Casualty Damage. With reasonable promptness after discovering any damage to the Premises, or to the Common Areas necessary for access to the Premises, resulting from any fire or other casualty (a “Casualty”), Landlord shall notify Tenant of Landlord’s reasonable estimate of the time required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises is affected, terminate this Lease by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend to repair such damage. Tenant may terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is untenantable for the Permitted Use or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premises.
Appears in 2 contracts
Samples: Office Lease (Extend Health Inc), Office Lease (Extend Health Inc)
Casualty Damage. With reasonable promptness after discovering any damage to the Premises, or to the Common Areas necessary for access to the Premises, resulting from any fire or other casualty (a “Casualty”), Landlord shall notify Tenant of Landlord’s reasonable estimate of the time required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 270 days after they are commencedcommencement, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises is affected, terminate this Lease by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (viv) any owner, other than Landlord, of any damaged portion of the Project does not intend to repair such damage. Tenant may terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if . If the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 15 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is untenantable for the Permitted Use or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premises.
Appears in 2 contracts
Samples: Office Lease (Cardiodx Inc), Office Lease (Cardiodx Inc)
Casualty Damage. With reasonable promptness after discovering If the Premises or any damage to the Premises, or to the Common Areas necessary for access to the Premises, resulting from any part thereof shall be damaged by fire or other casualty (a “Casualty”)casualty, Landlord Tenant shall notify Tenant give prompt written notice thereof to Landlord. In case the Building shall be so damaged that substantial alteration or reconstruction of the Building shall, in Landlord’s reasonable estimate exercise of the time required its business opinion as supported by documentation by a certified architect and delivered to substantially Tenant, take more than 180 days to complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises shall have been damaged by such casualty), or in the event there is affectedless than two (2) years of the Lease Term remaining, or in the event Landlord’s mortgagee should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt, or in the event of any material uninsured loss to the Building, either Landlord or Tenant may, at its respective option, terminate this Lease by notifying Tenant if the other in writing of such termination within ninety (i90) any Security Holder terminates any ground lease or requires days after the date of such casualty. If Landlord determines that any insurance proceeds be used such damage shall take less than 180 days to pay any mortgage debt; (ii) any damage complete, upon Tenant’ reasonable request, Landlord shall furnish Tenant with supporting documentation from a certified architect. If neither Landlord nor Tenant so elects to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend to repair such damage. Tenant may terminate this Lease, by notifying Landlord within 30 shall commence (no later than sixty (60) days after receiving Landlord’s estimate of following the time required casualty) and proceed with diligence to substantially complete restore the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the PremisesBuilding, and (b) such estimate indicates that the damage cannot reasonably be repaired improvements located within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises to substantially the same condition that existed when in which it was immediately prior to the Casualty occurredhappening of the casualty. Notwithstanding the foregoing, except for (a) any modifications required by Law or any Security HolderLandlord’s obligation to restore the Building, and (b) any modifications the improvements located within the Premises shall not require Landlord to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, expend for such repair and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds restoration work more than the insurance proceeds actually received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, as a result of the casualty; provided that Landlord shall have complied with the insurance requirements and limits set forth in Section 13A. When the repairs described in the preceding two sentences have been completed by Landlord, Tenant shall complete the restoration of all Tenant’s Property which are necessary to permit Tenant’s reoccupancy of the Premises. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in any way from such damagedamage or the repair thereof, except that Rent shall be abated from the date of the damage or destruction for any portion of the Premises that is untenantable for unusable by Tenant (including without limitation if the Permitted Use or inaccessible and Premises is not occupied by Tenantitself damaged, Monthly Rent but the Building has suffered damage making access to and use of the Premises impracticable), which abatement shall be abated in the same proportion that the Rentable Area of the Premises which is unusable (or such use is so rendered impracticable) by Tenant bears to the rentable square footage of such portion total Rentable Area of the Premises; provided that Tenant shall not be entitled to any abatement of Rent if the damage or destruction within the Premises is restored within five (5) Business Days after Landlord’s receipt of written notice from Tenant of the occurrence of the damage or destruction.
Appears in 2 contracts
Samples: Office Lease (Proquest Co), Office Lease (Voyager Learning CO)
Casualty Damage. With reasonable promptness after discovering any damage Landlord, by notice to Tenant within 60 days of the Premises, or to date of the Common Areas necessary for access to the Premises, resulting from any fire or other casualty (a “Casualty”), Landlord shall notify Tenant of Landlord’s reasonable estimate of have the time required right to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery if all or any part of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises is affected, terminate this Lease by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used damaged to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so extent that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend to repair such damage. Tenant may terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 120 days after Tenant’s receipt the date of such estimatethe Casualty. If this Lease is not terminated pursuant to this Section 11terminated, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises Premises. Such restoration shall be to substantially the same condition that existed when prior to the Casualty occurredCasualty, except for (a) any modifications required by Law or any Security HolderLaw. However, and (b) any modifications in no event shall Landlord be required to spend more than the Common Areas that are deemed desirable insurance proceeds received by Landlord, are consistent with the character of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4Upon notice from Landlord, Tenant shall assign or endorse over to Landlord (or its designeeto any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 Insurance with respect to any Leasehold Improvements performed by or for the benefit of Tenant-Insured Improvements, and ; provided if the estimated or actual cost of restoring any Tenant-Insured to repair such Leasehold Improvements exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, the excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord’s commencement of repairs. Within 15 days of demand, Tenant shall also pay such Landlord for any additional excess to costs that are determined during the performance of the repairs. Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord not be liable for any inconvenience to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for injury to Tenant’s access to business, resulting in any way from the Premises Casualty or the repair thereof. Provided that Tenant is damaged by a Casualty, thennot in Default, during any period of time that, as that all or a result of such damage, any material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall xxxxx for the Permitted Use or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premises that is untenantable and not used by Tenant. The provisions of this Lease, including this Section 15, 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, the Building, the Property or the Project, and any Laws, including, without limitation, Sections 1932(2) and 1933(4) of the California Civil Code, with respect to any rights or obligations concerning damage or destruction in the absence of an express agreement between the parties, and any similar or successor Laws now or hereinafter in effect, shall have no application to this Lease or any damage or destruction to all or any part of the Premises, the Building or the Property.
Appears in 2 contracts
Samples: Office Lease Agreement (Conatus Pharmaceuticals Inc), Office Lease Agreement (Conatus Pharmaceuticals Inc)
Casualty Damage. With reasonable promptness after discovering A. If all or any damage to part of the Premises, or to the Common Areas necessary for access to the Premises, resulting from any Premises is damaged by fire or other casualty (casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a “Casualty”)material portion of the Premises is rendered untenantable as a result of a fire or other casualty, the Rent shall xxxxx for the portion of the Premises that is untenantable and not used by Tenant. Landlord shall notify Tenant of have the right to terminate this Lease if: (1) the Building or the Project shall be damaged so that, in Landlord’s reasonable estimate judgment, substantial alteration or reconstruction of the time required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to Building or the Project resulting from any Casualty, Landlord may, shall be required (whether or not the Premises has been damaged); (2) Landlord is affected, not permitted by Law to rebuild the Building or the Project in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than eighteen (18) months of the Term remaining on the date of the casualty; (4) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (5) a material uninsured loss to the Building or the Project occurs. Landlord may exercise its right to terminate this Lease by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild in writing within 90 days after the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months date of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project casualty. If Landlord does not intend to repair such damage. Tenant may terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and the Premises Improvements (excluding any Alterations that were performed by notifying Tenant in violation of this Lease). However, in no event shall Landlord within 30 days after receiving be required to spend more than the insurance proceeds received by Landlord. Landlord shall not be liable for any loss or damage to Tenant’s estimate Property or to the business of Tenant resulting in any way from the fire or other casualty or from the repair and restoration of the time required damage. Landlord and Tenant hereby waive the provisions of any Law relating to substantially complete the Landlord Repairsmatters addressed in this Article, if and agree that their respective rights for damage to or destruction of the Premises shall be those specifically provided in this Lease. Tenant shall have the right to terminate this Lease i 1: (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material substantial portion of the Premises, Premises has been damaged by fire or other casualty and (b) such estimate indicates that the damage cannot reasonably be repaired (as reasonably determined by Landlord) within 60 days after TenantLandlord’s receipt of such estimate. If this Lease is not terminated pursuant all required permits to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and Premises; (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character there is less than eighteen (18) months of the Project, Term remaining on the date of such casualty; and do not materially impair access (c) Tenant provides Landlord with written notice of its intent to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord terminate within thirty (or its designee30) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion date of the Premises is untenantable for the Permitted Use fire or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premisesother casualty.
Appears in 2 contracts
Samples: Office Lease Agreement (GoPro, Inc.), Office Lease Agreement (GoPro, Inc.)
Casualty Damage. With reasonable promptness after discovering any damage to In the Premisesevent twenty-five percent (25%) or less of the Building shall be destroyed or rendered untenantable, either wholly or to the Common Areas necessary for access to the Premisesin part, resulting from any by fire or other casualty casualty, and the Premises shall be unaffected, then Landlord shall restore the Building to as near its previous condition as is reasonably possible, provided that sufficient insurance proceeds are available to Landlord to pay the cost of restoration, and provided further that if the Premises are unaffected by the fire or other casualty, Landlord shall have no right to terminate this Lease. In the event more than twenty-five percent (25%) of the Building or any portion of the Premises shall be destroyed or rendered untenantable, either wholly or in part, by fire or other casualty, Landlord may, at its option, restore the Building or Premises to as near their previous condition as is reasonably possible and in the meantime the Rent shall be abated in the same proportion as the untenantable portion of the Premises bears to the whole thereof, provided, such abatement shall apply only to the extent the Premises are untenantable for the purposes permitted under this Lease and not used by Tenant as a “Casualty”)result thereof. Except as provided above, unless Landlord, within twenty (20) days after the receipt of insurance proceeds on account of the casualty, shall notify Tenant of its election to so restore, this Lease shall thereupon terminate and end, provided, if in Landlord’s reasonable estimation the Premises cannot be restored within one hundred eighty (180) days following such destruction, Landlord shall notify Tenant of Landlord’s reasonable estimate of the time required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party and Tenant may terminate this Lease upon 60 days’ (regardless of Landlord’s intent to restore) by delivery of notice to the other party delivered Landlord within 10 thirty (30) days after of Landlord’s delivery notice. Such restoration by Landlord shall not include replacement of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualtyfurniture, Landlord mayequipment, whether or other items that do not the Premises is affected, terminate this Lease by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild become part of the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend to repair such damage. Tenant may terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access improvements to the Premises to substantially in excess of those provided for in the same condition allowance for building standard items. Tenant agrees that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character abatement of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant Rent as provided above shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under be Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, sole and if exclusive recourse in the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, as a result event of such damage, and Tenant waives any portion other rights Tenant may have under applicable Law to perform repairs or terminate the Lease by reason of the Premises is untenantable for the Permitted Use or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion damage to the rentable square footage of such portion of the Building or Premises.
Appears in 2 contracts
Samples: Lease (Trupanion Inc.), Lease (Trupanion Inc.)
Casualty Damage. With reasonable promptness after discovering If the Premises or any damage part thereof shall be damaged by fire or other casualty, Tenant shall give prompt written notice thereof to Landlord. In case the Premises, or to the Common Areas necessary for access to the Premises, resulting from any Building shall be so damaged by fire or other casualty that (a “Casualty”), Landlord shall notify Tenant of Landlord’s reasonable estimate i) substantial alteration or reconstruction of the time Building shall, in the judgment of an independent architect selected by Landlord, be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises shall have been damaged by such fire or other casualty) such that that the Building cannot be substantially restored to the condition which existed immediately prior to the damage or destruction within twenty-four (24) months after the fire or other casualty, or (ii) in the event any mortgagee under a first mortgage or first deed of trust covering the Building should require that the insurance proceeds payable as a result of said fire or other casualty be used to retire the mortgage debt, or (iii) in the event of the occurrence of a casualty which is affectednot insured under the insurance required to be carried by Landlord pursuant to the terms of Section 20, Landlord may, at its option, terminate this Lease by notifying Tenant if in writing of such termination within fifteen (i15) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to days after the date of Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months receipt of the Term; estimated cost of reconstruction or (v) any owner, other than Landlord, of any damaged portion determination by a mortgagee to take the proceeds in which event the Rent hereunder shall be abated as of the Project does not intend to repair date of such damage. Tenant may If Landlord does not elect to terminate this Lease, by notifying Landlord within 30 shall, as soon as practicable, but no more than ninety (90) days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt date of such estimate. If this Lease is not terminated pursuant damage, commence to this Section 11, Landlord shall promptly repair and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building and shall proceed with reasonable diligence to restore the Common Areas necessary for access to the Premises Building to substantially the same condition that existed when which it was in immediately prior to the Casualty occurredoccurrence of the fire or other casualty, except for (a) that Landlord shall not be required to rebuild, repair, or replace any modifications required part of Tenant’s furniture, fixtures and equipment removable by Law Tenant under the provisions of this Lease or any Security HolderAlterations to the Premises made by Tenant following the earliest Commencement Date pursuant to the terms of this Lease which were not approved by Landlord in writing, and (b) Landlord shall not in any modifications event be required to the Common Areas that are deemed desirable by Landlord, are consistent with the character spend for such work an amount in excess of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds actually received by Landlord from Tenant’s as a result of the fire or other casualty, plus any deductible amounts thereunder. If Landlord determines that insurance carrier, Tenant shall pay such excess proceeds will be insufficient to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed restore the Building as required hereunder shall render by this Section 23, Landlord liable may, at its option, elect to either (1) terminate this Lease by written notice to Tenant, constitute a constructive evictionor (2) provide the extra funds necessary to complete the restoration. In the event Landlord did not originally construct any Alterations to be repaired, the time for Landlord to commence and complete such repairs shall be extended by the amount of time necessary for Landlord to obtain detailed working drawings of the Alterations to be repaired. In the event Landlord does not either commence the repairs to the Building within the time required herein, or excuse complete the repairs to the Building within two hundred seventy (270) days after the date of such damage, Tenant may terminate this Lease by written notice thereof to Landlord given no later than thirty (30) days following the date on which Landlord was to commence or complete such repairs, as the case may be. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in any way from any obligation hereunder; providedsuch damage or the repair thereof, howeverexcept that, that if subject to the provisions of the next sentence, Landlord shall allow Tenant an equitable abatement of Rent during the time and to the extent the Premises are unfit for occupancy and are vacated by Tenant. If the Premises or any Common Area necessary for Tenant’s access to other portion of the Premises Complex is damaged by a Casualtyfire or other casualty resulting from the intentional acts of Tenant or any employee, thenofficer, contractor, agent, subtenant, or licensee of Tenant, the Rent hereunder shall not be abated during any time that, as a result the repair of such damage, any portion of the Premises is untenantable and Tenant shall remain liable for the Permitted Use or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premisespayment thereof.
Appears in 2 contracts
Samples: Office Lease Agreement, Office Lease Agreement (FSP 50 South Tenth Street Corp)
Casualty Damage. With reasonable promptness after discovering If the Premises or any damage to the Premises, or to the Common Areas necessary for access to the Premises, resulting from any part thereof shall be damaged by fire or other casualty (a “Casualty”)casualty, Landlord Tenant shall notify Tenant of give prompt written notice thereof to Landlord’s reasonable estimate . In case the Building shall be so damaged that substantial alteration or reconstruction of the time Building shall, in Landlord's sole opinion, be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises shall have been damaged by such casualty) or in the event the Premises have been damaged and there is affectedless than two (2) years of the Lease Term remaining on the date of such casualty or in the event any Mortgagee should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt or in the event of any material uninsured loss to the Building, Landlord may, at its option, terminate this Lease by notifying Tenant if in writing of such termination within ninety (i90) any Security Holder terminates any ground lease or requires that any insurance proceeds days after the date of such casualty. Such termination shall be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months effective as of the Term; date of fire or (v) casualty, with respect to any owner, other than Landlord, of any damaged portion of the Project Premises that was rendered untenantable, and the date specified in Landlord's notice, with respect to any portion of the Premises that remained tenantable. If Landlord does not intend elect to repair such damage. Tenant may terminate this Lease, Landlord shall commence and proceed with reasonable diligence to restore the Building (provided that Landlord shall not be required to restore any unleased premises in the Building) and the Leasehold Improvements (but excluding any improvements, alterations or additions made by notifying Tenant in violation of this Lease) located within the Premises, if any, which Landlord within 30 days after receiving Landlord’s estimate has insured to substantially the same condition they were in immediately prior to the happening of the time required casualty. Notwithstanding the foregoing, Landlord's obligation to substantially restore the Building, and the Leasehold Improvements, if any, shall not require Landlord to expend for such repair and restoration work more than the insurance proceeds actually received by the Landlord as a result of the casualty. When repairs to the Premises have been completed by Landlord, Tenant shall complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months restoration or replacement of the Term and has damaged a material portion all Tenant's Property necessary to permit Tenant's reoccupancy of the Premises, and (b) Tenant shall present Landlord with evidence satisfactory to Landlord of Tenant's ability to pay such estimate indicates that costs prior to Landlord's commencement of repair and restoration of the Premises. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in any way from such damage cannot reasonably be repaired within 60 days after Tenant’s receipt or the repair thereof, except that, subject to the provisions of such estimate. If this Lease is not terminated pursuant to this Section 11the next sentence, Landlord shall promptly allow Tenant a fair diminution of Rent on a per diem basis during the time and diligently perform to the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore extent the Premises and the Common Areas necessary for access to the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to the Premisesuntenantable. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if If the Premises or any Common Area necessary for Tenant’s access to other portion of the Premises Building is damaged by a Casualtyfire or other casualty resulting from the fault or negligence of Tenant or any of Tenant's agents, thenemployees, or contractors, the Rent hereunder shall not be diminished during any time thatperiod during which the Premises, as a result of such damage, or any portion thereof, is untenantable, and Tenant shall be liable to Landlord for the cost of the repair and restoration of the Building caused thereby to the extent such cost and expense is not covered by insurance proceeds. Landlord and Tenant hereby waive the provisions of any law from time to time in effect during the Lease Term relating to the effect upon leases of partial or total destruction of leased property. Landlord and Tenant agree that their respective rights in the event of any damage to or destruction of the Premises is untenantable for the Permitted Use or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premisesthose specifically set forth herein.
Appears in 2 contracts
Samples: Office Lease Agreement (Tenera Inc), Office Lease Agreement (Long Beach Holdings Corp)
Casualty Damage. With reasonable promptness after discovering If the Premises or any damage common areas of the Property providing access thereto shall be damaged by fire or other casualty, Landlord shall use available insurance proceeds to restore the same. Such restoration shall be to substantially the condition prior to the Premisescasualty, except for modifications required by zoning and building codes and other Laws or by any Holder (as defined in Article 25), any other modifications to the Common Areas necessary for common areas deemed desirable by Landlord (provided access to the PremisesPremises is not materially impaired), and except that Landlord shall not be required to repair or replace any of Tenant's furniture, furnishings, fixtures or equipment, or any alterations or improvements in excess of any work performed or paid for by Landlord under any separate agreement signed by the parties in connection herewith. Landlord shall not be liable for any inconvenience or annoyance to Tenant or its visitors, or injury to Tenant's business resulting in any way from any fire such damage or other casualty (a “Casualty”)the repair thereof. However, Landlord shall notify allow Tenant a proportionate abatement of Landlord’s reasonable estimate of Rent during the time required and to substantially complete repair of such damage the extent the Premises are unfit for occupancy for the purposes permitted under this Lease and not occupied by Tenant as a result thereof (unless Tenant or its employees or agents caused the “Landlord Repairs”damage). If, according to such estimate, Notwithstanding the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice foregoing to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualtycontrary, Landlord may, whether or not the Premises is affected, may elect to terminate this Lease by notifying Tenant in writing of such termination within sixty (60) days after the date of damage (such termination notice to include a termination date providing at least ninety (90) days for Tenant to vacate the Premises), if the Property shall be materially damaged by Tenant or its employees or agents, or if the Property shall be damaged by fire or other casualty or cause such that: (ia) repairs to the Premises and access thereto cannot reasonably be completed within 120 days after the casualty without the payment of overtime or other premiums, (b) more than 25% of the Premises is affected by the damage, and fewer than 24 months remain in the Term, or any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the material damage occurs to the Premises during the last 12 months of the Term; or , (vc) any owner, other than Landlord, of any damaged portion of the Project does not intend to repair such damage. Tenant may terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if Holder (aas defined in Article 25) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates shall require that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrieror any portion thereof be used to retire the Mortgage debt (or shall terminate the ground lease, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive evictionthe case may be), or excuse the damage is not fully covered by Landlord's insurance policies, or (d) the cost of the repairs, alterations, restoration or improvement work would exceed 25% of the replacement value of the Building, or the nature of such work would make termination of this Lease necessary or convenient. Tenant from any agrees that Landlord's obligation hereunder; providedto restore, howeverand the abatement of Rent provided herein, that if shall be Tenant's sole recourse in the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, as a result event of such damage, and waives any portion other rights Tenant may have under any applicable Law to terminate the Lease by reason of damage to the Premises is untenantable for or Property. Tenant acknowledges that this Article represents the Permitted Use or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion entire agreement between the parties respecting damage to the rentable square footage of such portion of the PremisesPremises or Property.
Appears in 2 contracts
Samples: Agreement (National Financial Partners Corp), Office Lease (Interactive Flight Technologies Inc)
Casualty Damage. With reasonable promptness after discovering If the Leased Premises shall be destroyed or damaged by fire or any damage other casualty, Tenant shall immediately give notice thereof to Landlord. If the Premises, or to the Common Areas necessary for access to the Premises, resulting from any Leased Premises shall be damaged by fire or other casualty (a “Casualty”)insured casualty, so as to render the Leased Premises or access thereto untenantable in whole or in part and to such an extent that Landlord shall notify Tenant of Landlord’s reasonable estimate of the time required to substantially complete repair of determines that such damage can be repaired with the application of reasonable diligence within two hundred forty (the “Landlord Repairs”). If240) days, according Tenant shall each be entitled to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice whereupon all rent accrued up to the other party delivered within 10 days after Landlord’s delivery time of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises is affected, terminate this Lease casualty shall be paid by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend to repair such damage. Tenant may terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11the Leased Premises or access thereto, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required be destroyed or damaged by Law fire or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvementsother casualty, and if the estimated Leased Premises are rendered untenantable in whole or actual cost in part by reason of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carriersuch casualty, then Tenant shall pay be entitled to a fair diminution of the rent hereunder from the time of such excess casualty until such time as the Leased Premises are made tenantable as reasonably determined by Landlord. In addition to the foregoing, if for any cause the Leased Premises or Building shall be so damaged that Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable in its sole judgment decide not to rebuild, then by notice in writing to Tenant, constitute a constructive eviction, or excuse this Lease shall forthwith terminate and all rent owed up to the time of such casualty as set forth in such notice shall be paid by Tenant from to Landlord. In no event shall Landlord have any obligation hereunder; providedto repair or restore any of Tenant’s goods, howeverTrade Fixtures, that if furniture or other property placed in or incorporated in the Leased Premises which is destroyed or damaged by fire or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is untenantable for the Permitted Use or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premisesother casualty.
Appears in 2 contracts
Samples: Lease Agreement (Entrada Therapeutics, Inc.), Lease Agreement (Entrada Therapeutics, Inc.)
Casualty Damage. With reasonable promptness after discovering If the Premises or any damage to the Premises, or to the Common Areas necessary for access to the Premises, resulting from any part thereof shall be damaged by fire or other casualty (a “Casualty”)casualty, Landlord Tenant shall notify Tenant of give prompt written notice thereof to Landlord’s reasonable estimate of . In case the Building shall be so damaged that, in Landlord's good faith estimation, the time required to substantially complete repair and reconstruct the Building shall exceed one hundred eighty (180) days from the date of such damage the casualty (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises is affectedshall have been damaged by such casualty), or in the event any mortgagee of Landlord's should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt, or in the event of any material loss to the Building that would not be covered by fire and extended coverage insurance commonly carried for commercial properties such as the Building, Landlord may, at its option, terminate this Lease by notifying Tenant if in writing of such termination within sixty (i60) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months days of the Term; or (v) any owner, other than Landlord, of any damaged portion date of the Project casualty. If Landlord does not intend thus elect to repair such damage. Tenant may terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly commence and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises Building to substantially the same condition that existed when in which it was immediately prior to the Casualty occurredhappening of the casualty, except that Landlord shall not be required to spend for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character such work an amount in excess of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds actually received by Landlord as a result of the casualty. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in any way from Tenant’s insurance carriersuch damage or the repair thereof, except that, subject to the provisions of the next sentence, Landlord shall allow Tenant shall pay such excess a proportional diminution of rent during the time and to Landlord within 30 days after Landlord’s demandthe extent the Premises are unfit for occupancy. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if If the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any other portion of the Premises is untenantable Building be damaged by fire or other casualty resulting from the fault or negligence of Tenant or any of Tenant's agents, employees, or invitees, the rent hereunder shall not be diminished during the repair of such damage and Tenant shall be liable to Landlord for the Permitted Use or inaccessible cost of the repair and restoration of the Building caused thereby to the extent such cost and expense is not occupied covered by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premisesinsurance proceeds.
Appears in 2 contracts
Samples: Sublease Agreement (Landa Management Systems Corp), Sublease Agreement (Landacorp Inc)
Casualty Damage. With reasonable promptness after discovering any damage to the Premises, or to the Common Areas necessary for access to the Premises, resulting from any fire or other casualty (a “Casualty”), Landlord shall notify Tenant of Landlord’s reasonable estimate of the time required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises is affected, terminate this Lease by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully substantially covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend to repair such damage. Tenant may terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 15 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is untenantable for the Permitted Use or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premises.
Appears in 2 contracts
Samples: Office Lease (NeuroSigma, Inc.), Office Lease (NeuroSigma, Inc.)
Casualty Damage. With Tenant shall maintain sufficient insurance on the Building in its reasonable promptness after discovering any damage to discretion for casualty damage. If: (a) the PremisesBuilding shall be so damaged that substantial alteration or reconstruction of the Building shall, or to the Common Areas necessary for access to the Premises, resulting from any fire or other casualty (a “Casualty”), Landlord shall notify Tenant of in Landlord’s reasonable estimate of the time opinion, be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises is affected, terminate this Lease shall have been damaged by notifying Tenant if the casualty); or (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (ivb) the damage occurs Premises shall be partially damaged by casualty during the last 12 months one year of the Lease Term, and the estimated cost of repair exceeds 25% of the Base Rent then remaining to be paid by Tenant for the balance of the Lease Term; or (v) any ownerLandlord may, other than within 90 days after the casualty, give notice to Tenant of Landlord, of any damaged portion of the Project does not intend ’s election to repair such damage. Tenant may terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate and the balance of the time required to substantially complete Lease Term shall automatically expire on the Landlord Repairs, if (a) fifth day after the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimatenotice is delivered. If Landlord does not elect to terminate this Lease is not terminated pursuant to this Section 11Lease, Landlord shall promptly and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building and the Common Areas necessary for access to the Premises to substantially the same condition that existed when they were in immediately before the Casualty occurredhappening of the casualty. However, except for (a) Landlord shall not be required to restore any modifications required by Law unleased premises in the Building or any Security Holder, and (b) any modifications portion of Tenant’s property. Rent shall xxxxx in proportion to the Common Areas that are deemed desirable by Landlord, are consistent with the character portion of the ProjectPremises not useable by Tenant as a result of any casualty covered by insurance carried or required to be carried by Landlord under this Lease, and do as of the date on which the Premises becomes unusable. Landlord shall not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable otherwise be liable to Tenant under Tenant’s insurance required under Section 10.2 with respect to for any Tenant-Insured Improvements, and if the estimated or actual cost of delay in restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for inconvenience or annoyance to Tenant or injury to Tenant’s access business resulting in any way from the damage or the repairs, Tenant’s sole remedy being the right to the Premises is damaged by a Casualty, then, during any time that, as a result an abatement of such damage, any portion of the Premises is untenantable for the Permitted Use or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the PremisesRent.
Appears in 2 contracts
Samples: Lease Agreement (Protective Products of America, Inc.), Lease Agreement (Protective Products of America, Inc.)
Casualty Damage. With reasonable promptness after discovering If the Premises or any damage part thereof shall be damaged by fire or other casualty, Tenant shall give prompt written notice thereof to Landlord. In case the Premises, or to the Common Areas necessary for access to the Premises, resulting from any Building shall be so damaged by fire or other casualty (a “Casualty”), Landlord shall notify Tenant of Landlord’s reasonable estimate that substantial alteration or reconstruction of the time Building shall, in the judgment of an independent architect selected by Landlord, be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises shall have been damaged by such fire or other casualty), or in the event any mortgagee under a first mortgage or first deed of trust covering the Building should require that the insurance proceeds payable as a result of said fire or other casualty be used to retire the mortgage debt, or in the event of the occurrence of a casualty which is affectednot insured under the “all risk” extended coverage insurance required to be carried by Landlord pursuant to the terms of Section 20, Landlord may, at its option, terminate this Lease by notifying Tenant if in writing of such termination within fifteen (i15) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to days after the date of Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months receipt of the Term; estimated cost of reconstruction or (v) any ownerdetermination by a mortgagee to take the proceeds, other than Landlord, of any damaged portion in which event the Rent hereunder shall be abated as of the Project does not intend to repair date of such damage. Tenant may If Landlord does not elect to terminate this Lease, by notifying Landlord within 30 shall, as soon as practicable, but no more than ninety (90) days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt date of such estimate. If this Lease is not terminated pursuant damage, commence to this Section 11, Landlord shall promptly repair and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building and shall proceed with reasonable diligence to restore the Common Areas necessary for access to the Premises Building to substantially the same condition that existed when which it was in immediately prior to the Casualty occurredoccurrence of the fire or other casualty, except for (a) that Landlord shall not be required to rebuild, repair, or replace any modifications required part of Tenant’s furniture, fixtures and equipment removable by Law Tenant under the provisions of this Lease or any Security HolderAlterations to the Premises made by Tenant following the Commencement Date which were not approved by Landlord in writing, and (b) Landlord shall not in any modifications event be required to the Common Areas that are deemed desirable by Landlord, are consistent with the character spend for such work an amount in excess of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds actually received by Landlord from Tenant’s as a result of the fire or other casualty, plus any deductible amounts thereunder. If Landlord determines that insurance carrier, Tenant shall pay such excess proceeds will be insufficient to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed restore the Building as required hereunder shall render by this Section 24, Landlord liable may, at its option, elect to either (1) terminate this Lease by written notice to Tenant, constitute a constructive evictionor (2) provide the extra funds necessary to complete the restoration. In the event Landlord did not originally construct any Alterations to be repaired, the time for Landlord to commence and complete such repairs shall be extended by the amount of time necessary for Landlord to obtain detailed working drawings of the Alterations to be repaired. In the event Landlord does not either commence the repairs to the Building within the time required herein, or excuse complete the repairs to the Building within two hundred seventy (270) days after the date of such damage, Tenant may terminate the Lease by written notice thereof to Landlord given no later than thirty (30) days following the date on which Landlord was to commence or complete such repairs, as the case may be. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in any way from any obligation hereunder; providedsuch damage or the repair thereof, howeverexcept that, that if subject to the provisions of the next sentence, Landlord shall allow Tenant an equitable abatement of Rent during the time and to the extent the Premises are unfit for occupancy and vacated by Tenant. If the Premises or any Common Area necessary for Tenant’s access to other portion of the Premises Project is damaged by a Casualtyfire or other casualty resulting from the intentional acts of Tenant or any employee, thenofficer, contractor, agent, subtenant, or licensee of Tenant, the Rent hereunder shall not be abated during any time that, as a result the repair of such damage, any portion of the Premises is untenantable and Tenant shall remain liable for the Permitted Use or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premisespayment thereof.
Appears in 2 contracts
Samples: Office Lease Agreement, Office Lease Agreement (Masergy Communications Inc)
Casualty Damage. With reasonable promptness after discovering If the Premises or any damage part thereof shall be damaged by fire or other casualty, Tenant shall give prompt written notice thereof to Landlord. In case the Premises, or to the Common Areas necessary for access to the Premises, resulting from any Building shall be so damaged by fire or other casualty (a “Casualty”), Landlord shall notify Tenant of Landlord’s reasonable estimate that substantial alteration or reconstruction of the time Building shall, in Landlord's sole opinion, be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises is affectedshall have been damaged by such fire or other casualty), terminate Landlord may, at its option, tcrininate this Lease by notifying Tenant if in writing of such termination within ninety (i90) any Security Holder terminates any ground lease or requires that any insurance proceeds days after the date of such damage, in which event the Rent shall be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months abated as of the Term; or (v) any owner, other than Landlord, date of any damaged portion of the Project does not intend to repair such damage. Tenant may terminate If Landlord does not elect to tenninate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairsand provided insurance proceeds and any contributions from Tenant, if (a) necessary, are available to fully repair the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11damage, Landlord shall promptly within one hundred twenty (120) days after the date of such damage commence to repair and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building and shall proceed with reasonable diligence to restore the Common Areas necessary Building (except that Landlord shall not be responsible for access to the Premises delays outside its control) to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications in which it was immediately prior to the Common Areas that are deemed desirable by Landlordhapging, are consistent with the character of the Projectcasualty; provided, and do Landlord shall not materially impair access be required to rebuild, repair, or replace any part t Tc, ant's furniture, furnishings, fixtures and/or equipment removable by Tenant or ally improvements, alterations or additions installed by or for the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to benefit of Tenant under Tenant’s insurance the provisions of this Lease. Landlord shall not in any event be required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost spend for such work all amount in excess of restoring any Tenant-Insured Improvements exceeds the insurance proceeds (excluding any deductible) and any contributions from Tenant, if necessary, actually received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, as a result of die fire or other casualty. Landlord shall not be liable for ally inconvenience or annoyance to Tenant, injury to the business of Tenant, loss of use of any part of the Premises by the Tenant or loss of Tenant's personal propeny resulting in any way from such damage or the repair thereof, except that, subject to the provisions of the next sentence, Landlord shall allow Tenant a fair diminution of Rent during the time and to the extent the Premises are unfit for occupancy. Notwithstanding anything to the contrary contained herein, if die Premises or any other portion of the Building be damaged by fire or other casualty resulting from the intentional or negligent acts or omissions of Tenant or any of Tenant's Representatives, (i) the Rent shall not be diminished during the repair of such damage, (ii) Tenant shall not have any right to terminate this Lease due to the occurrence of such casualty or damage, and (iii) Tenant shall be liable to Landlord for the cost and expense of the repair and restoration of all or any portion of the Premises is untenantable for Building caused thereby (including, without limitation, any deductible) to the Permitted Use or inaccessible extent such cost and expense is not occupied covered by Tenantinsurance proceeds. In die event the holder of any indebtedness secured by the Premises requires that the insurance proceeds be applied to such indebtedness, Monthly Rent then Landlord shall be abated have die right to terminate this Lease by delivering written notice of termination to Tenant within thirty (30) days after the date of notice to Tenant of any such event, whereupon all rights and obligations shall cease and terminate hereunder except for those obligations expressly intended to survive any such termination of this [.me. Except as otherwise provided in proportion to this Section 27, Tenant hereby waives the rentable square footage provisions of such portion Sections 1932(2.), 1933(4.), 1941 and 1942 of the Premisesdie California Civil Code.
Appears in 2 contracts
Samples: Lease Agreement (Competitive Companies Inc), Lease Agreement (Third Enterprise Service Group Inc)
Casualty Damage. With reasonable promptness after discovering If the Premises or any damage to the Premises, or to the Common Areas necessary for access to the Premises, resulting from any part thereof shall be damaged by fire or other casualty (a “Casualty”)casualty, Landlord Tenant shall notify Tenant give prompt written notice thereof to Landlord. If the Building shall be so damaged that substantial alteration or reconstruction of the Building shall, in Landlord’s reasonable estimate of the time sole opinion be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises is affectedshall have been damaged by such casualty) or in the event any mortgagees of Landlord’s should require that the insurance proceeds payable as a result of a casualty being applied to the payment of the mortgage debt, or in the event of any material uninsured loss to the Building, Landlord may, at its option, terminate this Lease by notifying Tenant if in writing of such termination within Ninety (i90) any Security Holder terminates any ground lease or requires days after the date of such damage. If Landlord does not thus elect to terminate this Lease, Landlord shall commence and proceed with reasonable diligence to restore the Building to substantially, the same condition in which it was immediately prior to the happening of the casualty, except that any Landlord’s obligation to restore shall not exceed the scope of the work required to be done by Landlord in originally constructing the Building and installing Shell Improvements (as described in the Work Letter but not including replacement of acoustical ceiling tiles) in the Premises, nor shall Landlord be required to spend for such work an amount in excess of the insurance proceeds be used actually received by Landlord as a result of the casualty. When the Shell Improvements have been restored by Landlord, Tenant shall complete the restoration of the Premises to Building Standard and the restoration of Tenant’s furniture and equipment. Landlord shall, subject to the last sentence of this Paragraph, provide Tenant with an allowance (the “Reconstruction Allowance”) to pay for reconstruction of the Premises to Building Standard, such Reconstruction Allowance to be in a dollar amount equal to the actual original cost to Landlord of providing the Allowance Items provided by Landlord pursuant to the Work Letter. Except for reconstruction of the Shell improvements by Landlord and the Reconstruction Allowance, all cost and expense of reconstructing the Premises to Building Standard shall be borne by Tenant. Landlord shall not be liable for any mortgage debt; (ii) inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in any way from such damage or the repair thereof, except that, subject to Landlordthe provisions of the next sentence, Landlord shall allow Tenant a fair diminution of rent during the time and to the extent the Premises are unfit for occupancy. If the Premises or any other portion of the Building be damaged by fire or other casualty resulting from the fault or negligence of Tenant or any of Tenant’s property agents, employees, or invitees the rent hereunder shall not be diminished during the repair of such damage and Tenant shall be liable to Landlord for the entire cost of the repair and restoration of the Building caused thereby to the extent such cost and expense is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend to repair such damage. Tenant may terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is untenantable for the Permitted Use or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premisesproceeds.
Appears in 1 contract
Casualty Damage. With reasonable promptness after discovering any damage to the Premises, or to the Common Areas necessary for access to the Premises, resulting from any fire or other casualty (a “Casualty”), Landlord shall notify Tenant of Landlord’s reasonable estimate of the time required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises is affected, terminate this Lease by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend to repair such damage. Tenant may terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured ImprovementsImprovements and trade fixtures, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is untenantable for the Permitted Use or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premises.any
Appears in 1 contract
Casualty Damage. With reasonable promptness after discovering If the Premises or any damage to the Premises, or to the Common Areas necessary for access to the Premises, resulting from any part thereof shall be damaged by fire or other casualty (a “Casualty”)casualty, Landlord Tenant shall notify Tenant of give prompt written notice thereof to Landlord’s . In case the Building shall be so damaged that in Landlord's reasonable estimate judgment, substantial alteration or reconstruction of the time Building shall be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises has been damaged by such casualty) or in the event Landlord will not be permitted by applicable law to rebuild the Building in substantially the same form as existed prior to the fire or casualty or in the event the Premises has been materially damaged and there is affectedless than two (2) years of the Lease Term remaining on the date of such casualty or in the event any Mortgagee should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt or in the event of any material uninsured loss to the Building, Landlord may, at its option, terminate this Lease by notifying Tenant if in writing of such termination within ninety (i90) any Security Holder terminates any ground lease or requires that any insurance proceeds days after the date of such casualty. Such termination shall be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months effective as of the Term; date of fire or (v) casualty, with respect to any owner, other than Landlord, of any damaged portion of the Project Premises that was rendered untenantable, and the effective date of termination specified in Landlord's notice, with respect to any portion of the Premises that remained tenantable. If Landlord does not intend elect to repair such damage. Tenant may terminate this Lease, Landlord shall commence and proceed with reasonable diligence to restore the Building (provided that Landlord shall not be required to restore any unleased premises in the Building) and the Leasehold Improvements (but excluding any improvements, alterations or additions made by notifying Tenant in violation of this Lease) located within the Premises, if any, which Landlord within 30 days after receiving Landlord’s estimate has insured to substantially the same condition they were in immediately prior to the happening of the time required casualty. Notwithstanding the foregoing, Landlord's obligation to substantially restore the Building, and the Leasehold Improvements, if any shall not require Landlord to expend for such repair and restoration work more than the insurance proceeds actually received by the Landlord as a result of the casualty. When repairs to the Premises have been completed by Landlord, Tenant shall complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months restoration or replacement of the Term and has damaged a material portion all Tenant's Property necessary to permit Tenant's reoccupancy of the Premises, and (b) Tenant shall present Landlord with evidence satisfactory to Landlord of Tenant's ability to pay such estimate indicates that costs prior to Landlord's commencement of repair and restoration of the Premises. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in any way from such damage cannot reasonably be repaired within 60 days after Tenant’s receipt or the repair thereof, except that, subject to the provisions of such estimate. If this Lease is not terminated pursuant to this Section 11the next sentence, Landlord shall promptly allow Tenant a fair diminution of Rent on a per diem basis during the time and diligently perform to the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access extent any damage to the Premises causes the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required be rendered untenantable and not used by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to the PremisesTenant. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if If the Premises or any Common Area necessary for Tenant’s access to other portion of the Premises Building is damaged by a Casualtyfire or other casualty resulting from the negligence of Tenant or any Tenant Related Parties, then, the Rent hereunder shall not be diminished during any time thatperiod during which the Premises, as a result of such damage, or any portion thereof, is untenantable (except to the extent Landlord is entitled to be reimbursed by the proceeds of any rental interruption insurance), and Tenant shall be liable to Landlord for the cost of the repair and restoration of the Building caused thereby to the extent such cost and expense is not covered by insurance proceeds. Landlord and Tenant hereby waive the provisions of any law from time to time in effect during the Lease Term relating to the effect upon leases of partial or total destruction of leased property. Landlord and Tenant agree that their respective rights in the event of any damage to or destruction of the Premises is untenantable for the Permitted Use or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premisesthose specifically set forth herein.
Appears in 1 contract
Casualty Damage. With reasonable promptness Seller shall give notice (a “Casualty Notice”) to Buyer reasonably promptly after discovering the occurrence of any damage to the Premisesimprovements on the Property by any casualty, or to the Common Areas necessary for access to the Premises, resulting from any fire or other casualty (a “Casualty”), Landlord which Casualty Notice shall notify Tenant of Landlordinclude Seller’s reasonable estimate of the costs or repair and restoration and the time required to substantially complete such repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord mayand restoration, whether or not the Premises loss is affectedinsured, and, if such loss is uninsured, whether Seller is willing to provide Buyer with a credit against the Purchase Price in the amount of such uninsured loss. If, before the Closing Date, the improvements on the Property are damaged by any casualty and such casualty constitutes a Material Loss (hereinafter defined), Buyer shall have the right, by giving notice to Seller within ten (10) days after Buyer’s receipt of a copy of the Casualty Notice or, if applicable, the Buyer Casualty Termination Notice (hereinafter defined) (the “Buyer Casualty Exercise Period”), to terminate this Lease by notifying Tenant if Agreement, in which event this Agreement shall terminate. If necessary, the Closing Date shall be postponed until the date that is five (5) business days following the later of (i) any Security Holder terminates any ground lease the expiration of the time period provided to Tenant for delivery of its Tenant Casualty Termination Notice to Seller pursuant to Article 11 of the Lease, or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months expiration of the Term; or (v) any ownerBuyer Casualty Exercise Period. If, other than Landlordbefore the Closing Date, of any the Property is damaged portion of the Project by a casualty that does not intend to repair such damage. Tenant may terminate result in a termination of this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated Agreement pursuant to this Section 11the preceding sentences, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds then the insurance proceeds received (or, if not theretofore received, the right to receive such proceeds), if any, payable on account of the damage, exclusive of any proceeds of any business interruption or rent continuation insurance in respect of Seller’s period of ownership, shall be transferred to Buyer, and the amount of any applicable insurance deductible (not to exceed the repair cost as reasonably determined by Landlord from Tenant’s insurance carrierSeller) shall be a credit to Buyer against the Purchase Price. In the event of any uninsured loss on account of a casualty hereunder, Tenant shall pay Seller may elect to provide Buyer with a credit against the Purchase Price in the amount of such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunderloss; provided, however, that if the Premises or any Common Area necessary for TenantSeller does not so elect to provide said credit, then Buyer may terminate this Agreement by delivery of written notice to Seller within ten (10) days after Buyer’s access to the Premises is damaged by receipt of a Casualty, then, during any time that, as a result of such damage, any portion copy of the Premises is untenantable for the Permitted Use or inaccessible and is not occupied by TenantCasualty Notice, Monthly Rent in which event Buyer shall be abated in proportion to the rentable square footage of such portion receive a refund of the PremisesDeposit.
Appears in 1 contract
Samples: Purchase Agreement (Invesco Real Estate Income Trust Inc.)
Casualty Damage. With reasonable promptness after discovering A. If all or any damage to part of the Premises, or to the Common Areas necessary for access to the Premises, resulting from any Premises is damaged by fire or other casualty (casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a “Casualty”)material portion of the Premises is rendered untenantable as a result of a fire or other casualty, the Rent shall xxxxx for the portion of the Premises that is untenantable and not used by Tenant. Landlord shall notify Tenant of Landlord’s reasonable estimate of have the time required right to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to if: (1) the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to Building or the Project resulting from any Casualtyshall be damaged so that, Landlord mayin Landlord's reasonable judgment, substantial alteration or reconstruction of the Building or the Project, as the case may be, shall be required (whether or not the Premises has been damaged); (2) Landlord is affected, not permitted by Law to rebuild the Building or the Project in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the casualty; (4) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (5) a material uninsured loss to the Building or the Project occurs. Landlord may exercise its right to terminate this Lease by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild in writing within 90 days after the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months date of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project casualty. If Landlord does not intend to repair such damage. Tenant may terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and the Leasehold Improvements (excluding any Alterations that were performed by notifying Tenant in violation of this Lease). However, in no event shall Landlord within 30 days after receiving Landlord’s estimate of the time be required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds spend more than the insurance proceeds received by Landlord. Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord not be liable for any loss or damage to Tenant, constitute a constructive eviction, 's Property or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualtybusiness of Tenant resulting in any way from the fire or other casualty or from the repair and restoration of the damage. Landlord and Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, then, during any time that, as a result of such damage, any portion and agree that their respective rights for damage to or destruction of the Premises is untenantable for the Permitted Use or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated those specifically provided in proportion to the rentable square footage of such portion of the Premisesthis Lease.
Appears in 1 contract
Casualty Damage. With reasonable promptness after discovering if the Premises or any damage to the Premises, or to the Common Areas necessary for access to the Premises, resulting from any part thereof shall be damaged by fire or other casualty (a “Casualty”)casualty, Landlord Tenant shall notify Tenant of give prompt written notice thereof to Landlord’s reasonable estimate . In case the Building shall be so damaged that substantial alteration or reconstruction of the time Building shall be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises is affectedshall have been damaged by such casualty) or in the event any mortgagee of the Building should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt or in the event of any material uninsured loss to the Building, may, at its option, terminate this Lease by notifying Tenant if in writing of such termination within ninety (i90) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild days after the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months date of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend to repair such damage. Tenant may If Landlord does not thus elect to terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly commence and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises Building to substantially the same condition that existed when in which it was immediately prior to the Casualty occurredhappening of the casualty, except that Landlord’s obligation to restore shall not exceed the scope of the work required to be done by Landlord at Landlord’s expense in originally constructing the Building and installing the Tenant improvements, nor shall Landlord be required to spend for (a) any modifications required such work an amount in excess of the insurance proceeds actually received by Law or any Security Holder, and (b) any modifications to Landlord as a result of the Common Areas that are deemed desirable casualty. When the portions of the Premises originally furnished at Landlord’s expense have been restored by Landlord, are consistent with Tenant shall, at Tenant’s expense, complete the character restoration of the ProjectPremises, including the reconstruction of all improvements in excess of those Tenant Improvements originally installed at Landlord’s expense, and do the restoration of Tenant’s furniture and equipment. Landlord shall not materially impair access be liable for any inconvenience or annoyance to Tenant or injury to the Premisesbusiness of Tenant resulting in any way from such damage or the repair thereof, except that, subject to the provisions of the next sentence, Landlord shall allow Tenant a fair diminution of rent during the time and to the extent the Premises are unfit for occupancy. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if If the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any other portion of the Premises is untenantable Building or the Project be damaged by fire or other casualty resulting from the negligence of Tenant or any of Tenant’s agents, employees, or invitees, the rent hereunder shall not be diminished during the repair of such damage and Tenant shall be liable to Landlord for the Permitted Use cost of the repair and restoration of the Building or inaccessible the Project caused thereby to the extent such cost and expense is not occupied covered by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premisesinsurance proceeds.
Appears in 1 contract
Casualty Damage. With reasonable promptness after discovering If the Premises or any damage to the Premises, or to the Common Areas necessary for access to the Premises, resulting from any part thereof shall be damaged by fire or other casualty (a “Casualty”)casualty, Landlord Tenant shall notify Tenant of give prompt written notice thereof to Landlord’s reasonable estimate . In case the Building shall be so damaged that substantial alteration or reconstruction of the time Building shall, in Landlord ‘s sole opinion, be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises shall have been damaged by such casualty) or in the event there is affectedless than two (2) years of the Lease Term remaining or in the event Landlord’s mortgagee should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt or in the event of any material uninsured loss to the Building, Landlord may, at its option, terminate this Lease by notifying Tenant if in writing of such termination within ninety (i90) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) days after the date of such casualty. If Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend thus elect to repair such damage. Tenant may terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate of shall commence and proceed with reasonable diligence to restore the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the PremisesBuilding, and (b) such estimate indicates that the damage cannot reasonably be repaired improvements located within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises to substantially the same condition that existed when in which it was immediately prior to the Casualty occurredhappening of the casualty. Notwithstanding the foregoing, except for (a) any modifications required by Law or any Security HolderLandlord’s obligation to restore the Building, and (b) any modifications the improvements located within the Premises shall not require Landlord to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, expend for such repair and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds restoration work more than the insurance proceeds actually received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, as a result of the casualty. When the repairs described in the preceding two sentences have been completed by Landlord, Tenant shall complete the restoration of all furniture, fixtures and equipment which are necessary to permit Tenant’s reoccupancy of the Premises. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in any way from such damagedamage or the repair thereof, except that Rent shall be abated from the date of the damage or destruction until the Premises has been substantially restored for any portion of the Premises that is untenantable for the Permitted Use or inaccessible and is not occupied unusable by Tenant, Monthly Rent which abatement shall be abated in the equitable proportion that the Rentable Area of the Premises which is unusable by Tenant bears to the rentable square footage of such portion total Rentable Area of the Premises; provided that Tenant shall not be entitled to any abatement of Rent if the damage or destruction within the Premises is restored within five (5) Business Days after Landlord ‘s receipt of written notice from Tenant of the occurrence of the damage or destruction. Notwithstanding the foregoing, if such casualty was due to the fault or neglect of Tenant or Tenant’s employees, contractors or agents, such abatement or reduction shall be made only if and to the extent of any proceeds of rental interruption insurance actually received by Landlord and allocated to the Premises.
Appears in 1 contract
Casualty Damage. With reasonable promptness after discovering any damage to Tenant shall promptly notify Landlord or the Premises, or to the Common Areas necessary for access to the Premises, resulting from Building Manager of any fire or other casualty (a “Casualty”), Landlord shall notify Tenant of Landlord’s reasonable estimate of the time required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises is affected, terminate this Lease by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend to repair such damage. Tenant may terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates or, to the extent it knows of damage, to the Building. In the event the Premises or any substantial part of the Building is wholly or partially damaged or destroyed by fire or other casualty which is covered by the insurance that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease Landlord is not terminated pursuant required to this Section 11carry hereunder, Landlord shall promptly and diligently perform the Landlord Repairs, subject will proceed to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises same to substantially the same condition existing immediately prior to such damage or destruction unless Landlord notifies Tenant (the “Casualty Notice”) that existed when the Casualty occurred, except for (ai) any modifications required by Law such damage or any Security Holder, and destruction is incapable of repair or restoration within three hundred sixty-five (b365) any modifications to the Common Areas that are deemed desirable days from commencement thereof as reasonably determined by Landlord, are consistent with the character of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord ’s architect; or (or its designeeii) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received recovered by reason of the damage or destruction (together with the amount of any deductible) are, in Landlord’s commercially reasonable judgment, inadequate to complete the restoration of the Building; or (iii) Landlord from elects not to repair or restore the Building; in any of which events Landlord or Tenant may, by written notice given to the other party within twenty (20) days of Tenant’s insurance carrierreceipt of the Casualty Notice, declare this Lease terminated as of the happening of such damage or destruction. Any Casualty Notice must be delivered within forty-five (45) days after the date of such damage. To the extent after fire or other casualty that Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty be deprived of the use and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if occupancy of the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, portion thereof as a result of any such damage, any destruction or the repair thereof, providing Tenant did not intentionally cause the fire or other casualty, then Tenant shall be relieved of the same ratable portion of the Monthly Base Rent and all additional rent due under this Lease as the amount of damaged or useless space in the Premises is untenantable for the Permitted Use or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion bears to the rentable square footage of the Premises until such portion time as the Premises may be restored. Landlord shall reasonably determine the amount of damaged or useless space and the square footage of the PremisesPremises referenced in the prior sentence and whether or not its insurance covers the payment of Rent. Tenant may elect to terminate this Lease: (a) if the Casualty Notice states that it will take greater than three hundred sixty-five (365) days to complete the restoration or repair from the time that such restoration or repair commences, provided that Tenant gives such notice within thirty (30) days after delivery of the Casualty Notice; or (b) if the restoration or repair is not completed within three hundred sixty-five (365) days (or such longer period as is specified in the Casualty Notice, plus an additional contingency period equal to twenty percent (20%) of such scheduled period) of the casualty, plus an additional period of up to sixty (60) days on account of Force Majeure; provided however, that if such restoration or repair is completed within thirty (30) days following receipt of Tenant’s notice of termination, then such notice of termination shall be deemed null and void and of no further force or effect.
Appears in 1 contract
Casualty Damage. With reasonable promptness after discovering any damage Landlord, by notice to Tenant within sixty (60) days of the Premises, or to date of the Common Areas necessary for access to the Premises, resulting from any fire or other casualty (a “Casualty”), Landlord shall notify Tenant of Landlord’s reasonable estimate of have the time required right to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery if all or any part of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises is affected, terminate this Lease by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used damaged to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so extent that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend to repair such damage. Tenant may terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 one hundred twenty (120) days after Tenant’s receipt the date of such estimatethe Casualty. If this Lease is not terminated pursuant to this Section 11terminated, Landlord shall promptly and diligently perform the Landlord Repairsdiligently, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises Premises. Such restoration shall be to substantially the same condition that existed when prior to the Casualty occurredCasualty, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Law. Upon notice from Landlord, are consistent with the character of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designeeto any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Leasehold Improvements performed by or for the benefit of Tenant-Insured Improvements, and ; provided if the estimated or actual cost of restoring any Tenant-Insured to repair such Leasehold Improvements exceeds the amount of insurance proceeds received by Landlord from Tenant’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 of demand, Tenant shall also pay such Landlord for any additional excess to costs that are determined during the performance of the repairs. Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord not be liable for any inconvenience to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for injury to Tenant’s access to business resulting in any way from the Premises Casualty or the repair thereof. Provided that Tenant is damaged by a Casualty, thennot in Default, during any period of time that, as that all or a result of such damage, any material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall xxxxx for the Permitted Use or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premises that is untenantable and not used by Tenant. The provisions of this Lease, including this Section 17, 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, the Building or the Development and any Laws, including, without limitation, Sections 1932(2) and 1933(4) of the California Civil Code, with respect to any rights or obligations concerning damage or destruction in the absence of an express agreement between the parties, and any similar or successor Laws now or hereinafter in effect, shall have no application to this Lease or any damage or destruction to all or any part of the Premises, the Building or the Development.
Appears in 1 contract
Samples: Office Lease Agreement California (Fusion-Io, Inc.)
Casualty Damage. With reasonable promptness after discovering any damage Landlord, by notice to Tenant within sixty (60) days of the Premises, or to date of the Common Areas necessary for access to the Premises, resulting from any fire or other casualty (a “Casualty”), Landlord shall notify Tenant of Landlord’s reasonable estimate of have the time required right to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery if all or any part of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises is affected, terminate this Lease by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used damaged to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so extent that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend to repair such damage. Tenant may terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 one hundred twenty (120) days after Tenant’s receipt the date of such estimatethe Casualty. If this Lease is not terminated pursuant to this Section 11terminated, Landlord shall promptly and diligently perform the Landlord Repairsdiligently, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises Premises. Such restoration shall be to substantially the same condition that existed when prior to the Casualty occurredCasualty, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Laws. Upon notice from Landlord, are consistent with the character of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designeeto any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 Insurance with respect to any Leasehold Improvements performed by or for the benefit of Tenant-Insured Improvements, and ; provided if the estimated or actual cost of restoring any Tenant-Insured to repair such Leasehold Improvements exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, 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 demand, Tenant shall also pay such Landlord for any additional excess costs relating to Leasehold Improvements that are determined during the performance of the repairs. Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord not be liable for any inconvenience to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for injury to Tenant’s access to business resulting in any way from the Premises Casualty or the repair thereof. Provided that Tenant is damaged by a Casualty, thennot in Default, during any period of time that, as that all or a result of such damage, any material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall xxxxx for the Permitted Use or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premises that is untenantable and not used by Tenant. Notwithstanding the foregoing, and without limiting Tenant’s obligations, to pay to Landlord any cost of restoration of the Leasehold Improvements in excess of the proceeds of Tenant’s Insurance, in the event that Landlord does not receive sufficient insurance proceeds to complete all required restoration work, whether due to an uninsured Casualty, requirements of a Mortgagee, or otherwise, then Landlord shall have the right to terminate this Lease by written notice to Tenant. The provisions of this Lease, including this Section 17, 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, the Building, or the Development, and any Laws, including, without limitation, Sections 1932(2) and 1933(4) of the California Civil Code, with respect to any rights or obligations concerning damage or destruction in the absence of an express agreement between the parties, and any similar or successor Laws now or hereinafter in effect, shall have no application to this Lease or any damage or destruction to all or any part of the Premises, the Building or the Development.
Appears in 1 contract
Casualty Damage. With reasonable promptness after discovering If the Premises or any damage part thereof shall be damaged by fire or other casualty, Tenant shall give prompt written notice thereof to Landlord. In case the Premises, or to the Common Areas necessary for access to the Premises, resulting from any Building shall be so damaged by fire or other casualty (a “Casualty”), Landlord shall notify Tenant of Landlord’s reasonable estimate that substantial alteration or reconstruction of the time Building shall, in the judgment of an independent architect selected by Landlord, be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises shall have been damaged by such fire or other casualty), or if any mortgagee under a first mortgage or first deed of trust covering the Building should require that the insurance proceeds payable as a result of such fire or other casualty be used to retire the mortgage debt, or in the event of the occurrence of a casualty which is affectednot insured under the all risk extended coverage insurance required to be carried by Landlord pursuant to the terms of Section 20, Landlord may, at its option, so long as Landlord is similarly terminating all other leases in the Building that are similarly affected by the casualty, terminate this Lease by notifying Tenant if in writing of such termination within fifteen (i15) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to days after the date of Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months 's receipt of the Term; estimated cost of reconstruction or (v) any ownerdetermination by a mortgagee to take the proceeds, other than Landlord, of any damaged portion in which event the Rent hereunder shall be abated as of the Project does not intend to repair date of such damage. Tenant may If Landlord does not elect to terminate this Lease, by notifying Landlord within 30 as soon as practicable, but no more than ninety (90) days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt date of such estimate. If this Lease is not terminated pursuant to this Section 11damage, Landlord shall promptly commence to repair and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building and shall proceed with reasonable diligence to restore the Common Areas necessary for access to the Premises Building to substantially the same condition that existed when which it was in immediately prior to the Casualty occurredhappening of the fire or other casualty, except that Landlord shall not be required to rebuild, repair, or replace any part of Tenant's furniture, fixtures and equipment removable by Tenant under the provisions of this Lease or any Alterations to the Premises made by Tenant which were not approved by Landlord in writing, and Landlord shall not in any event be required to spend for such work an amount in excess of the insurance proceeds actually received by Landlord as a result of the fire or other casualty plus any deductible amounts thereunder. Additionally, Landlord shall not be required to rebuild, repair, or replace the Initial Improvements (aas defined in the Tenant Improvements Agreement) any modifications to the extent Tenant of Tenant's Contractor are responsible therefor in accordance with the Tenant Improvements Agreement. If Landlord determines that insurance proceeds will be insufficient to restore the Building as required by Law this Section 24, Landlord may, at its option, elect to either (1) terminate this Lease by written notice to Tenant, or (2) provide the extra funds necessary to complete the restoration. If Landlord did not originally construct any Security HolderAlterations to be repaired, the time for Landlord to commence and (b) any modifications complete such repairs shall be extended by the amount of time necessary for Landlord to obtain detailed working drawings of the Alterations to be repaired. If Landlord does not either commence the repairs to the Common Areas that are deemed desirable Building within the time required herein, or complete the repairs to the Building within one hundred eighty (180) days after the date of such damage, Tenant may terminate the Lease by Landlordwritten notice thereof to Landlord given no later than thirty (30) days following the date on which Landlord was to commence or complete such repairs, are consistent with as the character case may be. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in any way from such damage or the repair thereof, except that, subject to the provisions of the Projectnext sentence, Landlord shall allow Tenant an equitable abatement of Rent during the time and do to the extent the Premises or portions thereof are unfit for occupancy and Tenant is not materially impair conducting normal business operations from such portions of the Premises or access to the PremisesPremises has been materially impaired for more than seven (7) days. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if If the Premises or any Common Area necessary for Tenant’s access to other portion of the Premises Complex is damaged by a Casualtyfire or other casualty resulting from the intentional acts of Tenant or any employee, thenofficer, contractor, agent, subtenant, or licensee of Tenant, the Rent hereunder shall not be abated during any time that, as a result the repair of such damage, any portion of the Premises is untenantable and Tenant shall remain liable for the Permitted Use or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premisespayment thereof.
Appears in 1 contract
Casualty Damage. With reasonable promptness after discovering A. If all or any damage to part of the PremisesPremises is damaged by fire or other casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or to a material portion of the Common Areas necessary for access to the Premises, resulting from any Premises is rendered untenantable as a result of a fire or other casualty (a “Casualty”including due to the inaccessibility of the Premises), the Rent shall xxxxx for the portion of the Premises that is untenantable and not used by Tenant. Landlord shall notify Tenant of have the right to terminate this Lease if: (1) the Building, the Campus or the Project shall be damaged so that, in Landlord’s reasonable estimate judgment, substantial alteration or reconstruction of the time Building or the Campus shall be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises has been damaged), and such reconstruction or alteration would effectively eliminate the continued use of the Premises in the manner contemplated by this Lease; (2) Landlord is affectednot permitted by Law to rebuild the Building, the Campus or the Project in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the casualty; (4) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (5) a material uninsured loss to the Building, the Campus or the Project occurs. Notwithstanding the foregoing, Landlord will not be entitled to terminate this Lease solely because there is less than 2 years on the Term if Tenant has an exercisable right to renew or extend the Term and Tenant, within 15 days after receipt of Landlord’s written notice of termination, validly exercises such right. The foregoing shall not prohibit Landlord from exercising its right to terminate for any of the other reasons set forth herein. Landlord may exercise its right to terminate this Lease by notifying Tenant if in writing of such termination as soon as reasonably practicable (i) any Security Holder terminates any ground lease or requires that any taking into consideration delays such as adjustment of insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild claims), but in all circumstances within 90 days after the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months date of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project casualty. If Landlord does not intend to repair such damage. Tenant may terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and the Leasehold Improvements (excluding any Alterations that were performed by notifying Tenant in violation of this Lease). However, in no event shall Landlord within 30 days after receiving Landlord’s estimate of the time be required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds spend more than the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from together with any obligation hereunderapplicable deductible; provided, however, provided that if Landlord does not receive sufficient insurance proceeds to substantially complete the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion restoration of the Premises is untenantable for the Permitted Use or inaccessible and is Landlord elects not occupied by to fund any shortfall, Landlord shall so notify Tenant immediately and Tenant, Monthly Rent within 10 days after such notification, shall have the right to terminate this Lease by the giving of written notice to Landlord. Landlord shall not be liable for any loss or damage to Tenant’s Property or to the business of Tenant resulting in any way from the fire or other casualty or from the repair and restoration of the damage. Landlord and Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, and agree that their respective rights for damage to or destruction of the Premises shall be abated those specifically provided in proportion to the rentable square footage of such portion of the Premisesthis Lease.
Appears in 1 contract
Samples: Office Lease Agreement (Cardica Inc)
Casualty Damage. With reasonable promptness after discovering If the Premises or any damage common areas of the Property providing access thereto shall be damaged by fire or other casualty, Landlord shall use available insurance proceeds to restore the same. Such restoration shall be to substantially the condition prior to the Premisescasualty, except for modifications required by zoning and building codes and other Laws or by any Holder (as defined in Article 25), any other modifications to the Common Areas necessary for common areas deemed desirable by Landlord (provided access to the PremisesPremises is not materially impaired), and except that Landlord shall not be required to repair or replace any of Tenant's furniture, furnishings, fixtures, or equipment, or any alterations or improvements in excess of any work performed or paid for by Landlord under any separate agreement signed by the parties in connection herewith. Landlord shall not be liable for any inconvenience or annoyance to Tenant or its visitors, or injury to Tenant's business resulting in any way from any fire such damage or other casualty (a “Casualty”)the repair thereof. However, Landlord shall notify allow Tenant a proportionate abatement of Landlord’s reasonable estimate of Rent during the time required and to substantially complete repair of such damage the extent the Premises are unfit for occupancy for the purposes permitted under this Lease and not occupied by Tenant as a result thereof (unless Tenant or its employees or agents caused the “Landlord Repairs”damage). If, according to such estimate, Notwithstanding the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice foregoing to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualtycontrary, Landlord may, whether or not the Premises is affected, may elect to terminate this Lease by notifying Tenant in writing of such termination within sixty (60) days after the date of damage (such termination to include a termination date providing at least ninety (90) days for Tenant to vacate the Premises) if the Property shall be materially damaged by Tenant or its employees or agents, or if the Property shall be damaged by fire or other casualty or cause such that: (ia) repairs to the Premises and access thereto cannot reasonably be completed within 120 days after the casualty without the payment of overtime or other premiums, (b) more than 25% of the Premises is affected by the damage, and fewer than 24 months remain in the Term, or any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the material damage occurs to the Premises during the last 12 months of the Term; or term, (vc) any owner, other than Landlord, of any damaged portion of the Project does not intend to repair such damage. Tenant may terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if Holder (aas defined in Article 25) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates shall require that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrieror any portion thereof be used to retire the Mortgage debt (or shall terminate the ground lease, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive evictionthe case may be), or excuse the damage is not fully covered by Landlord's insurance policies, or (d) the cost of the repairs, alterations, restoration, or improvement work would exceed 25% of the replacement value of the Building, or the nature of such work would make termination of this Lease necessary or convenient. Tenant from any agrees that Landlord's obligation hereunder; providedto restore, howeverand the abatement of Rent provided herein, that if shall be Tenant's sole recourse in the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, as a result event of such damage, and waives any portion other rights Tenant may have under applicable Law to terminate the Lease by reason of damage to the Premises is untenantable for or Property. Tenant acknowledges that this Article represents the Permitted Use or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion entire agreement between the parties respecting damage to the rentable square footage of such portion of the PremisesPremises or Property.
Appears in 1 contract
Casualty Damage. With reasonable promptness after discovering If the Leased Premises or any damage to the Premises, or to the Common Areas necessary for access to the Premises, resulting from any part thereof shall be damaged by fire or other casualty casualty, Tenant shall give prompt written notice thereof to Landlord. In case the Building shall be so damaged that substantial alteration or reconstruction of the Building shall, in Landlord's sole discretion, be required (a “Casualty”), Landlord whether or not the Leased Premises shall notify Tenant have been damaged by such casualty) or in the event any mortgagee of Landlord’s reasonable estimate 's should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the time required to substantially complete repair mortgage debt or in the event of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice any material uninsured loss to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any CasualtyBuilding, Landlord may, whether or not the Premises is affectedat its option, terminate this Lease by notifying Tenant if in writing of such termination within ninety (i90) any Security Holder terminates any ground lease or requires days after the date of such casualty. In the event, and only in the event, that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild estimates restoration of the Building or Common Areas so that it or they shell will be substantially different structurally or architecturally; require in excess of ninety (iv90) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does days and Landlord has not intend elected to repair such damage. Tenant may terminate this Lease, Tenant may, at its option, terminate this Lease by notifying Landlord in writing of such termination within 30 fifteen (15) days after receiving of receipt of Landlord’s 's notice as to Landlord's estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimaterestoration period. If Landlord does not thus elect to terminate this Lease is not terminated pursuant to this Section 11Lease, Landlord shall promptly commence and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary Building shell; except that Landlord's obligation to restore shall not require Landlord to spend for access to the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character such work an amount in excess of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds actually received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, as a result of the casualty. When the repairs described in the preceding sentence have been completed by Landlord, Tenant shall restore all improvement necessary to permit Tenant's re-occupancy of the Leased Premises, and the restoration of Tenant furniture and equipment. All cost and expense of reconstructing the Leased Premises shall be borne by Tenant. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in any way from such damagedamage or the repair thereof, except that, subject to the provisions of the next sentence, 20 Landlord shall allow Tenant a fair diminution of rent during the time and to the extent the Leased Premises are unfit for occupancy and are unoccupied. If the Leased Premises or any other portion of the Premises is untenantable Building be damaged by fire or other casualty resulting from the fault or negligence of Tenant or any Tenant's agents, employees, or invitees, the rent hereunder shall not be diminished during the repair and restoration of the Building and Tenant shall be liable to Landlord for rent and for the Permitted Use or inaccessible cost of repair and restoration of the Building caused thereby to the extent such cost and expense is not occupied covered by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premisesinsurance proceeds actually received by Landlord.
Appears in 1 contract
Samples: Lease Agreement (Verio Inc)
Casualty Damage. With reasonable promptness Seller shall give notice (a "Casualty Notice") to Buyer reasonably promptly after discovering the occurrence of any damage to the Premisesimprovements on the Property by any casualty, or to the Common Areas necessary for access to the Premises, resulting from any fire or other casualty (a “Casualty”), Landlord which notice shall notify Tenant of Landlord’s include Seller's reasonable estimate of the time required to substantially complete repair of such damage (the “Landlord Repairs”)restoration costs. If, according to such estimatebefore the Closing Date, the Landlord Repairs cannot be substantially completed within 210 days after they Improvements are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises is affected, terminate this Lease damaged by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend to repair such damage. Tenant may terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required insured casualty and the cost to restore such Improvements, as reasonably determined by Law Seller, is more than twenty-five percent (25%) of the Purchase Price (the "Insured Casualty Threshold"), or any Security Holder, and (b) any modifications casualty not covered by insurance and the cost to restore such Improvements, as reasonably determined by Seller, is more than $500,000 (the Common Areas that are deemed desirable "Uninsured Casualty Threshold"), Buyer shall have the right, by Landlord, are consistent with the character giving notice to Seller within thirty (30) days after receipt of the ProjectCasualty Notice, to terminate this Agreement, in which event this Agreement shall terminate and do not materially impair access the Deposit shall be returned to Buyer. If necessary, the PremisesClosing Date shall be postponed until Seller has given any notice to Buyer required by this Section 6.2 and the period for any corresponding election by Buyer described in this Section 6.2 has expired. Notwithstanding Section 10.4If, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvementsbefore the Closing Date, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for Tenant’s access to the Premises Property is damaged by a Casualtycasualty that does not result in a termination of this Agreement pursuant to the preceding sentence, thenthen (i) with respect to an insured casualty, during any time thatthe insurance proceeds (or, as a result if not theretofore received, the right to receive such proceeds), if any, payable on account of such the damage, exclusive of any portion proceeds of any business interruption or rent continuation insurance in respect of Seller's period of ownership, shall be transferred to Buyer, and the amount of any applicable insurance deductible to the extent of the Premises is untenantable for the Permitted Use or inaccessible and is not occupied repair cost as reasonably determined by Tenant, Monthly Rent Seller shall be abated in proportion a credit to Buyer against the rentable square footage of Purchase Price or (ii) with respect to an uninsured casualty, the repair costs for such portion of casualty as reasonably determined by Seller shall be a credit to Buyer against the PremisesPurchase Price (not to exceed the Uninsured Casualty Threshold).
Appears in 1 contract
Samples: Purchase Agreement
Casualty Damage. With reasonable promptness after discovering If the Premises or any damage part thereof shall be damaged by fire or other casualty, Lessee shall give prompt written notice thereof to Lessor. In case the Premises, or to the Common Areas necessary for access to the Premises, resulting from any Building shall be so damaged by fire or other casualty (a “Casualty”), Landlord shall notify Tenant of Landlord’s reasonable estimate that substantial alteration or reconstruction of the time Building shall, in Lessor's reasonable opinion, be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises is affectedshall have been damaged by such fire or other casualty), Lessor may, at its option, terminate this Lease by notifying Tenant if Lessee in writing of such termination within sixty (i60) any Security Holder terminates any ground lease or requires that any insurance proceeds days after the date of such damage, in which event the Rent shall be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months abated as of the Term; or (v) any owner, other than Landlord, date of any damaged portion of the Project does not intend to repair such damage. Tenant may If Lessor does not elect to terminate this Lease, by notifying Landlord Lessor shall within 30 ninety (90) days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt date of such estimate. If this Lease is not terminated pursuant damage commence to this Section 11, Landlord shall promptly repair and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building and shall proceed with reasonable diligence to restore the Common Areas necessary Building (except that Lessor shall not be responsible for access to the Premises delays outside its control) to substantially the same condition that existed when in which it was immediately prior to the Casualty occurredhappening of the casualty, except for (a) that Lessor shall not be required to rebuild, repair, or replace any modifications required part of Lessee's furniture, furnishings or fixtures and equipment removable by Law Lessee or any Security Holder, and (b) improvements installed by Lessee under the provisions of this Lease. Lessor shall not in any modifications event be required to the Common Areas that are deemed desirable by Landlord, are consistent with the character spend for such work an amount in excess of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds actually received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed Lessor as required hereunder shall render Landlord liable to Tenant, constitute a constructive evictionresult of the fire, or excuse Tenant other casualty. Lessor shall not be liable for any inconvenience or annoyance to Lessee, injury to the business of Lessee, loss of use of any part of the Premises or the Lessee's personal property resulting in any way from any obligation hereunder; providedsuch damage or the repair thereof, howeverexcept that, that if subject to the provisions of the next sentence, Lessor shall allow Lessee a fair diminution of Rent during the time and to the extent the Premises are unfit for occupancy. If the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any other portion of the Premises is untenantable Building be damaged by fire or other casualty resulting from the fault or negligence of Lessee or any of Lessee's agents, employees or invitees, the Rent shall not be diminished during the repair of such damage and Lessee shall be liable to Lessor for the Permitted Use or inaccessible cost and expense of the repair and restoration of the Building caused thereby to the extent such cost and expense of the repair and restoration of the Building caused thereby is not occupied covered by Tenantinsurance proceeds. Except as otherwise provided in this Xxxxxxxxx 00, Monthly Rent shall be abated in proportion to Xxxxxx hereby waives the rentable square footage provisions of such portion Sections 1932(2), 1933(4), 1941 and 1942 of the PremisesCalifornia Civil Code.
Appears in 1 contract
Samples: Lease Agreement (Learningstar Inc)
Casualty Damage. With reasonable promptness after discovering If the Premises or any damage to the Premises, or to the Common Areas necessary for access to the Premises, resulting from any part thereof shall be damaged by fire or other casualty (a “Casualty”)casualty, Landlord Tenant shall notify Tenant of give prompt written notice thereof to Landlord’s reasonable estimate . In case the Building shall be so damaged that substantial alteration or reconstruction of the time Building shall, in Landlord's sole opinion, be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises shall have been damaged by such casualty) or in the event the Premises have been damaged and there is affectedless than one (1) year of the Lease Term remaining on the date of such casualty or in the event any Mortgagee should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt or in the event of any material uninsured loss to the Building, Landlord may, at its option, terminate this Lease by notifying Tenant if in writing of such termination as soon as reasonably possible (itaking into consideration all delays such as adjustment of insurance claims and obtaining approval from Landlord mortgagee(s)), but in all circumstances within ninety (90) any Security Holder terminates any ground lease or requires that any insurance proceeds days after the date of such casualty. Such termination shall be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months effective as of the Term; date of fire or (v) casualty, with respect to any owner, other than Landlord, of any damaged portion of the Project Premises that was rendered untenantable, and the date specified in Landlord's notice, with respect to any portion of the Premises that remained tenantable. If Landlord does not intend elect to repair such damage. Tenant may terminate this Lease, Landlord shall commence and proceed with reasonable diligence to restore the Building (provided that Landlord shall not be required to restore any unleased premises in the Building) and the Leasehold improvements (but excluding any improvements, alterations or additions made by notifying Tenant in violation of this Lease) located within the Premises, if any, which Landlord within 30 days after receiving Landlord’s estimate has insured to substantially the same condition they were in immediately prior to the happening of the casualty. Notwithstanding the foregoing, Landlord's obligation to restore the Building, and the Leasehold Improvements, if any, shall not require Landlord to expend for such repair and restoration work more than the insurance proceeds actually received by the Landlord as a result of the casualty; provided that if Landlord does not have sufficient proceeds to substantially complete the restoration of the Leasehold improvements in the Premises and Landlord elects not to fund any shortfall, Landlord shall so notify Tenant and Tenant, within ten (10) days thereafter, shall have the right to terminate this Lease by the giving of written notice to Landlord. When repairs to the Premises have been completed by Landlord, Tenant shall complete the restoration or replacement of all Tenant's Property necessary to permit Tenant's reoccupancy of the Premises, and Tenant shall present Landlord with evidence satisfactory to Landlord of Tenant's ability to pay such costs prior to Landlord's commencement of repair and restoration of the Premises. Notwithstanding anything in this Article XIX to the contrary, if all or any portion of the Premises shall be made untenantable by a fire or other casualty, Landlord shall with reasonable promptness, cause an architect or general contractor selected by Landlord to estimate the amount of time required to substantially complete repair and restoration of the Premises and make the Premises tenantable again, using standard working methods (the "Completion Estimate"). If the Completion Estimate indicates that the Premises cannot be made tenantable within nine (9) months from the date the repair and restoration is started, either party shall have the right to terminate this Lease by giving written notice to the other of such election within ten (10) days after its receipt of the Completion Estimate. If the Completion Estimate indicates that the Premises can be made tenantable within nine (9) months from the date the repair and restoration is started and Landlord Repairshas not otherwise exercised its right to terminate the Lease pursuant to the terms hereof, or if the Completion Estimate indicates that the Premises cannot be made tenantable within nine (9) months but neither party terminates this Lease pursuant to this Article XIX, Landlord shall proceed with reasonable promptness to repair and restore the Premises. Notwithstanding the foregoing, if Landlord does not substantially complete the repair and restoration the Premises within two (a2) months after the Casualty has occurred during the last 12 months expiration of the Term and has damaged a material portion estimated period of time set forth in the PremisesCompletion Estimate, which period shall be extended to the extent of any Reconstruction Delays, then Tenant may terminate this Lease by written notice to Landlord within fifteen (15) days after the expiration of such period, as the same may be extended. For purposes of this Lease, the term "Reconstruction Delays" shall mean: (i) any delays caused by the insurance adjustment process, (ii) any delays caused by Tenant, and (biii) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable any delays for insurance adjustment and other caused by events of Force Majeure. The Landlord Repairs shall restore not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in any way from such damage or the repair thereof, except that, subject to the provisions of the next sentence, Landlord shall allow Tenant a fair diminution of Rent on a pet diem basis during the time and to the extent the Premises and the Common Areas necessary for access to the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to the Premisesuntenantable. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if If the Premises or any Common Area necessary for Tenant’s access to other portion of the Premises Building is damaged by a Casualtyfire or other casualty resulting from the fault or gross negligence of Tenant or any of Tenant's agents, thenemployees, or contractors, the Rent hereunder shall not be diminished during any time thatperiod during which the Premises, as a result of such damage, or any portion thereof, is untenantable, and Tenant shall be liable to Landlord for the cost of the repair and restoration of the Building caused thereby to the extent such cost and expense is not covered by insurance proceeds. Landlord and Tenant hereby waive the provisions of any law from time to time in effect during the Lease Term relating to the effect upon leases of partial or total destruction of leased property. Landlord and Tenant agree that their respective rights in the event of any damage to or destruction of the Premises is untenantable for the Permitted Use or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premisesthose specifically set forth herein.
Appears in 1 contract
Casualty Damage. With reasonable promptness after discovering any damage (A) Anything in Article 9 to the Premises, contrary notwithstanding: (1) If an independent licensed architect or engineer estimates that Landlord's portion of any restoration necessitated by damage or destruction to the Common Areas necessary for access to the Premises, resulting from any demised premises by fire or other casualty (a “collectively "Casualty”), Landlord shall notify Tenant of Landlord’s reasonable estimate of the time required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs ") cannot be substantially completed within 210 days six (6) months after they are commencedthe occurrence of the Casualty, either party Landlord shall so notify Tenant and Tenant, at its option, may terminate this Lease upon 60 days’ lease by notice sent to the other party delivered Landlord within 10 thirty (30) days after receipt of Landlord’s delivery 's notice (time being of such estimate. Within 90 days the essence); and (2) if Landlord's portion of any restoration necessitated by Casualty has not been substantially completed within six (6) months after discovering any damage to the Project resulting from any occurrence of the applicable Casualty, Landlord maythen Tenant, whether or not the Premises is affectedat its option, terminate this Lease by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend to repair such damage. Tenant may terminate this Lease, lease by notifying notice sent to Landlord within 30 thirty (30) days after receiving Landlord’s estimate the expiration of such six (6) month period, time being of the time required essence), but in any event prior to substantially complete the Landlord Repairssubstantial completion of Landlord's restoration obligation. On or before such effective date, if (a) the Casualty has occurred during the last 12 months Tenant shall vacate and surrender possession of the Term demised premises in the condition required by this lease (except to the extent affected by the casualty). Fixed Rent and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably other amounts payable under this lease shall be repaired within 60 days after Tenant’s receipt prorated as of such estimateeffective date and the parties shall have no further rights or obligations hereunder. If Tenant does not elect to terminate this Lease is not terminated pursuant to this Section 11lease under clause (1) above, Landlord shall promptly expeditiously commence and diligently perform prosecute restoration of the Landlord Repairspremises as provided in Article 9. Notwithstanding the foregoing, subject the six (6) month period referred to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs in clause (2) above shall restore the Premises and the Common Areas necessary for access be extended by up to an additional three (3) months to the Premises extent such restoration is delayed due to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law adjustment of insurance claims or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character circumstances of the Projectnature set forth in Article 27 or otherwise beyond Landlord's reasonable control. EXHIBIT A THE CITY OF NEW YORK ALT 1OO7O3856 DEPARTMENT OF BUILDINGS CERTIFICATE OF OCCUPANCY BOROUGH MANHATTAN DATE MAY 12 1994 NO. 105085 This certificate supersedes C.O. NO 61 103 ZONING DISTRICT C6--6 THIS CERTIFIES that the -xxxx-a1tered-xxxx- building--premises located at 000 XXXXX XXXXXX--000 XXXX 00XX XXXXXX Xxxxx 0000 Xxx 00 CONFORMS SUBSTANTIALLY TO THE APPROVED PLANS AND SPECIFICATIONS AND TO THE REQUIREMENTS OF ALL APPLICABLE LAWS, RULES, AND REGULATIONS FOR THE USES AND OCCUPANCIES SPECIFIED HEREIN. PERMISSIBLE USE AND OCCUPANCY ------------------------------------------------------------------------------------------------------------------------- MAXIMUM ZONING BUILD4NO BUILDING LIVE LOAD NO. OF DWELLING CODE CODE LBS. PER PERSONS OR ROOMING HABITABLE ZONING OCCUPANCY STORY SO. FT PERMITTED UNITS ROOMS USE GROUP GROUP DESCRIPTION OF USE ------------------------------------------------------------------------------------------------------------------------- CELLAR OG 40 STORAGE, EQUIPMENT AND LOCKER ROOM 1ST FLOOR 100 130 LOBBY AND STORES USE GROUP 2ND TO 11TH FLOORS 50 EA 70 EA OFFICES ON EACH FLOOR 12TH & 13TH FLOORS 50 EA 60 EA OFFICES ON EACH FLOOR 14TH TO 16TH FLOORS 50 EA 50 EA OFFICES ON EACH FLOOR 17TH & 18TH FLOORS 50 40 OFFICES ON EACH FLOOR TANK & COOLING TOWERS 75 NOTE: THIS APPLICATION IS FILED FOR AMENDED C OF O FOR CORRECTION OF MEETS AND BOUNDS. STANDARD PIPE SYSTEM APPROVED BY FIRE DEPARTMENT JANUARY 28, 1964 ZONING LOT CERTIFICATION FILED 29. DECEMBER 1993 XXXX 2041 PAGES 0825 TO 0832. THIS CERTIFICATE OF OCCUPANCY MUST BE POSTED WITHIN THE BUILDING IN ACCORDANCE WITH THE RULES OF THE DEPARTMENT PROMULGATED MARCH 31ST, 1967. OPEN SPACE USE ------------------------------------------------------------------------------ (SPECIFY-PARKING SPACES, LOADING BERTHS, OTHER USES, NONE OFFICE COPY - DEPARTMENT OF BUILDINGS BOROUGH SUPERINTENDENT COMMISSIONER NO CHANGES OF USE OR OCCUPANCY SHALL BE MADE UNLESS A NEW AMENDED CERTIFICATE OF OCCUPANCY IS OBTAINED THAT THE ZONING LOT ON WHICH THE PREMISES IS LOCATED IS BOUNDED AS FOLLOWS: BEGINNING at a point on the, WEST side of THIRD AVENUE distance 0 WEST feet from the corner formed by the intersection of EAST 53RD STREET and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunderTHIRD AVENUE running thence WEST 95' 0" feet; provided, however, that if the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is untenantable for the Permitted Use or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premises.thence NORTH 100' 0" feet thence EAST 20' 0" feet; thence SOUTH 0' 5" feet
Appears in 1 contract
Samples: Emtec Inc/Nj
Casualty Damage. With reasonable promptness after discovering If the Premises or any damage to the Premises, or to the Common Areas necessary for access to the Premises, resulting from any part thereof shall be damaged by fire or other casualty (a “Casualty”)casualty, Landlord Tenant shall notify Tenant of give prompt written notice thereof to Landlord’s reasonable estimate . If the Building shall be so damaged that substantial alteration or reconstruction of the time Building shall, in Landlord's sole opinion be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises is affectedshall have been damaged by such casualty) or in the event any mortgagees of Landlord's should require that the insurance proceeds payable as a result of a casualty be.applied to the payment of the mortgage debt, or in the event of any material uninsured loss to the Building, Landlord may, at its option, terminate this Lease by notifying Tenant if in writing of such termination within Ninety (i90) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild days after the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months date of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend to repair such damage. Tenant may If Landlord doesnot thus elect to terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate shall commence and proceed with reasonable diligence to restore the Building to substantially, the same condition in which it was immediately prior to the happening of the time casualty, except that Landlord's obligation to restore shall not exceed the scope of the work required to substantially complete be done by Landlord in originally constructing the Landlord Repairs, if Building and installing Shell Improvements (aas described in the Work Letter but not including replacement of acoustical ceiling tiles) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of in the Premises, nor shall Landlord be required to spend for such work an amount in excess of the insurance proceeds actually received by Landlord as a result of the casualty. When the Shell Improvements have been restored by Landlord, Tenant shall complete the restoration of the Premises to Building Standard and the restoration of Tenant's furniture and equipment. Landlord shall, subject to the last sentence of this Paragraph, provide Tenant with an allowance (bthe "Reconstruction Allowance") to pay for reconstruction of the Premises to Building Standard, such estimate indicates that Reconstruction Allowance to be in a dollar amount equal to the damage cannot reasonably be repaired within 60 days after Tenant’s receipt actual original cost to Landlord of such estimate. If this Lease is not terminated providing the Allowance Items provided by Landlord pursuant to this Section 11the Work Letter. Except for reconstruction of the Shell improvements by Landlord and the Reconstruction Allowance, all cost and expense of reconstructing the Premises to Building Standard shall be borne by Tenant. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in any way from such damage or the repair thereof, except that, subject to the provisions of the next sentence, Landlord shall promptly allow Tenant a fair diminution of rent during the time and diligently perform to the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore extent the Premises and the Common Areas necessary are unfit for access to the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to the Premisesoccupancy. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if If the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any other portion of the Premises is untenantable Building be damaged by fire or other casualty resulting from the fault or negligence of Tenant or any of Tenant's agents, employees, or invitees the rent hereunder shall not be diminished during the repair of such damage and Tenant shall be liable to Landlord for the Permitted Use or inaccessible entire cost of the repair and restoration of the Building caused thereby to the extent such cost and expense is not occupied covered by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the PremisesLandlord's insurance proceeds.
Appears in 1 contract
Samples: Office Lease Agreement (Zix Corp)
Casualty Damage. With reasonable promptness after discovering If the Premises or any damage part thereof shall be damaged by fire or other casualty, Tenant shall give prompt written notice thereof to Landlord. In case the Premises, Building or to the Common Areas necessary for access to the Premises, resulting from any Premises shall be damaged by fire or other casualty (a) such that more than thirty percent (30%) reconstruction of the Building or the Premises is required, as determined by Landlord, or (b) regardless of the extent of damage, such damage is either uninsured or the insurance proceeds are unavailable or insufficient for Landlord to restore the Building or the Premises, Landlord may elect to either terminate this Lease or restore the Building or the Premises. In all other cases, Landlord shall promptly commence reconstruction repair subject to this Section 26. If Landlord elects to terminate the Lease, the estate created hereby shall terminate forty-five (45) days following the date of damage, and Base Rent due hereunder shall be abated as of the date of such damage. If Landlord elects to repair and restore the Building or the Premises, then Landlord shall proceed with reasonable diligence to restore the Building or the Premises (except Landlord shall not be responsible for delays outside of its control) to substantially the same condition existing immediately prior to the casualty. If Landlord is required to make any repairs or restorations pursuant to this Section 26, Landlord shall not be required to spend for such repairs or restoration an amount in excess of the insurance proceeds actually received by Landlord as a “Casualty”)result of the casualty. If Landlord elects to repair or restore the Building or the Premises, then Tenant, within thirty (30) days after the date the damage occurred, may request in writing from Landlord an estimate of the time required to repair or restore the Building or the Premises. Landlord shall notify Tenant of Landlord’s 's reasonable estimate of the time required for restoration or repair. If a casualty damages more than forty percent (40%) of the manufacturing area within the Premises and, as a result thereof, Tenant is not able to substantially complete repair conduct its manufacturing operations in any portion of such damage (the “Premises, then Tenant shall have the right to terminate this Lease if Landlord Repairs”). If, according to such estimate, estimates that the Landlord Repairs Premises cannot be substantially completed restored within 210 one hundred and twenty (120) days after they from the date the damage occurred. Tenant shall exercise (if at all) the aforesaid right to terminate within five (5) business days from receipt of Landlord's estimate, which termination shall be effective as of the date the damage occurred. Landlord shall not be liable for any inconvenience or annoyance to Tenant, injury to the business of Tenant, loss of use of any part of the Premises by Tenant or loss of Tenant's personal property resulting in any way from such damage or the restoration thereof, except that, during any restoration, Landlord shall allow Tenant a fair diminution of Base Rent during the time and to the extent the Premises are commencedunfit for occupancy. It is the intent of the parties hereto that the original Tenant Improvements will be covered by the casualty insurance carried by Landlord on the Building and that, either party may in the event of a casualty where Landlord elects or its otherwise required to restore or repair, Landlord will restore or repair such improvements to the extent of insurance proceeds which are actually available to Landlord for such purpose; provided, however, in no event shall Landlord be required to rebuild, repair or replace any part of any Alterations or other improvements constructed by, or of behalf of, Tenant or any of Tenant's furniture, furnishings or fixtures and equipment except to the extent that Landlord actually receives insurance proceeds with respect to the damage of such property (Tenant acknowledges that Landlord is under no obligation to maintain insurance covering such property and that neither Landlord nor any of its representatives have made any representations or warranties to Tenant that Landlord intends to maintain any insurance covering such property). Tenant hereby waives the provisions of Sections 1932(2.), 1933(4.), 1941 and 1942 of the California Civil Code. Landlord or Tenant shall have the right to terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises is affected, terminate this Lease by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend to repair such damage. Tenant may terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred damage to the Premises occurs during the last 12 months year of the Term and has damaged a material portion term of the Premisesthis Lease, and (b) such estimate indicates it is estimated by Landlord that the damage cannot reasonably be repaired within 60 necessary repairs will take more than ninety (90) days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform from the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character date of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is untenantable for the Permitted Use or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premises.
Appears in 1 contract
Samples: Lease Agreement (Avanex Corp)
Casualty Damage. With reasonable promptness after discovering any damage to If the Premises, or any part thereof, shall be damaged by fire or other casualty, Tenant shall give prompt written notice thereof to Landlord. In case the Common Areas necessary for access to the Premises, resulting from any Premises shall be so damaged by fire or other casualty (a “Casualty”), Landlord shall notify Tenant of Landlord’s reasonable estimate that substantial alteration or reconstruction of the time Premises shall, in Landlord's sole opinion, be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises is affectedshall have been damaged by such fire or other casualty), Landlord may, at its option, terminate this Lease and the term and estate hereby granted, by notifying Tenant if in writing of such termination within sixty (i60) any Security Holder terminates any ground lease or requires that any insurance proceeds days after the date of damage, in which event the rent shall be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months abated as of the Term; or (v) any owner, other than Landlord, date of any damaged portion of the Project damage. If Landlord does not intend elect to repair such damage. Tenant may terminate this Lease, by notifying Landlord shall within 30 ninety (90) days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt date of such estimate. If this Lease is not terminated pursuant damage commence to this Section 11, Landlord shall promptly repair and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access shall proceed to restore the Premises (except that Landlord shall not be responsible for delays beyond its control) to substantially the same condition that existed when in which it was immediately prior to the Casualty occurredhappening of the casualty, except for (a) that Landlord shall not be required to rebuild, repair, or replace any modifications required part of Tenant's furniture, furnishings, fixtures or equipment removable by Law or any Security HolderTenant, and (b) such work shall not in any modifications to event exceed the Common Areas that are deemed desirable by Landlord, are consistent with the character scope of the Project, and do not materially impair access work done by Landlord in originally constructing the Premises nor shall Landlord in any event be required to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost spend for such work an amount in excess of restoring any Tenant-Insured Improvements exceeds the insurance proceeds actually received by Landlord from Tenant’s insurance carrieras a result of the fire or other casualty. For the period of restoration, rent shall xxxxx as of the date of damage, unless Tenant is able to continue its occupancy of the Premises during restoration whereupon rent shall pay such excess be adjusted and prorated in the proportion which the area of unusable lease space bears to the total Premises. In any event, Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord not be liable for any inconvenience or annoyance to Tenant, constitute a constructive evictioninjury to the business of the Tenant, loss of use of any part of the Premises by the Tenant or excuse Tenant loss of Tenant's personal property resulting in any way from any obligation hereunder; provided, however, that if such damage or the repair thereof. If the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any other portion of the Premises is untenantable Building are damaged by fire or other casualty resulting from the omission, fault or negligence of Tenant or any of Tenant's agents, employees, or invitees, rent due hereunder shall not be abated or diminished during the repair of such damage and Tenant shall be liable to Landlord without prejudice to subrogation rights of Landlord's insurer for the Permitted Use or inaccessible cost and expense of the repair and restoration of the Premises and Building caused thereby to the extent such costs and expense is not occupied covered by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premisesinsurance proceeds.
Appears in 1 contract
Samples: Inspire Pharmaceuticals Inc
Casualty Damage. With reasonable promptness after discovering If the Premises or any damage to the Premises, or to the Common Areas necessary for access to the Premises, resulting from any part thereof shall be damaged by fire or other casualty (a “Casualty”)casualty, Landlord Tenant shall notify Tenant of give prompt written notice thereof to Landlord’s reasonable estimate . If the Building shall be so damaged that substantial alteration or reconstruction of the time Building shall, in Landlord's sole opinion be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises is affectedshall have been damaged by such casualty) or in the event any mortgagees of Landlord's should require that the insurance proceeds payable as a result of a casualty be.applied to the payment of the mortgage debt, or in the event of any material uninsured loss to the Building, Landlord may, at its option, terminate this Lease by notifying Tenant if in writing of such termination within Ninety (i90) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild days after the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months date of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend to repair such damage. Tenant may If Landlord doesnot thus elect to terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate shall commence and proceed with reasonable diligence to restore the Building to substantially, the same condition in which it was immediately prior to the happening of the time casualty, except that Landlord's obligation to restore shall not exceed the scope of the work required to substantially complete be done by Landlord in originally constructing the Landlord Repairs, if Building and installing Shell Improvements (aas described in the Work Letter but not including replacement of acoustical ceiling tiles) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of in the Premises, nor shall Landlord be required to spend for such work an amount in excess of the insurance proceeds actually received by Landlord as a result of the casualty. When the Shell Improvements have been restored by Landlord, Tenant shall complete the restoration of the Premises to Building Standard and the restoration of Tenant's furniture and equipment. Landlord shall, subject to the last sentence of this Paragraph, provide Tenant with an allowance (bthe "Reconstruction Allowance") to pay for reconstruction of the Premises to Building Standard, such estimate indicates that Reconstruction Allowance to be in a dollar amount equal to the damage cannot reasonably be repaired within 60 days after Tenant’s receipt actual original cost to Landlord of such estimate. If this Lease is not terminated providing the Allowance Items provided by Landlord pursuant to this Section 11the Work Letter. Except for reconstruction of the Shell improvements by Landlord and the Reconstruction Allowance, all cost and expense of reconstructing the Premises to Building Standard shall be borne by Tenant. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in any way from such damage or the repair thereof, except that, subject to the provisions of the next sentence, Landlord shall promptly allow Tenant a fair diminution of rent during the time and diligently perform to the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore extent the Premises and the Common Areas necessary are unfit for access to the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to the Premisesoccupancy. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if If the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any other portion of the Premises is untenantable Building be damaged by fire or other casualty resulting from the fault or negligence of Tenant or any of Tenant's agents, employees, or invitees the rent hereunder shall not be diminished during the repair of such damage and Tenant shall be liable to Landlord for the Permitted Use or inaccessible entire cost of the repair and restoration of the Building caused thereby to the extent such cost and expense is not occupied covered by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the PremisesLandlord's insurance proceeds. 17 <PAGE> 25.
Appears in 1 contract
Samples: Office Lease Agreement
Casualty Damage. With reasonable promptness after discovering If the Premises or any damage common areas of the Property providing access thereto shall be damaged by fire or other casualty, and if such casualty does not cause a termination of this Lease as hereinafter provided, Landlord shall use available insurance proceeds to restore the same. Such restoration shall be to substantially the condition prior to the Premisescasualty, except for modifications required by zoning and building codes and other Laws or by any Holder (as defined in Article 25), any other modifications to the Common Areas necessary for common areas deemed desirable by Landlord (provided access to the PremisesPremises is not materially impaired), and except that Landlord shall not be required to repair or replace any of Tenant’s furniture, furnishings, fixtures or equipment, or any alterations or improvements made by Tenant or any improvements made to the Premises that are above the base building condition. Landlord shall not be liable for any inconvenience or annoyance to Tenant or its visitors, or injury to Tenant’s business resulting in any way from any fire such damage or other casualty (a “Casualty”)the repair thereof. However, Landlord shall notify allow Tenant a proportionate abatement of Rent during the time and to the extent the Premises are unfit for occupancy for the purposes permitted under this Lease and not occupied by Tenant as a result thereof including a reasonable period not to exceed one hundred twenty (120) days to permit Tenant to restore Tenant’s improvements and alterations which are not Landlord’s reasonable estimate of responsibility hereunder. Notwithstanding the time required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice foregoing to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualtycontrary, Landlord may, whether or not the Premises is affected, may elect to terminate this Lease by notifying Tenant in writing of such termination within sixty (60) days after the date of damage (such termination notice to include a termination date providing at least ninety (90) days for Tenant to vacate the Premises) if the Property shall be damaged by fire or other casualty or cause such that: (ia) repairs to the Premises and access thereto cannot reasonably be completed within one hundred twenty (120) days after the casualty without the payment of overtime or other premiums, (b) more than twenty-five percent (25%) of the Premises is affected by the damage, and fewer than 24 months remain in the Term, or any material damage occurs to the Premises during the last 12 months of the Term, (c) any Security Holder terminates any ground lease or requires (as defined in Article 25) shall require that any the insurance proceeds or any portion thereof be used to pay any mortgage debt; retire the Mortgage debt (ii) any or shall terminate the ground lease, as the case may be), or the damage to Landlord’s property is not fully covered by Landlord’s insurance policies; , or (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (ivd) the damage occurs during the last 12 months cost of the Term; repairs, alterations, restoration or improvement work would exceed forty percent (v40%) any owner, other than Landlord, of any damaged portion of the Project does not intend replacement value of the Building. Tenant agrees that Landlord’s obligation to repair restore, and the abatement of Rent provided herein shall be Tenant’s sole recourse in the event of such damagedamage and Tenant waives any other rights Tenant may have under any applicable law to terminate the Lease by reason of damage to the Premises or Property. Tenant acknowledges that this Article represents the entire agreement between the parties respecting damage to the Premises or Property. Notwithstanding anything to the contrary contained in this Article 10, Tenant may terminate this Lease, by notifying Lease if Tenant is unable to use all or a substantial portion of the Premises as a result of fire or other casualty and (a) Landlord fails to commence restoration work to the Premises within 30 sixty (60) days after receiving the damage occurs, or (b) Landlord fails to substantially complete such work within one hundred fifty (150) days after commencing the same, or such additional time as may be necessary due to strikes, lock-outs or other labor troubles, shortages of equipment or materials, governmental requirements, power shortages or outages or other causes beyond Landlord’s reasonable control (collectively, “force majeure”), which time period for events of force majeure shall in no event exceed, in the aggregate, more than two hundred and ten (210) days, or (c) such work is reasonably estimated (which estimate Landlord shall provide within sixty (60) days following the casualty), to take more than one hundred eighty (180) days to substantially complete after being commenced, or (d) more than forty percent (40%) of the Premises is affected by the damage, and fewer than twelve (12) months remain in the Term. In order to exercise any of the foregoing termination rights, Tenant must send Landlord at least sixty (60) days (but not more than one hundred twenty (120) days) advance notice specifying the basis for termination, and such notice must be given no later than thirty (30) days following the Landlord’s notice of the estimated time required to substantially complete the restoration work. Such termination rights shall not be available to Tenant if Landlord Repairs, if substantially completes the repairs to the Premises within sixty (a60) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is untenantable for the Permitted Use or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premisesnotice.
Appears in 1 contract
Casualty Damage. With reasonable promptness after discovering any damage Landlord, by notice to Tenant within 60 days of the Premises, or to date of the Common Areas necessary for access to the Premises, resulting from any fire or other casualty (a “"Casualty”"), Landlord shall notify Tenant of Landlord’s reasonable estimate of have the time required right to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery if all or any part of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises is affected, terminate this Lease by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used damaged to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so extent that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend to repair such damage. Tenant may terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 120 days after Tenant’s receipt the date of such estimatethe Casualty. If this Lease is not terminated pursuant to this Section 11terminated, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises Premises. Such restoration shall be to substantially the same condition that existed when prior to the Casualty occurredCasualty, except for (a) any modifications required by Law or any Security HolderLaw. However, and (b) any modifications in no event shall Landlord be required to spend more than the Common Areas that are deemed desirable insurance proceeds received by Landlord, are consistent with the character of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4Upon notice from Landlord, Tenant shall assign or endorse over to Landlord (or its designeeto any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 's Insurance with respect to any Leasehold Improvements performed by or for the benefit of Tenant-Insured Improvements, and ; provided if the estimated or actual cost of restoring any Tenant-Insured to repair such Leasehold Improvements exceeds the amount of insurance proceeds received by Landlord from Tenant’s 's insurance carrier, the excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord's commencement of repairs. Within 15 days of demand, Tenant shall also pay such Landlord for any additional excess to costs that are determined during the performance of the repairs. Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord not be liable for any inconvenience to Tenant, constitute a constructive evictionor injury to Tenant's business, resulting in any way from the Casualty or excuse the repair thereof. Provided that Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, thennot in Default, during any period of time that, as that all or a result of such damage, any material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall abate for the Permitted Use or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Pxxxxxes that is untenantable and not used by Tenant. The provisions of this Lease, including this Section 15, 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, the Building, the Property or the Project, and any Laws, including, without limitation, Sections 1932(2) and 1933(4) of the California Civil Code, with respect to any rights or obligations concerning damage or destruction in the absence of an express agreement between the parties, and any similar or successor Laws now or hereinafter in effect, shall have no application to this Lease or any damage or destruction to all or any part of the Premises, the Building or the Property.
Appears in 1 contract
Samples: Office Lease Agreement (Ipex, Inc)
Casualty Damage. With reasonable promptness after discovering If the Premises or any damage part thereof shall be damaged by fire or other casualty, Tenant shall give prompt written notice thereof to Landlord. In case the Premises, or to the Common Areas necessary for access to the Premises, resulting from any Premises shall be so damaged by fire or other casualty (a “Casualty”)that the cost of restoration, Landlord shall notify Tenant of as reasonably determined by Landlord’s reasonable estimate , will equal or exceed 50 % of the time required to substantially complete repair replacement value of such damage the building (the “Landlord Repairs”exclusive of foundations). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises is affectedat its option, terminate this Lease by notifying Tenant if in writing of such termination within ninety (i90) any Security Holder terminates any ground lease or requires that any insurance proceeds days after the date of such damage, in which event the Rent shall be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months abated as of the Term; or (v) any owner, other than Landlord, date of any damaged portion of the Project does not intend to repair such damage. Tenant may If Landlord does not elect to terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairsand provided insurance proceeds and any contributions from Tenant, if (a) necessary, are available to fully repair the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11damage, Landlord shall promptly within one hundred twenty (120) days after the date of such damage commence to repair and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access shall proceed with reasonable diligence to restore the Premises (except that Landlord shall not be responsible for delays outside its control) to substantially the same condition that existed when in which it was immediately prior to the Casualty occurredhappening of the casualty; provided, except for (a) Landlord shall not be required to rebuild, repair, or replace any modifications required part of Tenant's furniture, furnishings, fixtures and/or equipment removable by Law Tenant or any Security Holderimprovements, alterations or additions installed by or for the benefit of Tenant under the provisions of this Lease; and (b) any modifications provided further that if in the reasonable opinion of Landlord's architect, the damage to the Common Areas that are deemed desirable by Landlord, are consistent with Premises (not including any Tenant Improvements) cannot be substantially repaired within 270 days after the character occurrence of the Projectdamage, and do not materially impair access to the Premises. Notwithstanding Section 10.4, then Tenant shall assign may terminate this Lease upon written notice to Landlord within thirty (or its designee30) all insurance proceeds payable days after such determination has been made. Landlord shall not in any event be required to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost spend for such work an amount in excess of restoring any Tenant-Insured Improvements exceeds the insurance proceeds (excluding any deductible) and any contributions from Tenant, if necessary, actually received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, as a result of such damagethe fire or other casualty. Landlord shall not be liable for any inconvenience or annoyance to Tenant, injury to the business of Tenant, loss of use of any portion part of the Premises is untenantable by the Tenant or loss of Tenant's personal property resulting in any way from such damage or the repair thereof, except that, subject to the provisions of the next sentence, Landlord shall allow Tenant a fair diminution of Rent during the time and to the extent the Premises are unfit for occupancy. Notwithstanding anything to the Permitted Use contrary contained herein, if the Premises be damaged by fire or inaccessible and is not occupied by other casualty resulting from the intentional or negligent acts or omissions of Tenant or any of Tenant's Representatives, Monthly (i) the Rent shall not be abated in proportion diminished during the repair of such damage (except to the rentable square footage of such portion of the Premises.extent Landlord receives payments from business interruption insurance to be obtained at Tenant's cost and expense), (ii) Tenant shall not have
Appears in 1 contract
Samples: Lease Agreement (New Ico Global Communications Holdings LTD)
Casualty Damage. With reasonable promptness after discovering A. If all or any damage to part of the Premises, or to the Common Areas necessary for access to the Premises, resulting from any Premises is damaged by fire or other casualty (casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a “Casualty”)material portion of the Premises is rendered untenantable as a result of a fire or other casualty, the Rent and Additional Rent shall xxxxx for the portion of the Premises that is untenantable and not used by Tenant. Landlord shall notify Tenant of Landlord’s reasonable estimate of have the time required right to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to if: (1) the other party delivered within 10 days after Building shall be damaged so that, in Landlord’s delivery 's reasonable judgment, substantial alteration or reconstruction of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, Building shall be required (whether or not the Premises has been damaged) and such alteration or reconstruction shall require in excess of 270 days to complete; (2) Landlord is affectednot permitted by Law to rebuild the Building in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the casualty; (4) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (5) a material uninsured loss to the Building occurs, and such loss was not required to be insured against by Landlord pursuant to the provisions of this Lease. Landlord may exercise its right to terminate this Lease by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild in writing within 90 days after the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months date of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project casualty. If Landlord does not intend to repair such damage. Tenant may terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and the Leasehold Improvements (excluding any Alterations that were performed by notifying Tenant in violation of this Lease). However, in no event shall Landlord within 30 days after receiving Landlord’s estimate of the time be required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, and do not spend materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds more than the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant (plus any deductible payment). Landlord shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord not be liable for any loss or damage to Tenant, constitute a constructive eviction, 's Property or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualtybusiness of Tenant resulting in any way from the fire or other casualty or from the repair and restoration of the damage. Landlord and Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, then, during any time that, as a result of such damage, any portion and agree that their respective rights for damage to or destruction of the Premises is untenantable for the Permitted Use or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated those specifically provided in proportion to the rentable square footage of such portion of the Premisesthis Lease.
Appears in 1 contract
Samples: Office Lease Agreement (Expedia Inc)
Casualty Damage. With reasonable promptness after discovering any damage to the Premises, 16.01 If all or to the Common Areas necessary for access to the Premises, resulting from any fire or other casualty (a “Casualty”), Landlord shall notify Tenant of Landlord’s reasonable estimate of the time required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises is affected, terminate this Lease by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend to repair such damage. Tenant may terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises becomes damaged by fire or other casualty to the Premises (collectively a "CASUALTY") and Tenant's use of the Premises is untenantable for materially affected thereby, Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the Permitted Use amount of time required using standard working methods to Substantially Complete the repair and restoration of the Premises and any Common Areas necessary to provide access to the Premises ("COMPLETION ESTIMATE"). If the Completion Estimate indicates that repairs necessary to restore the Premises to the condition set forth in Section 16.02 below or inaccessible and that repairs to any Common Areas necessary to provide access to the Premises cannot be accomplished within 180 days from the date the repair is not occupied by started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, Monthly Rent however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 1 year of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be abated in proportion applied to the rentable square footage of such portion payment of the Premisesmortgage debt; or (3) a material uninsured loss to the Building occurs (unless such uninsured loss is due to Landlord's failure to maintain the insurance required by Section 14. Notwithstanding the foregoing, Landlord will not be entitled to terminate this Lease solely because there is less than 1 year on the Term if Tenant has an exercisable right to renew or extend the Term and Tenant, within 10 days after receipt of Landlord's notice of termination, validly exercises such right. The foregoing shall not prohibit Landlord from exercising its right to terminate for any of the other reasons set forth herein.
Appears in 1 contract
Samples: Office Lease Agreement (Avistar Communications Corp)
Casualty Damage. With reasonable promptness after discovering If the Premises or any damage to the Premises, or to the Common Areas necessary for access to the Premises, resulting from any part thereof shall be damaged by fire or other casualty (a “Casualty”)casualty, Landlord Tenant shall notify Tenant give prompt written notice thereof to Landlord. In case the Building shall be so damaged that substantial alteration or reconstruction of the Building shall, in Landlord’s reasonable estimate of the time opinion, be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises shall have been damaged by such casualty) or in the event there is affectedless than two (2) years of the Lease Term remaining or in the event Landlord’s mortgagee should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt or in the event of any material uninsured loss to the Building, either party may, at its option, terminate this Lease by notifying Tenant if the other in writing of such termination within ninety (i90) any Security Holder days after the date of such casualty. If neither party terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend to repair such damage. Tenant may terminate this Lease, by notifying Landlord shall commence and proceed with reasonable diligence to restore the Building, and the improvements located within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated if any, for which Landlord had financial responsibility pursuant to this Section 11, the Work Letter Agreement attached hereto as Exhibit D (except that Landlord shall promptly and diligently perform not be responsible for delays not within the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events control of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises Landlord) to substantially the same condition that existed when in which it was immediately prior to the Casualty occurredhappening of the casualty. Notwithstanding the foregoing, except for (a) any modifications required by Law or any Security HolderLandlord’s obligation to restore the Building, and (b) any modifications the improvements located within the Premises, if any, for which Landlord had financial responsibility pursuant to the Common Areas Work Letter Agreement, shall not require Landlord to expend for such repair and restoration work more than the insurance proceeds actually received by the Landlord as a result of the casualty and Landlord’s obligation to restore shall be further limited so that are deemed desirable Landlord shall not be required to expend for the repair and restoration of the improvements located within the Premises, if any, for which Landlord had financial responsibility pursuant to the Work Letter Agreement, more than the dollar amount of the Allowance, if any, described in the Work Letter Agreement. When the repairs described in the preceding two sentences have been completed by Landlord, Tenant shall complete the restoration of all improvements, including furniture, fixtures and equipment, which are consistent with the character necessary to permit Tenant’s reoccupancy of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4the foregoing, Tenant shall assign to Landlord Lessee may, at its sole option, terminate this Lease on thirty (or its designee30) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that days’ written notice if the Premises or any Common Area necessary for have not been restored to substantially the same condition at the time of the loss within one hundred eighty (180) days following the date of the loss. Except as set forth above, all cost and expense of reconstructing the Premises shall be borne by Tenant, and Tenant shall present Landlord with evidence satisfactory to Landlord of Tenant’s access ability to pay such costs prior to Landlord’s commencement of repair and restoration of the Premises. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the Premises is damaged by a Casualtybusiness of Tenant resulting in any way from such damage or the repair thereof, then, during any time except that, subject to the provisions of the next sentence, Landlord shall allow Tenant an abatement or fair diminution of Rent during the time and to the extent the Premises are unfit for occupancy. This Lease sets forth the terms and conditions upon which this Lease may terminate in the event of any damage or destruction. Accordingly, the parties hereby waive the provisions of California Civil Code Section 1932, Subsection 2, and Section 1933, Subsection 4 (and any successor statutes thereof permitting the parties to terminate this Lease as a result of such damage, any portion of the Premises is untenantable for the Permitted Use damage or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premisesdestruction).
Appears in 1 contract
Samples: Office Lease Agreement (KBS Growth & Income REIT, Inc.)
Casualty Damage. With reasonable promptness after discovering any damage to If the PremisesPremises are totally destroyed by storm, or to the Common Areas necessary for access to the Premisesfire, resulting from any fire lightning, earthquake or other casualty (a “Casualty”)) this Lease shall terminate as of the date of such destruction and rental shall be accounted for as between Landlord and Tenant as of that date. If the Premises are damaged but not wholly destroyed by any such casualties, rental shall xxxxx in such proportion as use of the Premises has been destroyed and Landlord shall notify Tenant of Landlord’s reasonable estimate of the time required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises is affected, terminate this Lease by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend to repair such damage. Tenant may terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises to substantially the same condition as before damage as speedily as is practicable, whereupon full rental shall recommence. If this Lease is not terminated, Landlord shall promptly and diligently, restore the Premises. Such restoration shall be to substantially the same condition that existed when prior to the Casualty occurredCasualty, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Law. Upon notice from Landlord, are consistent with the character of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designeeto any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 's Insurance with respect to any Leasehold Improvements performed by or for the benefit of Tenant-Insured Improvements, and ; provided if the estimated or actual cost of restoring any Tenant-Insured to repair such Leasehold Improvements exceeds the amount of insurance proceeds received by Landlord from Tenant’s 's insurance carrier, the excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord's commencement of repairs. Within 15 days of demand, Tenant shall also pay such Landlord for any additional excess to costs that are determined during the performance of the repairs. Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord not be liable for any inconvenience to Tenant, constitute a constructive eviction, or excuse injury to Tenant's business resulting in any way from the Casualty or the repair thereof. Provided that Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, thennot in Default, during any period of time that, as that all or a result of such damage, any material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall xxxxx for the Permitted Use or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the PremisesPremises that is untenable and unable to be used by Tenant.
Appears in 1 contract
Casualty Damage. With reasonable promptness If the buildings or other improvements located on the Premises (the “Improvements”) are totally or partially damaged or destroyed, whether due to casualty, Partial Taking (as defined in Article XV below), or otherwise, then promptly after discovering any such damage or destruction, Tenant shall, to the Premisesextent permitted by Laws, repair, rebuild, or restore the damaged Improvements (the “Restoration”) so as to make the Premises at least equal in value to the Common Areas necessary for access Premises existing immediately prior to the Premisessuch damage or destruction. All such repair, resulting rebuilding, or restoration shall be at Tenant’s expense; provided, however, Tenant shall be entitled to receive and use all net proceeds from any fire or other casualty insurance policies or from any award from a Partial Taking (a “Casualty”after deduction of any reasonable costs incurred in connection with the collection thereof, including reasonable attorneys’ fees) for purposes of performing the Restoration. Tenant shall deliver the plans and specifications to Landlord for Landlord’s approval (not to be unreasonably withheld, conditioned, or delayed), as well as a schedule setting forth the estimated monthly draws for such work. If Landlord shall notify Tenant of Landlord’s reasonable estimate of the time required to substantially complete repair of such damage (the “Landlord Repairs”). If, according does not object to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered plans and specifications within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises is affected, terminate this Lease by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend to repair such damage. Tenant may terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days Business Days after Tenant’s receipt delivery thereof, Landlord will be deemed to have approved such plans and specifications. Following Landlord’s approval (or deemed approval) of such estimateplans and specifications, Tenant will begin such Restoration and will prosecute the same to completion with diligence, in accordance with the terms and conditions of Article IX of this Lease. If this Lease is not terminated pursuant Landlord and its architects and engineers shall have the right, at Tenant’s expense, to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore inspect the Premises and the Common Areas necessary for access from time to the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) time during any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunderRestoration; provided, however, that if Landlord shall not have any liability for any defects in the Premises design or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion construction of the Premises is untenantable for Restoration, or the Permitted Use compliance of any plans and specifications with Laws. In no event shall any damage or inaccessible and is not occupied by Tenantdestruction allow Tenant to axxxx the payment of Base Rent or Additional Rent or terminate this Lease, Monthly Rent shall be abated except as expressly provided in proportion to the rentable square footage of such portion of the Premisesthis Article XIV.
Appears in 1 contract
Casualty Damage. With reasonable promptness after discovering If the Premises or any damage common areas of the Property providing access thereto shall be damaged by fire or other casualty, Landlord shall use available insurance proceeds to restore the same. Such restoration shall be to substantially the condition prior to the Premisescasualty, except for modifications required by zoning and building codes and other Laws or by any Holder (as defined in Article 25), any other modifications to the Common Areas necessary for common areas deemed desirable by Landlord (provided access to the PremisesPremises is not materially impaired), and except that Landlord shall not be required to repair or replace any of Tenant's furniture, furnishings, fixtures or equipment, or any alterations or improvements in excess of any work performed or paid for by Landlord under any separate agreement signed by the parties in connection herewith. Landlord shall not be liable for any inconvenience or annoyance to Tenant or its visitors, or injury to Tenant's business resulting in any way from any fire such damage or other casualty (a “Casualty”)the repair thereof. However, Landlord shall notify allow Tenant a proportionate abatement of Landlord’s reasonable estimate of Rent during the time required and to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, extent the Landlord Repairs cannot be substantially completed within 210 days after they Premises are commenced, either party may terminate unfit for occupancy for the purposes permitted under this Lease upon 60 days’ notice and not occupied by Tenant as a result thereof. Notwithstanding the foregoing to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualtycontrary, Landlord may, whether or not the Premises is affected, may elect to terminate this Lease by notifying Tenant in writing of such termination within sixty (60) days after the date of damage (such termination notice to include a termination date providing at least ninety (90) days for Tenant to vacate the Premises), if the Property shall be materially damaged by Tenant or its employees or agents, or if the Property shall be damaged by fire or other casualty or cause such that: (ia) repairs to the Premises and access thereto cannot reasonably be completed within 120 days after the casualty without the payment of overtime or other premiums, (b) more than 25% of the Premises is affected by the damage, and fewer than 24 months remain in the Term, or any material damage occurs to the Premises during the last, 12 months of the Term, (c) any Security Holder terminates any ground lease or requires (as defined in Article 25) shall require that any the insurance proceeds or any portions thereof be used to pay any mortgage debt; retire the Mortgage debt (ii) any or shall terminate the ground lease, as the case may be), or the damage to Landlord’s property is not fully covered by Landlord’s 's insurance policies; , or (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (ivd) the damage occurs during the last 12 months cost of the Term; repairs, alterations, restoration or (v) any owner, other than Landlord, of any damaged portion improvement work would exceed 25% of the Project does not intend to repair replacement value of the Building, or the nature of such damagework would make termination of this Lease necessary or convenient. Tenant may elect to terminate this Lease, Lease by notifying Landlord within 30 days after receiving Landlord’s estimate in writing of such termination if the time required Property shall be damaged by fire or other casualty or cause such that repairs to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term Premises and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage canaccess thereto can not reasonably be repaired completed within 60 120 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant the casualty or if in fact repairs to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and access thereto are not in fact completed within 120 days after the Common Areas necessary for access to casualty, provided Tenant makes such election within ten (10) days of notice from the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character Landlord of the Project, and do estimated date of completion of such repairs (which notice Landlord shall give not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord later than sixty (or its designee60) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, the date of such casualty) or excuse Tenant from any obligation hereunder; provided, however, that within ten (10) days after the end of such 120-day period if the Premises or any Common Area necessary such access have not then been restored, but Tenant's election to terminate shall not be effective in the event Landlord completes such repairs so that the Premises are usable for Tenant’s 's purposes and reasonable access thereto is provided within thirty (30) days of Tenant's election to terminate. Tenant agrees that Landlord's obligation to restore, and the Premises is damaged by a Casualtyabatement of Rent provided herein, then, during any time that, as a result shall be Tenant's sole recourse in the event of such damage, and waives any portion other rights Tenant may have under any applicable Law to terminate the Lease by reason of damage to the Premises is untenantable for or Property. Tenant acknowledges that this Article represents the Permitted Use or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion entire agreement between the parties respecting damage to the rentable square footage of such portion of the PremisesPremises or Property.
Appears in 1 contract
Samples: Agreement (Corechange Inc)
Casualty Damage. With reasonable promptness after discovering 16.01 If all or any damage to portion of the Premises, Premises is damaged or to the Common Areas necessary for access to the Premises, resulting from any becomes untenantable or inaccessible by fire or other casualty to the Premises or the Common Areas (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord shall notify Tenant of Landlord’s reasonable to provide Landlord with a written estimate of the amount of time required required, using standard working methods, to substantially complete the repair and restoration of such damage the Premises and any Common Areas necessary to provide access to the Premises (the “Landlord RepairsCompletion Estimate”). If, according Landlord shall promptly forward a copy of the Completion Estimate to such estimate, Tenant. If the Landlord Repairs Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be substantially completed made tenantable within 210 two hundred ten (210) days after they are commencedfrom the date of the Casualty, then either party may shall have the right to terminate this Lease upon 60 days’ written notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises is affected, terminate this Lease by notifying Tenant if ten (i10) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend to repair such damage. Tenant may terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimatethe Completion Estimate. If Tenant, however, shall not have the right to terminate this Lease is not terminated pursuant if the Casualty was caused by the intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within sixty (60) days after the date of the Casualty, shall have the right to terminate this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore Lease if: (1) the Premises have been materially damaged and there is less than one (1) year of the Common Areas necessary for access to Term remaining on the Premises to substantially date of the same condition that existed when the Casualty occurred, except for Casualty; (a2) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas Mortgagee requires that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for Tenant’s access be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building or Premises is damaged by a Casualtyoccurs. Notwithstanding the foregoing, then, during any time that, as a result of such damage, any portion if Tenant was entitled to but elected not to exercise its right to terminate the Lease and Landlord does not substantially complete the repair and restoration of the Premises within two (2) months after the later to occur of (x) the date that is untenantable for two hundred ten (210) days after the Permitted Use date of the Casualty, or inaccessible and is not occupied by Tenant(y) the expiration of the estimated period of time set forth in the Completion Estimate, Monthly Rent which period shall be abated in proportion extended to the rentable square footage extent of such portion of the Premises.any Reconstruction Delays, then Tenant may, as its sole and
Appears in 1 contract
Samples: Office Lease Agreement (Stealth BioTherapeutics Corp)
Casualty Damage. With reasonable promptness after discovering any damage to Tenant shall promptly notify Landlord or the Premises, or to the Common Areas necessary for access to the Premises, resulting from Project Manager of any fire or other casualty (a “Casualty”)to the Premises or to the extent it knows of damage, Landlord shall notify Tenant of Landlord’s reasonable estimate to the balance of the time required to substantially complete repair of such damage (Building. In the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not event the Premises or any substantial part of the Building is affected, terminate this Lease wholly or partially damaged or destroyed by notifying Tenant if (i) any Security Holder terminates any ground lease fire or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property other casualty which is not fully covered by Landlord’s insurance policies; and for which such insurance proceeds are made available to Landlord by its Lender, Landlord will proceed to restore the same to substantially the same condition existing immediately prior to such damage or destruction unless such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days from the date of the fire or other casualty, as reasonably determined by Landlord, in which event Landlord may, at Landlord’s option and by written notice given to Tenant within sixty (60) days of such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction. If in Landlord’s reasonable opinion the net insurance proceeds recovered by Landlord and made available by Landlord’s Lender by reason of the damage or destruction will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease and all unaccrued obligations of the parties hereto by sending a notice of such termination to Tenant, which notice shall be delivered, if at all, promptly after Landlord has determined the amount of insurance proceeds that will be available to Landlord. To the extent that, after the fire or other casualty, Tenant shall be deprived of the use and occupancy of the Premises or any portion thereof as a result of any such damage, destruction or the repair thereof, provided Tenant did not cause the fire or other casualty, Tenant shall be relieved of the same ratable portion of the Monthly Rent hereunder as the amount of damaged or useless space in the Premises bears to the rentable square footage of the Premises until such time as the Premises may be restored. Landlord shall reasonably determine the amount of damaged or useless space and the square footage of the Premises referenced in the prior sentence. In the event that (i) the Premises or any of the Common Areas necessary for Tenant to use and occupy the Premises are damaged or destroyed by fire or other casualty, (ii) Landlord reasonably determines that such damage or destruction is incapable of repair or restoration within three hundred (300) days from the date of the fire or other casualty (or ninety (90) days if the fire or other casualty occurs during the final one hundred eighty (180) days of the Term), and (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend exercise its right to repair such damage. Tenant may terminate this LeaseLease pursuant to the foregoing provisions, then Tenant shall have the right to terminate this Lease as respects the applicable Building(s) by notifying written notice to Landlord within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if fifteen (a15) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character ’s written notice setting forth Landlord’s estimate of the Projectrepair and restoration period. Each of Landlord and Tenant hereby waives California Civil Code Sections 1932(2) and 1933(4), and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost providing for termination of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion hiring upon destruction of the Premises is untenantable thing hired and Sections 1941 and 1942, providing for the Permitted Use or inaccessible repairs to and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premisespremises.
Appears in 1 contract
Samples: Office Lease (Conceptus Inc)
Casualty Damage. With reasonable promptness after discovering If the Premises or any damage part thereof shall be damaged by fire or other casualty, Tenant shall give prompt written notice thereof to Landlord. In case the Premises, or to the Common Areas necessary for access to the Premises, resulting from any Building shall be so damaged by fire or other casualty (a “Casualty”), Landlord shall notify Tenant of Landlord’s reasonable estimate that substantial alteration or reconstruction of the time Building shall, in Landlord's sole opinion, be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises is affectedshall have been damaged by such fire or other casualty), Landlord may, at its option, terminate this Lease by notifying Tenant if in writing of such termination within ninety (i90) any Security Holder terminates any ground lease or requires that any insurance proceeds days after the date of such damage, in which event the Rent shall be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months abated as of the Term; or (v) any owner, other than Landlord, date of any damaged portion of the Project does not intend to repair such damage. Tenant may If Landlord does not elect to terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairsand provided insurance proceeds and any contributions from Tenant, if (a) necessary, are available to fully repair the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11damage, Landlord shall promptly within seventy-five (75) days after the date of such damage commence to repair and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building and shall proceed with reasonable diligence to restore the Common Areas necessary Building (except that Landlord shall not be responsible for access to the Premises delays outside its control) to substantially the same condition that existed when in which it was immediately prior to the Casualty occurredhappening of the casualty; provided, except for (a) Landlord shall not be required to rebuild, repair, or replace any modifications required part of Tenant's furniture, furnishings, fixtures and/or equipment removable by Law Tenant or any Security Holderimprovements, and (b) any modifications to alterations or additions installed by or for the Common Areas that are deemed desirable by Landlord, are consistent with the character benefit of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance the provisions of this Lease. Landlord shall not in any event be required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost spend for such work an amount in excess of restoring any Tenant-Insured Improvements exceeds the insurance proceeds (excluding any deductible) and any contributions from Tenant, if necessary, actually received by Landlord from Tenant’s insurance carrier, Tenant as a result of the fire or other casualty. Landlord shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord not be liable for any inconvenience or annoyance to Tenant, constitute injury to the business of Tenant, loss of use of any part of the Premises by the Tenant or loss of Tenant's personal property resulting in any way from such damage or the repair thereof, except that, subject to the provisions of the next sentence, Landlord shall allow Tenant a constructive evictionfair diminution of Rent during the time and to the extent the Premises are unfit for occupancy. Notwithstanding anything to the contrary contained herein, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for Tenant’s access to other portion of the Premises is Building be damaged by a Casualtyfire or other casualty resulting from the intentional or negligent acts or omissions of Tenant or any of Tenant's Representatives, then, (i) the Rent shall not be diminished during any time that, as a result the repair of such damage, (ii) Tenant shall not have any right to terminate this Lease due to the occurrence of such casualty or damage, and (iii) Tenant shall be liable to Landlord for the cost and expense of the repair and restoration of all or any portion of the Premises is untenantable for Building caused thereby (including, without limitation, any deductible) to the Permitted Use or inaccessible extent such cost and expense is not occupied covered by Tenantinsurance proceeds. In the event the holder of any indebtedness secured by the Premises requires that the insurance proceeds be applied to such indebtedness, Monthly Rent then Landlord shall be abated have the right to terminate this Lease by delivering written notice of termination to Tenant within thirty (30) days after the date of notice to Tenant of any such event, whereupon all rights and obligations shall cease and terminate hereunder except for those obligations expressly intended to survive any such termination of this Lease. Except as otherwise provided in proportion to this Section 27, Tenant hereby waives the rentable square footage provisions of such portion Sections 1932(2.), 1933(4.), 1941 and 1942 of the PremisesCalifornia Civil Code.
Appears in 1 contract
Casualty Damage. With reasonable promptness after discovering (a) If the Premises or any damage to the Premises, or to the Common Areas necessary for access to the Premises, resulting from any part thereof shall be damaged by fire or other casualty (a “Casualty”)casualty, Landlord Tenant shall notify Tenant of give prompt written notice thereof to Landlord’s reasonable estimate . In case the Building shall be so damaged that substantial alteration or reconstruction of the time Building shall, in Landlord's sole opinion, be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises shall have been damaged by such casualty) or in the event there is affectedless than one (1) year of the Lease Term remaining or in the event any mortgagee of Landlord's should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt or in the event of any material uninsured loss to the Building, Landlord may, at its option, terminate this Lease EFFECTIVE THE DATE OF THE DAMAGE BY CASUALTY, by notifying Tenant if in writing of such termination within THIRTY (i30) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) days after the date of such casualty. If Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend thus elect to repair such damage. Tenant may terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate of and the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11subparagraph (c) below, Landlord shall promptly commence and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building, and the Common Areas necessary for access to improvements located within the Premises to substantially Building Standard condition (except that Landlord shall not be responsible for delays not within the same condition that existed when control of Landlord). Notwithstanding the Casualty occurredforegoing, except for (a) any modifications required by Law or any Security HolderLandlord's obligation to restore the Building, and (b) any modifications the improvements located within the Premises, if any, for which Landlord had financial responsibility pursuant to the Common Areas that are deemed desirable by LandlordWork Letter Agreement, are consistent with the character of the Project, shall not require Landlord to expend for such repair and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds restoration work more than the insurance proceeds actually received by the Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, as a result of such damagethe casualty. When the repairs described in the preceding two sentences have been completed by Landlord, any portion Tenant shall complete the restoration of all improvements, including trade fixtures and equipment, which are necessary to permit Tenant's re-occupancy of the Premises is untenantable for TO THE EXTENT OF INSURANCE PROCEEDS ACTUALLY RECEIVED BY TENANT. Except as set forth above, all cost and expense of reconstructing the Permitted Use or inaccessible and is not occupied Premises shall be paid by Tenant, Monthly Rent and Tenant shall be abated in proportion present Landlord with evidence satisfactory to the rentable square footage Landlord of Tenant's ability to pay such portion costs prior to Landlord's commencement of repair and restoration of the Premises.
Appears in 1 contract
Casualty Damage. With reasonable promptness after discovering If the Premises or any damage to the Premises, or to the Common Areas necessary for access to the Premises, resulting from any part thereof shall be damaged by fire or other casualty (a “Casualty”)casualty, Landlord Tenant shall notify Tenant of give prompt written notice thereof to Landlord’s reasonable estimate . In case the Building shall be so damaged that substantial alteration or reconstruction of the time Building shall, in Landlord's sole opinion, be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises shall have been damaged by such casualty) or in the event there is affectedless than two (2) years of the Lease Term remaining or in the event any mortgagee of Landlord's should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt or in the event of any material uninsured loss to the Building, Landlord may, at its option, terminate this Lease by notifying Tenant if in writing of such termination within ninety (i90) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) days after the date of such casualty. If Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend thus elect to repair such damage. Tenant may terminate this Lease, by notifying Landlord shall commence and proceed with reasonable diligence to restore the Building, and the improvements located within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated if any, for which Landlord had financial responsibility pursuant to this Section 11, the Work Letter Agreement attached hereto as EXHIBIT "D" (except that Landlord shall promptly and diligently perform not be responsible for delays not within the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events control of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises Landlord) to substantially the same condition that existed when in which it was immediately prior to the Casualty occurredhappening of the casualty. Notwithstanding the foregoing, except for (a) any modifications required by Law or any Security HolderLandlord's obligation to restore the Budding, and (b) any modifications the improvements located within the Premises, if any, for which Landlord had financial responsibility pursuant to the Common Areas Work Letter Agreement, shall not require Landlord to expend for such repair and restoration work more than the insurance proceeds actually received by the Landlord as a result of the casualty and Landlord's obligation to restore shall be further limited so that are deemed desirable Landlord shall not be required to expend for the repair and restoration of the improvements located within the Premises, if any, for which Landlord had financial responsibility pursuant to the Work Letter Agreement, more than the dollar amount of the Allowance, if any, described in the Work Letter Agreement. When the repairs described in the preceding two sentences have been completed by Landlord, Tenant shall complete the restoration of all improvements, including furniture, fixtures and equipment, which are consistent with the character necessary to permit Tenant's reoccupancy of the ProjectPremises which Landlord is not obligated to restore as set forth above. Except as set forth above, all cost and expense of reconstructing the Premises shall be borne by Tenant, and do not materially impair access Tenant shall present Landlord with evidence satisfactory to Landlord of Tenant's ability to pay such costs prior to Landlord's commencement of repair and restoration of the Premises. Notwithstanding Section 10.4, Tenant shall assign not be entitled to Landlord (receive any credit or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 payment with respect to any Tenant-Insured Improvementsportion of the Reconstruction Allowance not actually spent upon restoration of the Promises. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in any way from such damage or the repair thereof, except that, subject to the provisions of the next sentence, Landlord shall allow Tenant a fair diminution of rent during the time and if to the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds extent the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demandPremises are unfit for occupancy. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if If the Premises or any Common Area necessary for Tenant’s access to other portion of the Premises Building is damaged by a Casualtyfire or other casualty resulting from the fault or negligence of Tenant or any of Tenant's agents, thenemployees, or invitees, the rent hereunder shall not be diminished during any time that, as a result the repair of such damage, any portion damage and EXHIBIT 10.6 Tenant shall be liable to Landlord for the cost of the Premises is untenantable for repair and restoration of the Permitted Use or inaccessible Building caused thereby to the extent such cost and expense is not occupied covered by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premisesinsurance proceeds.
Appears in 1 contract
Casualty Damage. With reasonable promptness after discovering If the Premises shall be damaged by fire or other casualty, Tenant shall give prompt written notice to Landlord. If the Building or any damage to the Premises, part thereof or to the Common Areas necessary for access to the Premises, resulting from any thereto shall be so damaged or destroyed by fire or other casualty (a “Casualty”)such that substantial alteration or reconstruction of the Building and access thereto shall, Landlord shall notify Tenant in the good faith and reasonable detennination of Landlord’s reasonable estimate 's Architect, be required with such repair taking longer than niney (90) days or the remainder of the time required to substantially complete repair of such damage tenn, if less than ninety (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 90) days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, (whether or not the Premises is affectedshall have been damaged by such casualty), or in the event of any material uninsured loss to the Building, Landlord may, at its option, terminate this Lease by notifying Tenant in writing thirty (30) days after the date of such damage. In case the Premises or access to the Premises shall be so damaged by fire or other casualty such that substantial alterations or reconstruction of the Premises shall, in the good faith and reasonable determination of Landlord's Architect, be required, Tenant shall have the right to tenninate this Lease upon thirty (30) days prior written notice to Landlord if Landlord (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; has not completed, (ii) any damage to Landlord’s property is cannot fully covered by Landlord’s insurance policies; complete, or (iii) Landlord decides in the opinion of Xxxxxxxx's Architect, cannot reasonably be expected to rebuild complete substantially the Building making of any required repairs and restorations within ninety (90) days from the date of such damage or Common Areas so that it or they will destruction . Rent shall xxxxx and be substantially different structurally or architecturally; (iv) prorated as of the date such damage occurs and during any period of repair and restoration to the last 12 months of extent the Term; Premises or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend material part thereof are rendered unusable or access thereto is denied Tenant. If neither Landlord nor Tenant elect to repair such damage. Tenant may terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly commence and diligently perform proceed to restore and repair the Landlord Repairs, subject to reasonable delays for insurance adjustment Building and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises to substantially the same condition that existed when in which it was immediately prior to the Casualty occurredhappening of the casualty, except for (a) any modifications required by Law that Landlord's obligation to restore shall not exceed the amount Landlord expended to purchase and restore the Building. When Xxxxxxxx's work with respect to such resconstruction or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4restoration has been completed, Tenant shall assign to complete the restorati on of the Premises, including the reconstruction of al l leasehold improvements and the restorati on of Tenant's furniture and equipment. Landlord (shall not be liable for any inconvenience or its designee) all insurance proceeds payable anoyance to Tenant under Tenant’s insurance required under Section 10.2 with respect or injury to the business of Tenant resulting in any Tenant-Insured Improvementsway from such damage or repair, except that Landlord shall allow Tenant a fai r diminution of rent during the time and if to the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if extent the Premises or any Common Area necessary material portion thereof are unfit for occupancy. If the casualty results from the gross negligence or intentional misconduct of Tenant or any of Tenant’s access 's agents, employees or invitees, Rent shall not be diminished during the repair of such damage and Tenant shall be liable to Landlord for the cost of the repair and restoration of the Building to the Premises is damaged by a Casualty, then, during any time that, as a result of extent such damage, any portion of the Premises is untenantable for the Permitted Use or inaccessible cost and expense is not occupied covered by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premisesinsurance proces.
Appears in 1 contract
Samples: Lease Agreement
Casualty Damage. With reasonable promptness after discovering 16.01 If all or any damage to portion of the Premises, or to the Common Areas necessary for access to the Premises, resulting from any Premises becomes untenantable by fire or other casualty to the Premises (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord shall notify to provide Landlord and Tenant of Landlord’s reasonable with a written estimate of the amount of time required using standard working methods to substantially complete Substantially Complete the repair and restoration of such damage the Premises and any Common Areas necessary to provide access to the Premises (the “Landlord RepairsCompletion Estimate”). If, according If the Completion Estimate indicates that the Premises located within a Building or any Common Areas necessary to provide access to the Premises located within such estimate, the Landlord Repairs Building cannot be substantially completed made tenantable within 210 300 days after they are commencedfrom the date of the Casualty, then either party may shall have the right to terminate this Lease with respect to the Building in which the Casualty occurred upon 60 days’ written notice to the other party delivered within 10 days Business Days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by the negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord’s delivery of such estimate. Within , by notice to Tenant within 90 days after discovering any damage to the Project resulting from any date of the Casualty, Landlord may, whether or not shall have the Premises is affected, right to terminate this Lease by notifying Tenant if with respect to the Building in which the Casualty occurred if: (i1) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the Casualty; (2) any Security Holder terminates any ground lease or Mortgagee requires that any the insurance proceeds be used applied to pay any the payment of the mortgage debt; or (ii3) any damage a material uninsured loss to the Building occurs. In addition to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides right to rebuild terminate as provided herein, Tenant shall have the right to terminate this Lease with respect to the Building or Common Areas so that it or they will be substantially different structurally or architecturally; I which the Casualty occurred if: (iva) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged a substantial portion of the Project does not intend to repair Premises in the subject Building has been damaged by Casualty and such damage. Tenant may terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired (as reasonably determined by Landlord) within 60 days after TenantLandlord’s receipt of such estimate. If this Lease is not terminated pursuant all required permits to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and subject portion of the Common Areas necessary for access to the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and Premises; (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character there is less than 1 year of the Project, and do Term remaining on the date of such Casualty; (c) the Casualty was not materially impair access to caused by the Premises. Notwithstanding Section 10.4, negligence or willful misconduct of Tenant shall assign to Landlord (or its designeeagents, employees or contractors; and (d) all insurance proceeds payable Tenant provides Landlord with written notice of its intent to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord terminate within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion date of the Premises is untenantable for the Permitted Use or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the PremisesCasualty.
Appears in 1 contract
Casualty Damage. With reasonable promptness after discovering If the Premises or any damage to the Premises, or to the Common Areas necessary for access to the Premises, resulting from any part thereof shall be damaged by fire or other casualty casualty, Tenant shall give prompt written notice thereof to Landlord. In the event that (a “Casualty”), Landlord a) the Building shall notify Tenant of Landlord’s reasonable estimate be so damaged that restoration of the time required to substantially complete repair Building shall require more than the lesser of such damage (the “Landlord Repairs”). Ifi) one (1) year, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate or (ii) half of then-remaining Term of this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, (whether or not the Premises is affectedshall have been damaged by such casualty); or (b) Landlord’s mortgagee should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt; or (c) there shall be any material uninsured loss to the Building, Landlord may, at its option, terminate this Lease by notifying Tenant if in writing of such termination within ninety (i90) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) days after the date of such casualty. If Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend thus elect to repair such damage. Tenant may terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate of shall commence and proceed with reasonable diligence to restore the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the PremisesBuilding, and (b) such estimate indicates that the damage cannot reasonably be repaired improvements located within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises to substantially the same condition that existed when in which it was immediately prior to the Casualty occurredhappening of the casualty. Notwithstanding the foregoing, except for (a) any modifications required by Law or any Security HolderLandlord’s obligation to restore the Building, and (b) any modifications the improvements located within the Premises shall not require Landlord to expend for such repair and restoration work more than the Common Areas that are deemed desirable insurance proceeds actually received by Landlord as a result of the casualty. When the repairs described in the preceding two sentences have been completed by Landlord, Tenant shall complete the restoration of all furniture, fixtures and equipment which are consistent with the character necessary to permit Tenant’s reoccupancy of the ProjectPremises for the conduct of its business. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in any way from such damage or the repair thereof, and do not materially impair access except that Rent shall be abated from the date of the damage or destruction for any portion of the Premises that is unusable by Tenant, which abatement shall be in the same proportion that the Rentable Area of the Premises which is unusable by Tenant bears to the total Rentable Area of the Premises. Notwithstanding anything in this Section 10.4to the contrary, if all or any portion of the Premises shall be made untenantable by a fire or other casualty, Landlord shall with reasonable promptness, cause an architect or general contractor selected by Landlord to estimate the amount of time required to substantially complete repair and restoration of the Premises and make the Premises tenantable again, using standard working methods (the “Restoration Completion Estimate”). If the Restoration Completion Estimate indicates that the Premises cannot be made tenantable within twelve (12) months from the date the repair and restoration is started, Tenant shall assign have the right to terminate this Lease by giving written notice to Landlord of such election within thirty (or its designee30) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunderits receipt of the Restoration Completion Estimate; provided, however, that Tenant shall not have the right to terminate this Lease in the event that the fire or casualty in question was caused by the negligence or intentional misconduct of Tenant. If the Restoration Completion Estimate indicates that the Premises can be made tenantable within twelve (12) months from the date the repair and restoration is started and Landlord has not otherwise exercised its right to terminate the Lease pursuant to the terms hereof, or if the Restoration Completion Estimate indicates that the Premises or any Common Area necessary for Tenant’s access cannot be made tenantable within twelve (12) months but Tenant does terminate this Lease pursuant to this Section, Landlord shall proceed with reasonable promptness to repair and restore the Premises. If Tenant does not terminate this Lease pursuant to this Section and the Premises are not made tenantable within a period of time equal to the Premises is damaged by a Casualtylonger of (i) twelve (12) months or (ii) the time for completion set forth in the Restoration Completion Estimate and, then, during any time that, so long as Landlord promptly commences such restoration upon receipt of the insurance proceeds payable to Landlord as a result of the casualty and proceeds with reasonable diligence (subject to Force Majeure) to complete such damagerestoration, any portion an additional period equal to twenty percent (20%) of the Premises Restoration Completion Estimate (the “Outside Completion Period”), then Tenant shall have the right to terminate this Lease by giving written notice to Landlord of such election within thirty (30) days of the expiration of the Outside Completion Period; provided that if such restoration is untenantable for the Permitted Use or inaccessible and is not occupied by Tenantcompleted within such thirty (30) day period, Monthly Rent such termination notice shall be abated in proportion to the rentable square footage of such portion of the Premisesno force and effect.
Appears in 1 contract
Samples: Office Lease (Enernoc Inc)
Casualty Damage. With reasonable promptness after discovering any damage Landlord, by notice to Tenant within 60 days of the Premises, or to date of the Common Areas necessary for access to the Premises, resulting from any fire or other casualty (a “Casualty”), Landlord shall notify Tenant of Landlord’s reasonable estimate of have the time required right to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery if all or any part of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises is affected, terminate this Lease by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used damaged to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so extent that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend to repair such damage. Tenant may terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 120 days after Tenant’s receipt the date of such estimatethe Casualty. If this Lease is not terminated pursuant to this Section 11terminated, Landlord shall promptly and diligently perform the Landlord Repairsdiligently, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises Premises. Such restoration shall be to substantially the same condition that existed when prior to the Casualty occurredCasualty, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Laws. Upon notice from Landlord, are consistent with the character of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designeeto any party designated by Landlord) all property insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 Insurance with respect to any Leasehold Improvements performed by or for the benefit of Tenant-Insured Improvements, and ; provided if the estimated or actual cost of restoring any Tenant-Insured to repair such Leasehold Improvements exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, the excess cost of such repairs shall be paid by Tenant to Landlord prior to Landlord’s commencement of repairs. Within 15 days of demand, Tenant shall also pay such Landlord for any additional excess to costs that are determined during the performance of the repairs. Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord not be liable for any inconvenience to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for injury to Tenant’s access to business resulting in any way from the Premises Casualty or the repair thereof. Provided that Tenant is damaged by a Casualty, thennot in Default, during any period of time that, as that all or a result of such damage, any material portion of the Premises is rendered untenantable as a result of a Casualty, the Rent shall xxxxx for the Permitted Use or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premises that is untenantable and not used by Tenant. Notwithstanding the foregoing, and without limiting Tenant’s obligations, to pay to Landlord any cost of restoration in excess of the proceeds of Tenant’s Insurance, in the event that Landlord does not receive sufficient insurance proceeds to complete all required restoration work, whether due to an uninsured Casualty, requirements of a Mortgagee, or otherwise, then Landlord shall have the right to terminate this Lease by written notice to Tenant. The provisions of this Lease, including this Section 16, 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, the Building, the Property or the Project, and any Laws, including, without limitation, Sections 1932(2) and 1933(4) of the California Civil Code, with respect to any rights or obligations concerning damage or destruction in the absence of an express agreement between the parties, and any similar or successor Laws now or hereinafter in effect, shall have no application to this Lease or any damage or destruction to all or any part of the Premises, the Building or the Property.
Appears in 1 contract
Samples: Office Lease Agreement (Emmaus Life Sciences, Inc.)
Casualty Damage. With reasonable promptness after discovering If the Premises or any damage to the Premises, or to the Common Areas necessary for access to the Premises, resulting from any part thereof shall be damaged by fire or other casualty (a “Casualty”)casualty, Landlord Tenant shall notify Tenant of give prompt written notice thereof to Landlord’s reasonable estimate . In case the Building shall be so damaged that substantial alteration or reconstruction of the time Building shall be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises is affectedshall have been damaged by such casualty) or in the event any Mortgagee should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt or in the event of any material uninsured loss to the Building. Landlord may, at its option, unless the casualty resulted from any act or omission of Landlord or Landlord’s agents, servants or employees that constitutes negligence or willful misconduct, terminate this Lease by notifying Tenant if in writing of such termination within ninety (i90) any Security Holder terminates any ground lease or requires that any insurance proceeds be used days after the date of such casualty. If, by reason of such casualty, the Premises are rendered untenantable in some material portion, and the amount of time required to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) repair the damage occurs during is reasonably determined by Landlord to be in excess of one hundred eighty (180) days from the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend date upon which Landlord is required to repair such damage. Tenant may determine whether to terminate this Lease, then Tenant shall have the right to terminate this Lease by notifying giving Landlord written notice of termination within 30 thirty (30) days after receiving Landlord’s estimate the date Landlord delivers Tenant notice that the amount of the time required to substantially complete repair the damage has been determined by Landlord Repairsto be in excess of one hundred eighty (180) days. If Landlord (or Tenant, if (aapplicable) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage candoes not reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If thus elect to terminate this Lease is not terminated pursuant to this Section 11Lease, Landlord shall promptly commence and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises Building to substantially the same condition that as existed when immediately prior to the Casualty occurredoccurrence of the casualty, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications that Landlord’s obligation to restore shall not exceed the Common Areas that are deemed desirable by Landlord, are consistent with the character scope of the Project, work required to be done by Landlord in originally constructing the Building Shell Improvements and do not materially impair access to installing the Tenant Improvements in the Premises. Notwithstanding Section 10.4, Tenant nor shall assign Landlord be obligated to Landlord (restore the Building Shell Improvements or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance the Premises if the cost of the restoration work required under Section 10.2 with respect to any Tenant-Insured Improvements, this Lease and if all other leases of space in the estimated or actual cost of restoring any Tenant-Insured Improvements Building exceeds the insurance proceeds actually received by Landlord as a result of the casualty unless the casualty resulted from Tenantany act or omission of Landlord or Landlord’s insurance carrieragents, servants or employees that constitutes gross negligence or willful misconduct. Landlord shall notify Tenant promptly in writing if it does not intend to restore the premises for the reasons stated above. In such event, Tenant shall pay such excess have the right to terminate this Lease by giving Landlord written notice of termination within 30 thirty (30) days after the date Landlord delivers Tenant notice that it does not intend to restore the Premises. When the Tenant Improvements have been restored by Landlord, Tenant shall restore Tenant’s demandfurniture and equipment. No Casualty Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in any way from such damage or the repair thereof, except that, subject to the provisions of the next sentence, Landlord shall allow Tenant a fair diminution of rent during the time and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, the extent the Premises or excuse Tenant from any obligation hereunder; provided, however, that if portion thereof are unfit for occupancy. If the Premises or any Common Area necessary for Tenant’s access to other portion of the Premises Building is damaged by a Casualtyfire or other casualty resulting from the willful misconduct or gross negligence of Tenant or any of Tenant’s agents, thenemployees, or invitees, the rent hereunder shall not be diminished during any time that, as a result the repair of such damage, any portion damage and Tenant shall be liable to Landlord for the cost of the Premises is untenantable for repair and restoration of the Permitted Use or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion Building caused thereby to the rentable square footage of extent such portion of the Premisescost and expense are not covered by insurance proceeds.
Appears in 1 contract
Casualty Damage. With reasonable promptness after discovering If the Premises or any damage to the Premises, or to the Common Areas necessary for access to the Premises, resulting from any part thereof shall be damaged by fire or other casualty, Tenant shall give prompt written notice thereof to Landlord. In case the Building shall be so damaged that substantial alteration or reconstruction of the Building (i.e., casualty which would reasonably require more than one hundred eighty (a “Casualty”)180) days to restore) shall, Landlord shall notify Tenant of in Landlord’s reasonable estimate of the time opinion, be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises shall have been damaged by such casualty) or in the event there is affectedless than two (2) years of the Lease Term remaining or in the event Landlord’s mortgagee should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt or in the event of any material uninsured loss to the Building, Landlord may, at its option, terminate this Lease by notifying Tenant if in writing of such termination within seventy-five (i75) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) days after the date of such casualty. If Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend thus elect to repair such damage. Tenant may terminate this Lease, by notifying Landlord shall commence and proceed with reasonable diligence to restore the Building, and the improvements located within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated if any, for which Landlord had financial responsibility pursuant to this Section 11, the Work Letter Agreement attached hereto as Exhibit D (except that Landlord shall promptly and diligently perform not be responsible for delays not within the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events control of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises Landlord) to substantially the same condition that existed when in which it was immediately prior to the Casualty occurredhappening of the casualty. Notwithstanding the foregoing, except for (a) any modifications required by Law or any Security HolderLandlord’s obligation to restore the Building, and (b) any modifications the improvements located within the Premises, if any, for which Landlord had financial responsibility pursuant to the Common Areas Work Letter Agreement, shall not require Landlord to expend for such repair and restoration work more than the insurance proceeds actually received by Landlord as a result of the casualty and Landlord’s obligation to restore shall be further limited so that are deemed desirable Landlord shall not be required to expend for the repair and restoration of the improvements located within the Premises, if any, for which Landlord had financial responsibility pursuant to the Work Letter Agreement, more than the dollar amount of the Allowance, if any, described in the Work Letter Agreement. When the repairs described in the preceding two sentences have been completed by Landlord, Tenant shall complete the restoration of all improvements, including furniture, fixtures and equipment, which are consistent with the character necessary to permit Tenant’s reoccupancy of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4Except as set forth above, all cost and expense of reconstructing the Premises shall be borne by Tenant, and Tenant shall assign present Landlord with evidence reasonably satisfactory to Landlord (of Tenant’s ability to pay such costs prior to Landlord’s commencement of repair and restoration of the Premises. Landlord shall not be liable for any inconvenience or its designee) all insurance proceeds payable annoyance to Tenant under or injury to the business of Tenant resulting in any way from such damage or the repair thereof, except that, subject to the provisions of the next sentence, commencing with the date of such casualty, Landlord shall allow Tenant a fair diminution of Rent during the time and to the extent the Premises are unfit for Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if normal business operations as reasonably determined by Tenant in the estimated or actual cost exercise of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demandprudent business judgment. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if If the Premises or any Common Area necessary for Tenant’s access to other portion of the Premises Property is damaged by a Casualtyfire or other casualty resulting from the fault or negligence of Tenant or any of Tenant’s agents, thenemployees, or invitees, the rent hereunder shall not be diminished during any time that, as a result the repair of such damage, any portion damage and Tenant shall be liable to Landlord for the cost of the Premises is untenantable for repair and restoration of the Permitted Use or inaccessible Property caused thereby to the extent such cost and expense is not occupied covered by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premisesinsurance proceeds.
Appears in 1 contract
Casualty Damage. With reasonable promptness after discovering If the Premises or any damage to the Premises, or to the Common Areas necessary for access to the Premises, resulting from any part thereof shall be damaged by fire or other casualty (a “Casualty”)casualty, Landlord Tenant shall notify Tenant of give prompt written notice thereof to Landlord’s . In case the Building shall be so damaged that in Landlord's reasonable estimate judgment, substantial alteration or reconstruction of the time Building shall be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs which cannot be substantially completed within 210 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, (whether or not the Premises has been damaged by such casualty) or in the event Landlord will not be permitted by applicable law to rebuild the Building in substantially the same form as existed prior to the fire or casualty or in the event the Premises has been materially damaged and there is affectedless than two (2) years of the Lease Term remaining on the date of such casualty or in the event any Mortgagee should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt or in the event of any material uninsured loss to the Building, Landlord or Tenant may, at its option, terminate this Lease by notifying Tenant if the other in writing of such termination within ninety (i90) any Security Holder terminates any ground lease or requires that any insurance proceeds days after the date of such casualty. Such termination shall be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months effective as of the Term; date of fire or (v) casualty, with respect to any owner, other than Landlord, of any damaged portion of the Project does Premises that was rendered untenantable. If Landlord or Tenant do not intend elect to repair such damage. Tenant may terminate this Lease, Landlord shall commence and proceed with reasonable diligence to restore the Building which shall be completed within 180 days from the date of destruction, subject to Force Majeure (provided that Landlord shall not be required to restore any unleased premises in the Building) and the Leasehold Improvements (but excluding any improvements, alterations or additions made by notifying Tenant in violation of this Lease) located within the Premises, if any, which Landlord within 30 days after receiving Landlord’s estimate has insured to substantially the same condition they were in immediately prior to the happening of the time required casualty. Notwithstanding the foregoing, Landlord's obligation to substantially restore the Building, and the Leasehold Improvements, if any shall not require Landlord to expend for such repair and restoration work more than the insurance proceeds actually received by the Landlord as a result of the casualty. When repairs to the Premises have been completed by Landlord, Tenant shall complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months restoration or replacement of the Term and has damaged a material portion all Tenant's Property necessary to permit Tenant's reoccupancy of the Premises, and (b) Tenant shall present Landlord with evidence satisfactory to Landlord of Tenant's ability to pay such estimate indicates that costs prior to Landlord's commencement of repair and restoration of the Premises. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in any way from such damage cannot reasonably be repaired within 60 days after Tenant’s receipt or the repair thereof, except that, subject to the provisions of such estimate. If this Lease is not terminated pursuant to this Section 11the next sentence, Landlord shall promptly allow Tenant a fair diminution of Rent on a per diem basis during the time and diligently perform to the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access extent any damage to the Premises causes the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required be rendered untenantable and not used by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to the PremisesTenant. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if If the Premises or any Common Area necessary for Tenant’s access to other portion of the Premises Building is damaged by a Casualtyfire or other casualty resulting from the negligence of Tenant or any Tenant Related Parties, then, the Rent hereunder shall not be diminished during any time thatperiod during which the Premises, as a result of such damage, or any portion thereof, is untenantable (except to the extent Landlord is entitled to be reimbursed by the proceeds of any rental interruption insurance), and Tenant shall be liable to Landlord for the cost of the repair and restoration of the Building caused thereby to the extent such cost and expense is not covered by insurance proceeds. Landlord and Tenant hereby waive the provisions of any law from time to time in effect during the Lease Term relating to the effect upon leases of partial or total destruction of leased property. Landlord and Tenant agree that their respective rights in the event of any damage to or destruction of the Premises is untenantable for the Permitted Use or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premisesthose specifically set forth herein.
Appears in 1 contract
Casualty Damage. With reasonable promptness after discovering Tenant shall immediately notify Landlord of any material damage to or within the Premises, Premises or to the Common Areas necessary for access to the Premises, resulting from any fire or other casualty part thereof. Within ten (a “Casualty”)10) business days after Tenant gives Landlord such notice, Landlord shall notify Tenant whether, in the reasonable judgment of Landlord’s reasonable estimate , such damage or destruction can be repaired within four (4) months from the date of Landlord's receipt of notice from Tenant of such damage. Subject to the requirements of Landlord's Mortgagee (as that term is defined in Section 19) under any mortgage covering the Premises, and except as otherwise provided below, in the event of partial or total destruction of the time required to substantially complete repair Building or the Premises by fire or other casualty, and if in Landlord's reasonable estimation such damage can be materially restored within four (4) months from the date of Landlord's receipt of notice from Tenant of such damage (damage, Landlord shall, as promptly as practicable repair, reconstruct or replace the “Landlord Repairs”). If, according portions of the Building or the Premises destroyed to as nearly as possible their condition prior to such estimatedestruction. During the period of repairs or restoration this Lease shall continue but there shall be an abatement of rent in proportion to the percentage of space or available power, whichever is greater, within the Premises rendered untenantable by such fire or other such casualty. If the Building is (i) so extensively destroyed by fire or other casualty that it is not, in Landlord's reasonable opinion, reasonably susceptible of repair, reconstruction or replacement within four (4) months from the date of Landlord's receipt of notice from Tenant of such destruction, or (ii) the destruction of the Building by fire or other casualty occurs during the last year of the Term, then either Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party or Tenant may terminate this Lease upon 60 days’ by giving written notice to the other party delivered within 10 ninety (90) days after Landlord’s the date of such destruction. In the event of termination, this Lease shall terminate as of, and rent shall be appropriately apportioned through and abated from and after, the first rental payment date occurring after the delivery of such estimatethe notice of termination. Within 90 days after discovering any damage In the event that neither Landlord nor Tenant exercises its option to the Project resulting from any Casualty, Landlord may, whether or not the Premises is affected, terminate this Lease by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend to repair such damage. Tenant may terminate this Lease, by notifying then Landlord within 30 days after receiving Landlord’s estimate shall repair or restore such damage. During the period of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If repairs or restoration this Lease is not terminated pursuant to this Section 11, Landlord shall promptly continue in full force and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment effect and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is untenantable for the Permitted Use or inaccessible and is not occupied by Tenant, Monthly Rent there shall be abated an abatement of rent in proportion to the rentable square footage percentage of space or available power within the Premises rendered untenantable by such portion fire or other such casualty. Landlord shall not be required to repair or replace any damage or loss by or from fire or other cause to any partitions, additions, ceilings, floor coverings, trade fixtures or any other property or improvements installed on the Premises by, or belonging to, Tenant. Any insurance that may be carried by Landlord or Tenant against loss or damage to the Building or Premises shall be for the sole benefit of the Premisesparty carrying such insurance and under its sole control.
Appears in 1 contract
Samples: Lease (Riot Blockchain, Inc.)
Casualty Damage. With reasonable promptness after discovering During the Term hereof, if the Premises or any damage part thereof shall be damaged by fire or other casualty, Tenant shall give prompt written notice thereof to Landlord. In case the Premises, or to the Common Areas necessary for access to the Premises, resulting from any Building shall be so damaged by fire or other casualty (a “Casualty”), Landlord shall notify Tenant of Landlord’s reasonable estimate that substantial alteration or reconstruction of the time Building shall be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises shall have been damaged by such fire or other casualty), (i) if such damage cannot be repaired within ninety (90) days thereafter, as reasonably determined by Landlord, (ii) if any mortgagee under a mortgage or deed of trust covering the Building requires that the insurance proceeds payable as a result of said fire or other casualty be used to retire or reduce such mortgage debt, or (iii) if such damage is affectednot covered by insurance carried by Landlord, Landlord may, at its option, terminate this Lease and the term and estate hereby granted by notifying Tenant if in writing of such termination within sixty (i60) any Security Holder terminates any ground lease or requires that any insurance proceeds days after the date of such damage, in which event the Rent shall be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months abated as of the Term; or (v) any owner, other than Landlord, date of any damaged portion of the Project does not intend to repair such damage. Tenant may terminate this Lease, by notifying If Landlord within 30 days after receiving Landlord’s estimate of elects to repair the time required to substantially complete Premises and/or the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11Building, Landlord shall promptly within sixty (60) days after the date of such damage commence to repair and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building and shall proceed with reasonable diligence to restore the Common Areas necessary Building (except that Landlord shall not be responsible for access to the Premises delays outside its control) to substantially the same condition that existed when in which it was immediately prior to the Casualty occurredhappening of the casualty, except that Landlord shall not be required to rebuild, repair or replace any part of Tenant’s furniture and furnishings or fixtures and equipment removable by Tenant under the provisions of this Lease, but such work shall not exceed the scope of the work done by Landlord in originally constructing the Building. Tenant shall not be entitled to any compensation or damages from Landlord, and Landlord shall not be liable, for (a) any modifications required by Law loss of the use of the whole or any Security Holderpart of the Premises, and (b) the Building, Tenant’s personal property, or any modifications inconvenience or annoyance occasioned by such loss of use, damage, repair, reconstruction or restoration, except that, subject to the Common Areas that are deemed desirable by Landlord, are consistent with the character provisions of the Projectnext sentence, Landlord shall allow Tenant a diminution of Rent on a square footage basis during the time and do not materially impair access to the Premisesextent the Premises are unfit or unavailable for occupancy. Notwithstanding Section 10.4If the Premises or any other portion of the Building are damaged by fire or other casualty resulting from the negligence of Tenant, Tenant shall assign be liable to Landlord (or its designee) all for the cost and expense of the repair and restoration of the Building caused thereby to the extent such cost and expense is not covered by insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunderproceeds; provided, however, that if Landlord’s property insurance on the Project shall be for no less than the full replacement value thereof, including, but not limited to, the Tenant Improvements, with no co-insurance liability and with the insurer waiving subrogation as against Tenant. Tenant hereby specifically waives any and all rights it may have under any law, statute, ordinance or regulation to terminate the Lease by reason of casualty or damage to the Premises or any Common Area necessary for Tenant’s Building, and the parties hereto specifically agree that the Lease shall not automatically terminate by law upon destruction of the Premises; provided that Tenant may, by written notice to Landlord, terminate this Lease if and when the Premises and access to the Premises is damaged have not been fully restored within sixty (60) days after any damage by a Casualtyfire or other casualty. Except as otherwise provided in this Section 22, thenTenant hereby waives the provisions of Sections 1932(2), during any time that1933(4), as a result of such damage, any portion 1941 and 1942 of the Premises is untenantable for the Permitted Use or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the PremisesCalifornia Civil Code.
Appears in 1 contract
Casualty Damage. With reasonable promptness after discovering 16.01 If all or any damage to portion of the Premises, or to the Common Areas necessary for access to the Premises, resulting from any Premises becomes untenantable by fire or other casualty to the Premises (collectively a “Casualty”), Landlord, within 45 days thereafter, shall cause a general contractor selected by Landlord shall notify to provide Landlord and Tenant of Landlord’s reasonable with a written estimate of the amount of time required using standard working methods to substantially complete Substantially Complete the repair and restoration of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises is affected, terminate this Lease by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend to repair such damage. Tenant may terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the any Common Areas necessary for to provide access to the Premises to substantially (“Completion Estimate”). If the same condition Completion Estimate indicates that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area Areas necessary for Tenant’s to provide access to the Premises cannot be made tenantable within 270 days from the date the repair is damaged started, then either party shall have the right to terminate this Lease upon written notice to the other within 10 days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the Casualty was caused by a the intentional misconduct of Tenant or any Tenant Related Parties. In addition, Landlord, by notice to Tenant within 90 days after the date of the Casualty, then, during any time that, as a result of such damage, any portion shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 2 years of the Premises Term remaining on the date of the Casualty. Notwithstanding the foregoing, Landlord will not be entitled to terminate this Lease solely because there is untenantable for less than 2 years on the Permitted Use Term if Tenant has an exercisable right to renew or inaccessible extend the Term and is not occupied by Tenant, Monthly Rent within 10 days after receipt of Landlord’s notice of termination, validly exercises such right. The foregoing shall not prohibit Landlord from exercising its right to terminate for any of the other reasons set forth herein; (2) any Mortgagee requires that the insurance proceeds be abated in proportion applied to the rentable square footage of such portion payment of the Premisesmortgage debt; or (3) a material uninsured loss to the Building occurs, provided the Landlord has maintained insurance required hereunder.
Appears in 1 contract
Casualty Damage. With reasonable promptness after discovering 16.01 If all or any damage to portion of the Premises, Premises becomes untenantable or to the Common Areas necessary for access to the Premises, resulting from any inaccessible by fire or other casualty to the Premises or the Common Areas (collectively a “Casualty”), Landlord, with reasonable promptness, shall cause a general contractor selected by Landlord shall notify Tenant of Landlord’s reasonable to provide Landlord with a written estimate of the amount of time required required, using standard working methods, to substantially complete the repair and restoration of such damage the Premises and any Common Areas necessary to provide access to the Premises (the “Landlord RepairsCompletion Estimate”). If, according Landlord shall promptly forward a copy of the Completion Estimate to such estimate, Tenant. If the Landlord Repairs Completion Estimate indicates that the Premises or any Common Areas necessary to provide access to the Premises cannot be substantially completed made tenantable within 210 270 days after they are commencedfrom the date the repair is started, then either party may shall have the right to terminate this Lease upon 60 days’ written notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises is affected, terminate this Lease by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend to repair such damage. Tenant may terminate this Lease, by notifying Landlord within 30 days after receiving LandlordTenant’s estimate receipt of the time required Completion Estimate. Tenant, however, shall not have the right to substantially complete terminate this Lease if the Landlord RepairsCasualty was caused by the gross negligence or intentional misconduct of Tenant or any Tenant Related Parties. In addition, if Landlord, by notice to Tenant within 90 days after the date of the Casualty, shall have the right to terminate this Lease if: (1) the Premises have been materially damaged and there is less than 1 year of the Term remaining on the date of the Casualty; (2) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building or Premises occurs. Tenant shall have the right to terminate this Lease if: (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material substantial portion of the Premises, Premises has been damaged by Casualty and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and Completion Estimate; (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character there is less than 1 year of the Project, and do Term remaining on the date of the Casualty; (c) the Casualty was not materially impair access to caused by the Premises. Notwithstanding Section 10.4, negligence or willful misconduct of Tenant shall assign to Landlord (or its designeeagents, employees or contractors; and (d) all insurance proceeds payable Tenant provides Landlord with written notice of its intent to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord terminate within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for date of Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion receipt of the Premises is untenantable for the Permitted Use or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the PremisesCompletion Estimate.
Appears in 1 contract
Samples: Office Lease Agreement (Rapid7 Inc)
Casualty Damage. With reasonable promptness after discovering (a) During the Term hereof, if the Premises or any damage part thereof shall be damaged by fire or other casualty, Tenant shall give prompt written notice thereof to Landlord. In case the Premises, or to the Common Areas necessary for access to the Premises, resulting from any Building shall be so damaged by fire or other casualty (a “Casualty”), Landlord shall notify Tenant of Landlord’s reasonable estimate that substantial alteration or reconstruction of the time Building shall be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises shall have been damaged by such fire or other casualty), (i) if such damage cannot be repaired within two hundred seventy (270) days thereafter, as reasonably determined by Landlord, (ii) if any mortgagee under a mortgage or deed of trust covering the Building requires that the insurance proceeds payable as a result of said fire or other casualty be used to retire or reduce such mortgage debt, or (iii) if such damage is affectednot covered by insurance carried by Landlord or required to be carried by Landlord under this Lease, Landlord may, at its option, terminate this Lease and the term and estate hereby granted by notifying Tenant if in writing of such termination within fifty (i50) any Security Holder terminates any ground lease or requires that any insurance proceeds days after the date of such damage, in which event the Rent shall be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months abated as of the Term; or (v) any owner, other than Landlord, date of any damaged portion of the Project does not intend to repair such damage. Tenant may terminate this Lease, by notifying If Landlord within 30 days after receiving Landlord’s estimate of elects to repair the time required to substantially complete Premises and/or the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11Building, Landlord shall promptly within sixty (60) days after the date of such damage commence to repair and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building and shall proceed with reasonable diligence to restore the Common Areas necessary Building (except that Landlord shall not be responsible for access to the Premises delays outside its control) to substantially the same condition that existed when in which it was immediately prior to the Casualty occurredhappening of the casualty, except that Landlord shall not be required to rebuild, repair or replace any part of Tenant’s furniture and furnishings or fixtures and equipment removable by Tenant under the provisions of this Lease, but such work shall not exceed the scope of the work done by Landlord in originally constructing the Building. Tenant shall not be entitled to any compensation or damages from Landlord, and Landlord shall not be liable, for (a) any modifications required by Law loss of the use of the whole or any Security Holderpart of the Premises, the Building, Tenant’s personal property, or any inconvenience or annoyance occasioned by such loss of use, damage, repair, reconstruction or restoration, except that, Landlord shall allow Tenant a diminution of Rent during the time and to the extent the Premises are unfit or unavailable for occupancy. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole control. Tenant hereby specifically waives any and all rights it may have under any law, statute, ordinance or regulation to terminate the Lease by reason of casualty or damage to the Premises or Building, and (b) any modifications to the Common Areas parties hereto specifically agree that are deemed desirable the Lease shall not automatically terminate by Landlord, are consistent with the character law upon destruction of the Project, and do not materially impair access to the Premises. Notwithstanding Except as otherwise provided in this Section 10.422, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvementshereby waives the provisions of Sections 1932(2), 1933(4), 1941 and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion 1942 of the Premises is untenantable for the Permitted Use or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the PremisesCalifornia Civil Code.
Appears in 1 contract
Casualty Damage. With reasonable promptness after discovering Subject to Article 6 and the remainder of this Article 8, Landlord shall use available insurance proceeds to restore the Premises or any damage to common areas of the Premises, or to the Common Areas necessary for Property providing access to the Premises, resulting from any thereto which are damaged by fire or other casualty during the Term. Such restoration shall be to substantially the condition prior to the casualty, except for modifications required by zoning and building codes and other Laws or by any Holder, any other modifications to the common areas deemed desirable by Landlord (a “Casualty”provided access to the Premises is not materially impaired), and except that Landlord shall not be required to repair or replace any of Tenant's furniture, furnishings, fixtures or equipment, or any of Tenant’s alterations or improvements in the Premises, which Tenant covenants to rebuild at Tenant’s expense promptly after the casualty. Landlord shall not be liable for any inconvenience or annoyance to Tenant or its visitors, or injury to Tenant's business resulting in any way from such damage or the repair thereof. However, from the date of the casualty until Landlord completes Landlord’s repairs, Landlord shall notify allow Tenant a proportionate abatement of Landlord’s reasonable estimate of Rent during the time required and to substantially complete repair of such damage the extent the Premises are unfit for occupancy for the purposes permitted under this Lease and not occupied by Tenant as a result thereof (unless Tenant or its employees or agents intentionally caused the “Landlord Repairs”damage). IfNotwithstanding the foregoing, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ by giving Tenant written notice of termination within sixty (60) days after the date of damage (such termination notice to include a termination date providing at least ninety (90) days for Tenant to vacate the Premises), if the Property shall be damaged by fire or other party delivered casualty such that: (a) repairs to the Premises and access thereto cannot reasonably be completed within 10 two hundred seventy (270) days after Landlord’s delivery the casualty without the payment of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualtyovertime or other premiums, Landlord may, whether or not (b) more than twenty-five percent (25%) of the Premises is affectedaffected by the damage and fewer than 24 months remain in the Term, terminate this Lease by notifying Tenant if (ic) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any the damage to Landlord’s property is not fully covered by Landlord’s 's insurance policies; policies (iii) excluding the deductible), provided that Landlord decides is maintaining the insurance required to rebuild the Building be maintained by Landlord in accordance with this Lease, or Common Areas so that it or they will be substantially different structurally or architecturally; (ivd) the damage occurs during the last 12 months cost of the Term; repairs, alterations, restoration or improvement work would exceed twenty-five percent (25%) of the replacement value of the Property, or (ve) any ownerthe nature of such work would make termination of this Lease necessary and Landlord also terminates the leases of all other similarly situated tenants. If Landlord does not elect to terminate the Lease as provided above, other than Landlord shall send Tenant a written estimate, from an independent architect or general contractor selected by Landlord, of any damaged portion the amount of the Project does not intend time reasonably required to repair such damageand restore the Premises and access thereto, as the case may be (“Completion Estimate”). Tenant may terminate this Lease, Lease by notifying giving Landlord written notice of termination within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if thirty (a30) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of the Completion Estimate (such estimate. If this Lease is termination notice to include a termination date providing not terminated pursuant more than ninety (90) days for Tenant to this Section 11vacate the Premises), Landlord if the Property shall promptly and diligently perform be damaged by fire or other casualty such that: (a) the Landlord Repairs, subject Completion Estimate estimates that Landlord’s repairs to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and access thereto cannot reasonably be completed within two hundred seventy (270) days after the Common Areas necessary for access to casualty without the Premises to substantially the same condition that existed when the Casualty occurredpayment of overtime or other premiums, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character more than twenty-five percent (25%) of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged affected by a Casualtythe damage and fewer than 24 months remain in the Term. Furthermore, then, during if neither Landlord nor Tenant terminates this Lease as provided above and Landlord undertakes but fails to substantially complete Landlord’s restoration of the Premises and access thereto within two hundred seventy (270) days after the casualty (“270 Day Period”) Tenant may terminate this Lease by giving Landlord written notice of termination at any time thatafter the 270 Day Period but prior to such substantial completion (such termination notice to include a termination date providing not more than thirty (30) days for Tenant to vacate the Premises). Tenant agrees that Landlord's obligation to restore, as a result the abatement of Rent and the termination options provided herein, shall be Tenant's sole recourse in the event of such damage, and waives any portion other rights Tenant may have under any applicable Law to terminate the Lease by reason of damage to the Premises is untenantable for or Property. Tenant acknowledges that this Article represents the Permitted Use or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion entire agreement between the parties respecting casualty damage to the rentable square footage of such portion of Premises or the PremisesProperty.
Appears in 1 contract
Casualty Damage. With reasonable promptness after discovering any damage to the Premises, or to the Common Areas necessary for access to the Premises, resulting from any If fire or other casualty causes damage to the Premises and the estimated cost to repair and restore the Premises to the condition existing before the fire or other casualty is in excess of Two Hundred Fifty Thousand Dollars (a “Casualty”$250,000), then Landlord shall have the right to terminate the Lease as of the date of the damage by giving Tenant notice in writing of its election within thirty (30) days after the date of incident. If the estimated cost of repairs in not in excess of Two Hundred Fifty Thousand Dollars ($250,000) or if such cost is in excess of Two Hundred Fifty Thousand Dollars ($250,000) and Landlord elects not to terminate the Lease, Landlord shall notify Tenant of Landlord’s reasonable estimate promptly commence repair the damage and restore the Premises to their former condition, to the extent of the time required insurance proceeds made available to substantially Landlord, as soon as reasonably possible and shall use good faith efforts to complete repair such repairs within one hundred eighty (180) days of such damage (the “date of damage. Base Rent shall be abated during the period of restoration to the extent the Premises are not reasonably usable for the use permitted by this Lease. If Landlord Repairs”). If, according to such estimaterepairs the Premises, the amount of any deductible paid by Landlord Repairs can[not to exceed Twenty-five Thousand Dollars ($25,000)] shall constitute "Operating Expenses" and shall be substantially completed within 210 reimbursed by Tenant. If completion of the repairs is estimated to require more than one hundred eighty (180) days after they are commencedfrom the date of the incident, either party then Tenant may terminate this Lease upon 60 days’ notice and obtain the return of its Security Deposit. If Tenant does not elect to terminate or does not have the other party delivered within 10 days after Landlord’s delivery right to terminate the Lease as a result of fire or casualty, Tenant waives any right to terminate this Lease based on the actual amount of time taken to complete such estimaterepairs, provided Landlord works diligently to complete the same. Within 90 days after discovering any damage However, if Landlord fails to diligently work to complete the Project resulting from any Casualty, Landlord maysame, whether or not because of the Premises is affectedinsufficiency of insurance proceeds, terminate this Lease by notifying Tenant if and such failure continues following the giving of thirty (i30) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage days' notice to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend to repair such damage. then Tenant may terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is untenantable for the Permitted Use or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premises.
Appears in 1 contract
Samples: Commercial Lease Agreement (Cargo Connection Logistics Holding, Inc.)
Casualty Damage. With reasonable promptness after discovering If the Premises or any damage to the Premises, or to the Common Areas necessary for access to the Premises, resulting from any part thereof shall be damaged by fire or other casualty (a “Casualty”)casualty, Landlord Tenant shall notify Tenant of give prompt written notice thereof to Landlord’s reasonable estimate . In case the Building shall be so damaged that substantial alteration or reconstruction of the time Building shall, in Landlord's sole opinion, be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises shall have been damaged by such casualty) or in the event there is affectedless than two (2) years of the Lease Term remaining or in the event Landlord's mortgagee should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt or in the event of any material uninsured loss to the Building, Landlord may, at its option, terminate this Lease by notifying Tenant if in writing of such termination within ninety (i90) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) days after the date of such casualty. If Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend thus elect to repair such damage. Tenant may terminate this Lease, by notifying Landlord shall commence and proceed with reasonable diligence to restore the Building, and the improvements located within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated if any, for which Landlord had financial responsibility pursuant to this Section 11, the Work Letter Agreement attached hereto as Exhibit D (except that Landlord shall promptly and diligently perform not be responsible for delays not within the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events control of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises Landlord) to substantially the same condition that existed when in which it was immediately prior to the Casualty occurredhappening of the casualty. Notwithstanding the foregoing, except for (a) any modifications required by Law or any Security HolderLandlord's obligation to restore the Building, and (b) any modifications the improvements located within the Premises, if any, for which Landlord had financial responsibility pursuant to the Common Areas Work Letter Agreement, shall not require Landlord to expend for such repair and restoration work more than the insurance proceeds actually received by the Landlord as a result of the casualty and Landlord's obligation to restore shall be further limited so that are deemed desirable Landlord shall not be required to expend for the repair and restoration of the improvements located within the Premises, if any, for which Landlord had financial responsibility pursuant to the Work Letter Agreement, more than the dollar amount of the Allowance, if any, described in the Work Letter Agreement. When the repairs described in the preceding two sentences have been completed by Landlord, Tenant shall complete the restoration of all improvements, including furniture, fixtures and equipment, which are consistent with the character necessary to permit Tenant's reoccupancy of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4Except as set forth above, all cost and expense of reconstructing the Premises shall be borne by Tenant, and Tenant shall assign present Landlord with evidence satisfactory to Landlord (of Tenant's ability to pay such costs prior to Landlord's commencement of repair and restoration of the Premises. Landlord shall not be liable for any inconvenience or its designee) all insurance proceeds payable annoyance to Tenant under Tenant’s insurance required under Section 10.2 with respect or injury to the business of Tenant resulting in any Tenant-Insured Improvementsway from such damage or the repair thereof, except that, subject to the provisions of the next sentence, Landlord shall give Tenant an abatement of Rent during the time and if to the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds extent the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demandPremises are unfit for occupancy. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if If the Premises or any Common Area necessary for Tenant’s access to other portion of the Premises Property is damaged by a Casualtyfire or other casualty resulting from the fault or negligence of Tenant or any of Tenant's agents, thenemployees, or invitees, the rent hereunder shall not be diminished during any time that, as a result the repair of such damage, any portion damage and Tenant shall be liable to Landlord for the cost of the Premises is untenantable for repair and restoration of the Permitted Use or inaccessible Property caused thereby to the extent such cost and expense is not occupied covered by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premisesinsurance proceeds.
Appears in 1 contract
Samples: Lease (MRS Fields Financing Co Inc)
Casualty Damage. With reasonable promptness after discovering During the Term hereof, if the Premises or any damage part thereof shall be damaged by fire or other casualty, Tenant shall give prompt written notice thereof to Landlord. In case the Premises, or to the Common Areas necessary for access to the Premises, resulting from any Building shall be so damaged by fire or other casualty (a “Casualty”), Landlord shall notify Tenant of Landlord’s reasonable estimate that substantial alteration or reconstruction of the time Building shall be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises shall have been damaged by such fire or other casualty), (i) if such damage cannot be repaired within ninety (90) days thereafter, as reasonably determined by Landlord, (ii) if any mortgagee under a mortgage or deed of trust covering the Building requires that the insurance proceeds payable as a result of said fire or other casualty be used to retire or reduce such mortgage debt, or (iii) if such damage is affectednot covered by insurance carried by Landlord, Landlord may, at its option, terminate this Lease and the term and estate hereby granted by notifying Tenant if in writing of such termination within sixty (i60) any Security Holder terminates any ground lease or requires that any insurance proceeds days after the date of such damage, in which event the Rent shall be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months abated as of the Term; or (v) any owner, other than Landlord, date of any damaged portion of the Project does not intend to repair such damage. Tenant may terminate this Lease, by notifying If Landlord within 30 days after receiving Landlord’s estimate of elects to repair the time required to substantially complete Premises and/or the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11Building, Landlord shall promptly within sixty (60) days after the date of such damage commence to repair and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building and shall proceed with reasonable diligence to restore the Common Areas necessary Building (except that Landlord shall not be responsible for access to the Premises delays outside its control) to substantially the same condition that existed when in which it was immediately prior to the Casualty occurredhappening of the casualty, except that Landlord shall not be required to rebuild, repair or replace any part of Tenant's furniture and furnishings or fixtures and equipment removable by Tenant under the provisions of this Lease, but such work shall not exceed the scope of the work done by Landlord in originally constructing the Building. Tenant shall not be entitled to any compensation or damages from Landlord, and Landlord shall not be liable, for (a) any modifications required by Law loss of the use of the whole or any Security Holderpart of the Premises, and (b) the Building, Tenant's personal property, or any modifications inconvenience or annoyance occasioned by such loss of use, damage, repair, reconstruction or restoration, except that, subject to the Common Areas that are deemed desirable by Landlord, are consistent with the character provisions of the Projectnext sentence, Landlord shall allow Tenant a diminution of Rent on a square footage basis during the time and do not materially impair access to the Premisesextent the Premises are unfit or unavailable for occupancy to the extent Landlord is able to collect from its own business income loss insurance policy. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if If the Premises or any Common Area necessary other portion of the Building are damaged by fire or other casualty resulting from the negligence of Tenant or any of Tenant's agents, employees, or invitees, Tenant shall be liable to Landlord for Tenant’s access the cost and expense of the repair and restoration of the Building caused thereby to the extent such cost and expense is not covered by insurance proceeds. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion shall be for the sole benefit of the Premises is untenantable for party carrying such insurance and under its sole control. Tenant hereby specifically waives any and all rights it may have under any law, statute, ordinance or regulation to terminate the Permitted Use Lease by reason of casualty or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion damage to the rentable square footage of such portion Premises or Building, and the parties hereto specifically agree that the Lease shall not automatically terminate by law upon destruction of the Premises. Except as otherwise provided in this Section 22, and except if against any other provision of the law or against public policy. Tenant hereby waives the provisions of Sections 1932(2), 1933(4), 1941 and 1942 of the California Civil Code.
Appears in 1 contract
Casualty Damage. With reasonable promptness after discovering If the Premises or any damage to the Premises, or to the Common Areas necessary for access to the Premises, resulting from any part thereof shall be damaged by fire or other casualty (a “Casualty”)casualty, Landlord Tenant shall notify Tenant of give prompt written notice thereof to Landlord’s reasonable estimate . In case the Building shall be so damaged that substantial alteration or reconstruction of the time Building shall, in Landlord's sole opinion, be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises shall have been damaged by such casualty) or in the event there is affectedless than two (2) years of the Lease Term remaining or in the event Landlord's mortgagee should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt or in the event of any material uninsured loss to the Building, Landlord may, at its option, terminate this Lease by notifying Tenant if in writing of such termination within ninety (i90) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) days after the date of such casualty. If Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend thus elect to repair such damage. Tenant may terminate this Lease, by notifying Landlord shall commence and proceed with reasonable diligence to restore the Building, and the improvements located within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated if any, for which Landlord had financial responsibility pursuant to this Section 11, the Work Letter Agreement attached hereto as EXHIBIT E (except that Landlord shall promptly and diligently perform not be responsible for delays not within the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events control of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises Landlord) to substantially the same condition that existed when in which it was immediately prior to the Casualty occurredhappening of the casualty. Notwithstanding the foregoing, except for (a) any modifications required by Law or any Security HolderLandlord's obligation to restore the Building, and (b) any modifications the improvements located within the Premises, if any, for which Landlord had financial responsibility pursuant to the Common Areas Work Letter Agreement, shall not require Landlord to expend for such repair and restoration work more than the insurance proceeds actually received by the Landlord as a result of the casualty and Landlord's obligation to restore shall be further limited so that are deemed desirable Landlord shall not be required to expend for the repair and restoration of the improvements located within the Premises, if any, for which Landlord had financial responsibility pursuant to the Work Letter Agreement, more than the dollar amount of the Allowance, if any, described in the Work Letter Agreement. When the repairs described in the preceding two sentences have been completed by Landlord, Tenant shall complete the restoration of all improvements, including furniture, fixtures and equipment, which are consistent with the character necessary to permit Tenant's reoccupancy of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4Except as set forth above, all cost and expense of reconstructing the Premises shall be borne by Tenant, and Tenant shall assign present Landlord with evidence satisfactory to Landlord (of Tenant's ability to pay such costs prior to Landlord's commencement of repair and restoration of the Premises. Landlord shall not be liable for any inconvenience or its designee) all insurance proceeds payable annoyance to Tenant under Tenant’s insurance required under Section 10.2 with respect or injury to the business of Tenant resulting in any Tenant-Insured Improvementsway from such damage or the repair thereof, except that, subject to the provisions of the next sentence, Landlord shall allow Tenant a fair diminution of Rent during the time and if to the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds extent the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demandPremises are unfit for occupancy. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if If the Premises or any Common Area necessary for Tenant’s access to other portion of the Premises Property is damaged by a Casualtyfire or other casualty resulting from the fault or negligence of Tenant or any of Tenant's agents, thenemployees, or invitees, the rent hereunder shall not be diminished during any time that, as a result the repair of such damage, any portion damage and Tenant shall be liable to Landlord for the cost of the Premises is untenantable for repair and restoration of the Permitted Use or inaccessible Property caused thereby to the extent such cost and expense is not occupied covered by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premisesinsurance proceeds.
Appears in 1 contract
Samples: Industrial Building Lease Agreement (Intelliready Inc /Co/)
Casualty Damage. With reasonable promptness after discovering any damage to If: (a) the PremisesBuilding or Project shall be so damaged that substantial alteration or reconstruction of the Building or Project shall, or to the Common Areas necessary for access to the Premises, resulting from any fire or other casualty (a “Casualty”), Landlord shall notify Tenant of in Landlord’s reasonable estimate of the time opinion, be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises is affected, terminate this Lease shall have been damaged by notifying Tenant if the casualty); or (ib) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property Landlord is not fully covered by Landlord’s insurance policies; (iii) Landlord decides permitted to rebuild the Building or Common Areas so that it the Project in substantially the same form as they existed before the damage; or they will be substantially different structurally or architecturally; (ivc) the damage occurs Premises shall be materially damaged by casualty during the last 12 months two years of the Lease Term; or (vd) any owner, other than Landlord, of any damaged portion mortgagee requires that the insurance proceeds be applied to the payment of the Project does mortgage debt; or (e) the damage is not intend covered by insurance maintained by Landlord; then Landlord may, within 90 days after the casualty, give notice to repair such damage. Tenant may of Landlord’s election to terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate and the balance of the time required to substantially complete Lease Term shall automatically expire on the Landlord Repairs, if (a) fifth day after the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimatenotice is delivered. If Landlord does not elect to terminate this Lease is not terminated pursuant to this Section 11Lease, Landlord shall promptly and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building and the Common Areas necessary for access to the Premises to substantially the same condition that existed when they were in immediately before the Casualty occurredcasualty. However, except for (a) Landlord shall not be required to restore any modifications required by Law unleased premises in the Building or any Security Holderportion of Tenant’s property, and (b) any modifications Landlord’s obligation to repair or restore the Premises shall be limited to the Common Areas that are deemed desirable by Landlord, are consistent with the character extent of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds actually received by Landlord from due to the casualty and shall not include any improvements or alterations performed by Tenant’s . Rent shall xxxxx in proportion to the portion of the Premises not usable by Tenant as a result of any casualty resulting in damage to the Building which is covered by insurance carriercarried or required to be carried by Landlord under this Lease, Tenant as of the date on which the Premises becomes unusable. Landlord shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord not otherwise be liable to Tenant, constitute a constructive eviction, or excuse Tenant from for any obligation hereunder; provided, however, that if delay in restoring the Premises or any Common Area necessary for inconvenience or annoyance to Tenant or injury to Tenant’s access business resulting in any way from the damage or the repairs, Tenant’s sole remedy being the right to the Premises is damaged by a Casualty, then, during any time that, as a result an abatement of such damage, any portion of the Premises is untenantable for the Permitted Use or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the PremisesRent.
Appears in 1 contract
Samples: Office Lease (FlexShopper, Inc.)
Casualty Damage. With reasonable promptness after discovering If the Premises or any damage part thereof shall be damaged by fire or other casualty, Tenant shall give prompt written notice thereof to Landlord. In case the Premises, or to the Common Areas necessary for access to the Premises, resulting from any Building shall be so damaged by fire or other casualty (a “Casualty”), Landlord shall notify Tenant of Landlord’s reasonable estimate that substantial alteration or reconstruction of the time Building shall, in Landlord's sole opinion, be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises is affectedshall have been damaged by such fire or other casualty) or in the event any mortgagee of Landlord should require that the insurance proceeds payable as a result of said fire or other casualty be applied in reduction of the mortgage debt or in the event of any material uninsured loss to the Building, Landlord may, at its option, terminate this Lease by notifying Tenant if in writing of such termination within forty-five (i45) any Security Holder terminates any ground lease or requires that any insurance proceeds days after the date of such damage in which event the rent hereunder shall be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months abated as of the Term; or (v) any owner, other than Landlord, date of any damaged portion of the Project does not intend to repair such damage. Tenant may If Landlord is not entitled to or does not thus elect to terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly commence and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building and the Common Areas necessary for access to the Leased Premises (including Leasehold Improvements) to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications in which they were immediately prior to the Common Areas that are deemed desirable by Landlord, are consistent with the character happening of the Project, and do casualty but Landlord shall not materially impair access in any event be required to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (incur costs or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost expense in excess of restoring any Tenant-Insured Improvements exceeds the insurance proceeds actually received by Landlord from Tenant’s insurance carrieras a result of the casualty. In performing such work, Landlord shall not be responsible for delays outside its control. If the Building and premises are not rebuilt so as to allow Tenant shall pay such excess to occupy the Premises and and conduct its business in the Premises within two hundred forty (240) days after the date of the casualty, then Tenant may terminate this Lease by written notice to Landlord within 30 ten (10) days after Landlord’s demandthe expiration of such two hundred forty (240) day period. No Casualty and In no restoration performed as event shall Landlord be required hereunder to rebuild, repair or replace any part of Tenant's Property. Landlord shall render Landlord not be liable for any inconvenience or annoyance to Tenant, constitute a constructive eviction, Tenant or excuse injury to the business of Tenant resulting in any way from any obligation hereunder; provided, however, that if such damage or the repair thereof. If the Premises or any Common Area necessary other portion of the Complex is damaged by fire or other casualty resulting from the fault or negligence of Tenant or any of Tenant's agents, employees or invitees, Tenant shall be liable to Landlord for Tenant’s access the cost of the repair and restoration of the Complex caused thereby to the extent such cost and expense is not covered by or would not be covered by Landlord's insurance proceeds. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion shall be for the sole benefit of the Premises is untenantable for the Permitted Use or inaccessible party carrying such insurance and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premisesunder its sole control.
Appears in 1 contract
Samples: Crossroads Systems Inc
Casualty Damage. With reasonable promptness after discovering any damage to Except as otherwise provided below, in the Premises, event of partial or to total destruction of the Common Areas necessary for access to Premises during the Premises, resulting from any Term by fire or other casualty (a “Casualty”), Landlord shall notify Tenant of Landlord’s reasonable estimate of the time required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimatecasualty, the Landlord Repairs cannot be substantially completed within 210 days shall, after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery receipt of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises is affected, terminate this Lease by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend to repair such damage. Tenant may terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, available as a result of such damagecasualty, any portion as promptly as practicable repair, reconstruct or replace the portions of the Premises is untenantable destroyed as nearly as possible to their condition prior to such destruction, except that in no event shall the Landlord be obligated to expend more for such repair, reconstruction or replacement than the Permitted Use amounts of any such insurance proceeds actually received unless such proceeds are inadequate by reason of the failure of the Landlord to obtain or inaccessible maintain the insurance required by Paragraph 8(i) hereof. During the period of such repair, reconstruction and is not occupied by Tenant, Monthly Rent replacement there shall be abated an equitable abatement of Basic Rent hereunder in proportion to the rentable square footage nature and extent of the destruction but only as and to the extent such abatement is covered by lost rentals insurance, as required by Paragraph 8(i) hereof or otherwise, the proceeds of which are actually made available to the Landlord. If the Building is so extensively destroyed by fire or other casualty that the Premises are not susceptible of repair, reconstruction or replacement within nine (9) months from the date of such portion destruction, or if such destruction resulted from causes or risks not required to be insured against by the Landlord hereunder, or if any Mortgagee refuses to agree to release net insurance proceeds to the Landlord, of if the Premisesinsurance proceeds actually received by the Landlord are inadequate to repair the Premises to a condition reasonably tenantable for the intended use, the Landlord or the Tenant may terminate this Lease by giving written notice to the other within thirty (30) days after the date of such destruction unless, in the case of notice from the Tenant, within ten (10) days after receipt of any such notice by the Landlord, the Landlord gives notice to the Tenant that the Landlord will make the necessary additional funds available for such repair, reconstruction or replacement and complete such repair, reconstruction or replacement within nine (9) months from the date of such destruction, in which event this Lease shall nevertheless remain in effect. In the event of termination as aforesaid this Lease shall terminate as of, and Basic Rent and Additional Rent shall be appropriately apportioned through and abated from and after the date of notice of termination.
Appears in 1 contract
Samples: Navisite Inc
Casualty Damage. With reasonable promptness after discovering (a) During the Term, if the Premises or any damage part thereof shall be damaged by fire or other casualty, Tenant shall give prompt written notice thereof to Landlord. In case the Premises, or to the Common Areas necessary for access to the Premises, resulting from any Building shall be so damaged by fire or other casualty (a “Casualty”), Landlord shall notify Tenant of Landlord’s reasonable estimate that substantial alteration or reconstruction of the time Building shall be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises shall have been damaged by such fire or other casualty), (i) if such damage cannot be repaired within 90 days thereafter, as reasonably determined by Landlord, (ii) if any mortgagee under a mortgage or deed of trust covering the Building requires that the insurance proceeds payable as a result of said fire or other casualty be used to retire or reduce such mortgage debt, or (iii) if such damage is affectednot covered by insurance carried by Landlord, Landlord may, at its option, terminate this Lease and the term and estate hereby granted by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds in writing of such termination within 50 days after the date of such damage, in which event the Rent shall be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months abated as of the Term; or (v) any owner, other than Landlord, date of any damaged portion of the Project does not intend to repair such damage. Tenant may terminate this LeaseIf Landlord elects to repair the Premises and/or the Building, by notifying Landlord within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired shall within 60 days after Tenant’s receipt the date of such estimate. If this Lease is not terminated pursuant damage commence to this Section 11, repair and restore the Building and shall proceed with reasonable diligence to restore the Building (except that Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable not be responsible for delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises outside its control) to substantially the same condition that existed when in which it was immediately prior to the Casualty occurredhappening of the casualty, except that Landlord shall not be required to rebuild, repair or replace any part of Tenant’s furniture and furnishings or fixtures and equipment removable by Tenant under the provisions of this Lease. Tenant shall not be entitled to any compensation or damages from Landlord, and Landlord shall not be liable, for (a) any modifications required by Law loss of the use of the whole or any Security Holderpart of the Premises, and (b) the Building, Tenant’s personal property, or any modifications inconvenience or annoyance occasioned by such loss of use, damage, repair, reconstruction or restoration, except that, subject to the Common Areas that are deemed desirable by Landlord, are consistent with the character provisions of the Projectnext sentence, Landlord shall allow Tenant a diminution of Rent on a square footage basis _during the time and do not materially impair access to the Premisesextent the Premises are unfit or unavailable for occupancy. Notwithstanding Section 10.4If the Premises or any other portion of the Building are damaged by fire or other casualty resulting from the negligence of Tenant or any Tenant Party, Tenant shall assign be liable to Landlord (for the cost and expense of the repair and restoration of the Building caused thereby to the extent such cost and expense is not covered by insurance proceeds. Whether or its designee) not any damage to the Premises is caused by Tenant or a Tenant Party, Tenant shall cause all insurance applicable proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, be paid to or for the account of Landlord for payment of the necessary repair and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the restoration. Any insurance proceeds received which may be carried by Landlord from Tenant’s insurance carrieragainst loss or damage to the Building or to the Premises shall be for the sole benefit of Landlord and under its sole control. Tenant hereby specifically waives any and all rights it may have under any law, Tenant shall pay such excess statute, ordinance or regulation to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable terminate the Lease by reason of casualty or damage to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for Tenant’s access to Building, and the Premises is damaged parties hereto specifically agree that the Lease shall not automatically terminate by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is untenantable for the Permitted Use or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion law upon destruction of the Premises. Except as otherwise provided in this Section 22, Tenant hereby waives the provisions of California Civil Code sections 1932(2), 1933(4), 1941 and 1942.
Appears in 1 contract
Casualty Damage. With reasonable promptness after discovering If the Premises or any damage part thereof shall be damaged by --------------- fire or other casualty, Tenant shall give prompt written notice thereof to Landlord. In case the Premises, or to the Common Areas necessary for access to the Premises, resulting from any Building shall be so damaged by fire or other casualty (a “Casualty”), Landlord shall notify Tenant of Landlord’s reasonable estimate that substantial alteration or reconstruction of the time required to substantially complete repair of such damage Building (the “Landlord Repairs”). If, according to such estimatei.e., the Landlord Repairs cannot proposed cost of alteration or construction exceeds fifty percent (50%) of the then-existing replacement cost of the Building) shall, in Landlord's reasonable opinion, be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, required (whether or not the Premises is affectedshall have been damaged by such fire or other casualty), Landlord may, at its option, terminate this Lease by notifying Tenant if in writing of such termination within sixty (i60) any Security Holder terminates any ground lease or requires that any insurance proceeds days after the date of such damage, in which event the Rent shall be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months abated as of the Term; or (v) any owner, other than Landlord, date of any damaged portion of the Project does not intend to repair such damage. Tenant may If Landlord does not elect to terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate of and provided insurance proceeds are available to fully repair the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11damage, Landlord shall promptly within ninety (90) days after the date of such damage commence to repair and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building and shall proceed with reasonable diligence to restore the Common Areas necessary Building (except that Landlord shall not be responsible for access to the Premises delays outside its control) to substantially the same condition that existed when in which it was immediately prior to the Casualty occurredhappening of the casualty; provided, except for (a) Landlord shall not be required to rebuild, repair, or replace any modifications required part of Tenant's furniture, furnishings or fixtures and equipment removable by Law Tenant or any Security Holderimprovements, and alterations or additions installed by or for the benefit of Tenant under the provisions of this Lease. If Landlord's repair or restoration work is not completed within two hundred seventy (b270) any modifications to days after the Common Areas that are deemed desirable by Landlord, are consistent with the character date of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4damage, Tenant shall assign have the right, upon written notice to Landlord, to terminate this Lease. Landlord (shall not be liable for any inconvenience or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable annoyance to Tenant, constitute injury to the business of Tenant, loss of use of any part of the Premises by the Tenant or loss of Tenant's personal property resulting in any way from such damage or the repair thereof, except that, subject to the provisions of the next sentence, Landlord shall allow Tenant a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if fair diminution of Rent during the time and to the extent the Premises are unfit for occupancy. If the Premises or any Common Area necessary for Tenant’s access to other portion of the Premises is Building be damaged by a Casualtyfire or other casualty resulting from the intentional or negligent acts or omissions of Tenant or any of Tenant's Representatives, then, the Rent shall not be diminished during any time that, as a result the repair of such damage, damage and Tenant shall be liable to Landlord for the cost and expense of the repair and restoration of all or any portion of the Premises is untenantable for Building caused thereby (including, without limitation, any deductible) to the Permitted Use or inaccessible extent such cost and expense is not occupied covered by Tenantinsurance proceeds. In the event the holder of any indebtedness secured by the Premises requires that the insurance proceeds be applied to such indebtedness, Monthly Rent then Landlord shall be abated have the right to terminate this Lease by delivering written notice of termination to Tenant within thirty (30) days after the date of notice to Tenant of any such event, whereupon all rights and obligations shall cease and terminate hereunder. Except as otherwise provided in proportion to this Section 27, Tenant hereby waives the rentable square footage provisions of such portion Sections 1932(2.), 1933(4.), 1941 and 1942 of the PremisesCalifornia Civil Code.
Appears in 1 contract
Samples: Lease Agreement (Shoe Pavilion Inc)
Casualty Damage. With reasonable promptness after discovering If the Premises shall be damaged by fire or other casualty, Tenant shall give prompt written notice to Landlord. If the Building or any damage to the Premises, part thereof or to the Common Areas necessary for access to the Premises, resulting from any thereto shall be so damaged or destroyed by fire or other casualty (a “Casualty”)that substantial alteration or reconstruction of the Building and access thereto shall, Landlord shall notify Tenant in the good faith and reasonable determination of Landlord’s reasonable estimate of the time 's Architect, be required to substantially complete with such repair of such damage taking longer than ninety (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 90) days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, (whether or not the Premises is affectedshall have been damaged by such casualty), terminate this Lease by notifying Tenant if (i) or in the event any Security Holder terminates any ground lease or requires Mortgagee should require that any the insurance proceeds be used applied to pay any the payment of the mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild , or in the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, event of any damaged portion of material uninsured loss to the Project does Building, then this Lease shall not intend terminate, but Landlord may, at its option, relocate Tenant to repair such damage. Tenant may terminate this Lease, by notifying Landlord similar premises within 30 the Uptown Charlotte Area within ninety (90) days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, as a result date of such damage, any portion at Landlord's cost, instead of restoring the Building and/or the Premises for Tenant's use; provided, however that Landlord shall use reasonable efforts to relocate Tenant's critical operations as soon as possible after such damage or destruction. In order to relocate Tenant within the aforesaid ninety (90) day period, Landlord shall have the right to temporarily place Tenant in separate buildings within the greater Charlotte Area if necessary to accommodate the size of Tenant's Premises. As soon as reasonably practicable thereafter, Landlord shall relocate all of the Premises is untenantable to one (1) building in the Uptown Charlotte Area, however, the Premises shall not be required to be located on contiguous floors within such building. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in any way from such damage, repair, or relocation. Upon restoration of the Premises or relocation of Tenant, Tenant shall proceed to restore Tenant's furniture, fixtures and equipment and any leasehold improvements installed by Tenant. Landlord shall pay all relocation costs, as set forth in Section 8.21, unless the casualty results from the fault or negligence of Tenant or any of Tenant's agents, employees or invitees, in which case Tenant shall be liable to Landlord for the Permitted Use or inaccessible cost of the repair and restoration of the Building to the extent such cost and expense is not occupied covered by insurance proceeds and for the cost of relocation of Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premises.
Appears in 1 contract
Samples: Lease Agreement (Exult Inc)
Casualty Damage. With reasonable promptness after discovering any damage to Except as provided below, in the Premises, event of partial or to total destruction of the Common Areas necessary for access to Premises during the Premises, resulting from any Term by fire or other casualty (a “Casualty”), Landlord shall notify Tenant of Landlord’s reasonable estimate of the time required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimatecasualty, the Landlord Repairs cannot be substantially completed within 210 days shall, as promptly as practicable after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery receipt of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises is affected, terminate this Lease by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend to repair such damage. Tenant may terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, available as a result of such damagecasualty, any portion repair, reconstruct or replace the portions of the Premises is untenantable destroyed as nearly as possible to their condition prior to such destruction, except that in no event shall the Landlord be obligated to expend more for such repair, reconstruction or replacement than the Permitted Use or inaccessible amounts of any such insurance proceeds actually received. During the period of such repair, reconstruction and is not occupied by Tenant, Monthly Rent replacement there shall be abated an equitable abatement of Basic Rent hereunder for up to one (1) year from the date of such casualty in proportion to the rentable square footage loss of usable floor area in the Premises. If after such repair, reconstruction and replacement the Premises are not restored to their former area, there shall be an equitable abatement of Basic Rent for the remainder of the Term in proportion to the loss of usable floor area in the Premises. If the Building is so extensively destroyed by fire or other casualty that an independent engineer or architect certifies that the Premises cannot reasonably be expected to be susceptible of repair, reconstruction or replacement within a period of six (6) months from the date work were to commence thereon, then the Landlord shall have the right to terminate this Lease by giving written notice to the Tenant within thirty (30) days after the date of such portion certification. If any damage results from causes or risks not insured against by the Landlord or if any Mortgagee refuses to make such net proceeds available for such repair, reconstruction or replacement, then the Landlord may terminate this Lease by giving written notice to the Tenant within thirty (30) days after the date of such destruction. Provided further, that if, despite diligent efforts, the PremisesLandlord has been unable to complete such repair, reconstruction or replacement as herein provided within nine (9) months following the date of such casualty, then the Landlord and the Tenant shall each have the right to terminate this Lease by written notice to the other. In the event of any such notice of termination, this Lease shall terminate as of, and Basic Rent and Additional Rent shall be appropriately apportioned through and abated from and after, the date of such notice of termination.
Appears in 1 contract
Casualty Damage. With reasonable promptness after discovering If the Premises or any damage common areas of the Property providing access thereto shall be damaged by fire or other casualty, Landlord shall use available insurance proceeds to restore the same. Such restoration shall be to substantially the condition prior to the Premisescasualty, except for modifications required by zoning and building codes and other Laws or by any Holder (as defined in Article 25), any other modifications to the Common Areas necessary for common areas deemed desirable by Landlord (provided access to the PremisesPremises is not materially impaired), and except that Landlord shall not be required to repair or replace any of Tenant's furniture, furnishings, fixtures or equipment, or any alterations or improvements in excess of any work performed or paid for by Landlord under the initial Work Agreement attached hereto as Exhibit B or under any separate agreement signed by the parties in connection herewith. Landlord shall not be liable for any inconvenience or annoyance to Tenant or its visitors, or injury to Tenant's business resulting in any way from any fire such damage or other casualty (a “Casualty”)the repair thereof. However, Landlord shall notify allow Tenant a proportionate abatement of Landlord’s reasonable estimate of Rent during the time required and to substantially complete repair of the extent the Premises are unfit for occupancy for the purposes permitted under this Lease and not occupied by Tenant as a result thereof (unless Tenant or its employees or agents caused the damage and then only to the extent such damage (the “Landlord Repairs”Rent abatement is not covered by Landlord's insurance). If, according to such estimate, Notwithstanding the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice foregoing to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualtycontrary, Landlord may, whether or not the Premises is affected, may elect to terminate this Lease by notifying Tenant in writing of such termination within sixty (60) days after the date of damage (such termination notice to include a termination date providing at least ninety (90) days for Tenant to vacate the Premises), if the Property shall be materially damaged by Tenant or its employees or agents, or if the Property shall be damaged by fire or other casualty or cause such that: (ia) repairs to the Premises and access thereto cannot reasonably be completed within 180 days after the casualty without the payment of overtime or other premiums, (b) more than 40% of the Premises is affected by the damage, and fewer than 15 months remain in the Term, as it nay have been extended, or any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the material damage occurs to the Premises during the last 12 months of the Term; or , as it may have been extended, (vc) any owner, other than Landlord, of any damaged portion of the Project does not intend to repair such damage. Tenant may terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if Holder (aas defined in Article 25) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates shall require that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrieror any portion thereof be used to retire the Mortgage debt (or shall terminate the ground lease, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive evictionthe case may be), or excuse (d) the cost of the repairs, alterations, restoration or improvement work would exceed 25% of the replacement value of the Building. Tenant from any agrees that Landlord's obligation hereunder; providedto restore, howeverand the abatement of Rent provided herein, that if shall be Tenant's sole recourse in the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, as a result event of such damage, any although if Landlord has not, within sixty (60) days after the date of damage, given notice to Tenant of its intent to perform or not perform repairs, Tenant shall have the right to terminate the Lease by notice to Landlord. The abatement of Rent under this provision shall be based upon the ratio of the portion of the Premises is damaged or otherwise rendered untenantable for the Permitted Use or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the total rentable square footage of the Premises at the time of such portion of casualty. Tenant acknowledges that this Article represents the Premisesentire agreement between the parties respecting damage to the Premises or Property.
Appears in 1 contract
Casualty Damage. With If the Dwelling Unit is damaged by fire or other casualty, by the failure of or malfunction of any equipment or utilities serving the Dwelling Unit, Tenant shall promptly notify Landlord. If, in the sole determination of Landlord, such damage does not render the Dwelling Unit substantially impaired or require repairs requiring Tenant to vacate the Dwelling Unit, Landlord shall repair the same within a reasonable promptness period of time after discovering service upon Landlord of written notice of such damage by Xxxxxx, and Rent shall not xxxxx during the period of such repairs. If the Dwelling Unit or any damage to the Premises, or to the Common Areas necessary for access to the Premises, resulting from any part thereof is damaged by fire or other casualty to such an extent that use of the Dwelling Unit is substantially impaired, or required repairs can be made only by Tenant vacating the Dwelling Unit, in the sole determination of Landlord,either Landlord or Tenant shall have the right to terminate the Lease in accordance with the terms of Section 55-248.24 of the VRLTA, and subject to Section 2.4(e) of the Lease. Landlord shall account to Tenant for the Security Deposit and prepaid rent, as applicable, plus accrued interest on the Security Deposit (a “Casualty”)if any) based upon the damage or casualty. However, if Landlord reasonably believes that Xxxxxx, Xxxxxx's guests, invitees or authorized occupants were the cause of the damage or casualty, Landlord shall so notify Tenant of Landlord’s reasonable estimate and make disposition of the time required Security Deposit and prepaid rent by advising Tenant that such funds will be held until a determination is made of the amount of damages caused by Xxxxxx's acts. Landlord shall have the right to substantially complete repair of such damage (apply the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice Security Deposit and prepaid rent to the damage so caused by Tenant, Xxxxxx's guests, invitees, or authorized occupants. Except as otherwise provided herein, Tenant and Landlord do hereby otherwise release each other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering from any and all liability, loss, damage to the Project or claim resulting from any Casualty, Landlord may, whether or not the Premises is affected, terminate this Lease by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used casualty and agree to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months secure from their insurers acknowledgement of the Term; or (v) any owner, other than Landlord, such release and a waiver of any damaged portion rights of the Project does not intend to repair such damage. Tenant may terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is untenantable for the Permitted Use or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premisessubrogation.
Appears in 1 contract
Samples: www.erawoodyhoggrentals.com
Casualty Damage. With reasonable promptness after discovering If the Premises or any damage to the Premises, or to the Common Areas necessary for access to the Premises, resulting from any part thereof shall be damaged by fire or other casualty (a “Casualty”)casualty, Landlord Tenant shall notify Tenant of give prompt written notice thereof to Landlord’s reasonable estimate . In case the Building shall be so damaged that substantial alteration or reconstruction of the time Building shall, in Landlord's sole opinion, be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises shall have been damaged by such casualty) or in the event there is affectedless than two (2) years of the Lease Term remaining or in the event Landlord's mortgagee should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt or in the event of any material uninsured loss to the Building, Landlord may, at its option, terminate this Lease by notifying Tenant if in writing of such termination within ninety (i90) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) days after the date of such casualty. If Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend thus elect to repair such damage. Tenant may terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly commence and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises Building (excluding any leasehold improvements) to substantially the same condition that existed when in which it was immediately prior to the Casualty occurredhappening of the casualty. Notwithstanding the foregoing, except for (a) any modifications required by Law or any Security HolderLandlord's obligation to restore the Building, and (b) any modifications the improvements located within the Premises shall not require Landlord to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, expend for such repair and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds restoration work more than the insurance proceeds actually received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, as a result of the casualty. When the repairs described in the preceding two sentences have been completed by Landlord, Tenant shall complete the restoration of all leasehold improvements and the installation of any furniture, fixtures and equipment that are necessary to permit Tenant's reoccupancy of the Premises. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in any way from such damagedamage or the repair thereof, except that Rent shall be abated from the date of the damage or destruction for any portion of the Premises that is untenantable for the Permitted Use or inaccessible and is not occupied unusable by Tenant, Monthly Rent which abatement shall be abated in the same proportion that the Rentable Area of the Premises that is unusable by Tenant bears to the rentable square footage of such portion total Rentable Area of the Premises; provided that Tenant shall not be entitled to any abatement of Rent if the damage or destruction within the Premises is restored within five (5) Business Days after Landlord's receipt of written notice from Tenant of the occurrence of the damage or destruction. 17.
Appears in 1 contract
Casualty Damage. With reasonable promptness after discovering If the Premises or any damage to the Premises, or to the Common Areas necessary for access to the Premises, resulting from any part thereof shall be damaged by fire or other casualty (a “Casualty”)casualty, Landlord Tenant shall notify Tenant give prompt written notice thereof to Landlord. In case the Building shall be so damaged that substantial alteration or reconstruction of the Building shall, in Landlord’s reasonable estimate of the time sole opinion, be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises shall have been damaged by such casualty) or in the event there is affectedless than two (2) years of the Lease Term remaining or in the event Landlord’s mortgagee should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt or in the event of any material uninsured loss to the Building, Landlord may, at its option, terminate this Lease by notifying Tenant if in writing of such termination within ninety (i90) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) days after the date of such casualty. If Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend thus elect to repair such damage. Tenant may terminate this Lease, by notifying Landlord shall commence and proceed with reasonable diligence to restore the Building, and the improvements located within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated if any, for which Landlord had financial responsibility pursuant to this Section 11, the Work Letter Agreement attached hereto as Exhibit D (except that Landlord shall promptly and diligently perform not be responsible for delays not within the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events control of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises Landlord) to substantially the same condition in which it was immediately prior to the happening of the casualty. Notwithstanding the foregoing, Landlord’s obligation to restore the Building, and the improvements located within the Premises, if any, for which Landlord had financial responsibility pursuant to the Work Letter Agreement, shall not require Landlord to expend for such repair and restoration work more than the insurance proceeds actually received by the Landlord as a result of the casualty and Landlord’s obligation to restore shall be further limited so that existed when Landlord shall not be required to expend for the Casualty occurredrepair and restoration of the improvements located within the Premises, except if any, for which Landlord had financial responsibility pursuant to the Work Letter Agreement, more than the dollar amount of the Allowance, if any, described in the Work Letter Agreement. When the repairs described in the preceding two sentences have been completed by Landlord, Tenant shall complete the restoration of all improvements, including furniture, fixtures and equipment, which are necessary to permit Tenant’s reoccupancy of the Premises. Notwithstanding anything set forth herein to the contrary, Tenant shall have a right to terminate this Lease by thirty (30) days notice to Landlord if (a) any modifications required by Law or any Security Holdersuch casualty occurs during the last two (2) years of the Term, and (b) any modifications Landlord has elected not to terminate this Lease as set forth above, but the Common Areas that repairs required herein are deemed desirable by Landlordestimated to take longer than nine (9) months to complete, are consistent with the character of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord or (or its designeec) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds actually received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, as a result of such damagecasualty are insufficient to pay for the repairs required herein and Landlord fails to provide funds for the insufficient amount. Except as set forth above, any portion all cost and expense of reconstructing the Premises is untenantable for the Permitted Use or inaccessible and is not occupied shall be borne by Tenant, Monthly Rent and Tenant shall be abated in proportion present Landlord with evidence satisfactory to the rentable square footage Landlord of Tenant’s ability to pay such portion costs prior to Landlord’s commencement of repair and restoration of the Premises. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in any way from such damage or the repair thereof, except that, Landlord shall allow Tenant a fair diminution of Rent during the time and to the extent the Premises are unfit for occupancy.
Appears in 1 contract
Casualty Damage. With reasonable promptness after discovering A. If all or any damage to part of the Premises, or to the Common Areas necessary for access to the Premises, resulting from any Premises is damaged by fire or other casualty (casualty, Tenant shall notify Landlord in writing as promptly as reasonably practicable. During any period of time that all or a “Casualty”)material portion of the Premises is rendered untenantable as a result of a fire or other casualty, the Rent shall xxxxx for the portion of the Premises that is untenantable and not used by Tenant. Landlord shall notify Tenant of Landlord’s reasonable estimate of have the time required right to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice if: (1) the Building shall be damaged by fire or casualty and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within two hundred ten (210) days from the time that repair work would commence; (2) Landlord is not permitted by Law to rebuild the Building or the Project in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than eighteen (18) months of the Term remaining on the date of the casualty; (4) any Mortgagee requires that the insurance proceeds be applied to the other party delivered within 10 days after Landlord’s delivery payment of such estimate. Within 90 days after discovering any damage the mortgage debt; or (5) a material uninsured loss to the Building or the Project resulting from any Casualty, occurs. Landlord may, whether or not the Premises is affected, may exercise its right to terminate this Lease by notifying Tenant if in writing within ninety (i90) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild days after the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months date of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project casualty. If Landlord does not intend to repair such damage. Tenant may terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and the Premises Improvements (excluding any Alterations that were performed by notifying Tenant in violation of this Lease). However, in no event shall Landlord within 30 days after receiving Landlord’s estimate of the time be required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds spend more than the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if Landlord elects not to fully restore the Premises, Landlord shall notify Tenant in writing as promptly as reasonably practicable. Landlord shall not be liable for any loss or damage to Tenant’s Property or to the business of Tenant resulting in any way from the fire or other casualty or from the repair and restoration of the damage. Landlord and Tenant hereby waive the provisions of any Law relating to the matters addressed in this Section, and agree that their respective rights for damage to or destruction of the Premises or any Common Area necessary for Tenant’s access shall be those specifically provided in this Lease. Tenant shall have the right to terminate this Lease if: (a) a substantial portion of the Premises is has been damaged by a Casualty, then, during any time that, fire or other casualty and such damage cannot reasonably be repaired (as a result reasonably determined by Landlord) within 60 days after Landlord’s receipt of all required permits to restore the Premises; (b) there is less than eighteen (18) months of the Term remaining on the date of such damagecasualty; and (c) Tenant provides Landlord with written notice of its intent to terminate within thirty (30) days after the date of the fire or other casualty. In addition, any if (A) Landlord has not exercised its termination right pursuant to this Section 17.A, (B) all or a material portion of the Premises is untenantable for the Permitted Use or inaccessible and is not occupied used by Tenant, Monthly Rent and (C) Landlord delivers written notice to Tenant that Landlord elects not to rebuild or fully restore the Premises, Tenant shall be abated in proportion have the right to the rentable square footage terminate this Lease by delivering written notice thereof to Landlord within ten (10) business days following Tenant’s receipt of such portion of Landlord’s notice that Landlord will not rebuild or fully restore the Premises.
Appears in 1 contract
Casualty Damage. With reasonable promptness after discovering If the Premises or any damage to the Premises, or to the Common Areas necessary for access to the Premises, resulting from any part thereof shall be damaged by fire or other casualty, Tenant shall give prompt written notice thereof to Landlord. In case the Building shall be so damaged that substantial alteration or reconstruction of the Building shall, in Landlord's sole opinion, be required (whether or not the Premises shall have been damaged by such casualty) or in the event there is less than two (2) years of the Lease Term remaining or in the event Landlord's mortgagee should require that the insurance proceeds payable as a result of a casualty (a “Casualty”)be applied to the payment of the mortgage debt or in the event of any material uninsured loss to the Building, Landlord may, at its option, terminate this Lease by notifying Tenant in writing of such termination within ninety (90) days after the date of such casualty. Landlord shall notify deliver to Tenant within ninety (90) days after the date of Landlord’s the damage, a reasonable estimate of the time required to substantially complete repair of such damage and restore the Premises (the “Landlord Repairs”"Repair Estimate"). If, according If Landlord does not thus elect to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice pursuant to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage foregoing and Tenant does not elect to the Project resulting from any Casualty, Landlord may, whether or not the Premises is affected, terminate this Lease by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend to repair such damage. Tenant may terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11as provided below, Landlord shall promptly commence and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building, and the Common Areas necessary for access to improvements located within the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications in which it was immediately prior to the Common Areas that are deemed desirable by Landlord, are consistent with the character happening of the Project, and do not materially impair access to the Premisescasualty. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, If as a result of such fire or casualty the Premises or any part thereof have been damaged and the Repair Estimate states that repair and restoration thereof will not be completed within one hundred eighty (180) days after the date of the damage, Tenant may terminate this Lease by giving Landlord notice of termination within thirty (30) days after the date Tenant receives the Repair Estimate. Notwithstanding the foregoing, Landlord's obligation to restore the Building, and the improvements located within the Premises shall not require Landlord to expend for such repair and restoration work more than the insurance proceeds actually received by Landlord as a result of the casualty. When the repairs described in the preceding two sentences have been completed by Landlord, Tenant shall complete the restoration of all furniture, fixtures and equipment which are necessary to permit Tenant's reoccupancy of the Premises. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in any way from such damage or the repair thereof, except that Tenant's Rent shall be abated from the date of the damage or destruction for any portion of the Premises that is untenantable for the Permitted Use or inaccessible and is not occupied unusable by Tenant, Monthly Rent which abatement shall be abated in the same proportion to that the rentable square footage of such portion the Premises which is unusable by Tenant bears to the total square footage of the Premises.; provided that Tenant shall not be entitled to any abatement of Rent if the damage or destruction within the Premises is restored within five (5) Business Days after Landlord's receipt of written notice from Tenant of the occurrence of the damage or destruction. Notwithstanding the foregoing, if Tenant was entitled to but elected not to exercise its right to terminate the Lease and Landlord does not substantially complete the required repair and restoration of the Premises within sixty (60) days after the expiration of the estimated repair period of time set forth in the Repair Estimate, which period shall be extended to the extent of any Reconstruction Delays (hereinafter defined), then Tenant may terminate this Lease by written notice to Landlord within thirty (30) days after the expiration of such period, as the same may be extended, and in any event prior to the substantial completion of the required restoration. For purposes of this Lease, the term "
Appears in 1 contract
Casualty Damage. With reasonable promptness after discovering If the Premises or any damage part thereof shall be damaged by fire or other casualty, Tenant shall give prompt written notice thereof to Landlord. In case the Premises, or to the Common Areas necessary for access to the Premises, resulting from any Building shall be so damaged by fire or other casualty (a “Casualty”), Landlord shall notify Tenant of Landlord’s reasonable estimate that substantial alteration or reconstruction of the time Building shall, in Landlord's sole opinion, be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises is affectedshall have been damaged by such fire or other casualty), Landlord may, at its option, terminate this Lease by notifying Tenant if in writing of such termination within sixty (i60) any Security Holder terminates any ground lease or requires that any insurance proceeds days after the date of such damage, in which event the Rent shall be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months abated as of the Term; or (v) any owner, other than Landlord, date of any damaged portion of the Project does not intend to repair such damage. Tenant may If Landlord does not elect to terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord RepairsLease and provided insurance proceeds and any contributions from Tenant, if (a) necessary, are available to fully repair the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11damage, Landlord shall promptly within ninety (90) days after the date of such damage commence to repair and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building and shall proceed with reasonable diligence to restore the Common Areas necessary Building (except that Landlord shall not be responsible for access to the Premises delays outside its control) to substantially the same condition that existed when in which it was immediately prior to the Casualty occurredhappening of the casualty; provided, except for (a) Landlord shall not be required to rebuild, repair, or replace any modifications required part of Tenant's furniture, furnishings or fixtures and equipment removable by Law Tenant or any Security Holderimprovements, and (b) any modifications to alterations or additions installed by or for the Common Areas that are deemed desirable by Landlord, are consistent with the character benefit of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance the provisions of this Lease. Landlord shall not in any event be required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost spend for such work an amount in excess of restoring any Tenant-Insured Improvements exceeds the insurance proceeds (excluding any deductible) and any contributions from Tenant, if necessary, actually received by Landlord from Tenant’s insurance carrier, Tenant as a result of the fire or other casualty. Landlord shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord not be liable for any inconvenience or annoyance to Tenant, constitute injury to the business of Tenant, loss of use of any part of the Premises by the Tenant or loss of Tenaxx'x xersonal property resulting in any way from such damage or the repair thereof, except that, subject to the provisions of the next sentence, Landlord shall allow Tenant a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if fair diminution of Rent during the time and to the extent the Premises are unfit for occupancy. If the Premises or any Common Area necessary for Tenant’s access to other portion of the Premises is Building be damaged by a Casualtyfire or other casualty resulting from the intentional or negligent acts or omissions of Tenant or any of Tenant's Representatives, then, the Rent shall not be diminished during any time that, as a result the repair of such damage, damage and Tenant shall be liable to Landlord for the cost and expense of the repair and restoration of all or any portion of the Premises is untenantable for Building caused thereby (including, without limitation, any deductible) to the Permitted Use or inaccessible extent such cost and expense is not occupied covered by Tenantinsurance proceeds. In the event the holder of any indebtedness secured by the Premises requires that the insurance proceeds be applied to such indebtedness, Monthly Rent then Landlord shall be abated have the right to terminate this Lease by delivering written notice of termination to Tenant within thirty (30) days after the date of notice to Tenant of any such event, whereupon all rights in proportion to obligations shall cease and terminate hereunder. Except as otherwise provided in this Section 27, Tenant hereby valves the rentable square footage provisions of such portion Sections 1932(2.), 1933(4.), 1941 and 1942 of the PremisesCalifornia Civil Code.
Appears in 1 contract
Casualty Damage. With reasonable promptness after discovering any damage to If: (a) the Unit (whether or not including the Premises, ) or to the Common Areas necessary for access to Condominium (in accordance with the Premises, resulting from any fire Declaration of Condominium and the Condominium Act) is so damaged that substantial alteration or other casualty (a “Casualty”), Landlord shall notify Tenant of Landlord’s reasonable estimate reconstruction of the time Unit or the Condominium is required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises is affected, terminate this Lease shall have been damaged by notifying Tenant if the casualty); or (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (ivb) the damage occurs Premises shall be partially damaged by casualty during the last 12 months two years of the Lease Term, and the estimated cost of repair exceeds 25% of the Base Rent then remaining to be paid by Tenant for the balance of the Lease Term; or (v) any ownerLandlord may, other than within 90 days after the casualty, give written notice to Tenant of Landlord, of any damaged portion of the Project does not intend ’s election to repair such damage. Tenant may terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate and the balance of the time required to substantially complete Lease Term shall automatically expire on the Landlord Repairs, if (a) fifth day after the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimatenotice is delivered. If Landlord does not elect to terminate this Lease is not terminated pursuant to this Section 11Lease, Landlord shall promptly and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises Unit and the Common Areas necessary for access to the Premises to substantially the same condition that existed when they were in immediately before the Casualty occurredhappening of the casualty. However, except for (a) any modifications Landlord shall not be required by Law to restore the Building, the Condominium, the lease premises, or any Security Holder, and (b) any modifications portion of Tenant’s property. Rent shall axxxx in proportion to the Common Areas that are deemed desirable by Landlord, are consistent with the character portion of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged Unit not useable by a Casualty, then, during any time that, Tenant as a result of such damage, any portion casualty resulting in damage to the Building as of the date on which the Premises is untenantable becomes unusable. Landlord shall not otherwise be liable to Tenant for any delay in restoring the Permitted Use Premises or inaccessible the Unit so long as Landlord continuously uses best efforts and is not occupied by diligence in the restoration process or any inconvenience or annoyance to Tenant or injury to Tenant’s business resulting in any way from the damage or the repairs, Monthly Rent shall be abated in proportion Tenant’s sole remedy being the right to the rentable square footage an abatement of such portion of the PremisesRent.
Appears in 1 contract
Casualty Damage. With reasonable promptness after discovering any damage to If the Leased Premises, or to the Common Areas necessary for access to the Premises, resulting from any shall be so damaged by fire or other casualty (as to render them wholly untenantable, and if such damage shall be so great that a “Casualty”)competent architect, in good standing, selected by Landlord shall notify certify in writing to Landlord and Tenant that the Premises, with the exercise of Landlord’s reasonable estimate diligence, cannot be made fit for occupancy within one hundred eighty (180) working days, then this Lease shall cease and terminate from the date of the time required to substantially complete repair occurrence of such damage (damage; and Tenant thereupon shall surrender to Landlord the “Premises and all interest hereunder, and Landlord Repairs”)may reenter and take possession of the Premises and remove Tenant therefrom. Tenant shall pay rent and other charges duly apportioned, up to the time of such termination of this Lease. If, according to such estimatehowever, the damage shall be such that said architect shall certify that the Premises can be made tenantable within a one hundred eighty (180) day period, then, except as hereinafter provided Landlord Repairs cannot be substantially completed within 210 days after they are commencedshall, either party may terminate this Lease upon 60 days’ notice repair the damage in a competent manner to the other party delivered within 10 days after Landlord’s delivery extent of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises is affected, terminate this Lease by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend to repair such damage. Tenant may terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess Landlord. If the fire or other casualty causing injury to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or other parts of the Building shall have been caused by the negligence or misconduct of Tenant, its agents, servants or employees, or by any Common Area necessary for other person entering upon the Premises under express or implied invitation of Tenant’s access , such injury shall be repaired by Landlord only to the Premises is damaged extent of the insurance proceeds received by Landlord, and any additional costs of necessary repairs shall be at Tenant's expense. Notwithstanding the foregoing, in the event the holder of a Casualtymortgage granted by the owner of the property, thencovering the Leased Premises, during any time that, as a result of such damage, any portion fails to authorize the repair or restoration of the Premises is untenantable for or fails to release the Permitted Use or inaccessible insurance proceeds, then this Lease shall terminate as of the date Landlord notifies Tenant of such event and is not occupied by Tenant, Monthly Rent the rental payments and other charges due under the Lease shall be abated in proportion apportioned to the rentable square footage date of such portion occurrence of the Premisesdamage.
Appears in 1 contract
Samples: Lease Agreement (Hia Inc)
Casualty Damage. With reasonable promptness after discovering any damage to (A) If the Premises, or any Common Areas of the Building or of the Complex providing access thereto, shall be damaged by fire or other casualty, Landlord shall use available insurance proceeds to restore the same. Such restoration shall be to substantially the condition prior to the casualty, except for modifications required by zoning and building codes and other Laws or by any Holder (as defined in Article 24), any other modifications to the Common Areas necessary for access deemed desirable by Landlord (provided access, size and configuration to the PremisesPremises is not materially impaired), resulting from and except that Landlord shall not be required to repair or replace any of Tenant Work or any Tenant’s furniture, furnishings, fixtures, equipment or other personal property or any Alterations or other improvements in excess of any work performed by Landlord under the terms and provisions of the Workletter or any separate agreement therefor signed by the parties hereto. Landlord agrees to give Tenant written notice within sixty (60) days of the date of the fire or other casualty of the estimated duration of the repair or restoration required or Landlord’s election to terminate the Lease if permitted under clauses (a “Casualty”)a) through (d) below. If the estimated time for repair or restoration exceeds two hundred seventy (270) days, Tenant shall have the right to terminate this Lease within thirty (30) days of Landlord’s original notice to Tenant. Landlord shall not be liable for any inconvenience or annoyance to Tenant or its visitors, or injury to Tenant’s business resulting in any way from such damage or the repair thereof. However, Landlord shall notify allow Tenant a proportionate abatement of Landlord’s reasonable estimate of Rent (Base Rent and Additional Rent) during the time required and to substantially complete repair of such damage the extent the Premises are unfit for occupancy for the purposes permitted under this Lease and not occupied by Tenant as a result thereof (unless Tenant or its employees, agents, or contractors caused the “Landlord Repairs”damage). IfNotwithstanding the foregoing to the contrary, according Landlord may elect to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice if the Building or the Complex shall be materially damaged by Tenant or its employees, agents, or contractors or if the Building shall be damaged by fire or other casualty or cause such that: (a) repairs to the other party delivered Premises and access thereto cannot reasonably be completed within 10 one hundred eighty (180) days after Landlord’s delivery the casualty without the payment of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualtyovertime or other premiums, Landlord may, whether or not (b) more than twenty-five percent (25%) of the Premises is affectedaffected by the damage, terminate this Lease by notifying Tenant if and fewer than twenty-four (i24) months remain in the Term, or any material damage occurs to the Premises during the last twelve (12) months of the Term, (c) any Security Holder terminates any ground lease or requires shall require that any the insurance proceeds or any portion thereof be used to pay any mortgage debt; retire the Mortgage debt (ii) any or shall terminate the ground lease, as the case may be), or the damage to Landlord’s property is not fully covered by Landlord’s insurance policies; , or (iiid) Landlord decides the cost of the repairs, alterations, restoration or improvement work would exceed twenty-five percent (25%) of the replacement value of the Building, or the nature of such work would make termination of this Lease necessary or convenient. Tenant agrees that Landlord’s obligation to rebuild restore, and the abatement of Rent and any other remedies provided herein, shall be Tenant’s sole recourse in the event of such damage, and waives any other rights Tenant may have under any applicable Law to terminate the Lease by reason of damage to the Premises, the Building or Common Areas so that it the Complex. If this Lease has not been sooner terminated by Landlord or they will be substantially different structurally Tenant and the repair or architecturally; restoration is not completed within two hundred seventy (iv270) days after the damage occurs during the last 12 months date of the Term; fire or (v) other casualty for any ownerreason, other than Landlordincluding Force Majeure Delay, of any damaged portion of the Project does not intend to repair such damage. Tenant may terminate this Lease, by notifying Landlord within 30 Lease upon thirty (30) days after receiving Landlord’s estimate of the time required notice to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, provided that if the Premises repair or any Common Area necessary for restoration is completed within such thirty (30) day period, Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, as a result termination of such damage, any portion of the Premises is untenantable for the Permitted Use or inaccessible and is not occupied by Tenant, Monthly Rent this Lease shall be abated null and void and this Lease shall continue in proportion to the rentable square footage of such portion of the Premisesfull force and effect in accordance with its terms.
Appears in 1 contract
Samples: Workletter Agreement (Medical Connections Holdings, Inc.)
Casualty Damage. With reasonable promptness after discovering If the Leased Premises or any damage to the Premises, or to the Common Areas necessary for access to the Premises, resulting from any part thereof shall be damaged by fire or other casualty casualty, Tenant shall give prompt written notice thereof to Landlord. In case the Building shall be so damaged that substantial alteration or reconstruction of the Building shall, in Landlord's sole discretion, be required (a “Casualty”), Landlord whether or not the Leased Premises shall notify Tenant have been damaged by such casualty) or in the event any mortgagee of Landlord’s reasonable estimate 's should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the time required to substantially complete repair mortgage debt or in the event of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice any material uninsured loss to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any CasualtyBuilding, Landlord may, whether or not the Premises is affectedat its option, terminate this Lease by notifying Tenant if in writing of such termination within ninety (i90) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) days after the date of such casualty. If Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend thus elect to repair such damage. Tenant may terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly commence and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary Building shell; except that Landlord's obligation to restore shall not require Landlord to spend for access to the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character such work an amount in excess of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds actually received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, as a result of the casualty. When the repairs described in the preceding sentence have been completed by Landlord, Tenant shall restore all improvement necessary to permit Tenant's re-occupancy of the Leased Premises, and the restoration of Tenant furniture and equipment. All cost and expense of reconstructing the Leased Premises shall be borne by Tenant. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in any way from such damagedamage or the repair thereof, except that, subject to the provisions of the next sentence, Landlord shall allow Tenant a fair diminution of rent during the time and to the extent the Leased Premises are unfit for occupancy and are unoccupied. If the Leased Premises or any other portion of the Premises is untenantable Building be damaged by fire or other casualty resulting from the fault or negligence of Tenant or any Tenant's agents, employees, or invitees, the rent hereunder shall not be diminished during the repair and restoration of the Building and Tenant shall be liable to Landlord for rent and for the Permitted Use or inaccessible cost of repair and restoration of the Building caused thereby to the extent such cost and expense is not occupied covered by insurance proceeds actually received by Landlord. Notwithstanding the foregoing, in the event that it is estimated that Landlord will need more than one hundred eighty (180) days to repair the damage caused by such casualty, Tenant shall have the right to terminate this Leased by providing written notice to Landlord within five (5) days of Landlord's notice to Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premises.
Appears in 1 contract
Casualty Damage. With reasonable promptness after discovering If the Premises or any damage part thereof shall be damaged by fire or other casualty, Tenant shall give prompt written notice thereof to the Premises, or to the Common Areas necessary for access to the Premises, resulting from any Landlord. In case Building 2 shall be so damaged by fire or other casualty that substantial alteration or reconstruction of Building 2 (a “Casualty”)i.e., Landlord shall notify Tenant of Landlord’s reasonable estimate alteration or reconstruction which is estimated to cost in excess of the time product found by multiplying the rentable area in square feet of Building 2 by $5.00) shall, in the judgment of an independent architect selected by Landlord, be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises shall have been damaged by such fire or other casualty), or in the event any mortgagee under a first mortgage or first deed of trust covering Building 2 should require that substantially all of the insurance proceeds payable as a result of said fire or other casualty be used to retire the mortgage debt, or in the event of the occurrence of a casualty which is affectednot insured under the fire and extended coverage insurance required to be carried pursuant to the terms of Section 20, Landlord may, at its option, terminate this Lease by notifying Tenant if in writing of such termination within ninety (i90) any Security Holder terminates any ground lease days after the date of such damage or requires that any insurance proceeds determination by such a mortgagee to take the proceeds, in which event the Rent, Basic Operating Costs and Taxes hereunder shall be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months abated as of the Term; or (v) any owner, other than Landlord, date of any damaged portion of the Project such termination. If Landlord does not intend elect to repair such damage. Tenant may terminate this Lease, by notifying Landlord shall within 30 ninety (90) days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt date of such estimate. If this Lease is not terminated pursuant damage, commence to this Section 11, Landlord repair and restore Building 2 and shall promptly and diligently perform the Landlord Repairs, subject proceed with reasonable diligence to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises Building 2 to substantially the same condition that existed when which it was in immediately prior to the Casualty occurredhappening of the fire or other casualty, except for (a) that Landlord shall not be required to rebuild, repair, or replace any modifications part of Tenant's furniture, fixtures and equipment removable by Tenant under the provisions of this Lease or any Alterations, unless insurance proceeds from Landlord's or Tenant's property insurance are available to rebuild the Alterations. If Landlord determines that insurance proceeds available to Landlord will be insufficient to restore Building 2 as required by Law or any Security Holderthis Section 24, and Landlord may, at its option, elect to either (bi) any modifications to the Common Areas that are deemed desirable terminate this Lease by Landlord, are consistent with the character of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable written notice to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder(ii) provide the extra funds necessary to complete the restoration; provided, however, that Landlord shall restore if Tenant provides the Premises or necessary extra funds. If Landlord receives insufficient funds and elects therefore not to restore it shall so notify Tenant and Tenant shall have 30 days to elect to provide the extra funds needed. If Building 2 is to be restored each of Landlord and Tenant shall contribute the insurance proceeds it received and retained (net of any Common Area necessary for Tenant’s access costs and expenses incurred in obtaining the same) to the Premises is damaged by a Casualtycost of such restoration. If Tenant does not elect to provide the necessary extra funds the Lease shall terminate. In the event Landlord does not either (i) commence the repairs to Building 2 within the time required herein, then, during any time that, as a result or (ii) complete the repairs to Building 2 within one hundred eighty (180) days after the date of such damage, Tenant may terminate the Lease by written notice thereof to Landlord given no later than thirty (30) days following the date on which Landlord was to commence or complete such repairs, as the case may be. Landlord shall not be liable for any portion inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in any way from such damage or the repair thereof, except that, Landlord shall allow Tenant a proportional abatement of Rent, Basic Operating Costs and Taxes from the date of damage until the time the Premises are restored or the Lease is untenantable for terminated. Landlord agrees to use reasonably diligent good faith efforts to have its mortgagees agree to allow the Permitted Use insurance proceeds from any casualty of Building 2 to be used to restore such damaged or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premisesdestroyed improvements.
Appears in 1 contract
Samples: Lease Agreement (Mykrolis Corp)
Casualty Damage. With If the Dwelling Unit is damaged by fire or other casualty, by the failure of or malfunction of any equipment or utilities serving the Dwelling Unit, Tenant shall promptly notify Landlord. If, in the sole determination of Landlord, such damage does not render the Dwelling Unit substantially impaired or require repairs requiring Tenant to vacate the Dwelling Unit, Landlord shall repair the same within a reasonable promptness period of time after discovering service upon Landlord of written notice of such damage by Xxxxxx, and Rent shall not xxxxx during the period of such repairs. If the Dwelling Unit or any damage to the Premises, or to the Common Areas necessary for access to the Premises, resulting from any part thereof is damaged by fire or other casualty to such an extent that use of the Dwelling Unit is substantially impaired, or required repairs can be made only by Tenant vacating the Dwelling Unit, in the sole determination of Landlord, either Landlord or Tenant shall have the right to terminate the Lease in accordance with the terms of Section 55-248.24 of the VRLTA, and subject to Section 9(e) of the Lease. Landlord shall account to Tenant for the Security Deposit and prepaid rent, as applicable, plus accrued interest on the Security Deposit (a “Casualty”)if any) based upon the damage or casualty. However, if Landlord reasonably believes that Xxxxxx, Xxxxxx’s guests, invitees or authorized occupants were the cause of the damage or casualty, Landlord shall so notify Tenant of Landlord’s reasonable estimate and make disposition of the time required Security Deposit and prepaid rent by advising Tenant that such funds will be held until a determination is made of the amount of damages caused by Xxxxxx’s acts. Landlord shall have the right to substantially complete repair of such damage (apply the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice Security Deposit and prepaid rent to the damage so caused by Tenant, Xxxxxx’s guests, invitees, or authorized occupants. Except as otherwise provided herein, Tenant and Landlord do hereby otherwise release each other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering from any and all liability, loss, damage to the Project or claim resulting from any Casualty, Landlord may, whether or not the Premises is affected, terminate this Lease by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used casualty and agree to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months secure from their insurers acknowledgement of the Term; or (v) any owner, other than Landlord, such release and a waiver of any damaged portion rights of the Project does not intend to repair such damage. Tenant may terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is untenantable for the Permitted Use or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premisessubrogation.
Appears in 1 contract
Samples: Estate Residential Lease Agreement
Casualty Damage. With reasonable promptness after discovering If the Premises or any damage to the Premises, or to the Common Areas necessary for access to the Premises, resulting from any part thereof shall be damaged by fire or other casualty (a “Casualty”)casualty, Landlord Tenant shall notify Tenant of give prompt written notice thereof to Landlord’s reasonable estimate . In case the Building shall be so damaged that substantial alteration or reconstruction of the time Building shall, in Landlord's sole opinion, be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises shall have been damaged by such casualty) or in the event there is affectedless than two (2) years of the Lease Term remaining or in the event Landlord’s mortgagee should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt or in the event of any material uninsured loss to the Building, Landlord may, at its option, terminate this Lease by notifying Tenant if in writing of such termination within ninety (i90) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) days after the date of such casualty. If Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend thus elect to repair such damage. Tenant may terminate this Lease, by notifying Landlord shall commence and proceed with reasonable diligence to restore the Building, and the improvements located within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated if any, for which Landlord had financial responsibility pursuant to this Section 11, the Work Letter Agreement attached hereto as Exhibit D (except that Landlord shall promptly and diligently perform not be responsible for delays not within the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events control of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises Landlord) to substantially the same condition that existed when in which it was immediately prior to the Casualty occurredhappening of the casualty. Notwithstanding the foregoing, except for (a) any modifications required by Law or any Security HolderLandlord's obligation to restore the Building, and (b) any modifications the improvements located within the Premises, if any, for which Landlord had financial responsibility pursuant to the Common Areas Work Letter Agreement, shall not require Landlord to expend for such repair and restoration work more than the insurance proceeds actually received by the Landlord as a result of the casualty and Landlord's obligation to restore shall be further limited so that are deemed desirable Landlord shall not be required to expend for the repair and restoration of the improvements located within the Premises, if any, for which Landlord had financial responsibility pursuant to the Work Letter Agreement, more than the dollar amount of the Allowance, if any, described in the Work Letter Agreement. When the repairs described in the preceding two sentences have been completed by Landlord, Tenant shall complete the restoration of all improvements, including furniture, fixtures and equipment, which are consistent with the character necessary to permit Xxxxxx's reoccupancy of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4Except as set forth above, all cost and expense of reconstructing the Premises shall be borne by Xxxxxx, and Tenant shall assign present Landlord with evidence satisfactory to Landlord (of Tenant's ability to pay such costs prior to Landlord's commencement of repair and restoration of the Premises. Landlord shall not be liable for any inconvenience or its designee) all insurance proceeds payable annoyance to Tenant under Tenant’s insurance required under Section 10.2 with respect or injury to the business of Tenant resulting in any Tenant-Insured Improvementsway from such damage or the repair thereof, except that, subject to the provisions of the next sentence, Landlord shall allow Tenant a fair diminution of Rent during the time and if to the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds extent the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demandPremises are unfit for occupancy. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if If the Premises or any Common Area necessary for Tenant’s access to other portion of the Premises Property is damaged by a Casualtyfire or other casualty resulting from the fault or negligence of Tenant or any of Tenant's agents, thenemployees, or invitees, the rent hereunder shall not be diminished during any time that, as a result the repair of such damage, any portion damage and Tenant shall be liable to Landlord for the cost of the Premises is untenantable for repair and restoration of the Permitted Use or inaccessible Property caused thereby to the extent such cost and expense is not occupied covered by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premisesinsurance proceeds.
Appears in 1 contract
Samples: Office Lease Agreement
Casualty Damage. With reasonable promptness after discovering (a) During the Term, if the Premises or any damage part thereof shall be damaged by fire or other casualty, Tenant shall give prompt written notice thereof to Landlord. In case the Premises, or to the Common Areas necessary for access to the Premises, resulting from any Building shall be so damaged by fire or other casualty (a “Casualty”), Landlord shall notify Tenant of Landlord’s reasonable estimate that substantial alteration or reconstruction of the time Building shall be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises shall have been damaged by such fire or other casualty), (i) if such damage cannot be repaired within 90 days thereafter, as reasonably determined by Landlord, (ii) if any mortgagee under a mortgage or deed of trust covering the Building requires that the insurance proceeds payable as a result of said fire or other casualty be used to retire or reduce such mortgage debt, or (iii) if such damage is affectednot covered by insurance carried by Landlord, Landlord may, at its option, terminate this Lease and the term and estate hereby granted by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds in writing of such termination within 50 days after the date of such damage, in which event the Rent shall be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months abated as of the Term; or (v) any owner, other than Landlord, date of any damaged portion of the Project does not intend to repair such damage. Tenant may terminate this LeaseIf Landlord elects to repair the Premises and/or the Building, by notifying Landlord within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired shall within 60 days after Tenant’s receipt the date of such estimate. If this Lease is not terminated pursuant damage commence to this Section 11, repair and restore the Building and shall proceed with reasonable diligence to restore the Building (except that Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable not be responsible for delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises outside its control) to substantially the same condition that existed when in which it was immediately prior to the Casualty occurredhappening of the casualty, except that Landlord shall not be required to rebuild, repair or replace any part of Tenant’s furniture and furnishings or fixtures and equipment removable by Tenant under the provisions of this Lease. Tenant shall not be entitled to any compensation or damages from Landlord, and Landlord shall not be liable, for (a) any modifications required by Law loss of the use of the whole or any Security Holderpart of the Premises, and (b) the Building, Tenant’s personal property, or any modifications inconvenience or annoyance occasioned by such loss of use, damage, repair, reconstruction or restoration, except that, subject to the Common Areas that are deemed desirable by Landlord, are consistent with the character provisions of the Projectnext sentence, Landlord shall allow Tenant a diminution of Rent on a square footage basis during the time and do not materially impair access to the Premisesextent the Premises are unfit or unavailable for occupancy. Notwithstanding Section 10.4If the Premises or any other portion of the Building are damaged by fire or other casualty resulting from the negligence of Tenant or any Tenant Party, Tenant shall assign be liable to Landlord (for the cost and expense of the repair and restoration of the Building caused thereby to the extent such cost and expense is not covered by insurance proceeds. Whether or its designee) not any damage to the Premises is caused by Tenant or a Tenant Party, Tenant shall cause all insurance applicable proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, be paid to or for the account of Landlord for payment of the necessary repair and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the restoration. Any insurance proceeds received which may be carried by Landlord from Tenant’s insurance carrieragainst loss or damage to the Building or to the Premises shall be for the sole benefit of Landlord and under its sole control. Tenant hereby specifically waives any and all rights it may have under any law, Tenant shall pay such excess statute, ordinance or regulation to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable terminate the Lease by reason of casualty or damage to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for Tenant’s access to Building, and the Premises is damaged parties hereto specifically agree that the Lease shall not automatically terminate by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is untenantable for the Permitted Use or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion law upon destruction of the Premises. Except as otherwise provided in this Section 22, Tenant hereby waives the provisions of California Civil Code sections 1932(2), 1933(4), 1941 and 1942.
Appears in 1 contract
Casualty Damage. With reasonable promptness after discovering If the Premises or any damage part thereof shall be damaged by fire or other casualty, Lessee shall give prompt written notice thereof to Lessor. In case the Premises, or to the Common Areas necessary for access to the Premises, resulting from any Building shall be so damaged by fire or other casualty (a “Casualty”), Landlord shall notify Tenant of Landlord’s reasonable estimate that substantial alteration or reconstruction of the time Building shall, in Lessor's reasonable opinion, be required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises is affectedshall have been damaged by such fire or other casualty), Lessor may, at its option, terminate this Lease by notifying Tenant if Lessee in writing of such termination within sixty (i60) any Security Holder terminates any ground lease or requires that any insurance proceeds days after the date of such damage, in which event the Rent shall be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months abated as of the Term; or (v) any owner, other than Landlord, date of any damaged portion of the Project does not intend to repair such damage. Tenant may If Lessor does not elect to terminate this Lease, by notifying Landlord Lessor shall within 30 ninety (90) days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt date of such estimate. If this Lease is not terminated pursuant damage commence to this Section 11, Landlord shall promptly repair and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises Building and shall proceed with reasonable diligence to restore the Common Areas necessary Building (except that Lessor shall not be responsible for access to the Premises delays outside its control) to substantially the same condition that existed when in which it was immediately prior to the Casualty occurredhappening of the casualty, except for (a) that Lessor shall not be required to rebuild, repair. or replace any modifications required part of Lessee's furniture, furnishings or fixtures and equipment removable by Law Lessee or any Security Holder, and (b) improvements installed by Lessee under the provisions of this Lease. Lessor shall not in any modifications event be required to the Common Areas that are deemed desirable by Landlord, are consistent with the character spend for such work an amount in excess of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds actually received by Landlord Lessor as a result of the fire or other casualty. Lessor shall not be liable for any inconvenience or annoyance to Lessee, injury to the business of Lessee, loss of use of any part of the Premises or the Lessee's personal property resulting in any way from Tenant’s insurance carriersuch damage or the repair thereof, Tenant except that, subject to the provisions of the next sentence, Lessor shall pay such excess allow Lessee a fair diminution of Rent during the time and to Landlord within 30 days after Landlord’s demandthe extent the Premises are unfit for occupancy. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if If the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any other portion of the Premises is untenantable Building be damaged by fire or other casualty resulting from the fault or negligence of Lessee or any of Lessee's agents, employees, or invitees, the Rent shall not be diminished during the repair of such damage and Lessee shall be liable to Lessor for the Permitted Use or inaccessible cost and expense of the repair and restoration of the Building caused thereby to the extent such cost and expense of the repair and restoration of the Building caused thereby is not occupied covered by Tenantinsurance proceeds. Except as otherwise provided in this Xxxxxxxxx 00, Monthly Rent shall be abated in proportion to Xxxxxx hereby waives the rentable square footage provisions of such portion Sections 1932(2), 1933(4), 1941 and 1942 of the PremisesCalifornia Civil Code.
Appears in 1 contract
Samples: Lease Agreement (Monterey Pasta Co)
Casualty Damage. With reasonable promptness after discovering any If fire or other casualty cause damage to the Premises in an amount exceeding thirty percent (30%) of the full construction-replacement cost of the Premises, Landlord may elect to terminate this Lease as of the date of the damage by notice in writing to Tenant. In the event that the damage to the Premises is less than thirty percent of the full construction-replacement cost of the Premises, or if more than thirty percent, but Landlord elects not to terminate the Common Areas necessary for access to the Premises, resulting from any fire or other casualty (a “Casualty”)Lease, Landlord shall notify promptly repair the damage and restore the Landlord's Improvements to their former condition as soon as practicable. Tenant's Improvements , trade fixtures, personal property and any alterations to the Premises made by Tenant shall be replaced by Tenant at Tenant's expense. In the event of Landlord’s such casualty, Tenant shall not be entitled to any abatement of rent; instead, Tenant shall look to Tenant's Business Interruption Insurance. Tenant shall not be entitled to any compensation or damages from Landlord for loss of the use of the whole or part of the Premises or the Park, or any inconvenience or annoyance occasioned by such damage or reconstruction. Notwithstanding the foregoing, within fifteen (15) business days of fire or casualty, Landlord shall provide to Tenant in writing a reasonable estimate of the time required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises is affected, terminate this Lease by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during and restore the last 12 months of the Term; or Landlord's Improvements to their former condition. If such estimate exceeds one hundred fifty (v150) any ownerdays, other than Landlord, of any damaged portion of the Project does not intend to repair such damage. Tenant may terminate this Leaselease by written notice to Landlord to be given within fifteen business (15) days of receipt of Landlord's estimate, by notifying Landlord within 30 days after receiving Landlord’s estimate which Tenant's right to terminate shall lapse. The termination shall be effective as of the time required to substantially complete date that Landlord receives the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is untenantable for the Permitted Use or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premisesnotice.
Appears in 1 contract
Samples: Industrial Lease (Convera Corp)
Casualty Damage. With reasonable promptness after discovering If the Premises or any damage part thereof shall be damaged --------------- by fire or other casualty, Tenant shall give prompt written notice thereof to Landlord. In case the Premises, Building or to the Common Areas necessary for access to the Premises, resulting from any Premises shall be damaged by fire or other casualty (a) such that more than thirty percent (30%) reconstruction of the Building or the Premises is required, as determined by Landlord, or (b) regardless of the extent of damage, such damage is either uninsured or the insurance proceeds are unavailable or insufficient for Landlord to restore the Building or the Premises, Landlord may elect to either terminate this Lease or restore the Building or the Premises. In all other cases, Landlord shall promptly commence reconstruction repair subject to this Section 26. If Landlord elects to terminate the Lease, the estate created hereby shall terminate forty- five (45) days following the date of damage, and Base Rent due hereunder shall be abated as of the date of such damage. If Landlord elects to repair and restore the Building or the Premises, then Landlord shall proceed with reasonable diligence to restore the Building or the Premises (except Landlord shall not be responsible for delays outside of its control) to substantially the same condition existing immediately prior to the casualty. If Landlord is required to make any repairs or restorations pursuant to this Section 26, Landlord shall not be required to spend for such repairs or restoration an amount in excess of the insurance proceeds actually received by Landlord as a “Casualty”)result of the casualty. If Landlord elects to repair or restore the Building or the Premises, then Tenant, within thirty (30) days after the date the damage occurred, may request in writing from Landlord an estimate of the time required to repair or restore the Building or the Premises. Landlord shall notify Tenant of Landlord’s 's reasonable estimate of the time required to substantially complete repair of such damage (for restoration or repair. If Landlord estimates that the “Landlord Repairs”). If, according to such estimate, Premises or the Landlord Repairs Building cannot be substantially completed restored within 210 one hundred and eighty (180) days after they are commenced, either party may terminate this Lease upon 60 days’ notice to from the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises is affected, terminate this Lease by notifying Tenant if (i) any Security Holder terminates any ground lease or requires date that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months occurred, then Tenant shall have five (5) business days from receipt of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend 's estimate in which to repair such damage. Tenant may terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate which termination shall be effective as of the date the damage occurred. Landlord shall not be liable for any inconvenience or annoyance to Tenant, injury to the business of Tenant, loss of use of any part of the Premises by Tenant or loss of Tenant's personal property resulting in any way from such damage or the restoration thereof, except that, during any restoration, Landlord shall allow Tenant a fair diminution of Base Rent during the time and to the extent the Premises are unfit for occupancy. In no event shall Landlord be required to substantially complete rebuild, repair or replace any part of the Tenant Improvements or Tenant's furniture, furnishings or fixtures and equipment except to the extent that Landlord Repairsactually receives insurance proceeds with respect to the damage of such property (Tenant acknowledges that Landlord is under no obligation to maintain insurance covering such property and that neither Landlord nor any of its representatives have made any representations or warranties to Tenant that Landlord intends to maintain any insurance covering such property). Tenant hereby waives the provisions of Sections 1932(2.), 1933(4.), 1941 and 1942 of the California Civil Code. Landlord or Tenant shall have the right to terminate this Lease if (a) the Casualty has occurred damage to the Premises occurs during the last 12 months year of the Term and has damaged a material portion term of the Premisesthis Lease, and (b) such estimate indicates it is estimated by Landlord that the damage cannot reasonably be repaired within 60 necessary repairs will take more than ninety (90) days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform from the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character date of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is untenantable for the Permitted Use or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premises.
Appears in 1 contract
Samples: Lease Agreement (Ise Labs Inc)
Casualty Damage. With reasonable promptness after discovering Tenant shall give immediate written notice to Landlord of any damage caused to or suffered by the Premises or the Building. Tenant shall be responsible for any subsequent waste which may occur to the Premises or the Building in the event Tenant fails to timely notify Landlord of any damage to the PremisesPremises or the Building. If the Premises or the Building is totally destroyed, or so partially damaged such that Tenant's use of the Premises is materially interfered with, from a risk which is wholly covered by insurance proceeds made available to the Common Areas necessary Landlord for access to the Premises, resulting from any fire or other casualty (a “Casualty”)such purpose, Landlord shall notify Tenant of Landlord’s proceed with reasonable estimate of the time required diligence to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises is affected, terminate this Lease by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend to repair such damage. Tenant may terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premisesdestruction, and (b) such estimate indicates that the damage canLease shall not reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunderterminate; provided, however, that if in the Premises opinion of 33265500v4 Landlord's architect the rebuilding or any Common Area necessary for Tenant’s access to repairs cannot reasonably be completed within one hundred eighty (180) days after the Premises is damaged by a Casualty, then, during any time that, as a result date of Landlord's actual knowledge of such damage, Landlord or Tenant may at its election terminate the Lease by delivering written notice of said election to the other party within thirty (30) days after receipt of the opinion of Xxxxxxxx's architect, in which event the rent payable for any unexpired portion of the Lease shall be abated, effective upon the date such damage occurred. If the Premises or the Building is substantially damaged, in such a way that Tenant's use of the Premises is untenantable materially interfered with, from a risk not wholly covered by insurance made available to Landlord for repair or reconstruction, Landlord may terminate the Permitted Use Lease by delivering written notice of said termination to Tenant not later than forty-five (45) days after the casualty occurs, in which event all rights and obligations under the Lease shall cease and terminate, effective upon the date such damage occurred, except any liability of Tenant accruing prior to the Lease being terminated. If the Premises or inaccessible the Building is substantially damaged during the final twenty-four (24) months of the Term or any renewal Term, Landlord shall not be required to rebuild or repair the damage to the Building or the Premises unless Tenant exercises a renewal option, if any, within fifteen (15) days after the date of receipt by Landlord of Tenant's notification of the occurrence of the damage. If Tenant does not elect to exercise its renewal option, or if there is no previously unexercised renewal option contained within the Lease, Landlord shall have the option to terminate the Lease, and is not occupied by Tenant, Monthly Rent rent shall be abated in proportion to for the rentable square footage of such unexpired portion of the PremisesTerm, effective upon the date such damage occurred. If the Lease is not terminated pursuant to the preceding paragraphs, then Landlord shall proceed immediately and shall use reasonable diligence to rebuild or repair the Building and the Premises to substantially the condition in which they existed prior to the damage; provided, however, that Landlord shall not be required to rebuild, repair, or replace any part of the partitions, fixtures, additions, or other improvements or personal property required to be covered by Tenant's insurance described in article X above. If the Premises is untenable, in whole or in part, during the period beginning on the date such damage occurred, and ending on the date of substantial completion of Landlord's repair or restoration work, then, under such circumstances, the rent for such period shall be reduced to such extent as may be fair and reasonable under the circumstances, as reasonably determined by Landlord.
Appears in 1 contract
Samples: Lease Agreement (Power Solutions International, Inc.)
Casualty Damage. With If the Dwelling Unit is damaged by fire or other casualty, by the failure of or malfunction of any equipment or utilities serving the Dwelling Unit, Tenant(s) shall promptly notify Landlord and Agent. If, in the sole determination of Landlord or Agent, such damage does not render the Dwelling Unit substantially impaired or require repairs requiring Tenant(s) to vacate the Dwelling Unit, Landlord shall repair the same within a reasonable promptness period of time after discovering delivery by Tenant(s) to Landlord of written notice of such damage, and Rent shall not xxxxx during the period of such repairs. If the Dwelling Unit or any damage to the Premises, or to the Common Areas necessary for access to the Premises, resulting from any part thereof is damaged by fire or other casualty (a “Casualty”), Landlord shall notify Tenant of Landlord’s reasonable estimate to such an extent that use of the time Dwelling Unit is substantially impaired, or required to substantially complete repair repairs can be made only by Tenant(s) vacating the Dwelling Unit, in the sole determination of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commencedor Agent, either party may Landlord or Tenant(s) shall have the right to terminate this the Lease upon 60 days’ notice in accordance with the terms of the VRLTA by giving to the other party delivered within 10 days after Landlord’s delivery at least fourteen (14) days’ notice of termination. Landlord shall account to Tenant(s) for the Security Deposit and prepaid Rent, if applicable, based upon the damage or casualty. However, if Landlord or Agent reasonably believe that Tenant(s), Tenant(s)’ guests, invitees or authorized occupants were the cause of the damage or casualty, Landlord shall so notify Tenant(s) and make disposition of the Security Deposit and any prepaid Rent by advising Tenant(s) that such estimatefunds will be held until a determination is made of the amount of damages caused by Tenant(s)’ acts. Within 90 days after discovering any damage Landlord shall have the right to apply the Security Deposit and prepaid Rent to the Project damage so caused by Tenant(s), Tenant(s)’ guests, invitees, or authorized occupants. Except as otherwise provided herein. Tenant(s) do hereby release Landlord and Agent from any and all liability, loss, damage or claim resulting from any Casualty, Landlord may, whether or not the Premises is affected, terminate this Lease by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend to repair such damage. Tenant may terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premisescasualty, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt shall require its insurer to waive any rights of such estimatesubrogation against Landlord or Agent. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events retains any rights of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is untenantable for the Permitted Use or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premisessubrogation against Tenant(s).
Appears in 1 contract
Samples: Lease Agreement
Casualty Damage. With reasonable promptness after discovering If the Premises or any part thereof shall be damaged by fire or other casualty, Tenant shall give prompt written notice thereof to Landlord. If Landlord determines, in Landlord's good faith business judgment, that the damage to by fire or other casualty precludes occupancy of any substantial part of the Premises, or to if the Common Areas necessary for access to the PremisesBuilding is so damaged that in Landlord's judgment, resulting from any fire substantial alteration or other casualty (a “Casualty”), Landlord shall notify Tenant of Landlord’s reasonable estimate reconstruction of the time Building is required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises is affectedhave been damaged by the casualty), or if any mortgagee of the Property requires application of the insurance proceeds to the reduction of the mortgage debt, or if any material uninsured loss occurs, or if such casualty occurs during the last two years of the Lease Term, Landlord may, at its option, terminate this Lease by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild within 60 days after the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months date of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project casualty. If Landlord does not intend elect to repair such damage. Tenant may terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairsit shall, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt the date of such estimatethe casualty, notify Tenant of that decision and of the estimated repair time. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events damage reasonably precludes occupancy of Force Majeure. The Landlord Repairs shall restore any substantial part of the Premises and the Common Areas necessary for access to the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated repair time to restore that part of the Premises to a condition that reasonably permits occupancy will extend beyond one year after the date of the casualty, Tenant may elect to terminate this Lease by so notifying Landlord within 10 days after receipt of notice of Landlord's decision not to terminate this Lease. If Landlord elects not to terminate this Lease (or actual cost if Landlord is not entitled to terminate this Lease if Tenant has the option under the preceding sentence), Landlord shall restore the Building to substantially its former condition as soon as reasonably possible. Landlord shall not, however, be required to restore any part of restoring the Building in excess of the Building Standard Improvements unless the proceeds of Tenant's fire and extended coverage insurance are made available to Landlord for that purpose, or to spend any Tenant-Insured Improvements exceeds amount in excess of the insurance proceeds actually received by Landlord from Tenant’s insurance carrieras a result of the casualty. Provided the fire or other casualty was not caused to any extent by the act or omission of Tenant or its employees, agents or contractors, Landlord shall allow Tenant shall pay such excess a fair reduction of rent during the time and to Landlord within 30 days after Landlord’s demandthe extent the Premises are unfit for occupancy. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if If the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any other portion of the Premises is untenantable Building be damaged by fire or other casualty resulting from the fault or negligence of Tenant or any of Tenant's agents, employees, or invitees, the rent hereunder shall not be diminished during the repair of such damage and Tenant shall be liable to Landlord for the Permitted Use or inaccessible cost of the repair and restoration of the Building caused thereby to the extent such cost and expense is not occupied covered by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premisesinsurance proceeds.
Appears in 1 contract
Casualty Damage. With reasonable promptness after discovering any damage to the Premises, or to the Common Areas necessary for access to the Premises, resulting from any fire or other casualty (a “Casualty”), Landlord shall notify Tenant of Landlord’s reasonable estimate of the time required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises is affected, terminate this Lease by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend to repair such damage. Tenant may terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair use of or access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 15 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is untenantable for the Permitted Use or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premises. If Landlord does not substantially complete the Landlord Repairs on or before the Outside Restoration Date (defined below), then, provided that the Casualty was not caused by the negligence or willful misconduct of Tenant or any party claiming by, through or under Tenant, Tenant may terminate this Lease by notifying Landlord within 15 days after the Outside Restoration Date. As used herein, “Outside Restoration Date” means the date occurring 60 days after the expiration of the time set forth in Landlord’s estimate described in the first sentence of this Section 11; provided, however, that the Outside Restoration Date shall be extended to the extent of (i) any delay caused by the insurance adjustment process; (ii) any other delay caused by events of Force Majeure (up to 90 days), and (iii) any delay caused by Tenant or any party claiming by, through or under Tenant. Notwithstanding the foregoing, if Landlord determines in good faith that it will be unable to substantially complete the Landlord Repairs on or before the Outside Restoration Date, Landlord may cease its performance of the Landlord Repairs and provide Tenant with notice (the “Restoration Date Extension Notice”) stating such inability and identifying the date on which Landlord reasonably believes such substantial completion will occur, in which event Tenant may terminate this Lease by notifying Landlord within five (5) business days after receiving the Restoration Date Extension Notice. If Tenant does not terminate this Lease within such 5-business day period, the Outside Restoration Date shall be automatically amended to be the date identified in the Restoration Date Extension Notice.
Appears in 1 contract
Samples: Office Lease (Quinstreet, Inc)
Casualty Damage. With reasonable promptness after discovering If the Project, the Building, or any damage to systems serving the Building or the Premises, or to the Common Areas necessary for access to the Premises, resulting from any are damaged by fire or other casualty (a “"Casualty”"), then the Landlord shall within THIRTY (30) days of such casualty notify the Tenant of Landlord’s (the "LANDLORD'S NOTICE") whether or not in the reasonable estimate determination of the time required to substantially complete repair Landlord the damage can be repaired within ONE HUNDRED EIGHTY (180) days of such damage notice (the “Landlord Repairs”"RESTORATION PERIOD"). If, according to such estimate, the Landlord Repairs If repairs and restoration cannot be substantially completed within 210 days after they are commencedthe Restoration Period, either party may terminate this Lease upon 60 days’ notice to at its option within THIRTY (30) days of the other party delivered within 10 days after receipt of the Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, whether or not the Premises is affected's Notice, terminate this Lease by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months effective as of the Term; or (v) any owner, other than Landlord, of any damaged portion date of the Project does casualty and all rents, Operating Costs or other sums due shall be prorated as of that date. If the repairs and restoration can be accomplished within the Restoration Period, or if the repairs cannot intend be done within the Restoration Period and neither party chooses to repair such damage. Tenant may terminate this Lease, by notifying the Landlord shall within 30 THIRTY (30) days after receiving Landlord’s estimate from the date of the time required Landlord's notice, commence the repairs and restoration and proceed with all due diligence to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and Project or the Common Areas necessary for access to Building or the Premises to substantially the same condition that existed when in which it was immediately prior to the Casualty occurredhappening of the Casualty. As soon after the Landlord commences the repairs and restoration as is practical, except for (a) any modifications required by Law the Tenant shall commence and pursue to completion the repair and restoration or any Security Holderreplacement of Tenant's fixtures and personalty. Each party shall proceed with their respective work in a timely and diligent manner using the same or better quality materials as existing prior to the Casualty, and (b) any modifications they shall use their best efforts not to the Common Areas that are deemed desirable by Landlordinterfere with, are consistent with the character of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive evictionannoy, or excuse inconvenience the other party. For such period of time as the Tenant cannot conduct its business from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by in a Casualtyreasonable, then, during any time that, prudent and businesslike manner as a result of such damagethe condition of the Project or the Premises, any or the Building or the services to the Building, or caused by an interruption thereof because of reconstruction activities, all Rent shall abatx. Xx the extent and during the time that only a portion of the Premises is untenantable tenantable and to the extent that the Tenant is able to conduct its business therefrom in a reasonable, prudent and businesslike manner, the Tenant shall receive a fair diminution of Rent based on an estimated percentage of unusable space in the Premises. In the event the Landlord fails to deliver to the Tenant a Landlord's Notice within the required THIRTY (30) day period as to whether or not the damage can be repaired within the Restoration Period, the Tenant shall have the right any time after the expiration of the THIRTY (30) day notice period to terminate the Lease as of the date of the Casualty, or to advise the Landlord of its intent to restore the Project or the Building or the Premises (the "TENANT'S NOTICE") and may commence the repairs and restoration of the Project or the Building or the Premises at the cost and expense of the Landlord, whereupon the Landlord shall be deemed to have waived its right to terminate this Lease as provided above. The Landlord shall reimburse Tenant within TEN (10) business days of demand for all costs and expenses of any kind incurred by the Permitted Use Tenant to make repairs or inaccessible and is not occupied restorations. If the Landlord shall fail to pay when due any sums owed by the Landlord to the Tenant, Monthly Rent Tenant shall be abated have the right to set-off all amounts due in proportion accordance with SECTION 33 thereof, until the sums advanced by Tenant are paid in full, plus all costs of collection, including but not limited to the rentable square footage of such portion of the Premisesreasonable attorneys' fees and court costs incurred.
Appears in 1 contract
Casualty Damage. With reasonable promptness after discovering A. If all or any damage to part of the Premises, or to the Common Areas necessary for access to the Premises, resulting from any Premises is damaged by fire or other casualty (casualty, Tenant shall immediately notify Landlord in writing. During any period of time that all or a “Casualty”)material portion of the Premises is rendered untenantable as a result of a fire or other casualty, the Rent shall abate for the portion of the Premises that is untenantabxx xxd not used by Tenant. Landlord shall notify Tenant of Landlord’s reasonable estimate of have the time required right to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to if: (1) the other party delivered within 10 Building shall be damaged so that, in Landlord's reasonable judgment, substantial alteration or reconstruction of the Building lasting more than 180 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting from any Casualty, Landlord may, shall be required (whether or not the Premises has been damaged); (2) Landlord is affected, not permitted by Law to rebuild the Building in substantially the same form as existed before the fire or casualty; (3) the Premises have been materially damaged and there is less than 2 years of the Term remaining on the date of the casualty; (4) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (5) a material uninsured loss to the Building occurs. Landlord may exercise its right to terminate this Lease by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild in writing within 90 days after the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months date of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project casualty. If Landlord does not intend to repair such damage. Tenant may terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and the Leasehold Improvements (excluding any Alterations that were performed by notifying Tenant in violation of this Lease). However, in no event shall Landlord within 30 days after receiving Landlord’s estimate of the time be required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds spend more than the insurance proceeds received by Landlord from (plus the applicable deductible amount, provided that Landlord shall in no event be required to spend the deductible amount in the event of damage by earthquake or acts of terrorism), provided that if Landlord does not have sufficient insurance proceeds (taking into account the applicable deductible amount, provided that Landlord shall in no event be required to spend the deductible amount in the event of damage by earthquake or acts of terrorism) to substantially complete the restoration of the Leasehold Improvements in the Premises and Landlord elects not to fund any shortfall, Landlord shall so notify Tenant and Tenant’s insurance carrier, Tenant within 10 days thereafter, shall pay such excess have the right to terminate this Lease by the giving of written notice to Landlord. Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord not be liable for any loss or damage to Tenant, constitute a constructive eviction, 's Property or excuse Tenant from any obligation hereunder; provided, however, that if the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualtybusiness of Tenant resulting in any way from the fire or other casualty or from the repair and restoration of the damage. Landlord and Tenant hereby waive the provisions of any Law relating to the matters addressed in this Article, then, during any time that, as a result of such damage, any portion and agree that their respective rights for damage to or destruction of the Premises is untenantable for the Permitted Use or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated those specifically provided in proportion to the rentable square footage of such portion of the Premisesthis Lease.
Appears in 1 contract
Casualty Damage. With reasonable promptness If the Premises shall be destroyed or damaged by fire or any other casualty, Tenant shall immediately give written notice of that occurrence to Landlord. In the event that any portion of the Premises is damaged by fire or other casualty and if (a) such damage is such that the necessary restoration work or repairs cannot reasonably be completed within one hundred eighty (180) days after discovering the date of the casualty, (b) less than one (1) year remains in the Lease Term at the time of any damage to the Premises, or (c) the holder of a Financing Lien or lessor under a Ground Lease elects to take the applicable insurance proceeds, then either party, at its sole option, shall have the right to terminate this Lease. In such event, all Rent owed up to the Common Areas necessary for access to time of the Premises, resulting from any fire or other casualty (a “Casualty”)shall be paid by Tenant to Landlord, Landlord whereupon this Lease shall notify Tenant of Landlord’s reasonable estimate cease and come to an end as of the time required to substantially complete repair date of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 210 days after they are commenced, either party may terminate this Lease upon 60 days’ written notice to the other party delivered within 10 days after Landlord’s delivery regarding such fire or other casualty. During the period from the occurrence of such estimate. Within 90 days after discovering any damage a casualty until the completion of the restoration work which is necessary to render the Premises tenantable, Rent shall be reduced to the Project resulting from any Casualty, Landlord may, whether or not extent that the Premises is affected, terminate this Lease by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend to repair such damageare rendered Untenantable. Tenant may terminate this Lease, by notifying Landlord within 30 days after receiving Landlord’s estimate of the time required to substantially complete the Landlord Repairs, if (a) the Casualty has occurred during the last 12 months of the Term and has damaged a material portion of the Premises, and (b) such estimate indicates that the damage cannot reasonably be repaired within 60 days after Tenant’s receipt of such estimate. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 30 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; providedIf, however, that if the Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualtyfire or other casualty resulting from the fault or negligence of Tenant or any Tenant Related Party, thenTenant shall not have the option to terminate this Lease unless clauses (b) or (c) of this Section 7.2 are applicable. If neither party elects to terminate this Lease as the result of such casualty, during any time that, then Tenant shall commence and proceed with reasonable diligence to restore the Premises. Tenant's restoration work shall be conducted in accordance with the provisions of Section 5.2 above. In no event shall Landlord or Tenant have the obligation to expend for the restoration or repair of the Premises an amount in excess of the insurance proceeds actually received as a result of such damage, casualty. Landlord shall not be liable for any portion of the Premises is untenantable for the Permitted Use inconvenience or inaccessible and is not occupied by Tenant, Monthly Rent shall be abated in proportion annoyance to Tenant or injury to the rentable square footage business of such portion Tenant resulting in any way from any casualty or the repair or restoration work made necessary by the occurrence of the Premisesany casualty.
Appears in 1 contract
Samples: Lease Agreement (SMTC Corp)
