate”). If insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the Project, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s reasonable opinion, be completed within two hundred seventy (270) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums. From the date of the damage until such repairs are completed, Rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business. However, to the extent such damage was caused by Tenant, its employees, agents, contractors, guests, and invitees, there shall be no abatement of Rent, unless and to the extent Landlord receives rental income insurance proceeds; provided, further, if Landlord does not receive such rental income insurance proceeds as a result of Landlord’s failure to make a timely claim under its insurance, then such condition to Rent abatement under this Section 17.1 shall not apply. Landlord’s obligation to make repairs under this Article is limited to the base Building, Common Areas and the interior improvements to the Premises that are covered by Landlord’s insurance. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Article 14 above (or, if Tenant has failed to carry the insurance required under such Article 14, Tenant shall pay to Landlord the amount which Tenant would have received as insurance proceeds had Tenant carried such required insurance) with respect to any Tenant Improvements and Alterations in the Premises in which case Landlord shall manage restoration of such Tenant Improvements and Alterations to the extent of such proceeds. If the restoration time amount assigned (or paid) to Landlord pursuant to the immediately preceding sentence is estimated insufficient to exceed 6 monthsrepair the Tenant Improvements or Alterations within the Premises, either and Tenant does not covenant to supply the difference upon completion of restoration, Landlord or Tenant may elect shall have the right 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 ▇ ▇▇▇ths 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 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 Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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 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 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.
Appears in 2 contracts
Sources: Office Lease, Office Lease (Redfin CORP)
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualtycasualty 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 monthsmonths from the casualty date (a “Premises Total Destruction”), 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; 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 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 ▇ ▇▇▇ths 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 eventsevents (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 year 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 shall pay 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 respect any shortage in insurance proceeds (or adequate assurance thereof) needed to any damage to make the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) repairs within 10 days after presentment Tenant's receipt 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 written notice purporting to the total cost of restoration, as determined by Landlordterminate 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 contained in the Lease to the contrary, to the extent the damage to the Project is attributable to Tenant, Tenant shall pay to Landlord with respect to any damage to the Project the amount of the commercially reasonable deductible under Landlord's insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord's invoice.
Appears in 2 contracts
Sources: Standard Industrial Multi Tenant Lease (iPower Inc.), Standard Industrial Multi Tenant Lease (iPower Inc.)
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant in writing 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 ’s notice. If neither party elects to terminate this Lease Lease, or if Landlord estimates that restoration will take ▇ ▇▇▇ths 6 months or less, then, subject to receipt of sufficient insurance proceeds, then Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenantshall, subject to delays arising from the collection of insurance proceeds or from events of Force Majeure eventsMajeure, restore the Premises, excluding any Tenant-Made Alterations. Tenant at Tenant's ’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 LeaseLandlord. 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. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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 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 hereinabove, Tenant waives any right to terminate the Lease by reason of damage or casualty loss.
Appears in 2 contracts
Sources: Lease Agreement (RayzeBio, Inc.), Net Lease Agreement (RayzeBio, Inc.)
Restoration. If at there is a partial taking of any time during Leased Property and the subject Lease Term the Premises are damaged by a fire or other casualtyremains in full force and effect pursuant to Section 11.02, Landlord shall notify furnish to 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 take ▇ ▇▇▇ths 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 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 Premises the amount of the commercially reasonable deductible under Award payable to Landlord's insurance policy (currently $10,000) within 10 days after 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 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 total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, in order for Tenant waives to accomplish all necessary restoration. If Tenant receives an Award under Section 11.05, Tenant shall repair or restore any right Tenant Improvements up to terminate but not exceeding the Lease amount of the Award payable to Tenant therefor. Before beginning such restoration, or letting any contracts in connection with such restoration, Tenant will submit for Landlord's approval, which approval Landlord will not unreasonably withhold or delay, complete and detailed plans and specifications for such restoration. Promptly after receiving Landlord's approval of the plans and specifications,Tenant will begin such restoration and will prosecute the repairs and rebuilding to completion with diligence, subject, however, to strikes, lockouts, acts of God, embargoes, governmental restrictions, and other causes beyond Tenant's reasonable control. Landlord will make available to Tenant the net proceeds of any Award paid to Landlord for such restoration, after deduction of any costs of collection, including attorneys' fees. Payment will be made against properly certified vouchers of a competent architect in charge of the work and approved by reason Landlord. Prior to commencing the restoration, Tenant shall deliver to Landlord for Landlord's approval a schedule setting forth the estimated monthly draws for such work. Landlord may, however, withhold ten percent (10%) from each payment until the work of damage restoration is completed and proof has been furnished to Landlord that no lien or casualty lossliability has attached or will attach to the Leased Property or to Landlord in connection with such restoration. Upon the completion of restoration and the furnishing of such proof, the balance of the Award will be paid to Tenant. Tenant will obtain and deliver to Landlord a temporary or final certificate of occupancy before the Leased Property is reoccupied for any purpose. Tenant shall complete such restoration free and clear of mechanic's or other liens, and in accordance with the building codes and all applicable laws, ordinances, regulations, or orders of any state, municipal, or other public authority affecting the restoration, and also in accordance with all requirements of the insurance rating organization, or similar body. Any remaining proceeds of the Award after such restoration will be Tenant's property.
Appears in 2 contracts
Sources: Master Agreement to Lease (Cca Prison Realty Trust), Master Agreement to Lease (Cca Prison Realty Trust)
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 take ▇ ▇▇▇ths or less, then, subject to receipt of sufficient insurance proceedsis not terminated, Landlord shall promptly and diligently, subject to reasonable delays for insurance adjustment or other matters beyond Landlord’s reasonable control, restore the Premises excluding and Common Areas. Such restoration shall be to substantially the improvements installed same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. Upon notice from Landlord, Tenant shall assign or endorse over to Landlord (or to any party designated by Landlord and paid by Tenant, subject to delays arising from the collection of Landlord) all property insurance proceeds or from Force Majeure events. payable to Tenant at under 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 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 ’s Insurance with respect to any damage Leasehold Improvements performed by or for the benefit of Tenant; provided if the estimated cost to the Premises repair such Leasehold Improvements exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, the commercially reasonable deductible under excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord's insurance policy (currently $10,000) within 10 ’s commencement of repairs. Within 15 days after presentment of Landlord's invoice. If the damage involves the premises of other tenantsdemand, Tenant shall also pay Landlord for any additional excess costs that are determined during the portion performance of the deductible repairs to such Leasehold Improvements, provided that Tenant shall have the cost reasonable opportunity to reduce the scope of the Leasehold Improvements to reduce or eliminate the payment of such excess costs. In no event shall Landlord be required to spend more for the restoration of the Premises bears to and Common Areas than the total cost of restoration, as determined proceeds received by Landlord, whether insurance proceeds under Landlord’s insurance or insurance proceeds or other amounts received from Tenant. Base Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in any way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent and Operating Expenses shall be abated ▇▇▇▇▇ for the period of repair and restoration in the proportion which the area portion of the Premises, if any, which Premises that is untenantable and not usable used 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.
Appears in 2 contracts
Sources: Office Lease Agreement, Office Lease Agreement (Jaguar Health, Inc.)
Restoration. If at any time during Licensee agrees to take all necessary precautions to avoid causing damage to structures, buildings, equipment, grounds, wildlife and plants on the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 days after such damage as Property.
(a) Prior to the amount end of time Landlord reasonably estimates the License Term, Licensee shall clean the Property of any debris and restore it to the condition which existed prior to the film or photography production, reasonable wear and tear excepted, including replacing any turf which may be torn up or destroyed by the Licensee’s access to the Property. Such clean-up shall include, but is not limited to, the following: (1) removing all garbage and litter; (2) restoring or replacing all grasses, turf, and plants. Licensee will take be responsible for payment of the following:
(i) Five (5) days before the License Term begins, Licensee shall pay to Landowner a deposit of [ACTIVE FEE] and 00/100 DOLLARS ($[TOTAL RESTORATION FEE]) to secure the obligations contained herein (the “Restoration Deposit”).
(ii) Landowner shall inspect the Property the day after the term of the License has expired, and if Landowner, in its sole discretion, determines that the Property has not been damaged, Landowner will return the Restoration Deposit in its entirety to the Licensee within fifteen (15) days of such inspection. If Landowner, in its sole reasonable discretion, determines that the Property has been damaged, Landowner will provide Licensee with a detailed list of any such alleged damage and Landowner shall give Licensee the option to repair such damages to the satisfaction of Landowner before retaining the Restoration Deposit. Before moving forward with any repairs or restoration, Licensee shall have received Landowner’s prior written approval. If Licensee elects not to repair the damage, Landowner shall retain the Restoration Deposit as payment for the cost to repair and restore the PremisesProperty. If the restoration time is estimated cost 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 take ▇ ▇▇▇ths or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly repair and restore the Premises excluding Property exceeds the improvements installed Restoration Deposit, Licensee shall be responsible for any remaining costs (the “Restoration Fee”) including reasonable managerial and administrative time expenditures.
(iii) Licensee agrees and covenants to pay Landowner the amount(s) set out in Exhibit C attached hereto and incorporated herein by Tenant or by Landlord and paid by Tenant, subject to delays arising from this reference for 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 the foregoing, either party may terminate this Lease if the Premises are damaged during the last year use of the Lease Term and Landlord reasonably estimates Property. However, Licensee acknowledges that it will take more than one month to repair such damage. Tenant shall pay to Landlord with respect to any damage to the Premises the amount be responsible for paying all additional fees not listed in Exhibit C, but that become due as a result of Licensee’s holdover or other use of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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 restorationProperty, as determined by Landlord. Base Rent and Operating Expenses shall be abated for the period of repair and restoration described 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 lossthis Agreement.
Appears in 2 contracts
Sources: Film and Still Photography Location License Agreement, Film and Still Photography Location License Agreement
Restoration. If at Subject to the terms of Section 7.1, if neither Landlord nor Tenant elects to terminate this Lease, then this Lease shall continue in force and, if such taking or damage is of or to the Premises, a just proportion of the Rent reserved, according to the nature and extent of the damages 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 time during cause beyond the Lease Term reasonable control of Landlord) to the Premises are damaged extent permitted by a fire the net proceeds of insurance recovered or other casualtydamages awarded for such taking, destruction or damage and subject to zoning and building laws or ordinances then in existence. Should 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, the Landlord may, but shall notify Tenant within 60 days after such damage as to have no obligation to, supply the amount of time Landlord reasonably estimates it will take to such insufficiency and restore the Premises with all reasonable diligence or the Landlord may terminate the Lease by giving notice to the Tenant not later than 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 (12) months after the restoration time is estimated to exceed 6 monthstaking or damage, either Landlord or then Tenant may elect shall have the right to terminate this Lease upon by giving Landlord written notice of its election to the other party given no later than 30 do so within thirty (30) days after Landlord's the end of such twelve (12) month period, and if Tenant timely gives such notice. If neither party elects to terminate , this Lease or if Landlord estimates that shall terminate on the date which is thirty (30) days after the date of the giving of such notice, unless Landlord’s restoration will take ▇ ▇▇▇ths or lesswork is substantially completed within such thirty (30) day period, then, subject to receipt of sufficient insurance proceeds, Landlord in which event such termination notice shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord be null 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 void 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 shall continue in full force 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 Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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 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 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 losseffect.
Appears in 2 contracts
Sources: Lease (Tokai Pharmaceuticals Inc), Sublease (Tokai Pharmaceuticals Inc)
Restoration. If at any time during (a) Reference is made to Paragraphs 6.4 and 26.2 of the Lease Term Lease. Notwithstanding anything therein to the Premises are damaged by a fire or other casualtycontrary, 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 notify Tenant within 60 deposit with Landlord, not later than ten (10) days after such damage as to the execution and delivery of this Amendment, an irrevocable letter of credit in the amount of time Landlord reasonably estimates it will take to restore $241,375.00 (the Premises“Restoration LOC”). If the restoration time is estimated to exceed 6 monthsThe Restoration LOC must comply with, 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 ▇ ▇▇▇ths 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 be governed by the Premises and commence doing business 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 accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged during the last year Paragraph 5.2.3 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 as applied to the Premises 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 commercially 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.
(b) Landlord shall only perform the Restoration should it determine, in its reasonable deductible under discretion, after engaging a third party reputable real estate broker familiar with the area to market and show the Premises to potential tenants. Landlord shall engage the broker as soon as reasonably practical after Tenant has not exercised its option to renew the Lease or within 12 months of termination of the Lease. In the event that the Landlord is unable, using good faith and due diligence, to obtain a tenant for the Premises, and Landlord determines that the Restoration is necessary or desirable in connection with the optimal re-leasing of the FONS Premises, Landlord may elect to demolish all or part of the office improvements. Prior to performing the Restoration, Landlord shall provide Tenant with its estimate of the cost and schedule thereof, and Tenant shall be afforded the opportunity to perform the Restoration, at its sole cost, if it demonstrates to Landlord's insurance policy (currently $10,000) ’s reasonable satisfaction that Tenant can perform the restoration at a cost lower than Landlord’s estimate and complete same within 10 days after presentment of Landlord's invoicethe same time period. If Landlord performs the damage involves the premises of other tenantsRestoration, Landlord shall provide Tenant shall pay the portion evidence of the deductible that cost thereof by written notice (with reasonable supporting documentation) delivered not later than the end of the Restoration Period, and Landlord may then draw on the Restoration LOC if Tenant does not object to costs within ten (10) days of its receipt from Landlord. Upon (i) Landlord’s receipt of reimbursement in full for the cost of the restoration Restoration, or (ii) Tenant’s completion of the Premises bears Restoration and demonstration to Landlord’s reasonable satisfaction that the total cost thereof has been fully paid and the Building is free of restoration, as determined by Landlord. Base Rent and Operating Expenses shall be abated for the period of repair and restoration in the proportion which the area any mechanics’ liens arising out of the PremisesRestoration, if any, which is not usable by Tenant bears to Landlord shall return the total area unused portion of the PremisesRestoration LOC to Tenant. Such abatement If Landlord does not perform the Restoration during the Restoration Period and timely notify Tenant of the cost thereof, Landlord shall be return the sole remedy of Restoration LOC to Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss.
Appears in 2 contracts
Sources: Lease Agreement (Aspen Aerogels Inc), Lease (Aspen Aerogels Inc)
Restoration. (a) If at any time during the Lease Term the Premises are damaged by a fire or other casualtycasualty (a “Casualty”), or if the Building is damaged by a Casualty such that Tenant is deprived of reasonable access to or use of the Premises for the Permitted Uses, the damage shall be repaired by Landlord, to substantially the condition of the Premises or the Building, as the case may be, immediately prior to the Casualty, but Landlord shall notify Tenant within 60 days after such damage as have no obligation to the amount of time Landlord reasonably estimates it will take to repair or restore the Premises. If the restoration time is estimated to exceed 6 months, either Landlord (i) Tenant’s Property 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 Tenant’s telecommunications and data cabling or if Landlord estimates that restoration will take ▇ ▇▇▇ths 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 proceedswiring, 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(ii) any Above Building Standard Installations. 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. Tenant shall pay to Landlord with With respect to any damage to the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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 Building or the total cost of restorationPremises, as determined the case may be, required to be performed by Landlord. Base Rent Landlord under this Section 11.3, until the restoration of the Building and Premises, as the case may be, is Substantially Completed or would have been Substantially Completed but for Tenant Delay, Fixed Rent, ▇▇▇▇▇▇’s Tax Payment and Tenant’s Operating Expenses Payment shall be reduced and abated for the period of repair and restoration in the proportion by which the rentable area of the Premises, if any, part of the Premises which is not usable (or accessible) and is not used by Tenant bears to the total rentable area of the Premises.
(b) If this Lease does not terminate pursuant to Sections 11.4 or 11.5 below or for any other reason, Tenant shall, at its sole cost and expense (regardless of the availability or sufficiency of insurance proceeds), repair any injury or damage to the Above Building Standard Installations and shall return such Above Building Standard Installations to their original condition. Such abatement work shall be deemed Alterations subject to the sole remedy terms of Article 5 above. Landlord shall not be liable for any inconvenience or annoyance to Tenant or its visitors, or injury to Tenant, and except as provided herein, Tenant waives ’s business resulting in any right to terminate the Lease by reason of way from such damage or casualty lossthe repair thereof; provided however, that if such Casualty shall have damaged the Premises or Common Areas necessary to Tenant’s occupancy, until the restoration of the Above Building Standard Installations is Substantially Completed or would have been Substantially Completed assuming Tenant used reasonable due diligence in connection therewith, Fixed Rent, ▇▇▇▇▇▇’s Tax Payment and Tenant’s Operating Payment shall be reduced and abated in the proportion by which the rentable area of the part of the Premises which is not usable (or accessible) and is not used by Tenant bears to the total rentable area of the Premises.
Appears in 2 contracts
Sources: Lease Agreement (Andersen Group Inc.), Lease Agreement (Andersen Group Inc.)
Restoration. If Tenant shall return the Leased Premises to Landlord at the expiration or earlier termination of this Lease in good and sanitary order, condition and repair, free of rubble and debris, broom clean, reasonable wear and tear excepted. At the time Tenant requests Landlord’s consent to the construction or installation of any time during alteration, Tenant may also request in writing whether Landlord will require all or portions of such alteration to be removed by Tenant at the expiration or earlier termination of this Lease Term the Premises are damaged by a fire or other casualty, and Landlord shall notify advise Tenant within 60 at the time it provides its consent (if consent is granted by Landlord) whether all or any part of such alteration must be removed. If Tenant does not make such request at the time it seeks Landlord’s consent, then Tenant shall ascertain from Landlord at least thirty (30) days after such damage as prior to the amount termination of time this Lease, whether Landlord reasonably estimates it will take desires such alteration, or any part thereof, removed and the affected portion of the Leased Premises restored 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 its condition prior to the other party given no later than 30 days after Landlord's notice. If neither party elects to terminate this Lease or making of permitted alteration, and if Landlord estimates that restoration will take ▇ ▇▇▇ths or lessshall so desire, 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 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. then Tenant shall pay forthwith restore said Leased Premises or the designated portions thereof, as the case may be, to Landlord with respect to any its original condition, entirely at its own expense, excepting normal wear and tear. All damage to the Leased Premises caused by the amount removal of any alteration or any of Tenant’s trade fixtures and other personal property that Tenant is permitted to remove under the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after presentment terms of Landlord's invoicethis Lease and/or such restoration shall be repaired by Tenant at its sole cost and expense prior to termination. If the All 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 Leased Premises caused by the removal of restoration, as determined by Landlord. Base Rent such trade fixtures and Operating Expenses other personal property that Tenant is permitted to remove under the terms of this Lease and/or such restoration 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 repaired by Tenant bears at its sole cost and expense prior 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 losstermination.
Appears in 2 contracts
Sources: Office Lease, Office Lease (Puma Biotechnology, 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 take ▇ ▇▇▇ths ▇ ▇ 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 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. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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 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 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.
Appears in 2 contracts
Sources: Lease Agreement (Intervideo Inc), Lease Agreement (Volterra Semiconductor Corp)
Restoration. (a) If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 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 estimated to exceed 6 months120 days from the date of Landlord’s Notice, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 thirty (30) days after Landlord's notice’s Notice. If neither party elects Tenant does not elect to terminate this Lease or if Landlord estimates that restoration will take ▇ ▇▇▇ths 120 days or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises 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 Tenant, at Tenant's expense ’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 commercially reasonable deductible under Tenant’s insurance policy, not to exceed Five Thousand Dollars ($5,000.00), within ten (10) days after presentment of Tenant’s invoice) 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 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 one month thirty (30) days to repair such damage. .
(b) If the Premises are destroyed or substantially damaged by any peril not covered by the insurance maintained by Landlord or any Landlord’s mortgagee requires that insurance proceeds be applied to the indebtedness secured by its mortgage (defined hereinafter), Landlord may terminate this Lease by delivering written notice of termination to Tenant within thirty (30) days after such destruction or damage or such requirement is made known by any such Landlord’s mortgagee, as applicable, whereupon all rights and obligations hereunder shall cease and terminate, except for any liabilities of Tenant which accrued prior to Lease termination.
(c) If such damage or destruction is caused by the act(s) or omission(s) of Tenant, its employees, agents or contractors, Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable deductible under Landlord's Landlord ‘s insurance policy within ten (currently $10,00010) within 10 days after presentment of Landlord's ’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. .
(d) 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 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.
Appears in 2 contracts
Sources: Lease Agreement (MetaMorphix Inc.), Sublease (MetaMorphix 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 ’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will take ▇ ▇▇▇ths ▇ ▇ 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 ’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 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 Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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 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 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.
Appears in 2 contracts
Sources: Lease Agreement (Ufp Technologies Inc), Lease Agreement (Liquidity Services 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 take ▇ ▇▇▇ths or less, then, subject to receipt of sufficient insurance proceedsis not terminated, Landlord shall promptly and diligently, subject to reasonable delays for insurance adjustment or other matters beyond Landlord’s reasonable control, restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by TenantCommon Areas, subject to delays arising the following provisions. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. Notwithstanding Section 13.04, upon notice from Landlord, Tenant shall assign or endorse over to Landlord (or to any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant’s insurance with respect to any Leasehold Improvements; provided if the collection estimated cost to repair such Leasehold Improvements exceeds the amount of insurance proceeds or received by Landlord from Force Majeure eventsTenant’s insurance carrier, the excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord’s commencement of repairs. Within fifteen (15) days after demand, Tenant at Tenant's expense shall promptly perform, subject also pay Landlord for any additional excess costs that are determined during the performance of the repairs to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not such Leasehold Improvements. In no event shall Landlord be required to be done by Landlord and shall promptly re-enter spend more for the restoration of the Premises and commence doing Common Areas than the proceeds received by Landlord, whether from Landlord’s insurance proceeds or proceeds from Tenant. Landlord shall not be liable for any inconvenience to Tenant, or injury to ▇▇▇▇▇▇’s business resulting in accordance with this Leaseany way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenant. Notwithstanding the foregoing, either party may terminate this Lease if Landlord may, at its election, require Tenant to perform the Premises are damaged during restoration work for the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Leasehold Improvements, in which event Tenant shall pay be responsible for performing the restoration work (including any revisions thereto that Tenant may wish to make, pursuant to plans approved by Landlord with respect under Section 8) and the rent abatement period under the preceding sentence shall not exceed the period of time required to any damage to the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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 diligently perform the restoration of the Premises bears to the total cost of restoration, as determined by Landlord. 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 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 lossexisting Leasehold Improvements.
Appears in 2 contracts
Sources: Office Lease Agreement (Klaviyo, Inc.), Office Lease Agreement (Klaviyo, 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 take ▇ ▇▇▇ths ▇ ▇ 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 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. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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 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 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.
Appears in 2 contracts
Sources: Lease Agreement (Onsale Inc), Lease Agreement (Channell Commercial 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 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 ’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will take ▇ ▇▇▇ths ▇ ▇ 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 ’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure eventsevents (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. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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 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 contained in the Lease to the contrary, to the extent the damage to the Project is attributable to Tenant. Tenant shall pay to Landlord with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoice.
Appears in 1 contract
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 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 estimated to exceed 6 monthstwo hundred ten (210) days, then either Landlord or Tenant may elect to terminate this Lease upon written notice to the other party given no later than 30 thirty (30) days after Landlord's ’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will take ▇ ▇▇▇ths two hundred ten (210) days or less, thenthen Landlord shall promptly restore the Premises excluding the Tenant-Made Alterations or Trade Fixtures and improvements paid for by Tenant whether or not installed by Landlord, 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 ’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 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. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable deductible under Landlord's ’s insurance policy within ten (currently $10,00010) within 10 days after presentment of Landlord's ’s invoice. If the damage involves the premises of other tenants, Tenant Rent 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 Operating Expenses shall be abated for not a▇▇▇▇ during 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. 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 lossrestoration.
Appears in 1 contract
Sources: Lease Agreement (Blue Rhino 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 60 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 estimated to exceed 6 six (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 Party elects to terminate this Lease or if Landlord estimates that restoration will take ▇ ▇▇▇ths 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 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. Tenant shall pay to Landlord with respect to any damage to the Premises the amount The cost of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after presentment deductible shall be considered an Operating Expense in accordance with Paragraph 6 of Landlord's invoicethis Lease. 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 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 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.
Appears in 1 contract
Sources: Lease Agreement (ULURU 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 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 5 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 ▇ ▇▇▇ths 5 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 done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. A party’s failure to maintain the insurance required by this Lease shall not impair the other party’s rights hereunder. 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. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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 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 contained in the Lease to the contrary, to the extent the damage to the Project is attributable to Tenant, Tenant shall pay to Landlord with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord's insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord's invoice
Appears in 1 contract
Sources: Lease Agreement (ShoreTel Inc)
Restoration. (a) If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 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 estimated to exceed 6 months180 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 30 thirty (30) days after Landlord's ’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will take ▇ ▇▇▇ths 180 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 paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant's ’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 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 one month thirty (30) days to repair such damage. .
(b) If the Premises are destroyed or substantially damaged by any peril not covered by the insurance maintained by Landlord or any Landlord’s mortgagee requires that insurance proceeds be applied to the indebtedness secured by its mortgage (defined hereinafter), Landlord may terminate this Lease by delivering written notice of termination to Tenant within thirty (30) days after such destruction or damage or such requirement is made known by any such Landlord’s mortgagee, as applicable, whereupon all rights and obligations hereunder shall cease and terminate, except for any liabilities of Tenant which accrued prior to Lease termination.
(c) If such damage or destruction is caused by the act(s) or omission(s) of Tenant, its employees, agents or contractors, Tenant shall pay to Landlord with respect to any damage to the Premises and/or Project the amount of the commercially reasonable deductible under Landlord's ’s insurance policy within ten (currently $10,00010) within 10 days after presentment of Landlord's ’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 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 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, Sections 1932 and 1933 of the California Civil Code.
Appears in 1 contract
Sources: Lease Agreement (Garden Fresh Restaurant Corp /De/)
Restoration. If at any time during a casualty causes damage to the Lease Term Building or the Premises are damaged by a fire but this Lease is not terminated for any reason, then subject to the rights of any mortgagees or other casualtyground lessors, Landlord shall notify obtain the applicable insurance proceeds and diligently restore the Building and the Premises to substantially their prior condition, except for modifications required by then applicable Governmental Requirements or any other modifications to the common areas of the Building, if any, deemed desirable by Landlord; provided, however, that, within ten (10) days following notice to Tenant within 60 days after such damage as from Landlord (whether or not this Lease is terminated pursuant to Section 9.1 above), Tenant shall irrevocably and unconditionally assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 8.3(b) above which pertain to the repair and restoration of the leasehold improvements in the Premises, including any leasehold improvements performed by or on behalf of Tenant pursuant to Section 5 above; and provided further, that if the cost of repair and restoration by Landlord of the leasehold improvements in the Premises exceeds the amount of time insurance proceeds received by Landlord reasonably estimates it will take to restore from Tenant’s insurance carrier, the Premises. If the cost of such repair and 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 take ▇ ▇▇▇ths or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall be promptly restore the Premises excluding the improvements installed paid by Tenant or by Landlord and paid by Tenantto Landlord, subject but in any event prior to delays arising from Landlord’s commencement of repair of 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 Leasedamage. Notwithstanding the foregoing, either party may terminate this Lease Landlord shall have no obligation with respect to, and if Landlord elects or is required to perform any restoration hereunder, Tenant shall be responsible for and shall, repair and replace at its sole cost all of Tenant’s equipment, furniture, trade fixtures and other personal property in the Premises, including, without limitation, any telecommunications wires, cables and related devices located in or serving the Premises. Rent shall be abated on a per diem basis during the restoration for any portion of the Premises are damaged which is untenantable, except to the extent that (a) the casualty was caused by the gross negligence or intentional misconduct of Tenant, its agents, employees, contractors, subtenants or assignees, (b) Landlord is delayed in completing the repair or restoration as a result of any act, omission, neglect or failure of Tenant or any of Tenant’s agents, employees, contractors or subcontractors or (c) Landlord does not receive insurance proceeds sufficient to cover the rent interruption during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damageperiod. Tenant shall pay to Landlord with respect not be entitled to any damage to the Premises the amount compensation or damages from Landlord for loss of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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 Operating Expenses shall be abated for the period of repair and restoration in the proportion which the area use of the Premises, if anydamage to Tenant’s personal property and trade fixtures or any inconvenience occasioned by such damage, which is not usable by repair or restoration. Tenant bears to hereby waives the total area provisions of Section 1932, Subdivision 2, and Section 1933, Subdivision 4, of the Premises. Such abatement shall be the sole remedy of TenantCalifornia Civil Code, and except as provided herein, Tenant waives the provisions of any right to terminate the Lease by reason of damage or casualty losssimilar law hereinafter enacted.
Appears in 1 contract
Sources: Lease (Nextg Networks Inc)
Restoration. (a) If the total Proceeds for any Destruction Event are $250,000.00 or less, no Event of Default is continuing, Lender will disburse to Borrower the entire amount received by Lender and Borrower will commence Restoration promptly after the Destruction Event and complete Restoration not later than the Restoration Completion Date.
(b) If the Proceeds for any Destruction Event exceed $250,000.00 and Lender elects or is obligated by Law or under this Article to make the Proceeds available for Restoration, Lender will disburse the Proceeds and any Additional Funds (the "RESTORATION FUNDS") upon Borrower's request as Restoration progresses, generally in accordance with normal construction lending practices for disbursing funds for construction costs and provided that the following conditions are met:
(i) Borrower commences Restoration promptly after the Destruction Event and completes Restoration on or before the Restoration Completion Date;
(ii) if Lender requests, Borrower delivers to Lender prior to commencing Restoration, for Lender's approval, plans and specifications and detailed budget for the Restoration;
(iii) Borrower delivers to Lender satisfactory evidence of the costs of Restoration incurred prior to the date of the request, and such other documents as Lender may request including mechanic's liens, waivers and title insurance endorsements;
(iv) Borrower pays all costs of Restoration whether or not the Restoration Funds are sufficient and, if at any time during Restoration, Lender determines that the Lease Term undisbursed balance of the Premises are damaged Restoration Funds is insufficient to complete Restoration. Borrower deposits with Lender, as part of the Restoration Funds, an amount equal to the deficiency within 30 days of receiving notice of the deficiency from Lender; and
(v) there is no Event of Default continuing under the Loan Documents to which Borrower or an Affiliate of Borrower is a party at the time Borrower requests funds or at the time Lender disburses funds.
(c) If an Event of Default occurs at any time after the Destruction Event, then Lender will have no further obligation to make any remaining Proceeds available for Restoration and may apply any remaining Proceeds as a credit against any portion of the Debt selected by a fire Lender in its sole discretion.
(d) Lender may elect at any time prior to commencement of Restoration or while work is in progress, to retain, at Borrower's expense, an independent engineer or other casualtyconsultant to review any plans and specifications required by Lender, Landlord shall notify Tenant within 60 days after such damage to inspect the work as it progresses and to provide reports. If any matter included in a report by the engineer or consultant is unsatisfactory to Lender, Lender may suspend disbursement of the Restoration Funds until the unsatisfactory matters contained in the report are resolved to Lender's satisfaction.
(e) If Borrower fails to commence and complete Restoration in accordance with the terms of this Article, then in addition to the amount of time Landlord reasonably estimates it will take Remedies, Lender may elect by notice to Borrower to restore the PremisesImprovements on Borrower's behalf and reimburse itself out of the Restoration Funds for costs and expenses incurred by Lender in restoring the Improvements, or Lender may apply the Restoration Funds as a credit against any portion of the Debt selected by Lender in its sole discretion.
(f) Lender may commingle the Restoration Funds with its general assets and will not be liable to pay any interest or other return on the Restoration Funds unless otherwise required by Law. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant Lender will not hold any Restoration Funds in trust. Lender may elect to terminate this Lease upon notice deposit the Restoration Funds with a depositary satisfactory to Lender under a disbursement and security agreement satisfactory to Lender.
(g) Borrower will pay all of Lender's expenses incurred in connection with a Destruction Event or Restoration. If Borrower fails to do so, then in addition to the other party given no later than 30 days after Landlord's notice. If neither party elects Remedies, Lender may from time to terminate this Lease or if Landlord estimates that restoration will take ▇ ▇▇▇ths 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 the foregoing, either party may terminate this Lease if the Premises are damaged during the last year time reimburse itself out of the Lease Term and Landlord reasonably estimates that it will take more than one month Restoration Funds.
(h) If any excess Proceeds remain after Restoration, Lender may elect, in its sole discretion either to repair such damage. Tenant shall pay to Landlord with respect to apply the excess as a credit against any damage to the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after presentment of Landlord's invoice. If the damage involves the premises of other tenants, Tenant shall pay the portion of the deductible Debt, at par without penalty or premium, as selected by Lender in its sole discretion or to deliver the excess to Borrower.
(i) Notwithstanding anything to the contrary in this Mortgage, Borrower shall be released from its Restoration obligations to the extent that Lender causes the cost Proceeds to be applied to reduction of the restoration of the Premises bears to the total cost of restoration, as determined by Landlord. 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 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 lossDebt.
Appears in 1 contract
Restoration. (a) If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify or if the Building is damaged such that Tenant within 60 days after such damage as is deprived of reasonable access to the amount Premises, the damage shall be repaired by Landlord, to substantially the condition 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 Premises prior 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 ▇ ▇▇▇ths or less, thendamage, subject to receipt the provisions of sufficient insurance proceedsany Mortgage or Superior Lease, but 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 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 have no obligation to repair such damage. Tenant shall pay to Landlord with respect to or restore (i) Tenant’s Property or (ii) except as provided in Section 11.3(b), any damage Alterations or improvements to the Premises to the amount extent such Alterations or improvements exceed Building Standard installations (“Above Building Standard Installations”). So long as Tenant is not in default beyond applicable grace or notice provisions in the payment or performance of its obligations under this Section 11.3, and provided Tenant timely delivers to Landlord either Tenant’s Restoration Payment (as hereinafter defined) or the commercially reasonable deductible under Landlord's insurance policy Restoration Security (currently $10,000as hereinafter defined) within 10 days after presentment or Tenant expressly waives any obligation of Landlord's invoice. If the damage involves the premises Landlord to repair or restore any of other tenantsTenant’s Above Building Standard Installations, Tenant shall pay the portion of the deductible that the cost of then until the restoration of the Premises bears to the total cost of restorationis Substantially Completed or would have been Substantially Completed but for Tenant Delay, as determined by Landlord. Base Rent Fixed Rent, Tenant’s Tax Payment and Tenant’s Operating Expenses Payment shall be abated for the period of repair and restoration reduced in the proportion by which the area of the Premises, if any, part of the Premises which is not usable (or accessible ) and is not used by Tenant bears to the total area of the Premises.
(b) As a condition precedent to Landlord’s obligation to repair or restore any Above Building Standard Installations, Tenant shall (i) pay to Landlord upon demand a sum (“Tenant’s Restoration Payment”) equal to the amount, if any, by which (A) the cost, as estimated by a reputable independent contractor designated by Landlord, of repairing and restoring all Alterations and Initial Installations in the Premises to their condition prior to the damage, exceeds (B) the cost of restoring the Premises with Building Standard Installations, or (ii) furnish to Landlord security (the “Restoration Security”) in form and amount reasonably acceptable to Landlord to secure Tenant’s obligation to pay all costs in excess of restoring the Premises with Building Standard Installations. Such abatement If Tenant shall be fail to deliver to Landlord either (1) Tenant’s Restoration Payment or the sole remedy of Restoration Security, as applicable, or (2) a waiver by Tenant, in form satisfactory to Landlord, of all of Landlord’s obligations to repair or restore any of the Above Building Standard Installations, in either case within 30 days after Landlord’s demand therefor, Landlord shall have no obligation to restore any Above Building Standard Installations and except as provided hereinTenant’s abatement of Fixed Rent, Tenant waives Tenant’s Tax Payment and Tenant’s Operating Payment shall cease when the restoration of the Premises (other than any right to terminate the Lease by reason of damage or casualty lossAbove Building Standard Installations) is Substantially Complete.
Appears in 1 contract
Sources: Lease Agreement (Affirmative Insurance Holdings Inc)
Restoration. If if, at any time during the Lease Term Term, the Project or the Premises (excluding Suite 100 of 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 (the “Restoration Period”). If the restoration time Restoration Period is estimated to exceed 6 months12 months (the “Maximum Restoration Period”), either Landlord may (subject to Tenant’s right to continue the Lease in effect as set forth below in this Section 18), 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. Notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease upon by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the other party given no later Premises longer than 30 days after Landlord's noticethe Maximum Restoration Period. If neither party Landlord elects to terminate this Lease, Tenant shall have the right by written notice to Landlord delivered within 5 business days of receipt of Landlord’s notice of termination, to elect to continue this Lease in effect for up to two years from the date of Landlord’s notice (the “Casualty 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 if Tenant so elects to terminate this Lease, Landlord estimates that restoration will take ▇ ▇▇▇ths or less, thenshall, subject to receipt of sufficient insurance proceedsproceeds (with up to $50,000 of any deductible to be treated as a current Operating Expense), Landlord shall 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 or proceeds, from Force Majeure eventsevents 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”). Tenant Tenant, at Tenant's expense its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events(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 reenter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party Landlord may terminate this Lease if the Premises are damaged during the last 1 year of the Lease Term and Landlord reasonably estimates that it will take more than one month 2 months to repair such damage, or if insurance proceeds are not available for such restoration. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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 Operating Expenses shall be abated for from the period of repair date all required Hazardous Material Clearances are obtained until the Premises are repaired and restoration 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 ▇▇▇▇▇▇ ▇▇▇▇▇ 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 except as provided hereinin 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 Tenant with respect to any and all damage to, or destruction of, all or any part of the 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 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 (or if no Hazardous Materials clearances are required, then effective upon the date of such casualty) to indicate a reduction in the size of the Premises, and to provide for the termination of this Lease with respect to Suite 100.
Appears in 1 contract
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 take ▇ ▇▇▇ths ▇ ▇ 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 eventsevents (as defined in Paragraph 33), all repairs or restoration not required to be done by Landlord and shall promptly re-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. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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 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 contained in the Lease to the contrary, to the extent the damage to the Project is attributable to Tenant, Tenant shall pay to Landlord with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord's insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord's invoice.
Appears in 1 contract
Sources: Lease Agreement
Restoration. (a) If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 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 estimated to exceed 6 months120 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 30 thirty (30) days after Landlord's ▇▇▇▇▇▇▇▇’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will take ▇ ▇▇▇ths 120 days or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the Tenant-Made Alterations, the Tenant 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. Tenant at Tenant's ’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 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 Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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 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 total area of the Premises. Such abatement 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, the cost to repair such damage exceeds $100,000.00 and Landlord reasonably estimates that it will take more than thirty (30) days to repair such damage. Tenant shall pay to Landlord, within thirty (30) days following ▇▇▇▇▇▇▇▇’s demand therefor, ▇▇▇▇▇▇’s Proportionate Share of the amount of the deductible under Landlord’s insurance policy. If the damage involves portions of the Building other than the Premises, Tenant shall pay only a portion of the deductible based on the ratio of the costs of repairing the damage to the Premises to the total cost of repairing all of the damage to the Building.
(b) If the Premises are destroyed or substantially damaged by any peril not covered by the insurance maintained by Landlord or any Landlord’s mortgagee requires that insurance proceeds be applied to the indebtedness secured by its mortgage (defined hereinafter), Landlord may terminate this Lease by delivering written notice of termination to Tenant within thirty (30) days after such destruction or damage or such requirement is made known by any such Landlord’s mortgagee, as applicable, whereupon all rights and obligations hereunder shall cease and terminate, except for any liabilities of Tenant which accrued prior to Lease termination. If Landlord elects to repair or restore such damage or destruction, this Lease shall continue in full force and effect, but Base Rent shall be proportionately reduced as provided in Paragraph 15(a). If Landlord elects to terminate this Lease, such termination shall be effective as of the sole remedy date of the occurrence of such damage or destruction.
(c) Notwithstanding the foregoing, if the Premises or the Project are wholly or partially damaged or destroyed as a result of the gross negligence or willful misconduct or omission of Tenant, Tenant shall forthwith diligently undertake to repair or restore all such damage or destruction at Tenant’s sole cost and except as provided hereinexpense, or Landlord may at its option undertake such repair or restoration at Tenant’s sole cost and expense; provided, however, that Tenant waives shall be relieved of its repair and payment obligations pursuant to this Paragraph 15(c) to the extent that insurance proceeds are collected by Landlord to repair such damage, although Tenant shall in such events pay to Landlord the full amount of the deductible under Landlord’s insurance policy and any right to terminate amounts not insured. This Lease shall continue in full force and effect without any abatement or reduction in Base Rent or Operating Expenses or other payments owed by Tenant.
(d) The provisions of this Paragraph 15 shall constitute Tenant’s sole and exclusive remedy in the Lease by reason event of damage or casualty lossdestruction to the Premises or Project, and Tenant waives and releases all statutory rights and remedies in favor of Tenant in the event of damage or destruction. No damages, compensation or claim shall be payable by Landlord for any inconvenience, any interruption or cessation of Tenant’s business, or any annoyance, arising from any damage or destruction of all or any portion of the Premises or Project unless such damage or destruction arises out of Landlord’s gross negligence or willful misconduct.
Appears in 1 contract
Sources: Lease Agreement (AeroVironment Inc)
Restoration. If at any time during Landlord does not elect to terminate this Lease pursuant to Section 7.1, in the Lease Term the Premises are damaged by event of a taking, fire or other casualty, then this Lease shall continue in force and, if such taking or damage is of or to the Premises, a just proportion of the Rent reserved, according to the nature 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 shall notify Tenant within 60 days after such damage as to have no obligation to, supply the amount of time Landlord reasonably estimates it will take to such insufficiency and restore the Premises with all reasonable diligence or the Landlord may terminate the Lease by giving notice to the Tenant not later than 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 (12) months after the restoration time is estimated to exceed 6 monthstaking or damage, either Landlord or then Tenant may elect shall have the right to terminate this Lease upon by giving Landlord written notice of its election to the other party given no later than 30 do so within thirty (30) days after Landlord's the end of such twelve (12) month period, and if Tenant timely gives such notice. If neither party elects to terminate , this Lease or if Landlord estimates that shall terminate on the date which is thirty (30) days after the date of the giving of such notice, unless Landlord’s restoration will take ▇ ▇▇▇ths or lesswork is substantially completed within such thirty (30) day period, then, subject to receipt of sufficient insurance proceeds, Landlord in which event such termination notice shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord be null 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 void 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 shall continue in full force 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 Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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 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 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 losseffect.
Appears in 1 contract
Sources: Lease (Kura Oncology, 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 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 notice to the other party given no later than 30 20 days after Landlord's ’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will take ▇ ▇▇▇ths ▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, 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 ’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 (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 other party no later than 15 days after Landlord’s notice of the estimated restoration time period, or (ii) Landlord fails to restore the Premises as provided above within 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. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable reasonably deductible under Landlord's ’s insurance policy (currently but in no event more than $10,000) within 10 days after presentment of Landlord's ’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 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 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.
Appears in 1 contract
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualtycasualty 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 9 months from the casualty date or if Landlord is unable to obtain the necessary permits for restoration within 6 monthsmonths from the casualty date (a “Premises Total Destruction”), 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 ’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 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 ▇ ▇▇▇ths 9 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 eventsevents (as defined in Section 47) provided that if Landlord does not restore the Premises within such 9 month timeframe, then either Landlord or Tenant may elect to terminate this Lease upon notice to the other party (except if the casualty is caused by Tenant’s gross negligence or willful misconduct, Tenant may not terminate). Tenant at Tenant's ’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 year 6 months of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage, or if any such restoration is not completed within 12 months from the date of casualty. Notwithstanding the foregoing, if Tenant shall pay 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 respect any shortage in insurance proceeds (or adequate assurance thereof) needed to any damage to make the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) repairs within 10 days after presentment Tenant’s receipt 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 ’s written notice purporting to the total cost of restoration, as determined by Landlordterminate 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 contained in the Lease to the contrary, to the extent the damage to the Project is attributable to Tenant, Tenant shall pay to Landlord with respect to any damage to the Project the amount of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoice.
Appears in 1 contract
Sources: Standard Industrial Multi Tenant Lease Net (Xos, Inc.)
Restoration. (a) If the total Proceeds for any Destruction Event are $250,000.00 or less, no Event of Default is continuing, Lender will disburse to Borrower the entire amount received by Lender and Borrower will commence Restoration promptly after the Destruction Event and complete Restoration not later than the Restoration Completion Date.
(b) If the Proceeds for any Destruction Event exceed $250,000.00 and Lender elects or is obligated by Law or under this Article to make the Proceeds available for Restoration, Lender will disburse the Proceeds and any Additional Funds (the "RESTORATION FUNDS") upon Borrower's request as Restoration progresses, generally in accordance with normal construction lending practices for disbursing funds for construction costs and provided that the following conditions are met:
(i) Borrower commences Restoration promptly after the Destruction Event and completes Restoration on or before the Restoration Completion Date;
(ii) if Lender requests, Borrower delivers to Lender prior to commencing Restoration, for Lender's approval, plans and specifications and detailed budget for the Restoration;
(iii) Borrower delivers to Lender satisfactory evidence of the costs of Restoration incurred prior to the date of the request, and such other documents as Lender may request including mechanic's liens, waivers and title insurance endorsements;
(iv) Borrower pays all costs of Restoration whether or not the Restoration Funds are sufficient and, if at any time during Restoration, Lender determines that the Lease Term undisbursed balance of the Premises are damaged Restoration Funds is insufficient to complete Restoration, Borrower deposits with Lender, as part of the Restoration Funds, an amount equal to the deficiency within 30 days of receiving notice of the deficiency from Lender; and
(v) there is no Event of Default continuing under the Loan Documents to which Borrower or an Affiliate of Borrower is a party at the time Borrower requests funds or at the time Lender disburses funds.
(c) If an Event of Default occurs at any time after the Destruction Event, then Lender will have no further obligation to make any remaining Proceeds available for Restoration and may apply any remaining Proceeds as a credit against any portion of the Debt selected by a fire Lender in its sole discretion.
(d) Lender may elect at anytime prior to commencement of Restoration or while work is in progress, to retain, at Borrower's expense, an independent engineer or other casualtyconsultant to review any plans and specifications required by Lender, Landlord shall notify Tenant within 60 days after such damage to inspect the work as it progresses and to provide reports. If any matter included in a report by the engineer or consultant is unsatisfactory to Lender, Lender may suspend disbursement of the Restoration Funds until the unsatisfactory matters contained in the report are resolved to Lender's satisfaction.
(e) If Borrower fails to commence and complete Restoration in accordance with the terms of this Article, then in addition to the amount of time Landlord reasonably estimates it will take Remedies, Lender may elect by notice to Borrower to restore the PremisesImprovements on Borrower's behalf and reimburse itself out of the Restoration Funds for costs and expenses incurred by Lender in restoring the Improvements, or Lender may apply the Restoration Funds as a credit against any portion of the Debt selected by Lender in its sole discretion.
(f) Lender may commingle the Restoration Funds with its general assets and will not be liable to pay any interest or other return on the Restoration Funds unless otherwise required by Law. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant Lender will not hold any Restoration Funds in trust. Lender may elect to terminate this Lease upon notice deposit the Restoration Funds with a depositary satisfactory to Lender under a disbursement and security agreement satisfactory to Lender.
(g) Borrower will pay all of Lender's expenses incurred in connection with a Destruction Event or Restoration. If Borrower fails to do so, then in addition to the other party given no later than 30 days after Landlord's notice. If neither party elects Remedies, Lender may from time to terminate this Lease or if Landlord estimates that restoration will take ▇ ▇▇▇ths 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 the foregoing, either party may terminate this Lease if the Premises are damaged during the last year time reimburse itself out of the Lease Term and Landlord reasonably estimates that it will take more than one month Restoration Funds.
(h) If any excess Proceeds remain after Restoration, Lender may elect, in its sole discretion either to repair such damage. Tenant shall pay to Landlord with respect to apply the excess as a credit against any damage to the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after presentment of Landlord's invoice. If the damage involves the premises of other tenants, Tenant shall pay the portion of the deductible Debt, at par without penalty or premium, as selected by Lender in its sole discretion or to deliver the excess to Borrower.
(i) Notwithstanding anything to the contrary in this Mortgage, Borrower shall be released from its Restoration obligations to the extent that Lender causes the cost Proceeds to be applied to reduction of the restoration of the Premises bears to the total cost of restoration, as determined by Landlord. 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 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 lossDebt.
Appears in 1 contract
Sources: Open End Leasehold Mortgage (Life Time Fitness 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 take ▇ ▇▇▇ths 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 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 Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after presentment of Landlord's invoice. If the damage involves the premises 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 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 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.
Appears in 1 contract
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 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 estimated to exceed 6 six (6) months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 thirty (30) days after Landlord's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will take ▇ ▇▇▇ths 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 expense, except if same is necessitated by Landlord's acts or omissions, 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 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 Premises the pro-rata amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 ten (10) days after 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 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 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.
Appears in 1 contract
Sources: Lease Agreement (Pharmanetics 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 ’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will take ▇ ▇▇▇ths ▇ ▇ 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 ’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure eventsevents (as defined in Paragraph 33), all repairs or restoration not required to be done by Landlord and shall promptly re-enter 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. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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 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 contained in the Lease to the contrary, to the extent the damage to the Project is attributable solely to Tenant, Tenant shall pay to Landlord with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoice.
Appears in 1 contract
Restoration. If In the event of a Taking or a Casualty, if neither Landlord nor Tenant exercises the election to terminate provided in Section 9.1, this Lease shall continue in force and a just proportion of the Fixed Rental and other charges hereunder, according to the nature and extent of the damages sustained by the Premises, but in the case of a Casualty not in excess of an equitable portion of the net proceeds of insurance recovered by Landlord under the rental insurance carried pursuant to Section 6.1, shall be abated until the Premises, or what may remain thereof, shall be put by Tenant in proper condition for use subject to zoning and building laws or ordinances then in existence, which, unless Landlord or Tenant has exercised its option to terminate pursuant to Section 9.1, Tenant covenants to do with reasonable diligence at any time during Tenant's expense. Tenant's obligations with respect to restoration shall not require Tenant to expend more than 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 net proceeds of insurance recovered plus the amount of time any deductible for such Casualty or net damages awarded to Landlord reasonably estimates it will take to restore the Premisesfor such Taking and made available for restoration by Landlord's mortgagees. If the restoration time is estimated to exceed 6 months, either Landlord "Net proceeds of insurance recovered" or Tenant may elect to terminate this Lease upon notice "net damages awarded" refers to the other party given no later than 30 days after Landlord's notice. If neither party elects to terminate this Lease gross amount of such insurance or if damages less the reasonable expenses of Tenant and Landlord estimates that restoration will take ▇ ▇▇▇ths 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 in connection with the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant's expense shall promptly performthe same, subject to delays arising from the collection of insurance proceedsincluding, or from Force Majeure eventswithout limitation, all repairs or restoration not required to be done by Landlord fees and shall promptly re-enter the Premises expenses for legal and commence doing business in accordance with this Leaseappraisal services. Notwithstanding the foregoing, either party may in the event that Landlord's mortgagee does not permit the net proceeds of insurance recovered or net damages awarded for such Casualty or Taking to be made available to Tenant for restoration, or in the event the net proceeds of insurance recovered for such Casualty plus the amount of any deductible or the net damages awarded for such Taking shall be insufficient to fully restore the Premises, or in the event that the Casualty is not insured against under the policy of insurance required to be maintained by Tenant under Section 6.1, then Tenant shall have the right to terminate this Lease if unless Landlord agrees to contribute the amount by which the actual costs of restoring the Premises are damaged during exceed the last year net proceeds 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 Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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 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 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 recovered or casualty lossnet damages awarded.
Appears in 1 contract
Sources: Lease (Impac Group Inc /De/)
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 ’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will take ▇ t▇▇▇ths ▇ ▇ 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 eventsevents (as defined in Paragraph 33). Tenant at Tenant's ’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 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 Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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 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 Paragraph 15, if the Premises are not restored by Landlord on, or prior to, the date which is the later of 9 months of the date of the casualty event (subject to Force Majeure and Tenant-caused delays) or 9 months after 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.
Appears in 1 contract
Restoration. If at a casualty causes damage to the Building or the ----------- Premises but this Lease is not terminated for any time during reason, then subject to the Lease Term rights of any mortgagees or ground lessors, Landlord shall obtain the applicable insurance proceeds and diligently restore the Building and the Premises, subject to current Governmental Requirements, provided Landlord's obligation, should it elect or be obligated to repair or rebuild, shall be limited (i) if only the Building Shell is damaged as a result of such casualty, to the repair and restoration of the Building Shell, or (ii) if both the Building Shell and interior improvements within the Premises are damaged by a fire or other casualtydestroyed, Landlord shall notify Tenant within 60 days after such damage as to the amount repair of time Landlord reasonably estimates it will take to restore the Premises. If Building Shell and the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to construction of those improvements which are typical for a generic general office use (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 ▇ ▇▇▇ths 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"Base Improvements"). Notwithstanding the foregoing, Tenant shall, at Tenant's sole expense, be responsible for replacing or fully repairing its damaged improvements (including any Tenant Improvements in excess of the Base Improvements (including the Data Center, diesel holding tank, chillers and generators, Dish Equipment), as well as Tenant's personal property and fixtures. All such repairs, restoration and rebuilding shall be performed by Landlord and Tenant as applicable, in a good workmanlike manner and in accordance with all Governmental Requirements, using new materials of equal or greater quality than those used for the initial construction of the Building Shell or the other exterior or interior improvements to the Building made by either party may terminate this Lease if prior to the Premises are damaged casualty. Except to the extent that the casualty was caused by the negligence or intentional misconduct of Tenant, its agents or employees, Rent otherwise payably hereunder shall be abated on a per diem basis during the last year period that Landlord causes its repair and restoration work to be completed, provided that Tenant's obligation to pay Rent hereunder shall resume upon Landlord's completion of its repair and restoration work notwithstanding the Lease Term fact that Tenant may not have completed its repair and Landlord reasonably estimates that it will take more than one month to repair restoration work as of such damageresumption. Tenant shall pay to Landlord with respect not be entitled to any damage to the Premises the amount compensation or damages from Landlord for loss of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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 Operating Expenses shall be abated for the period of repair and restoration in the proportion which the area use of the Premises, if anydamage to Tenant's personal property and trade fixtures or any inconvenience occasioned by such damage, which is not usable by repair or restoration. Tenant bears to hereby waives the total area provisions of Section 1932, Subdivision 2, and Section 1933, Subdivision 4, of the Premises. Such abatement shall be the sole remedy of TenantCalifornia Civil Code, and except as provided herein, Tenant waives the provisions of any right to terminate the Lease by reason of damage or casualty losssimilar law hereinafter enacted.
Appears in 1 contract
Sources: Lease (Navisite 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 take ▇ ▇▇▇ths ▇ ▇ 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 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. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable reasonably deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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 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 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.
Appears in 1 contract
Sources: Lease Agreement (Wells Real Estate Investment Trust Inc)
Restoration. (a) If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 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 estimated to exceed 6 months180 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 30 thirty (30) days after Landlord's ’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will take ▇ ▇▇▇ths 180 days or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements 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 eventsevents (defined below). Tenant at Tenant's ’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 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 Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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 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 total area of the Premises. Such abatement 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. Tenant shall pay to Landlord, within ten (10) days following Landlord’s demand therefor, the amount of the deductible under Landlord’s insurance policy. If the damage involves portions of the Building other than the Premises, Tenant shall pay only a portion of the deductible based on the ratio of the costs of repairing the damage to the Premises to the total cost of repairing all of the damage to the Building.
(b) If the Premises are destroyed or substantially damaged by any peril not covered by the insurance maintained by Landlord or any Landlord’s mortgagee requires that insurance proceeds be applied to the indebtedness secured by its mortgage (defined hereinafter), Landlord or Tenant may terminate this Lease by delivering written notice of termination to the other party within thirty (30) days after such destruction or damage or such requirement is made known by any such Landlord’s mortgagee, as applicable, whereupon all rights and obligations hereunder shall cease and terminate, except for any liabilities of Tenant which accrued prior to Lease termination. If Landlord elects to repair or restore such damage or destruction, this Lease shall continue in full force and effect, but Base Rent and Operating Expenses shall be proportionately reduced as provided in Paragraph 15(a). If Landlord elects to terminate this Lease, such termination shall be effective as of the sole remedy date of the occurrence of such damage or destruction.
(c) Notwithstanding the foregoing, if the Premises or the Property are wholly or partially damaged or destroyed as a result of the negligence or willful misconduct or omission of Tenant, and except as provided herein, Tenant waives any right shall forthwith diligently undertake to terminate the Lease by reason of repair or restore all such damage or casualty loss.destruction at Tenant’s sole cost and expense, or Landlord may at its option undertake such repair or restoration at Tenant’s sole cost and expense; provided, however, that Tenant shall be relieved of its repair and payment
Appears in 1 contract
Sources: Lease Agreement (Avi Biopharma 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 take ▇ ▇▇▇ths ▇ ▇ 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 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. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable reasonably deductible under Landlord's insurance policy (currently $US$10,000) within 10 days after 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 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 total area of the PremisesPremises from the date of the casualty through the period of repair and restoration until the Premises are repaired. 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.
Appears in 1 contract
Sources: Lease Agreement (Converse 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 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 take ▇ ▇▇▇ths ▇ ▇ 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 eventsevents (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 or any extensions thereof 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 Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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 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 contained in the Lease to the contrary, to the extent the damage to the Project is attributable to Tenant, Tenant shall pay to Landlord with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord's insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord's invoice.
Appears in 1 contract
Sources: Lease Agreement (Systemax Inc)
Restoration. (a) If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 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 estimated to exceed 6 months210 days from the date of the damage, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 thirty (30) days after Landlord's ’s notice. ; provided, however, that if Landlord elects to terminate this Lease during the first eighty four months of the Lease Term, Tenant shall 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 ▇ ▇▇▇ths 210 days or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements 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 ’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 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 Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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 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 total area of the Premises. Such abatement 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, within ten (10) days following Landlord’s demand therefor, the amount of the deductible under Landlord’s insurance policy.
(b) If the Premises are destroyed or substantially damaged by any peril not covered by the insurance maintained by Landlord or any Landlord’s mortgagee requires that insurance proceeds be applied to the indebtedness secured by its mortgage (defined hereinafter), Landlord may terminate this Lease by delivering written notice of termination to Tenant within thirty (30) days after such destruction or damage or such requirement is made known by any such Landlord’s mortgagee, as applicable, whereupon all rights and obligations hereunder shall cease and terminate, except for any liabilities of Tenant which accrued prior to Lease termination. If Landlord elects to repair or restore such damage or destruction, this Lease shall continue in full force and effect, but Base Rent shall be proportionately reduced as provided in Paragraph 15(a). If Landlord elects to terminate this Lease, such termination shall be effective as of the sole remedy date of the occurrence of such damage or destruction.
(c) Notwithstanding the foregoing, if the Premises or the Building are wholly or partially damaged or destroyed as a result of the negligence or willful misconduct or omission of Tenant, Tenant shall forthwith diligently undertake to repair or restore all such damage or destruction at Tenant’s sole cost and except as provided hereinexpense, or Landlord may at its option undertake such repair or restoration at Tenant’s sole cost and expense; provided, however, that Tenant waives shall be relieved of its repair and payment obligations pursuant to this Paragraph 15(c) to the extent that insurance proceeds are collected by Landlord to repair such damage, although Tenant shall in such events pay to Landlord the full amount of the deductible under Landlord’s insurance policy and any right to terminate amounts not insured. This Lease shall continue in full force and effect without any abatement or reduction in Base Rent or Operating Expenses or other payments owed by Tenant.
(d) The provisions of this Paragraph 15 shall constitute Tenant’s sole and exclusive remedy in the Lease by reason event of damage or casualty lossdestruction to the Premises, the Building or any portion of the Project, and Tenant waives and releases all statutory rights and remedies in favor of Tenant in the event of damage or destruction. No damages, compensation or claim shall be payable by Landlord for any inconvenience, any interruption or cessation of Tenant’s business, or any annoyance, arising from any damage or destruction of all or any portion of the Premises, the Building or the Project.
Appears in 1 contract
Restoration. If Subject to any limitations imposed by law with respect to the rebuilding of the Leased Premises, Tenant shall promptly repair, rebuild, or restore the damaged Leased Property, at any time during the Lease Term the Premises are damaged by a fire or other casualtyTenant’s expense, Landlord shall notify Tenant within 60 days after such damage so as to make 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 Leased Property at least equal in value to the other party given no later than 30 days after Landlord's noticeLeased Property existing immediately prior to such occurrence and as nearly similar to it in character as is practicable and reasonable. If neither party elects to terminate this Lease Before beginning such repairs or if Landlord estimates that restoration will take ▇ ▇▇▇ths 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 proceedsrebuilding, or from Force Majeure events, all letting any contracts in connection with such 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. Tenant shall pay to Landlord rebuilding with respect to any damage Casualty, Tenant will submit for Landlord’s approval, which approval Landlord will not unreasonably withhold or delay, plans and specifications meeting the requirements of §16.2 for such repairs or rebuilding. Promptly after receiving Landlord’s approval of the plans and specifications, Tenant will begin such repairs or rebuilding and will prosecute the repairs and rebuilding to completion with diligence, subject, however, to strikes, lockouts, acts of God, embargoes, governmental restrictions, and other causes beyond Tenant’s reasonable control. Landlord will make available to Tenant the net proceeds of any fire or other casualty insurance paid to Landlord for such repair or rebuilding as the same progresses, after deduction of any costs of collection, including reasonable attorneys’ fees. Payments will be made against properly certified vouchers of a competent architect in charge of the work and approved by Landlord. Payments for deposits for the repairing or rebuilding or delivery of materials to the Premises Facility will be made upon Landlord’s receipt of evidence satisfactory to Landlord that such payments are required in advance. With respect to any Casualty, prior to commencing the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after presentment of Landlord's invoice. If the damage involves the premises of other tenantsrepairing or rebuilding, Tenant shall pay deliver to Landlord for Landlord’s approval a schedule setting forth the portion estimated monthly draws for such work. Landlord will contribute to such payments out of the deductible insurance proceeds an amount equal to the proportion that the cost of the restoration of the Premises total net amount received by Landlord from insurers bears to the total estimated cost of restorationthe rebuilding or repairing, as determined multiplied by Landlordthe payment by Tenant on account of such work. Base Rent Landlord may, however, withhold 10% from each payment until the work is completed and Operating Expenses shall be abated for proof has been furnished to Landlord that no lien or liability has attached or will attach to the period Leased Property or to Landlord in connection with such repairing or rebuilding. Upon the completion of repair rebuilding and restoration in the proportion which furnishing of such proof, the area balance of the Premises, if any, which is not usable net proceeds of such insurance payable to Tenant on account of such repairing or rebuilding will be paid to Tenant. If required by Tenant bears to the total area law as a result of the Premisesnature or extent of the damage, Tenant will obtain and deliver to Landlord a temporary or final certificate of occupancy before the damaged Leased Property is reoccupied for any purpose. Such abatement Tenant shall be the sole remedy complete such repairs or rebuilding free and clear of Tenantmechanic’s or other liens, and except as provided hereinin accordance with the building codes and all applicable laws, Tenant waives ordinances, regulations, or orders of any right to terminate state, municipal, or other public authority affecting the Lease by reason repairs or rebuilding, and also in accordance with all requirements of damage the insurance rating organization, or casualty losssimilar body. Any remaining proceeds of insurance after such restoration will be Tenant’s property.
Appears in 1 contract
Restoration. If at any time during the Lease Term the Premises are is damaged by a fire or other casualtycasualty event (the “Casualty Damage”), within 45 days after such event, Landlord shall notify Tenant within 60 days after such damage as to of its reasonable estimate for restoration time (the amount of time Landlord reasonably estimates it will take to restore the Premises"Restoration Notice"). If the restoration time is estimated to exceed 6 months4 months from the date of such casualty, either Landlord or Tenant may elect to terminate this Lease upon delivery of written notice to the other party given no later than 30 days after Landlord's noticedelivery of the Restoration Notice. If neither party elects to terminate this Lease Lease, or if Landlord estimates that restoration will take ▇ ▇▇▇ths or lessless than 4 months from the date of such casualty, thenthen Landlord shall, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises Premises, excluding the improvements installed by Tenant or by Landlord any Tenant-Made Alterations 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 LeaseTrade Fixtures. Notwithstanding the foregoing, either party may terminate this Lease if the Premises are damaged Casualty Damage occurred 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 Commencing on the Premises the amount date of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after presentment of Landlord's invoice. If Casualty Damage, Monthly Base Rent, Monthly Taxes, and 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 Operating Expenses Monthly FOE shall be abated for from the date of Casualty Damage through 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 Tenant. Notwithstanding the total area terms and conditions of this Section, if the Premises are not restored by Landlord on, or prior to, the date which is the later of 6 months of the Premises. Such abatement shall be date of the sole remedy 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, and except as provided herein-caused delays), Tenant waives any right to may terminate the Lease by reason 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 damage or casualty losstermination shall be null and void and this Lease shall continue in full force and effect.
Appears in 1 contract
Sources: Lease Agreement (Pfsweb 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 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 estimated to exceed 6 six (6) months, either Landlord or Tenant may elect to terminate te1minate this Lease upon notice to the other party given no later than 30 thirty (30) days after Landlord's notice. If neither party elects to terminate tem1inate this Lease or if Landlord estimates that restoration will take ▇ ▇▇▇ths 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 or installed by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant Tenant, at Tenant's expense expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, 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 year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such the damage. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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 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 total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided hereinin this Lease, Tenant waives any right to terminate the Lease by reason of damage or casualty loss.
Appears in 1 contract
Sources: Triple Net Lease (CUI Global, Inc.)
Restoration. If at any time during the this Lease Term the Premises are damaged by a fire or other casualtyis not terminated pursuant to Section 15(a) above, then Landlord shall notify diligently restore the Premises, including all Landlord’s Work, unless Tenant within 60 days after such damage as to the amount of time Landlord reasonably estimates it will take elects 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 Premises by providing notice to the other party given no later than 30 Landlord within thirty (30) days after Landlord's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will take ▇ ▇▇▇ths or less, then, subject to of Tenant’s receipt of sufficient the Initial Reconstruction Notice. The party carrying the property insurance proceeds, Landlord shall promptly restore for the Premises excluding (the improvements installed by Tenant or by Landlord and paid by Tenant, subject “Insuring Party”) will assign 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 party restoring 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 “Constructing Party”) any Proceeds relating to repair such damage. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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 on account of the casualty, and allow the Constructing Party to participate in negotiations with the Insuring Party’s insurer regarding the coverage for the reconstruction of the Premises in accordance with the Restoration Plans. Tenant may notify Landlord within thirty (30) days after receipt of the Initial Reconstruction Notice of Tenant’s desire to modify the Landlord’s Work (“Alternate Improvements”). Notwithstanding any provisions hereof to the total cost of restorationcontrary, as determined by Landlord. Base Rent and Operating Expenses Tenant shall be abated for required to pay the costs of any Alternate Improvements to the extent the same are not covered by any insurance proceeds. Tenant and Landlord will have thirty (30) days to agree upon the restoration plans and any resulting changes to the surrender obligations (the “Restoration Plans”) and the target completion date that would apply if the Premises were restored to the Existing Design and any extended period of repair time and restoration additional costs due to the Alternate Improvements (the “Restoration Schedule”). If the parties cannot agree upon the Restoration Plans and/or the Restoration Schedule, then within ten (10) Business Days after a request from either party following expiration of the time period to agree upon the Restoration Plans and Restoration Schedule, the matter will be submitted to arbitration pursuant to the Expedited Arbitration Process. Each of Landlord and Tenant will submit to the arbitrator its proposed Restoration Plans and/or Restoration Schedule. The arbitrator, in good faith, will select, (x) in the proportion case of disagreement over the Restoration Plans (1) with respect to the Work, which set of Restoration Plans is most similar to the area Existing Design; and (2) with respect to the Alternate Improvements, whether Landlord is reasonable in disapproving any elements of the Premises, if anyAlternate Improvements; or (y) in the case of disagreement over the Restoration Schedule, which Restoration Schedule is not usable commercially reasonable for construction in accordance with the Restoration Plans. All construction and/or repairs made by the Constructing Party will be made in accordance with Legal Requirements and in a good and workmanlike manner, with architecture, facilities and amenities of no less quality than existing prior to the casualty. “Expedited Arbitration Process” means arbitration according to the then-current Expedited Procedures under the Commercial Arbitration Rules and Mediation Procedures of the American Arbitration Association (“AAA”), modified as follows: (a) there will be one arbitrator who is selected utilizing the then-current AAA process and who has at least ten (10) years of relevant experience; (b) the arbitration will be conducted through document submission without a hearing; and (c) the arbitrator will issue a final decision within sixty (60) days after confirmation of the appointment of the arbitrator. The arbitrator will have no decision-making authority other than to select either the determination or recommendation of Landlord or Tenant as final and conclusive after due consideration of the factors to be taken into account under the applicable provisions of this Lease. The arbitrator’s determination will be binding upon the parties. The costs and fees of the arbitrator will be shared equally 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 lossLandlord.
Appears in 1 contract
Sources: Lease Agreement (ROX Financial LP)
Restoration. If at any time during the Lease Term the Premises are Project is damaged by a fire or other casualtyinsured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the Project, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s reasonable opinion, be completed within one (1) year after the date the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums; Landlord shall complete an estimate of the time conduct such repairs expeditiously upon learning of the necessity of repairs. Until such repairs are completed, Rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business. Landlord’s obligation to make repairs under this Article is limited to the base Building, Common Areas and the interior improvements to the Premises that are covered by Landlord’s insurance. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Article 14 above (or, if Tenant has failed to carry the insurance required under such Article 14, Tenant shall pay to Landlord the amount which Tenant would have received as insurance proceeds had Tenant carried such required insurance) with respect to any tenant improvements in the Premises in which case Landlord shall manage restoration of the tenant improvements to the extent of such proceeds. If the amount assigned (or paid) to Landlord pursuant to the immediately preceding sentence is insufficient to repair the improvements within the Premises, Landlord shall notify Tenant within 60 days after such damage as to have 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 right 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 ▇ ▇▇▇ths 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 and retaining the collection of insurance proceeds so assigned or from Force Majeure events. Tenant paid; provided, however, Tenant, at Tenant's expense shall promptly performoption, subject to delays arising from may avoid such termination by paying 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 year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Tenant shall pay difference to Landlord with respect to any damage to the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy within thirty (currently $10,00030) within 10 days after presentment following receipt 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 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 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’s written demand therefor.
Appears in 1 contract
Sources: Office Lease (Tableau Software Inc)
Restoration. (a) If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 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 estimated to exceed 6 months180 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 30 thirty (30) days after Landlord's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will take ▇ ▇▇▇ths 180 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 Tenant's personal property and paid by Tenanttrade fixtures, subject to delays arising from the collection of insurance proceeds or from Force Majeure eventsevents 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 performperform 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 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 one month thirty (30) days to repair such damage. .
(b) If the Premises are destroyed or substantially damaged by any peril not covered by the insurance required to be maintained by Landlord or any Landlord's mortgagee requires that insurance proceeds be applied to the indebtedness secured by its mortgage (defined hereinafter), Landlord may terminate this Lease by delivering written notice of termination to Tenant within thirty (30) days after such destruction or damage or such requirement is made known by any such Landlord's mortgagee, as applicable, whereupon all rights and obligations hereunder shall cease and terminate, except for any liabilities of Tenant which accrued prior to Lease termination.
(c) If such damage or destruction is caused by the act(s) or omission(s) of Tenant, its employees, agents or contractors, Tenant shall pay to Landlord with respect to any damage to the Premises and/or Project the amount of the commercially reasonable deductible under Landlord's insurance policy within ten (currently $10,00010) within 10 days after 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 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 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.
Appears in 1 contract
Restoration. (a) If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify or if the Building is damaged such that Tenant within 60 days after such damage as is deprived of reasonable access to the amount Premises, the damage shall be repaired by Landlord, to substantially the condition 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 Premises prior 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 ▇ ▇▇▇ths or less, thendamage, subject to receipt the provisions of sufficient insurance proceedsany Mortgage or Superior Lease, but Landlord shall promptly have no obligation to repair or 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 (i) Tenant's expense shall promptly performProperty or (ii) except as provided in Section 11.3(b), subject any Above Building Standard Installations. So long as Tenant is not in default beyond applicable grace or notice provisions in the payment or performance of its obligations under this Section 11.3, and provided Tenant timely delivers to delays arising from Landlord either Tenant's Restoration Payment (as hereinafter defined) or the collection Restoration Security (as hereinafter defined) or Tenant expressly waives any obligation 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 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 or restore any damage to the Premises the amount of the commercially reasonable deductible under LandlordTenant's insurance policy (currently $10,000) within 10 days after presentment of Landlord's invoice. If the damage involves the premises of other tenantsAbove Building Standard Installations, Tenant shall pay the portion of the deductible that the cost of then until the restoration of the Premises bears to the total cost of restorationis Substantially Completed or would have been Substantially Completed but for Tenant Delay, as determined by Landlord. Base Rent Fixed Rent, Tenant's Tax Payment and Tenant's Operating Expenses Payment shall be abated for the period of repair and restoration reduced in the proportion by which the area of the Premises, if any, part of the Premises which is not usable (or accessible ) and is not used by Tenant bears to the total area of the Premises.
(b) As a condition precedent to Landlord's obligation to repair or restore any Above Building Standard Installations, Tenant shall (i) pay to Landlord upon demand a sum ("Tenant's Restoration Payment") equal to the amount, if any, by which (A) the cost, as estimated by a reputable independent contractor designated by Landlord, of repairing and restoring all Alterations and Initial Installations in the Premises to their condition prior to the damage, exceeds (B) the cost of restoring the Premises with Building Standard Installations, or (ii) furnish to Landlord security (the "Restoration Security") in form and amount reasonably acceptable to Landlord to secure Tenant's obligation to pay all costs in excess of restoring the Premises with Building Standard Installations. Such abatement If Tenant shall be fail to deliver to Landlord either (1) Tenant's Restoration Payment or the sole remedy of Restoration Security, as applicable, or (2) a waiver by Tenant, in form satisfactory to Landlord, of all of Landlord's obligations to repair or restore any of the Above Building Standard Installations, in either case within 15 days after Landlord's demand therefor, Landlord shall have no obligation to restore any Above Building Standard Installations and except as provided hereinTenant's abatement of Fixed Rent, Tenant waives Tenant's Tax Payment and Tenant's Operating Payment shall cease when the restoration of the Premises (other than any right to terminate the Lease by reason of damage or casualty lossAbove Building Standard Installations) is Substantially Complete.
Appears in 1 contract
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 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 take ▇ ▇▇▇ths 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 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 Premises Promises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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 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 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.
Appears in 1 contract
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 take ▇ ▇▇▇ths or less, then, subject to receipt of sufficient insurance proceedsis not terminated, Landlord shall promptly and diligently, subject to reasonable delays for insurance adjustment or other matters beyond Landlord’s reasonable control, restore the Premises excluding the improvements installed by Tenant or by Landlord and paid by TenantCommon Areas, subject to delays arising the following provisions. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. Notwithstanding Section 13.04 , upon notice from Landlord, Tenant shall assign or endorse over to Landlord (or to any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant’s insurance with respect to any Leasehold Improvements; provided if the collection estimated cost to repair such Leasehold Improvements exceeds the amount of insurance proceeds or received by Landlord from Force Majeure eventsTenant’s insurance carrier, the excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord’s commencement of repairs. Within fifteen (15) days after demand, Tenant at Tenant's expense shall promptly perform, subject also pay Landlord for any additional excess costs that are determined during the performance of the repairs to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not such Leasehold Improvements. In no event shall Landlord be required to be done by Landlord and shall promptly re-enter spend more for the restoration of the Premises and commence doing Common Areas than the insurance proceeds received by Landlord. Landlord shall not be liable for any inconvenience to Tenant, or injury to T▇▇▇▇▇’s business resulting in accordance with this Leaseany way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall a▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenant. Notwithstanding the foregoing, either party may terminate this Lease if Landlord may, at its election, require Tenant to perform the Premises are damaged during restoration work for the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Leasehold Improvements, in which event Tenant shall pay be responsible for performing the restoration work (including any revisions thereto that Tenant may wish to make, pursuant to plans approved by Landlord with respect under Section 8) and the rent abatement period under the preceding sentence shall not exceed the period of time required to any damage to the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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 diligently perform the restoration of the Premises bears to the total cost of restoration, as determined by Landlord. 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 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 lossexisting Leasehold Improvements.
Appears in 1 contract
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 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 estimated to exceed 6 six (6) months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 thirty (30) days after Landlord's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will take ▇ ▇▇▇ths 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 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. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable reasonably deductible under Landlord's insurance policy within ten (currently $10,00010) within 10 days after the 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 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 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.
Appears in 1 contract
Restoration. (a) If at any time during the Lease Term the Premises are damaged by a fire or other casualtycasualty (a “Casualty”), Landlord shall notify Tenant within 60 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 estimated to exceed 6 monthsone hundred eighty (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 30 thirty (30) days after Landlord's ’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will take ▇ ▇▇▇ths one hundred eighty (180) days or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the Tenant-Made Alterations 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. Tenant at Tenant's ’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 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 Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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 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 total area of the Premises. Such abatement Notwithstanding the foregoing, either party may terminate this Lease upon thirty (30) days written notice to the other if the Premises are damaged as a result of a Casualty 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. Tenant shall pay to Landlord, within ten (10) days following Landlord’s demand therefor, the amount of the deductible under Landlord’s insurance policy. If the damage involves portions of the Building other than the Premises, Tenant shall pay only a portion of the deductible based on the ratio of the costs of repairing the damage to the Premises to the total cost of repairing all of the damage to the Building.
(b) If the Premises are destroyed or substantially damaged by any Casualty not covered by the insurance maintained by Landlord or any Landlord’s mortgagee requires that insurance proceeds be applied to the indebtedness secured by its mortgage (defined hereinafter), Landlord may terminate this Lease by delivering written notice of termination to Tenant within thirty (30) days after such destruction or damage or such requirement is made known by any such Landlord’s mortgagee, as applicable, whereupon all rights and obligations hereunder shall cease and terminate, except for any liabilities of Tenant which accrued prior to Lease termination. If Landlord elects to repair or restore such damage or destruction, this Lease shall continue in full force and effect, but Base Rent shall be proportionately reduced as provided in Paragraph 15(a). If Landlord elects to terminate this Lease, such termination shall be effective as of the sole remedy date of the occurrence of such Casualty.
(c) Notwithstanding the foregoing, if the Premises or Building are wholly or partially damaged or destroyed as a result of the negligence or willful misconduct or omission of Tenant, Tenant shall forthwith diligently undertake to repair or restore all such damage or destruction at Tenant’s sole cost and except expense, or Landlord may at its option undertake such repair or restoration at Tenant’s sole cost and expense; provided, however, that Tenant shall be relieved of its repair and payment obligations pursuant to this Paragraph 15(c) to the extent that insurance proceeds are collected by Landlord to repair such damage, although Tenant shall in such events pay to Landlord the full amount of the deductible under Landlord’s insurance policy and any amounts not insured. This Lease shall continue in full force and effect without any abatement or reduction in Base Rent or Operating Expenses or other payments owed by Tenant.
(d) Tenant hereby acknowledges and agrees that a Casualty shall occur only where the physical or structural integrity of the Premises or Building has been damaged or destroyed, and that a Casualty shall in no event occur as provided hereina result of (i) a governmentally mandated closure of the Premises or Building and/or of Tenant’s business for the purpose of protecting public health and safety (including, Tenant waives without limitation, to protect against acts of war or the spread of communicable diseases or infestations), or (ii) Tenant’s inability to use the Premises, to the extent such space remains undamaged by any right to terminate Casualty.
(e) The provisions of this Paragraph 15 shall constitute Tenant’s sole and exclusive remedy in the Lease by reason event of damage or casualty lossdestruction to the Premises or Building, and Tenant waives and releases all statutory rights and remedies in favor of Tenant in the event of damage or destruction, including without limitation those available under California Civil Code Sections 1932 and 1933(4). No damages, compensation or claim shall be payable by Landlord for any inconvenience, any interruption or cessation of Tenant’s business, or any annoyance, arising from any damage or destruction of all or any portion of the Premises or Building.
Appears in 1 contract
Restoration. If at any time during the this Lease Term the Premises are damaged by a fire or other casualtyshall not be terminated pursuant to Section 10.2, Landlord shall notify thereafter use due diligence to restore the Premises to substantially the same condition the Premises were in prior to the damage (exclusive of (a) alterations or improvements made by or on behalf of the Tenant, including, without limitation, all Shared Utility Systems and Dedicated Systems, and (b) fixtures or property removable by Tenant within 60 days after such damage as upon expiration or earlier termination of the Term of this Lease, all of which shall be the responsibility of Tenant), provided that Landlord’s obligation shall be limited to the amount of insurance proceeds or condemnation awards made available to Landlord therefor. If, for any reason, such restoration shall not be substantially completed within six months after the expiration of the ninety (90) day period referred to in Section 10.2 (which six-month period may be extended for such periods of time as Landlord reasonably estimates it will take to restore is prevented from proceeding with or completing such restoration for any cause described in Section 13.5 or beyond Landlord’s reasonable control), Tenant shall have the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect right to terminate this Lease upon by giving notice to the other party given no later than 30 Landlord thereof within thirty (30) days after the expiration of such period (as so extended). Upon the giving of such notice, this Lease shall cease and come to an end without further liability or obligation on the part of either party unless, within such thirty (30) day period, Landlord substantially completes such restoration. Such right of termination shall be Tenant’s sole and exclusive remedy at law or in equity for Landlord's notice’s failure to complete such restoration. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in any way from damage from fire or other casualty or the repair thereof. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s improvements, alterations, furniture or furnishings or on any fixtures or equipment removable or to be removed by Tenant under the provisions of this Lease, and that Landlord shall not be obligated to repair any damage thereto or replace the same. If neither party elects to terminate this Lease Tenant desires any other or additional repairs for restoration and if Landlord estimates consents thereto, the same shall be done at Tenant’s expense. Tenant acknowledges that restoration will take ▇ ▇▇▇ths or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore be entitled to the Premises excluding the improvements installed by Tenant or full proceeds of any insurance coverage, whether carried by Landlord and paid by or Tenant, subject for damage to delays arising from the collection of insurance proceeds alterations, additions, improvements 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 decorations provided 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 directly or through an allowance to repair such damage. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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 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 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.
Appears in 1 contract
Restoration. If at any time during Upon the Lease Term occurrence of a casualty as to which ----------- Landlord does not elect to terminate this Lease, Landlord shall, within thirty (30) days after the Premises are damaged by a fire or other date of such casualty, Landlord shall or as soon thereafter as reasonably possible, notify Tenant within 60 days after in writing of the time estimated by Landlord to repair or restore the damage caused by such casualty. If Landlord's estimated time to complete such restoration is more than nine (9) months from the date of the occurrence and such damage as to the amount or destruction materially adversely interferes with Tenant's use 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 by written notice to the other party Landlord given no later than 30 within fifteen (15) days after receipt of Landlord's noticeestimate. If neither party elects Tenant has the right to terminate this Lease and timely and properly exercises such right, this Lease shall terminate on the date of Tenant's notice to Landlord. If Tenant is not entitled to terminate this Lease or if Tenant is so entitled but fails to do so in time and in the manner herein specified, Landlord estimates that restoration will take ▇ shall repair or restore the Premises as promptly as practicable and this Lease shall continue in effect. Landlord shall in no event be obligated to make any repairs or replacement of any items other than those items installed by and at the expense of Landlord. If the Premises are rendered totally untenantable, rent shall ▇▇▇ths or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore ▇▇ during the period that the Premises excluding remain untenantable and Tenant does not use the improvements installed by Premises. However, in no event shall Tenant be entitled to any compensation or by Landlord and paid by Tenantdamages for loss of the use of the whole or any part of the Premises, subject for damage 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, personal property in 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 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 improvements to the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after presentment of Landlord's invoice. If the damage involves the premises of other tenantsor for any inconvenience or annoyance occasioned by any such destruction, Tenant shall pay the portion of the deductible that the cost of the rebuilding or restoration of the Premises bears or the Building or access thereto. Tenant waives the provisions of California Civil Code Sections 1932(2) and 1933(4) and any present or future laws or case decisions to the total cost of restoration, as determined by Landlord. 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 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 losssame effect.
Appears in 1 contract
Sources: Lease Agreement (Telegen Corp /Co/)
Restoration. (a) If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 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 estimated to exceed 6 months270 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 30 thirty (30) days after Landlord's ’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will take ▇ ▇▇▇ths 270 days or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements 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 ’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 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 Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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 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 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 ninety (90) days to repair such damage; provided, however, if Landlord should elect its right to terminate the Lease pursuant to the terms of this sentence, Tenant may vitiate any such termination by exercising any remaining Renewal Term prior to the date of termination.
(b) If the Premises are destroyed or substantially damaged by any peril not covered by either the insurance maintained by, or required by the terms of this Lease to be maintained by, Landlord or any Landlord’s mortgagee requires that a material portion of insurance proceeds be applied to the indebtedness secured by its mortgage (defined hereinafter), Landlord may terminate this Lease by delivering written notice of termination to Tenant within thirty (30) days after such destruction or damage or such requirement is made known by any such Landlord’s mortgagee, as applicable, whereupon all rights and obligations hereunder shall cease and terminate, except for any liabilities of Tenant which accrued prior to Lease termination. If Landlord elects to repair or restore such damage or destruction, this Lease shall continue in full force and effect, but Base Rent and Operating Expenses shall be proportionately reduced. If Landlord elects to terminate this Lease, such termination shall be effective as of the date of the occurrence of such damage or destruction.
(c) If such damage or destruction is caused by the act(s) or omission(s) of Tenant or a Tenant-Related Party, Tenant shall pay to Landlord with respect to any damage to the Premises and/or Project the amount of the commercially reasonable deductible under Landlord’s insurance policy within thirty (30) days after presentment of Landlord’s invoice. 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; provided, however, that Tenant shall not be entitled to any abatement of Base Rent in the event such damage or destruction resulted from the gross negligence or willful misconduct of Tenant or a Tenant-Related Party. Such abatement abatement, if any, 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.
(d) The provisions of this Section 15 shall constitute Tenant’s sole and exclusive remedy in the event of damage or destruction to the Premises or Project, and Tenant waives and releases all statutory rights and remedies in favor of Tenant in the event of damage or destruction, including without limitation those available under California Civil Code Sections 1932 and 1933(4). No damages, compensation or claim shall be payable by Landlord for any inconvenience, any interruption or cessation of Tenant’s business, or any annoyance, arising from any damage or destruction of all or any portion of the Premises or Project.
Appears in 1 contract
Sources: Agreement of Purchase and Sale (Sears Hometown & Outlet Stores, Inc.)
Restoration. (a) If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 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 estimated to exceed 6 months180 days from the date Landlord receives all permits, either approvals, and licenses required to begin reconstruction, Landlord or Tenant may elect to terminate this Lease upon thirty (30) days’ prior notice to the other party given no later than 30 days after Landlord's noticeTenant. If neither party elects Landlord does not elect to terminate this Lease or if Landlord estimates that restoration will take ▇ ▇▇▇ths 180 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 paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant's ’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 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 one month thirty (30) days to repair such damage. .
(b) If the Premises are destroyed or substantially damaged by any peril not covered by the insurance maintained by Landlord or any Landlord’s mortgagee requires that insurance proceeds be applied to the indebtedness secured by its mortgage (defined hereinafter), Landlord may terminate this Lease by delivering written notice of termination to Tenant within thirty (30) days after such destruction or damage or such requirement is made known by any such Landlord’s mortgagee, as applicable, whereupon all rights and obligations hereunder shall cease and terminate, except for any liabilities of Tenant which accrued prior to Lease termination.
(c) If such damage or destruction is caused by the act(s) or omission(s) of Tenant or a Tenant-Related Party, Tenant shall pay to Landlord with respect to any damage to the Premises and/or Project the amount of the commercially reasonable deductible under Landlord's ’s insurance policy within ten (currently $10,00010) within 10 days after presentment of Landlord's ’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 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 total area of the Premises; provided, however, that Tenant shall not be entitled to any abatement of Base Rent in the event such damage or destruction resulted from the gross negligence or willful misconduct of Tenant or a Tenant-Related Party. Such abatement abatement, if any, 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.. {00185944. 4 }
Appears in 1 contract
Sources: Lease Agreement (Phunware, 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 ’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will take ▇ ▇▇▇ths ▇ ▇ 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 ’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure eventsevents (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. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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 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 contained in the Lease to the contrary, to the extent the damage to the Project is attributable to Tenant, Tenant shall pay to Landlord with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $[***], within 30 days after presentment of Landlord’s invoice.
Appears in 1 contract
Sources: Lease Agreement (TheRealReal, 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 take ▇ ▇▇▇ths 6 months or less, then, subject to receipt of sufficient suffi▇▇▇▇▇ 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 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 Premises the amount of the commercially reasonable reasonably deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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 Operating Expenses shall be abated for the period of repair and restoration in the proportion which the area areas 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.
Appears in 1 contract
Sources: Lease Agreement (Iomega Corp)
Restoration. If at any time during neither Landlord nor Tenant elects to terminate the Lease Term as provided for in Section 7.1 above, then this Lease shall continue in force and commencing on the Premises are damaged date of such casualty and/or taking a just proportion of the rent reserved, according to the nature and extent of the damages sustained by a fire the Premises, shall be suspended or other casualtyabated 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 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. “Net proceeds of insurance recovered or damages awarded” refers to the gross amount of such insurance or damages 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. Subject to the provisions of Section 10.5, if Landlord shall notify Tenant within 60 not have restored the Premises, or in the case of a taking, what may remain thereof (excluding any alterations or installations made by or on behalf of Tenant, including the initial tenant improvements) before the later to occur of: (i) two hundred and seventy (270) days after such damage as from date Landlord receives the insurance proceeds for the repair or restoration work or (ii) the date corresponding to the estimated amount of time set forth in the Repair and Restoration Opinion for repair from the date Landlord reasonably estimates it will take to restore receives the Premises. If insurance proceeds (the restoration time is estimated to exceed 6 monthslater of (i) and (ii) the “Restoration Deadline”), either Landlord or Tenant may elect shall have the right to terminate this Lease upon by giving notice of such termination to Landlord, effective at the expiration of thirty (30) days from the giving of such notice; provided however, that such termination will be rendered ineffective if, prior 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 ▇ ▇▇▇ths or less, then, subject to receipt expiration of sufficient insurance proceedssaid 30-day period, Landlord shall promptly have completed such restoration. The foregoing termination right shall be Tenant’s sole remedy at law or in equity for Landlord’s failure to restore the Premises excluding on or before 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 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 Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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 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 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 lossRestoration Deadline.
Appears in 1 contract
Restoration. (a) If the total Proceeds for any Destruction Event are $2,500,000.00 or less and provided there is no default or Event of Default under the Loan Documents, Lender will disburse to Borrower the entire amount received by Lender and Borrower will commence Restoration promptly after the Destruction Event and complete Restoration not later than the Restoration Completion Date.
(b) If the Proceeds for any Destruction Event exceed $2,500,000.00, Lender will disburse the Proceeds and any Additional Funds (the “Restoration Funds”) upon Borrower’s request as Restoration progresses, generally in accordance with normal construction lending practices for disbursing funds for construction costs, provided that the following conditions are met:
(i) Borrower commences Restoration promptly after the Destruction Event and completes Restoration on or before the Restoration Completion Date;
(ii) if Lender requests, Borrower delivers to Lender prior to commencing Restoration, for Lender’s approval, plans and specifications and a detailed budget for the Restoration;
(iii) Borrower delivers to Lender satisfactory evidence of the costs of Restoration incurred prior to the date of the request, and such other documents as Lender may request including mechanics’ lien waivers and title insurance endorsements; TIAA Authorization ID # AAA-7346; TIAA Inv. ID # 000553801 Polaris Fashion Place Mortgage 15239260v.7
(iv) Borrower pays all costs of Restoration whether or not the Restoration Funds are sufficient and, if at any time during Restoration, Lender determines, based on the Lease Term budget for the Premises are damaged Restoration, that the undisbursed balance of the Restoration Funds is insufficient to complete Restoration, Borrower deposits with Lender, as part of the Restoration Funds, an amount equal to the deficiency within thirty (30) days after receiving notice of the deficiency from Lender, provided that in lieu of such additional deposit and to ensure sufficient funds to complete Restoration, upon notice to Lender Borrower may elect to deliver either (a) a letter of credit in form and content and from an issuing bank satisfactory to Lender or (b) a completion guaranty from Key Principal in form and content satisfactory to Lender; and
(v) there is no default or Event of Default under the Loan Documents at the time Borrower requests funds or at the time Lender disburses funds.
(c) If an Event of Default occurs at any time after the Destruction Event, then Lender will have no further obligation to make any remaining Proceeds available for Restoration and may apply any remaining Proceeds as a credit against any portion of the Debt selected by a fire Lender in its sole discretion.
(d) Lender may elect at any time prior to commencement of Restoration or while work is in progress to retain, at Borrower’s expense, an independent engineer or other casualtyconsultant to review the plans and specifications, Landlord shall notify Tenant within 60 days after such damage to inspect the work as it progresses and to provide reports. If any matter included in a report by the engineer or consultant is unsatisfactory to Lender, Lender may suspend disbursement of the Restoration Funds until the unsatisfactory matters contained in the report are resolved to Lender’s satisfaction.
(e) If Borrower fails to commence and complete Restoration in accordance with the terms of this Article, then in addition to the amount of time Landlord reasonably estimates it will take Remedies, Lender may elect to restore the PremisesImprovements on Borrower’s behalf and reimburse itself out of the Restoration Funds for costs and expenses incurred by Lender in restoring the Improvements, or Lender may apply the Restoration Funds as a credit against any portion of the Debt selected by Lender in its sole discretion.
(f) Lender may commingle the Restoration Funds with its general assets and will not be liable to pay any interest or other return on the Restoration Funds unless otherwise required by Law. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant Lender will not hold any Restoration Funds in trust. Lender may elect to terminate this Lease upon notice deposit the Restoration Funds with a depositary satisfactory to Lender under a disbursement and security agreement satisfactory to Lender.
(g) Borrower will pay all of Lender’s reasonable out-of-pocket expenses incurred in connection with a Destruction Event or Restoration. If Borrower fails to do so, then in addition to the other party given no later than 30 days Remedies, Lender may from time to time reimburse itself out of the Restoration Funds.
(h) If any excess Proceeds remain after Landlord's notice. If neither party elects Restoration, Lender may elect, in its sole discretion either to terminate this Lease apply the excess as a credit against any portion of the Debt as selected by Lender in its sole discretion or if Landlord estimates that restoration will take ▇ ▇▇▇ths or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore deliver the Premises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, subject excess 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 LeaseBorrower. Notwithstanding the foregoing, either party may terminate this Lease provided that there is then no default or Event of Default under the Loan Documents, if the Premises excess Proceeds represent remaining additional funds or additional letter of credit proceeds from any cash or letter of credit posted TIAA Authorization ID # AAA-7346; TIAA Inv. ID # 000553801 Polaris Fashion Place Mortgage 15239260v.7 pursuant to section (c) (iv) above, Lender will return such excess funds to Borrower. Lender agrees that if, for any reason, Proceeds are damaged during applied as a credit against the last year of the Lease Term and Landlord reasonably estimates that it Debt, no Prepayment Premium will take more than one month to repair such damage. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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 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 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 losspayable.
Appears in 1 contract
Restoration. (a) If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify or if the Building is damaged such that Tenant within 60 days after such damage as is deprived of reasonable access to the amount Premises, the damage shall be repaired by Landlord, to substantially the condition 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 Premises prior 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 ▇ ▇▇▇ths or less, thendamage, subject to receipt the provisions of sufficient insurance proceedsany Mortgage or Superior Lease and subject to the terms of Section 11.4, below, but 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 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 have no obligation to repair such damageor restore (i) Tenant’s Property or (ii) except as provided in Section 11.3(b), any Above Building Standard Installations. So long as Tenant shall pay is not in default beyond applicable grace or notice provisions in the payment or performance of its obligations under this Section 11.3, and provided Tenant timely delivers to Landlord with respect either Tenant’s Restoration Payment (as hereinafter defined) or the Restoration Security (as hereinafter defined) or Tenant expressly waives any obligation of Landlord to repair or restore any damage to the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after presentment of Landlord's invoice. If the damage involves the premises of other tenantsTenant’s Above Building Standard Installations, Tenant shall pay the portion of the deductible that the cost of then until the restoration of the Premises bears is Substantially Completed (including restoration of any Above Building Standard Installations to the total cost of restorationextent that Landlord has received Tenant’s Restoration Payment or Restoration Security in connection thereto) or would have been Substantially Completed but for Tenant Delay, as determined by Landlord. Base Rent Fixed Rent, Tenant’s Tax Payment and Tenant’s Operating Expenses Payment shall be abated for the period of repair and restoration reduced in the proportion by which the area of the Premises, if any, part of the Premises which is not usable (or accessible) for the operation of Tenant’s business and is not used by Tenant bears to the total area of the Premises. Such abatement .
(b) As a condition precedent to Landlord’s obligation to repair or restore any Above Building Standard Installations, Tenant shall be (i) pay to Landlord upon demand a sum (“Tenant’s Restoration Payment”) equal to the sole remedy of amount, if any, by which (A) the cost, as estimated by a reputable independent contractor designated by Landlord and reasonably approved by Tenant, of repairing and except restoring all Alterations and improvements in the Premises to their condition prior to the damage, exceeds (B) the cost of restoring the Premises with Building Standard Installations, or (ii) furnish to Landlord security (the “Restoration Security”) in form and amount reasonably acceptable to Landlord to secure Tenant’s obligation to pay all costs in excess of restoring the Premises with Building Standard Installations. If Tenant shall fail to deliver to Landlord either (1) Tenant’s Restoration Payment or the Restoration Security, as provided hereinapplicable, Tenant waives or (2) a waiver by Tenant, in form satisfactory to Landlord, of all of Landlord’s obligations to repair or restore any right of the Above Building Standard Installations, in either case within fifteen (15) Business Days after Landlord’s demand therefor, Landlord shall have no obligation to terminate restore any Above Building Standard Installations and Tenant’s abatement of Fixed Rent, Tenant’s Tax Payment and Tenant’s Operating Payment shall cease when the Lease by reason restoration of damage or casualty lossthe Premises (other than any Above Building Standard Installations) is Substantially Complete.
Appears in 1 contract
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 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 4.5 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 lease or if Landlord estimates that restoration will take ▇ ▇▇▇ths 4.5 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 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. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable reasonably deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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 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 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.
Appears in 1 contract
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord Subtenant shall notify Tenant within 60 days after such damage as immediately prior to the amount expiration or sooner termination of time Landlord reasonably estimates it will take to restore this Sublease, surrender the Premises. If Sublet Premises in 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 take ▇ ▇▇▇ths 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 condition required to be done by delivered to the Prime Landlord under the Prime Lease and otherwise in broom clean and good condition, normal wear and tear excepted. Any alterations, additions or improvements of any kind to the Sublet Premises or any part thereof, except Subtenant’s trade fixtures and personal property, shall promptly re-enter be surrendered with the Premises and commence doing business in accordance with this Lease. Notwithstanding Sublet Premises, as a part thereof, at the foregoing, either party may terminate this Lease if the Premises are damaged during the last year end of the Lease Term Sublease Term; provided, however, that, if Prime Landlord requires that Sublandlord remove any alterations, improvements or additions made by Subtenant, Sublandlord may require Subtenant to remove such alterations or additions 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 Sublet Premises caused by such removal, all at Subtenant’s sole expense. In the amount event of termination of this Sublease in any manner whatsoever, Subtenant shall forthwith remove Subtenant's goods and effects and those of any other persons claiming under Subtenant or subtenancies assigned to it, and quit and deliver the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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 Sublet Premises bears to the total cost Sublandlord peaceably and quietly. Goods and effects not removed by Subtenant after termination of restoration, as determined by Landlord. 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 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 this Sublease (or within forty-eight (48) hours after a termination by reason of damage Subtenant's default) shall be considered abandoned. Sublandlord will provide Subtenant notice of right to reclaim abandoned property pursuant to applicable local law and may thereafter dispose of the same as it deems expedient, including storage in a public warehouse or casualty losselsewhere at the cost and for the account of Subtenant, but Subtenant shall promptly upon demand reimburse Sublandlord for any expenses reasonably incurred by Sublandlord in connection therewith, which obligation shall survive the termination or expiration of this Sublease.
Appears in 1 contract
Restoration. If Subject to any limitations imposed by law with respect to the rebuilding of the Leased Premises, Tenant shall promptly repair, rebuild, or restore the damaged Leased Property, at any time during the Lease Term the Premises are damaged by a fire or other casualtyTenant’s expense, Landlord shall notify Tenant within 60 days after such damage so as to make 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 Leased Property at least equal in value to the other party given no later than 30 days after Landlord's noticeLeased Property existing immediately prior to such occurrence and as nearly similar to it in character as is practicable and reasonable. If neither party elects to terminate this Lease or if Landlord estimates that restoration will take ▇ ▇▇▇ths 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 Before beginning such 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. Tenant shall pay to Landlord rebuilding with respect to any damage Casualty, or letting any contracts in connection with such repairs or rebuilding, Tenant will submit for Landlord’s approval, which approval Landlord will not unreasonably withhold or delay, plans and specifications meeting the requirements of §16.2 for such repairs or rebuilding. Promptly after receiving Landlord’s approval of the plans and specifications, Tenant will begin such repairs or rebuilding and will prosecute the repairs and rebuilding to completion with diligence, subject, however, to strikes, lockouts, acts of God, embargoes, governmental restrictions, and other causes beyond Tenant’s reasonable control. Landlord will make available to Tenant the net proceeds of any fire or other casualty insurance paid to Landlord for such repair or rebuilding as the same progresses, after deduction of any costs of collection, including reasonable attorneys’ fees. Payments will be made against properly certified vouchers of a competent architect in charge of the work and approved by Landlord. Payments for deposits for the repairing or rebuilding or delivery of materials to the Premises Facility will be made upon Landlord’s receipt of evidence satisfactory to Landlord that such payments are required in advance. With respect to any Casualty, prior to commencing the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after presentment of Landlord's invoice. If the damage involves the premises of other tenantsrepairing or rebuilding, Tenant shall pay deliver to Landlord for Landlord’s approval a schedule setting forth the portion estimated monthly draws for such work. Landlord will contribute to such payments out of the deductible insurance proceeds an amount equal to the proportion that the cost of the restoration of the Premises total net amount received by Landlord from insurers bears to the total estimated cost of restorationthe rebuilding or repairing, as determined multiplied by Landlordthe payment by Tenant on account of such work. Base Rent Landlord may, however, withhold 10% from each payment until the work is completed and Operating Expenses shall be abated for proof has been furnished to Landlord that no lien or liability has attached or will attach to the period Leased Property or to Landlord in connection with such repairing or rebuilding. Upon the completion of repair rebuilding and restoration in the proportion which furnishing of such proof, the area balance of the Premises, if any, which is not usable net proceeds of such insurance payable to Tenant on account of such repairing or rebuilding will be paid to Tenant. If required by Tenant bears to the total area law as a result of the Premisesnature or extent of the damage, Tenant will obtain and deliver to Landlord a temporary or final certificate of occupancy before the damaged Leased Property is reoccupied for any purpose. Such abatement Tenant shall be the sole remedy complete such repairs or rebuilding free and clear of Tenantmechanic’s or other liens, and except as provided hereinin accordance with the building codes and all applicable laws, Tenant waives ordinances, regulations, or orders of any right to terminate state, municipal, or other public authority affecting the Lease by reason repairs or rebuilding, and also in accordance with all requirements of damage the insurance rating organization, or casualty losssimilar body. Any remaining proceeds of insurance after such restoration will be Tenant’s property.
Appears in 1 contract
Sources: Lease Agreement (Emeritus Corp\wa\)
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 ’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will take ▇ ▇▇▇ths ▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, then (i) 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 delays arising from the collection of insurance proceeds or from Force Majeure events. , and (ii) Tenant at Tenant's ’s expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure eventsevents (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. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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 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 contained in the Lease to the contrary, to the extent the damage to the Project is attributable to Tenant’s gross negligence or intentional misconduct, Tenant shall pay to Landlord with respect to any damage to the Project an amount of the commercially reasonable deductible under Landlord’s insurance policy, not to exceed $10,000.00, within 30 days after presentment of Landlord’s invoice.
Appears in 1 contract
Sources: Lease Agreement (Supernova Partners Acquisition Co II, Ltd.)
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 take ▇ ▇▇▇ths ▇ ▇ 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 done by Landlord and shall promptly re-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. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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. Tenant shall not be required to pay any portion of the deductible if such restoration arises solely due to Landlord's negligence or willful misconduct. 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 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.
Appears in 1 contract
Sources: Lease Agreement (Techdyne 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 Subject to the amount rights of time Landlord reasonably estimates it will take any mortgagee 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 take ▇ ▇▇▇ths 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 receive and paid by Tenant, subject to delays arising from the collection of ----------- apply available insurance proceeds to discharge Owner's indebtedness, and provided all or from Force Majeure events. Tenant at Tenanta sufficient number (in Operator's expense reasonable opinion) of Units will be rebuilt and adequate parking will be available, Master Manager shall promptly performcause the owners of damaged property to repair, subject to delays arising from the collection of insurance proceedsrestore, or from Force Majeure events, all repairs or restoration not required to be done by Landlord rebuild 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. Tenant shall pay to Landlord with respect to replace any damage to the Premises Resort or the amount Resort Services Commercial Lots caused by fire or insured casualty provided available insurance proceeds and funds otherwise available to cover the costs of rebuilding (i.e. as a loan(s) on reasonable terms) are sufficient to cover the entire costs thereof. The parties shall cooperate in good faith to maximize the insurance adjustment. All business interruption insurance proceeds received by Master Manager, Owner and Operator shall be considered Gross Revenues and applied to pay the ongoing expenses of the commercially reasonable Resort. The Base Management Fee shall continue to be paid to Operator each month during the period from the occurrence of the casualty until restoration is completed (the "Restoration Period"), less what Operator has received from the proceeds of business interruption insurance, and shall be based on the revenues realized for the most recent comparable period(s) of a calendar year in which there occurred no extraordinary event (such as a casualty). No Incentive Fee shall be paid to Operator during the Restoration Period until the Resort has received the proceeds of the business interruption insurance (which shall be treated as Gross Revenues). Any deductible under Landlord's paid shall not be treated as an Expense hereunder. In the event there are insufficient insurance policy (currently $10,000) within 10 days after presentment proceeds to cover the entire costs of Landlord's invoicerebuilding, Master Manager shall be responsible for the excess costs, which shall not be treated as Expenses hereunder. If the damage involves Resort has not reopened, or can not reasonably be expected to reopen, within two years from the premises of other tenants, Tenant shall pay the portion date of the deductible that the cost casualty, as a Resort of the restoration of same type and class and in substantially the Premises bears same condition as the Resort prior to the total cost casualty, then either Master Manager or Operator may terminate this Agreement by delivering thirty (30) days written notice of restoration, as determined by Landlord. 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 termination 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 lossother party.
Appears in 1 contract
Sources: Operating Agreement (American Leisure Holdings Inc)
Restoration. (a) If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 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 estimated to exceed 6 months150 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 30 thirty (30) days after Landlord's ’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will take ▇ ▇▇▇ths 150 days or lessless 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, 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 ’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 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 one month thirty (30) days to repair such damage. .
(b) If the Premises are destroyed or substantially damaged by any peril not covered by the insurance maintained by Landlord or any Landlord’s mortgagee requires that insurance proceeds be applied to the indebtedness secured by its mortgage (defined hereinafter), Landlord may terminate this Lease by delivering written notice of termination to Tenant within thirty (30) days after such destruction or damage or such requirement is made known by any such Landlord’s mortgagee, as applicable, whereupon all rights and obligations hereunder shall cease and terminate, except for any liabilities of Tenant which accrued prior to Lease termination.
(c) If such damage or destruction is caused by the act(s) or omission(s) of Tenant or a Tenant-Related Party, Tenant shall pay to Landlord with respect to any damage to the Premises and/or Project the amount of the actual commercially reasonable deductible under Landlord's ’s insurance policy within ten (currently $10,00010) within 10 days after presentment of Landlord's ’s invoice, subject to the Deductible Cap (described below). If During the damage involves first five (5) years of this Lease the premises of other tenantsDeductible Cap shall be $50,000 and during any time thereafter, Tenant the Deductible Cap shall pay the portion be $75,000. As of the Effective Date, the deductible that the cost of the restoration of the Premises bears to the total cost of restoration, as determined by under Landlord. ’s insurance policy is $25,000.
(d) 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 total area of the Premises; provided, however Tenant shall not be entitled to any abatement of rent in the event such damage or destruction resulted from the negligence or willful misconduct of Tenant or a Tenant Related Party. Such abatement abatement, if any, 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.
Appears in 1 contract
Restoration. If at the Building or the Premises, or any time during the Lease Term the Premises are part thereof, is damaged by a fire or other casualtycasualty before the Commencement Date or during the term of this Lease, and this Lease is not terminated pursuant to SECTION 11.2 hereof, Landlord shall notify Tenant within 60 days after repair such damage as to the amount of time Landlord reasonably estimates it will take to and restore the Premises. If Building and the restoration time is estimated Premises (but not the Tenant Improvements or any Alterations or any of Tenant's personal property, equipment or trade fixtures) to exceed 6 months, either Landlord substantially the same condition in which the Building and the Premises existed before the occurrence of such fire or Tenant may elect to terminate other casualty and 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 ▇ ▇▇▇ths or less, thenshall, subject to receipt of sufficient insurance proceedsthis SECTION 11.1 remain in full force and effect. If Landlord is obligated or elects to make such repairs pursuant to SECTION 11.2 below, 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 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 prior to any damage Landlord's commencement of such repair work all insurance proceeds received by Tenant applicable to the Premises work which Landlord is required or elects to perform and if such insurance proceeds, plus the amount of the commercially reasonable deductible under Landlord's proceeds from applicable insurance policy (currently $10,000) within 10 days after presentment of Landlord's invoice. If the damage involves the premises of other tenantswhich Landlord is required to carry pursuant to SECTION 8.5, are not sufficient to allow Landlord to complete such work, Tenant shall pay such shortfall to Landlord. All such payments from Tenant to Landlord shall be made within ten (10) business days of demand from Landlord. If such fire or other casualty damages the portion Premises or common areas of the deductible that the cost of the restoration Building necessary for Tenant's use and occupancy of the Premises bears and if such damage is not the result of the negligence or willful misconduct of Tenant or Tenant's agents, officers, employees, contractors, licensees or invitees, then, during the period the Premises are rendered unusable by such damage, Tenant shall be entitled to the total cost of restoration, as determined by Landlord. a reduction in Base Rent and Operating Expenses shall be abated for the period of repair and restoration in the proportion which that the area of the Premises, if any, which is not usable Premises rendered unusable by Tenant such damage bears to the total area of the Premises (i) during the period of Landlord's Work and until the same is substantially completed and (ii) to the extent of any rent insurance proceeds paid to Landlord, during the period when Tenant is repairing the damage which it is responsible to repair. Landlord shall not be obligated to repair any damage to, or to make any replacement of, any Alterations, movable furniture, equipment, trade fixtures, Tenant Improvements or personal property in the Premises. Such abatement shall be the Tenant shall, at Tenant's sole remedy of Tenantcost and expense, repair and except as provided hereinreplace all such Alterations, movable furniture, equipment, trade fixtures, Tenant waives any right to terminate the Lease by reason of damage or casualty lossImprovements and personal property in compliance with SECTION 7 hereof.
Appears in 1 contract
Sources: Lease (Wj Communications Inc)
Restoration. (a) If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 FIFTY (50) 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 monthsOR 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 30 thirty (30) days after Landlord's noticenotice 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 ▇ ▇▇▇ths 180 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 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 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.
(b) If the foregoingPremises are destroyed or substantially damaged by any peril not covered by the insurance maintained by Landlord or any Landlord's mortgagee requires that insurance proceeds be applied to the indebtedness secured by its mortgage (defined hereinafter), either party Landlord may terminate this Lease if by delivering written notice of termination to Tenant within thirty (30) days after such destruction or damage or such requirement is made known by any such Landlord's mortgagee, as applicable, whereupon all rights and obligations hereunder shall cease and terminate, except for any liabilities of LANDLORD AND Tenant which accrued prior to Lease termination.
(c) If such damage or destruction is caused by the Premises are damaged during the last year act(s) or omission(s) of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. Tenant, its employees, agents or contractors, Tenant shall pay to Landlord with respect to any damage to the Premises and/or Project the amount of the commercially reasonable deductible under Landlord's insurance policy within ten (currently $10,00010) within 10 days after 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 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 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.
Appears in 1 contract
Sources: Lease Agreement (Interphase Corp)
Restoration. If If, at any time during the Lease Term 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 (the “Restoration Period”). If the restoration time Restoration Period is estimated to exceed 6 months12 months (the “Maximum Restoration Period”), either Landlord may (subject to Tenant’s right to continue the Lease in effect as set forth below in this Section 18), 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. Notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease upon by written notice to Landlord delivered within 5 business days of receipt of a notice from Landlord estimating a Restoration Period for the other party given no later Premises longer than 30 days after Landlord's noticethe Maximum Restoration Period. If neither party Landlord elects to terminate this Lease, and if the termination of the SNWM Lease is postponed as set forth in the SNWM Lease, then Tenant shall have the right by written notice to Landlord delivered within 5 business days of receipt of Landlord’s notice of termination, to elect to continue this Lease in effect for a period ending upon the termination of the SNWM Lease (the “Casualty 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 if Tenant so elects to terminate this Lease, Landlord estimates that restoration will take ▇ ▇▇▇ths or less, thenshall, subject to receipt of sufficient insurance proceedsproceeds (with up to $50,000 of any deductible to be treated as a current Operating Expense), Landlord shall 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 or proceeds, from Force Majeure eventsevents 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”). Tenant Tenant, at Tenant's expense its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events(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 reenter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party Landlord may terminate this Lease if the Premises are damaged during the last 1 year of the Lease Term and Landlord reasonably estimates that it will take more than one month 2 months to repair such damage, or if insurance proceeds are not available for such restoration. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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 Operating Expenses shall be abated for from the period of repair date all required Hazardous Material Clearances are obtained until the Premises are repaired and restoration 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 ▇▇▇▇▇▇ ▇▇▇▇▇ 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 except as provided hereinin 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 Tenant with respect to any and all damage to, or destruction of, all or any part of the 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 this Lease or any damage or destruction to all or any part of the Premises or any other 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.
Appears in 1 contract
Restoration. (a) If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 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 estimated to exceed 6 months270 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 30 thirty (30) days after Landlord's ▇▇▇▇▇▇▇▇’s notice. If neither party elects to terminate this Lease or if Landlord reasonably estimates that restoration will take ▇ ▇▇▇ths 270 days or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements 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 ’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 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 Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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 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 total area of the Premises. Such abatement 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.
(b) If the Premises are destroyed or substantially damaged by any peril not covered by the insurance maintained by Landlord or any Landlord’s mortgagee requires that insurance proceeds be applied to the indebtedness secured by its mortgage (defined hereinafter), and Landlord does not have the right to terminate under Section 15(a) above, and Tenant does not elect (at its sole option) to fund the repairs or restorations (it being agreed Tenant could only do so in the event a casualty under Section 15(a) above does not apply), Landlord may terminate this Lease by delivering written notice of termination to Tenant within thirty (30) days after such destruction or damage or such requirement is made known by any such Landlord’s mortgagee, as applicable, whereupon all rights and obligations hereunder shall cease and terminate, except for any liabilities of Tenant which accrued prior to Lease termination. If Landlord elects to repair or restore such damage or destruction, this Lease shall continue in full force and effect, but Rent shall be proportionately reduced as provided in Paragraph 15(a). If Landlord elects to terminate this Lease, such termination shall be effective as of the sole remedy date of the occurrence of such damage or destruction.
(c) Notwithstanding the foregoing, if the Premises or the Building are wholly or partially damaged or destroyed as a result of the gross negligence or willful misconduct or omission of Tenant, this Lease shall continue in full force and except as provided hereineffect without any abatement or reduction in Base Rent or Operating Expenses or other payments owed by Tenant, and Tenant waives shall forthwith diligently undertake to repair or restore all such damage or destruction at Tenant’s sole cost and expense, or Landlord may at its option undertake such repair or restoration at Tenant’s sole cost and expense; provided, however, that Tenant shall be relieved of its repair and payment obligations pursuant to this Paragraph 15(c) to the extent that insurance proceeds are collected by Landlord to repair such damage, although Tenant shall in such events pay to Landlord the full amount of the deductible under Landlord’s insurance policy and any right to terminate amounts not insured.
(d) The provisions of this Paragraph 15 shall constitute Tenant’s sole and exclusive remedy in the Lease by reason event of damage or casualty lossdestruction to the Premises, the Building or any portion of the Project, and Tenant waives and releases all statutory rights and remedies in favor of Tenant in the event of damage or destruction. No damages, compensation or claim shall be payable by Landlord for any inconvenience, any interruption or cessation of Tenant’s business, or any annoyance, arising from any damage or destruction of all or any portion of the Premises, the Building or the Project.
Appears in 1 contract
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 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 monthsmonths from the date such casualty occurred, 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 ▇ ▇▇▇ths ▇ ▇ months or lessless from the date such casualty occurred, then, subject to receipt of sufficient insurance proceedsproceeds (or insurance proceeds which would have been received had Landlord maintained the insurance it is required to maintain under Paragraph 9 above), 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 Mejeure 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 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 Premises the amount of the commercially reasonable reasonably deductible under Landlord's insurance policy (currently but in no event more than $10,000) within 10 days after 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 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 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.
Appears in 1 contract
Restoration. (a) If the total Proceeds for any Destruction Event are $1,000,000.00 or less and no Event of Default is continuing and Lender elects or is obligated by --- --- Law or any Lease or otherwise under this Article to make the Proceeds available for Restoration, Lender will disburse to Borrower the entire amount received by Lender and Borrower will commence Restoration promptly after the Destruction Event and complete Restoration not later than the Restoration Completion Date.
(i) Borrower commences Restoration promptly after the Destruction Event and completes Restoration on or before the Restoration Completion Date;
(ii) if Lender requests, Borrower delivers to Lender prior to commencing Restoration, for Lender's approval, plans and specifications and detailed budget for the Restoration;
(iii) Borrower delivers to Lender satisfactory evidence of the costs of Restoration incurred prior to the date of the request, and such other documents as Lender may reasonably request including mechanic's liens, waivers and title insurance endorsements;
(iv) Borrower pays all costs of Restoration whether or not the Restoration Funds are sufficient and, if at any time during Restoration, Lender determines that the Lease Term undisbursed balance of the Premises are damaged Restoration Funds is insufficient to complete Restoration, Borrower deposits with Lender, as part of the Restoration Funds, an amount equal to the deficiency within 30 days of receiving notice of the deficiency from Lender or otherwise demonstrates evidence of financial capacity; and
(v) there is no Event of Default continuing under the Loan Documents at the time Borrower requests funds or at the time Lender disburses funds.
(c) If an Event of Default occurs at any time after the Destruction Event, then Lender will have no further obligation to make any remaining Proceeds available for Restoration and may apply any remaining Proceeds as a credit against any portion of the Debt selected by a fire Lender in its sole discretion.
(d) Lender may elect at any time prior to commencement of Restoration or while work is in progress, to retain, at Borrower's expense, an independent engineer or other casualtyconsultant to review any plans and specifications required by Lender, Landlord shall notify Tenant within 60 days after such damage to inspect the work as it progresses and to provide reports. If any matter included in a report by the engineer or consultant is unsatisfactory to Lender, Lender may suspend disbursement of the Restoration Funds until the unsatisfactory matters contained in the report are resolved to Lender's satisfaction.
(e) If Borrower fails to commence and complete Restoration in accordance with the terms of this Article, then in addition to the amount of time Landlord reasonably estimates it will take Remedies, Lender may elect to restore the Premises. If Improvements on Borrower's behalf and reimburse itself out of the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect to terminate this Lease upon notice to Restoration Funds for costs and expenses incurred by Lender in restoring 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 ▇ ▇▇▇ths 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 proceedsImprovements, or from Force Majeure events, all repairs or restoration not required to be done by Landlord and shall promptly re-enter Lender may apply 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. Tenant shall pay to Landlord with respect to Restoration Funds as a credit against any damage to the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after presentment of Landlord's invoice. If the damage involves the premises of other tenants, Tenant shall pay the portion of the deductible that Debt selected by Lender in its sole discretion.
(f) Lender may commingle the cost Restoration Funds with its general assets. Lender will not hold any Restoration Funds in trust. Lender shall deposit the Restoration Funds with a depositary satisfactory to Lender under a disbursement and security agreement satisfactory to Lender, and such funds shall bear interest for the account of the restoration Borrower.
(g) Borrower will pay all of Lender's reasonable expenses incurred in connection with a Destruction Event or Restoration. If Borrower fails to do so, then in addition to the Remedies, Lender may from time to time reimburse itself out of the Premises bears Restoration Funds.
(h) If any excess Proceeds remain after Restoration, Lender may elect, in its sole discretion either to apply the total cost excess as a credit against any portion of restorationthe Debt, at par without penalty or premium, as determined selected by Landlord. Base Rent and Operating Expenses Lender in its sole discretion or to deliver the excess to Borrower, provided, however, that if -------- ------- no Event of Default is continuing, all excess Proceeds remaining after Restoration 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 paid 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.Borrower..
Appears in 1 contract
Restoration. If at any time during the Lease Term the Premises or any substantial portion thereof 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 take ▇ ▇▇▇ths ▇ ▇ 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 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. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable reasonably deductible under Landlord's insurance policy (currently $10,000) within 10 days after presentment of Landlord's invoice. Tenant's obligation to pay an applicable deductible referenced in the previous sentence shall in no event exceed $15,000. 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 reasonably determined by Landlord. 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 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.
Appears in 1 contract
Sources: Lease Agreement (CVC 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 take ▇ ▇▇▇ths ▇ ▇ 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 done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party 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 Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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 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 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.
Appears in 1 contract
Sources: Lease Agreement (Celerity Group Inc)
Restoration. If at any time during the Lease Term the Premises are 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 estimated to exceed 6 monthsmonths 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 estimates estim tes that restoration will take ▇ ▇▇▇ths 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 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 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 any-damage to the Premises the amount of the commercially reasonable reasonably deductible under Landlord's insurance policy (currently CURRENTLY $10,000) within 10 days after 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 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 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.
Appears in 1 contract
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 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 4 months, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 45 days after Landlord's ’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will take ▇ ▇▇▇ths 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 paid by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant at Tenant's ’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 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 Premises the amount of the commercially reasonable reasonably deductible under Landlord's ’s insurance policy (currently up to $10,000) within 10 days after presentment of Landlord's ’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 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 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.
Appears in 1 contract
Sources: Lease Agreement (Gtsi Corp)
Restoration. If at any time during the Lease Term the Premises are damaged by a fire or other casualty, and if Landlord shall notify Tenant within 60 days after such damage as to determines in its good faith business judgment that the amount of time Landlord reasonably estimates it will take required to restore the Premises. If Premises will exceed 12 months from the restoration time is estimated to exceed 6 monthsdate of such fire or other casualty, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party Tenant given no later than 30 thirty (30) days after Landlord's noticethe date of such fire or other casualty. If neither party elects Landlord fails to timely serve written notice of its election to terminate this Lease of Landlord's determination that the amount of time required to restore the Premises will exceed 12 months from the date of such fire or other casualty, Landlord's right to elect to terminate shall automatically terminate and Landlord shall rebuild and restore such damage as required by this Section 12. If Tenant disputes Landlord's determination that the amount of time required to restore the Premises will exceed 12 months from the date of such fire or other casualty, Tenant shall advise Landlord in writing within sixty (60) days after the date of such fire or other casualty and the amount of time estimated to restore such damage shall be determined by an architect in the manner prescribed by Section 28. If Tenant does not dispute Landlord's determination that the amount of time required to restore the Premises will exceed 12 months from the date of such fire or other casualty, or if the architect under Section 28 determines that the amount of time required to restore the Premises will exceed 12 months from the date of such fire or other casualty, and if Landlord estimates has timely served notice of Landlord's election to terminate this Lease, this Lease shall terminate effective on the earlier of (a) one year after the date of service of Landlord's notice of termination or (b) the date Tenant surrenders possession of the Premises. If Landlord does not elect to terminate this Lease, or if the architect determines that the restoration will take ▇ ▇▇▇ths 12 months or less, thenor if the parties agree that the restoration will take 12 months or less from the date of such fire or other casualty, subject to receipt of sufficient insurance proceeds, then Landlord shall promptly restore the Premises Premises, excluding the improvements installed by Tenant Tenant. Following the determination that Landlord will or by Landlord and paid by Tenant, subject to delays arising from must undertake 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 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 Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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 Operating Expenses shall be abated for the period of repair and restoration in the proportion which the area of the Premises, Landlord and Tenant shall set a mutually agreeable work schedule for completion of the restoration work; provided, however, that in no event shall the schedule provide for substantial completion later than the date (if any, which is not usable ) determined by Tenant bears to the total area architect for the completion of the Premisesrestoration. Such abatement If Landlord fails to substantially complete Landlord's restoration work by the scheduled completion date set forth in the schedule, Landlord shall be pay liquidated damages to Tenant in the sole remedy amount of TenantTwo Thousand Five Hundred Dollars ($2,500.00) per day for each of the first thirty (30) days of delay from the scheduled date for such substantial completion until the earlier of (i) the date the Premises are substantially restored or (ii) thirty (30) days after the scheduled completion date for Landlord's restoration work, and except as provided herein, Tenant waives any right to terminate Five Thousand Dollars ($5,000.00) per day for each of the Lease by reason next thirty (30) days of damage or casualty loss.delay until the earlier of (a) the date such Premises are substantially restored or
Appears in 1 contract
Restoration. If at any time during the this Lease Term the Premises are damaged by a fire or other casualtyshall not be terminated pursuant to Section 10.2, Landlord shall notify thereafter use due diligence to restore the Premises to substantially the same condition the Premises were in prior to the damage (exclusive of (a) alterations or improvements made by or on behalf of the Tenant within 60 days after such damage as the Term Commencement Date and (b) fixtures or property removable by Tenant upon expiration or earlier termination of the Term of this Lease, all of which shall be the responsibility of Tenant), provided that Landlord's obligation shall be limited to the amount of insurance proceeds or condemnation awards made available to Landlord therefor. If, for any reason, such restoration shall not be substantially completed within six months after the expiration of the ninety (90) day period referred to in Section 10.2 (which six-month period may be extended for such periods of time as Landlord reasonably estimates it will take to restore is prevented from proceeding with or completing such restoration for any cause described in Section 13.5 or beyond Landlord's reasonable control), Tenant shall have the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect right to terminate this Lease upon by giving notice to the other party given no later than 30 Landlord thereof within thirty (30) days after the expiration of such period (as so extended). Upon the giving of such notice, this Lease shall cease and come to an end without further liability or obligation on the part of either party unless, within such thirty (30) day period, Landlord substantially completes such restoration. Such right of termination shall be Tenant's sole and exclusive remedy at law or in equity for Landlord's noticefailure to complete such restoration. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in any way from damage from fire or other casualty or the repair thereof. Tenant understands that Landlord will not carry insurance of any kind on Tenant's improvements, alterations, furniture or furnishings or on any fixtures or equipment removable or to be removed by Tenant under the provisions of this Lease, and that Landlord shall not be obligated to repair any damage thereto or replace the same. If neither party elects to terminate this Lease Tenant desires any other or additional repairs for restoration and if Landlord estimates that restoration will take ▇ ▇▇▇ths or lessconsents thereto, then, subject to receipt of sufficient insurance proceeds, Landlord the same 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 be done at Tenant's expense expense. Tenant acknowledges that Landlord shall promptly performbe entitled to the full proceeds of any insurance coverage, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done whether carried by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoingor Tenant, 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 for damage to the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after presentment of Landlord's invoice. If the damage involves the premises of other tenantsalterations, Tenant shall pay the portion of the deductible that the cost of the restoration of the Premises bears additions, improvements or decorations provided by Landlord either directly or through an allowance to the total cost of restoration, as determined by Landlord. 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 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.
Appears in 1 contract
Sources: Lease (Genzyme Transgenics 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 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 ’s notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will take ▇ ▇▇▇ths ▇ ▇ months or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding to the improvements installed by condition existing as of the date Tenant or by Landlord received the Premises under the Prior Lease, reasonable wear and paid by 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 ’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 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 Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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 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 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.
Appears in 1 contract
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 take ▇ ▇▇▇ths 6 months or less, then, subject to receipt of sufficient insura▇▇▇ ▇▇oceeds (when added to the amount of the deductible under Landlord's insurance proceedspolicy), 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 the foregoing, either party patty may terminate this Lease if the Premises are damaged during the last th▇ ▇▇▇t 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 Premises the amount of the commercially reasonable reasonably deductible under Landlord's insurance policy (currently not to exceed $10,000) within 10 days after 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 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 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. Further, the Term shall be extended for the number of months or partial months for which Rent is abated.
Appears in 1 contract
Sources: Lease Agreement (Celerity Group 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 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 take ▇ ▇▇▇ths ▇ ▇ 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 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. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable deductible deductible, NOT TO EXCEED $20,000, under Landlord's insurance policy (currently $10,000) within 10 days after 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 reasonably determined by Landlord. Base Rent and Operating Expenses shall be abated for from the period date of casualty until the repair and restoration is completed, 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.
Appears in 1 contract
Sources: Lease Agreement (Gatefield Corp)
Restoration. If at any time during the this Lease Term the Premises are damaged by a fire shall not be terminated pursuant to Section 10.2 or other casualty10.2.1, Landlord shall notify Tenant within 60 days after such damage as thereafter use due diligence to restore the Premises to proper condition for Tenant's use and occupation, provided that Landlord's obligation shall be limited to the amount of insurance proceeds or condemnation awards made available to Landlord therefor. If, for any reason, such restoration shall not be substantially completed within eight (8) months after the expiration of the ninety (90) day period referred to in Section 10.2 (which eight (8) month period may be extended for such periods of time as Landlord reasonably estimates it will take to restore is prevented from proceeding with or completing such restoration for any cause described in Section 13.5 or beyond Landlord's reasonable control), Tenant shall have the Premises. If the restoration time is estimated to exceed 6 months, either Landlord or Tenant may elect right to terminate this Lease upon by giving notice to the other party given no later than 30 Landlord thereof within thirty (30) days after the expiration of such period (as so extended). Upon the giving of such notice, this Lease shall cease and come to an end without further liability or obligation on the part of either party unless, within such thirty (30) day period, Landlord substantially completes such restoration. Such right of termination shall be Tenant's sole and exclusive remedy at law or in equity for Landlord's noticefailure to complete such restoration. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in any way from damage from fire or other casualty or the repair thereof. Tenant understands that Landlord will not carry insurance of any kind on Tenant's improvements, alterations, furniture or furnishings or on any fixtures or equipment removable by Tenant under the provisions of this Lease, and that Landlord shall not be obligated to repair any damage thereto or replace the same. If neither party elects to terminate this Lease Tenant desires any other or additional repairs for restoration and if Landlord estimates that restoration will take ▇ ▇▇▇ths or lessconsents thereto, then, subject to receipt of sufficient insurance proceeds, Landlord the same 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 be done at Tenant's expense expense. Tenant acknowledges that Landlord shall promptly performbe entitled to the full proceeds of any insurance coverage, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done whether carried by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoingor Tenant, 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 for damage to the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after presentment of Landlord's invoice. If the damage involves the premises of other tenantsalterations, Tenant shall pay the portion of the deductible that the cost of the restoration of the Premises bears additions, improvements or decorations provided by Landlord either directly or through an allowance to the total cost of restoration, as determined by Landlord. 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 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.
Appears in 1 contract
Sources: Lease (Netezza Corp)
Restoration. (a) If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 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 estimated to exceed 6 monthstwo hundred ten (210) 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 30 thirty (30) days after Landlord's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will take ▇ ▇▇▇ths two hundred ten (210) days or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises Premises, excluding the Tenant-Made Alterations, 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 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, perform all repairs or restoration not required to be done by Landlord 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. Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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 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 total area of the Premises. Such abatement 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. Tenant shall be pay to Landlord, within thirty (30)) days following receipt of Landlord's written demand therefor, Tenant’s Proportionate Share of the sole remedy amount of Tenantthe deductible under Landlord's insurance policy. Notwithstanding the foregoing, and except as provided herein, if Tenant waives any 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 sixty (60) 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 [up to 60 days in the aggregate] or any acts or omission of Tenant or any agent, employee, contractor, licensee or invitee of Tenant), then Tenant may terminate this Lease by reason written notice to Landlord within ten (10) days after the expiration of such period (but prior to substantial completion of the restoration), as the same may be extended.
(b) If the Premises are destroyed or substantially damaged by any peril not covered by the insurance maintained by Landlord or any Landlord's mortgagee requires that insurance proceeds be applied to the indebtedness secured by its mortgage (defined hereinafter), Landlord may terminate this Lease by delivering written notice of termination to Tenant within thirty (30) days after such destruction or damage or such requirement is made known by any such Landlord's mortgagee, as applicable, whereupon all rights and obligations hereunder shall cease and terminate, except for any liabilities of Landlord and Tenant which accrued prior to Lease termination. Notwithstanding the foregoing to the contrary, Landlord shall not have the foregoing termination right if insurance proceeds are insufficient due to the failure of Landlord to carry the insurance required to be carried pursuant to this Lease. In addition, Landlord shall not have the right to terminate this Lease for lack of insurance proceeds if Tenant, within thirty (30) days after receipt of Landlord’s notice, agrees, in its sole discretion, to pay the shortfall in insurance proceeds necessary to complete the restoration. If Landlord elects to repair or restore such damage or destruction, this Lease shall continue in full force and effect, but rent shall be proportionately reduced as provided in Paragraph 15(a). If Landlord elects to terminate this Lease, such termination shall be effective as of the date of the occurrence of such damage or destruction.
(c) Notwithstanding the foregoing, if all or any portion of Premises and/or Project are wholly or partially damaged or destroyed as a result of the gross negligence or willful misconduct of Tenant or any Tenant Party, then Tenant shall (i) not be entitled to terminate this Lease (notwithstanding the provisions of subparagraph (a) above), and (ii) pay to Landlord the full amount of the deductible under Landlord's insurance policy (subject to the limitations thereon pursuant to Paragraph 9(b) above), and this Lease shall continue in full force and effect without any abatement or reduction in Base Rent or Operating Expenses or other payments owed by Tenant.
(d) Tenant hereby acknowledges and agrees that a Casualty shall occur only where the physical or structural integrity of the Premises or Building has been damaged or destroyed, and that a Casualty shall in no event occur as a result of (i) a governmentally mandated closure of the Premises, Building and/or Project and/or of Tenant’s business for the purpose of protecting public health and safety (including, without limitation, to protect against acts of war or the spread of communicable diseases or infestations), or (ii) Tenant’s inability to use the Premises or any other space leased by Tenant from Landlord at the Project, to the extent such space remains undamaged by any Casualty.
(e) The provisions of this Paragraph 15 shall constitute Tenant's sole and exclusive remedy in the event of damage or casualty lossdestruction to the Premises or Project, and Tenant waives and releases all statutory rights and remedies in favor of Tenant in the event of damage or destruction, including without limitation those available under California Civil Code Sections 1932 and 1933(4). No damages, compensation or claim shall be payable by Landlord for any inconvenience, any interruption or cessation of Tenant's business, or any annoyance, arising from any damage or destruction of all or any portion of the Premises or Project.
Appears in 1 contract
Sources: Lease Agreement (Bloom Energy 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 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 take ▇ ▇▇▇ths ▇ ▇ months or less, then, subject to receipt of sufficient insurance proceedsproceeds (when added to the amount of the deductible under Landlord's insurance policy), 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 the foregoing, either party may terminate this Lease if the Premises -7- <PAGE> 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 Premises the amount of the commercially reasonable reasonably deductible under Landlord's insurance policy (currently not to exceed $10,000) within 10 days after 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 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 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. Further, the Term shall be extended for the number of months or partial months for which Rent is abated. 16.
Appears in 1 contract
Sources: Lease Agreement
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 take ▇ ▇▇▇ths 6 months or less, then, subject to receipt of sufficient insurance proceedsinsura▇▇▇ ▇▇oceeds, 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 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 Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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 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 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.
Appears in 1 contract
Sources: Lease Agreement (Wilson Greatbatch Technologies Inc)
Restoration. (a) If at any time during the Lease Term the Premises are damaged by a fire or other casualty, Landlord shall notify Tenant within 60 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 estimated to exceed 6 monthsninety (90) days from the date the damage occurs, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than 30 thirty (30) days after Landlord's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will take ▇ ▇▇▇ths ninety (90) 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 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, may in its sole judgment perform all repairs or restoration not required to be done by Landlord and shall promptly if it so chooses, re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease upon thirty (30) days prior 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 one month ninety (90) days to repair such damage. .
(b) If the Premises are destroyed or substantially damaged, either party may terminate this Lease by delivering written notice of termination to the other within thirty (30) days after such destruction or damage, whereupon the Lease shall be deemed to be terminated within thirty (30) days after such notice of termination and upon the expiration of such thirty (30) day period all rights and obligations hereunder shall cease and terminate, except for any liabilities which accrued prior to Lease termination.
(c) If such damage or destruction is caused by the act(s) or omission(s) of Tenant, its employees, agents or contractors, Tenant shall pay to Landlord with respect to any damage to the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy policy, if any, within fifteen (currently $10,00015) within 10 days after 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. Monthly 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 total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except . Except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss.
Appears in 1 contract
Sources: Lease Agreement (Sl Industries 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 take ▇ ▇▇▇ths or less, then, subject to receipt of sufficient insurance proceedsis not terminated, Landlord shall promptly and diligently, subject to reasonable delays for insurance adjustment or other matters beyond Landlord’s reasonable control, restore the Premises excluding (including the improvements installed by Initial Tenant or by Landlord Work, but not any Tenant Property) and paid by TenantCommon Areas, subject to delays arising the following provisions. Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Law or any other modifications to the Common Areas deemed desirable by Landlord. Notwithstanding Section 13.04, upon notice from Landlord, Tenant shall assign or endorse over to Landlord (or to any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant’s insurance with respect to Tenant-Insured Improvements (if any); provided if the collection estimated cost to repair such Tenant-Insured Improvements exceeds the amount of insurance proceeds or received by Landlord from Force Majeure eventsTenant’s insurance carrier, the excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord’s commencement of repairs. Within fifteen (15) days after demand, Tenant at shall also pay Landlord for any additional excess costs that are determined during the performance of the repairs to such Tenant's expense -Insured Improvements. In no event shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not Landlord be required to be done by Landlord and shall promptly re-enter spend more for the restoration of the Premises and commence doing Common Areas than the proceeds received by Landlord, whether from Landlord’s insurance proceeds or proceeds from Tenant. Landlord shall not be liable for any inconvenience to Tenant, or injury to Tenant’s business resulting in accordance with this Leaseany way from the Casualty or the repair thereof. Provided that Tenant is not in Default, during any period of time that all or a material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall ▇▇▇▇▇ for the portion of the Premises that is untenantable and not used by Tenant. Notwithstanding the foregoing, either party may terminate this Lease if Landlord may, at its election, require Tenant to perform 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. restoration work for any Tenant-Insured Improvements, in which event Tenant shall pay be responsible for performing the restoration work for such Tenant-Insured Improvements (including any revisions thereto that Tenant may wish to make, pursuant to plans approved by Landlord with respect under Section 8) and the rent abatement period under the preceding sentence shall not exceed the period of time required to any damage to the Premises the amount of the commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after 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 diligently perform the restoration of the Premises bears to the total cost of restoration, as determined by Landlord. 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 total area of the Premises. Such abatement shall be the sole remedy of such Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss-Insured Improvements.
Appears in 1 contract