Common use of Casualty Damage Clause in Contracts

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises 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 Landlord’s insurance, Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason of the damage or destruction are, in Landlord’s sole judgment, inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option and by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either party. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord 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. To the extent after fire or other casualty that 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, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under this Lease 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 are restored.

Appears in 4 contracts

Samples: Lease (Editas Medicine, Inc.), Lease (Editas Medicine, Inc.), Lease (Editas Medicine, Inc.)

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Casualty Damage. Tenant shall promptly notify Landlord With reasonable promptness after discovering any damage to the Premises (other than trade fixtures), or to any Common Area or Building system necessary for access to or tenantability of the Building Manager of 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 180 days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the Premises or other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the extent it knows of damageProject resulting from any Casualty, to the Building. In the event Landlord may, whether or not the Premises are affected, terminate this Lease by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any substantial part of the Building insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is wholly or partially damaged or destroyed by fire or other casualty which is not fully covered by Landlord’s insuranceinsurance 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; provided, however, that (x) Landlord may not terminate this Lease pursuant to the preceding clauses (i), (ii), (iii) or (v) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building, and (y) Landlord may not terminate this Lease pursuant to the preceding clause (iv) unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the Building that have less than 12 months remaining in their terms when the Casualty occurs. If this Lease is not terminated pursuant to this Section 11, Landlord will proceed 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 same Premises (other than trade fixtures) and any Common Area or Building system necessary for access to or tenantability of the Premises to substantially the same condition existing immediately prior to such damage that existed when the Casualty occurred, except for (a) any modifications required by Law or destruction any Security Holder, and (b) any modifications to the extent Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall assign to Landlord (or its designee) all insurance proceeds collected payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and made available by if the estimated or actual cost of restoring any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) Tenant-Insured Improvements exceeds the insurance proceeds recovered received by reason of the damage or destruction areLandlord from Tenant’s insurance carrier, in Tenant shall pay such excess to Landlord within 15 days after Landlord’s sole judgment, inadequate to complete the demand. No Casualty and no restoration of the Building; or (iii) any mortgagee of performed as required hereunder shall render Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option and by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either party. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord 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 liable to Tenant. To , constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the extent after fire Premises (other than trade fixtures) or other casualty that Tenant shall be deprived of the use and occupancy any Common Area or Building system necessary for access to or tenantability of the Premises or is damaged by a Casualty, then, during any portion thereof time that, as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant, Monthly Rent and other charges due under this Lease as the amount of damaged or useless space shall be abated in the Premises bears proportion to the rentable square footage of such portion of the Premises until such time as the Premises are restoredPremises.

Appears in 4 contracts

Samples: Office Lease (Nutanix, Inc.), Office Lease (Nutanix, Inc.), Office Lease (Nutanix, Inc.)

Casualty Damage. 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 period of time after service upon Landlord of written notice of such damage by Tenant, and Rent shall not xxxxx during the period of such repairs. If the Dwelling Unit or the Building Manager of any part thereof is damaged by fire or other casualty to the Premises or to the such an extent it knows of damage, to the Building. In the event the Premises or any substantial part that use of the Building Dwelling Unit is wholly substantially impaired, or partially damaged required repairs can be made only by Tenant vacating the Dwelling Unit, in the sole determination of Landlord, either Landlord or destroyed by fire or other casualty which is covered by Landlord’s insuranceTenant 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 will proceed promptly shall account to restore Tenant for the same to substantially Security Deposit and prepaid rent, as applicable, plus accrued interest on the same condition existing immediately prior to such Security Deposit (if any) based upon the damage or destruction to casualty. However, if Landlord reasonably believes that Tenant, Tenant’s guests, invitees or authorized occupants were the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason cause of the damage or destruction arecasualty, in Landlord’s sole judgment, inadequate to complete the restoration Landlord shall so notify Tenant and make disposition of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option Security Deposit and prepaid rent by written notice given to advising Tenant within sixty (60) days after that such damage or destruction, declare this Lease terminated as funds will be held until a determination is made of the happening amount of such damage or destruction without further recourse to either partydamages caused by Tenant’s acts. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right to terminate this Lease apply the Security Deposit and prepaid rent to the damage so caused by Tenant, Tenant’s guests, invitees, or authorized occupants. Except as otherwise provided herein, Tenant and Landlord do hereby otherwise release each other from any and all unaccrued obligations of the parties hereto by sending a notice liability, loss, damage or claim resulting from any casualty and agree to secure from their insurers acknowledgement of such termination to Tenant. To the extent after fire or other casualty that Tenant shall be deprived of the use release and occupancy of the Premises or any portion thereof as a result waiver of any such damage, destruction or the repair thereof, Tenant shall be relieved rights of the same ratable portion of the Monthly Rent and other charges due under this Lease 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 are restoredsubrogation.

Appears in 3 contracts

Samples: Estate Residential Lease Agreement, Estate Residential Lease Agreement, Estate Residential Lease Agreement

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises 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 Landlord’s 's insurance, the Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) unless such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason of the damage or destruction are, in Landlord’s sole judgment, inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events event Landlord may, at Landlord’s 's option and by written notice given to Tenant within sixty (60) days after of such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partydestruction. If, If in Landlord’s 's sole judgment, opinion the net insurance proceeds recoverable recovered by reason of the damage or destruction and made available by any mortgagee of Landlord 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. To the extent after fire or other casualty that 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, providing Tenant did not cause the fire or other casualty, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under this Lease 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 are 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.

Appears in 2 contracts

Samples: Office Lease (Authoriszor Inc), Seec Inc

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises 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 or required to be covered by Landlord’s insurance's insurance hereunder, Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole 's reasonable judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) daystwelve months following the date of damage or destruction; or (ii) the insurance proceeds recovered by reason of the damage or destruction are, in Landlord’s sole judgment, are inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restorationrestoration (provided Landlord is not in default under its mortgage documents), in any of which events Landlord may, at Landlord’s 's option and by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either party. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord 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. To the extent after fire or other casualty that 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, providing Tenant did not cause the fire or other casualty, then so long as and to the extent Landlord's recovery of Rent as a result of a casualty is covered or required to be covered by Landlord's insurance hereunder, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due entitled to an equitable reduction in rent under this Lease as the amount of damaged or useless unusable space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are restored. Landlord and Tenant shall reasonably determine the amount of damaged or unusable space and the square footage of the Premises referenced in the prior sentence. Tenant shall have the right to terminate this Lease if (i) Landlord elects not to restore the Building and intends to demolish the Building; or (ii) Landlord fails to restore the Building within twelve (12) months following the date of damage or destruction.

Appears in 2 contracts

Samples: Lease (Archemix Corp.), Office Lease (Archemix Corp.)

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises 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 Landlord’s insurance, the Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) unless such damage or destruction is incapable of repair or restoration within one two hundred eighty seventy (180270) days; or (ii) the insurance proceeds recovered by reason of the damage or destruction are, in Landlord’s sole judgment, inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord mayevent either party, at Landlordeach party’s respective option and by written notice given to Tenant the other party within sixty (60) days after of such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partydestruction. If, If in Landlord’s sole judgment, opinion the net insurance proceeds recoverable recovered by reason of the damage or destruction and made available by any mortgagee of Landlord 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, provided that Landlord simultaneously terminates the leases of all the similarly situated tenants in the Building. To the extent after fire or other casualty that 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, providing Tenant did not cause the fire or other casualty, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under this Lease 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 are restored.may be restored and Tenant is able to recommence its ordinary and usual conduct of business from the Premises. Landlord shall reasonably determine the amount of damaged or useless space and the square footage of the Premises referenced in the prior sentence. Notwithstanding anything to the contrary contained in this Article 10, in the event of damage to the Premises in the last twelve (12) months of the Term, and the damage, in the reasonable opinion of Landlord, cannot be repaired within sixty (60) days from the date of discovery of such damage, Landlord shall give written notice to Tenant that the damage cannot be repaired within sixty (60) days of its discovery, in which event (i) either party may terminate the Lease by giving the other written notice of termination, and (ii) Tenant may terminate the Lease if Landlord has not commenced such repairs within such sixty (60) day period and diligently pursued same to completion. Tenant shall not be entitled to any compensation or damages from Landlord for loss of the use of the Premises, damage to Tenant’s personal property or any inconvenience occasioned by any damage, repair or restoration. Tenant hereby waives the provisions of Section 1932, Subdivision 2, and Section 1933, Subdivision 4, and Sections 1941 and 1942 of the California Civil Code, and the provisions of any similar Legal Requirement (whether now or hereafter in effect). Ring Central, Inc. Lease 16

Appears in 2 contracts

Samples: Office Lease, Office Lease (RingCentral Inc)

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the balance of 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 fully covered by Landlord’s insuranceinsurance and for which such insurance proceeds are made available to Landlord by its Lender, Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) unless such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) days from the insurance proceeds recovered by reason date of the damage fire or destruction areother casualty, as determined by Landlord, in Landlord’s sole judgment, inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events event Landlord may, at Landlord’s option and by written notice given to Tenant within sixty (60) days after of such damage or destruction, declare this Lease terminated as respects the applicable Building(s) as of the happening of such damage or destruction without further recourse to either partydestruction. If, If in Landlord’s sole judgment, reasonable opinion the net insurance proceeds recoverable recovered by Landlord and made available by Landlord’s Lender by reason of the damage or destruction and made available by any mortgagee of Landlord 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. To the extent that after the fire or other casualty that 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, providing Tenant shall be relieved of did not cause the same ratable portion of fire or other casualty, the Monthly Rent hereunder shall be proportionately reduced based upon the extent to which the damage and repair prevents Tenant from conducting, and Tenant does not conduct, its business at the Premises. 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 charges due under casualty, (ii) Landlord reasonably determines that such damage or destruction is incapable of repair or restoration within one (1) year 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 of this Lease), and (iii) Landlord does not exercise its right to terminate this Lease pursuant to the foregoing provisions, then Tenant shall have the right to terminate this Lease as respects the amount applicable Building(s) by written notice to Landlord within fifteen (15) days after Tenant’s receipt of damaged or useless space in the Premises bears to the rentable square footage Landlord’s written notice setting forth Landlord’s estimate of the Premises until such time as repair and restoration period. Tenant hereby waives California Civil Code Sections 1932(2) and 1933(4), providing for termination of hiring upon destruction of the Premises are restoredthing hired and Sections 1941 and 1942, providing for repairs to and of premises.

Appears in 1 contract

Samples: Office Lease (Intersil Corp/De)

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises 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 Landlord’s 's insurance, the Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, unless (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason of the damage or destruction are, in Landlord’s 's sole judgment, inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord shall fail elects not to make insurance proceeds available for restorationrepair or restore the Building, in any of which events Landlord may, at Landlord’s 's option and by written notice given to Tenant within sixty (60) days after of such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either party. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord 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 Tenantdestruction. To the extent after fire or other casualty that 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, providing Tenant did not cause the fire or other casualty, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under this Lease 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 are 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.

Appears in 1 contract

Samples: Suburban Lodges of America Inc

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises 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 Landlord’s 's insurance, the Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) unless such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason of the damage or destruction are, in Landlord’s sole judgment, inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events event Landlord may, at Landlord’s 's option and by written notice given to Tenant within sixty (60) days after clays of such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partydestruction. If, If in Landlord’s 's sole judgment, opinion the net insurance proceeds recoverable recovered by reason of the damage or destruction and made available by any mortgagee of Landlord 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. Tenant To the extent after fire or other casualty that Tenant shall be deprived of the use and occupancy of the Premises or any portion thereof as a result of any such damage, destruction destruction, or the repair thereof, providing Tenant did not cause the fire or other casualty, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under this Lease hereunder as the amount of damaged or useless space Space in the Premises bears to the rentable square footage of the Premises until such time as the Premises are 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.

Appears in 1 contract

Samples: C B Com Inc

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or Premises, or, to the extent it knows of such damage, of any fire or other casualty to the Building. In the event the Premises Premises, or any substantial part of the Building Building, is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurance, Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage or destruction to unless Landlord notifies Tenant (the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i“Casualty Notice”) that such damage or destruction is incapable of repair or restoration within one two hundred eighty forty (180240) days; or (ii) the insurance proceeds recovered days from commencement thereof as determined by reason of the damage or destruction are, in Landlord’s sole judgment, inadequate to complete architect. If the restoration of the Building; Building cannot be rebuilt or restored within two hundred forty (iii240) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord days Tenant may, at Landlord’s option and by written notice given to Tenant the other party within sixty twenty (6020) days after such damage or destructionof Tenant’s receipt of the Casualty Notice, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either party. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord 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 Tenantdestruction. To the extent after fire or other casualty that 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, providing Tenant did not cause the fire or other casualty, Tenant shall be relieved of the same ratable portion of the Monthly Base Rent and other charges due under this Lease 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 are 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.

Appears in 1 contract

Samples: Lease and Lease Termination Agreement (Salix Pharmaceuticals LTD)

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises 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 Landlord’s 's insurance, Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s 's sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason of the damage or destruction are, in Landlord’s 's sole judgment, inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s 's option and by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either party. If, in Landlord’s 's sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord 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. To the extent after fire or other casualty that 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, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under this Lease 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 are restored.

Appears in 1 contract

Samples: Alnylam Pharmaceuticals Inc

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises 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 Landlord’s insurance, then Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) unless such damage or destruction is incapable of repair or restoration within one hundred eighty (180) 180 days; or (ii) the insurance proceeds recovered by reason of the damage or destruction are, in Landlord’s sole judgmentwhich event Landlord and Tenant, inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restorationeach, in any of which events Landlord may, at Landlord’s option and by written notice given to Tenant the other within sixty (60) 60 days after of such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partydestruction. If, in Landlord’s sole judgmentopinion, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord 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. To the extent after fire or other casualty that 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, providing Tenant did not cause the fire or other casualty, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under this Lease 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 are 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.

Appears in 1 contract

Samples: Lease (Medivation, Inc.)

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In the event the Premises whole or any substantial part of the Building is wholly or partially and/or other Improvements shall be damaged or destroyed by fire or other casualty which is covered by Landlord’s insurancecasualty, Landlord will proceed promptly damage or action of the elements, at any time during the Term of this Lease, Tenant shall with all due diligence repair, restore and rebuild the Building and/or other Improvements as close as possible to restore the same to substantially the same condition existing plan and design as existed immediately prior to such damage or destruction (subject to such changes as may be required by any local governmental authorities as a condition to obtaining necessary permits to rebuild), and to the same condition that existed immediately prior to such damage. In the event of any restoration or reconstruction pursuant to this Article, any insurance proceeds available in consequence of such damage shall be made available to Tenant for said purpose and Landlord shall release any right it has to such insurance proceeds. Prior to any such restoration and reconstruction as herein provided, the drawings and specifications therefor shall be submitted to Landlord for its approval and to any other necessary party for its approval under any document of record as of the date of the recordation of the Memorandum of Lease for its approval. Landlord agrees that its approval of such drawings and specifications shall not be unreasonably withheld, conditioned or delayed. All such work performed by Tenant shall be constructed in a good and workmanlike manner according to and in conformance with the laws, rules and regulations of all governmental bodies and agencies. The Monthly Base Rental and other charges payable hereunder shall xxxxx, or be reduced, by reason of any casualty damage to the extent of proceeds from the rental loss insurance proceeds collected and made available to be provided by any mortgagee of Landlord unlessTenant pursuant to Section 7.2 are actually received by Landlord. Except as expressly provided herein, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason of the damage or destruction are, in Landlord’s sole judgment, inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option and by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either party. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right waives all rights to terminate this Lease pursuant to any applicable law now or hereafter in effect, including, without limitation, any right to terminate granted under Section 1932, subdivision 2, and all unaccrued obligations Section 1933 of the parties hereto by sending a notice of such termination to Tenant. To the extent after fire or other casualty that 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, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under this Lease 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 are restoredCalifornia Civil Code.

Appears in 1 contract

Samples: Lease Agreement (Dj Orthopedics Inc)

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to Lessor and Lessee agree that if the Premises 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 shall be materially damaged or destroyed by fire or other casualty which is covered by Landlord’s insuranceunder the policies of fire and extended coverage insurance on the Leased Premises, Landlord will and such damage or destruction could reasonably be repaired within one hundred twenty (120) days from the happening thereof, then Lessee shall proceed promptly with all reasonable speed to repair such damage or destruction and to restore the same Premises as nearly as practicable to substantially the same their condition existing immediately prior to preceding such damage or destruction to the extent of the available net insurance proceeds collected and made available subject to the approval by any mortgagee Lessor of Landlord unless, in Landlord’s sole judgment, (i) all plans and specifications for such damage or destruction is incapable repair. If the Premises cannot reasonably be restored within the number of repair or restoration days set forth above but can be restored within one hundred eighty (180) days; or (ii) , then Lessee may, but shall not be required to, restore the Premises in accordance with the foregoing. If Lessee does not elect to restore the Premises pursuant to the preceding sentence, then Lessor may, by prompt written notice to Lessee, elect to restore the Premises at its sole cost and expense using the net insurance proceeds recovered by reason of to apply to the damage or destruction arecost and expense necessary to restore the Premises. If neither party elects to restore the Premises, in Landlord’s sole judgment, inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option and by written notice given to Tenant within sixty (60) days after such damage or destruction, declare then this Lease terminated shall terminate as of the happening date of such damage or destruction and both parties shall be released from further liability hereunder, without further recourse prejudice, however, to any rights accruing to either party. If, in Landlord’s sole judgment, party prior to the net insurance proceeds recoverable by reason date of the such damage or destruction destruction. If in any case Lessee elects or is required to restore the Premises and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Buildingpromptly commences and thereafter diligently pursues such restoration, Landlord shall have the right to terminate this Lease and all unaccrued obligations shall not terminate, notwithstanding that the actual time required for such repairs or restoration may exceed that contemplated by the parties. The rent for the Premises during the time Lessee is deprived of the parties hereto by sending a notice possession on account of such termination to Tenant. To the extent after fire damage or other casualty that 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, Tenant or restoration thereof shall be relieved of the same ratable portion of the Monthly Rent and other charges due under this Lease 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 are restoredabated on a per diem basis.

Appears in 1 contract

Samples: Lease (Aas Capital Corp)

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Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises 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 Landlord’s 's insurance, the Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) unless such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason of the damage or destruction are, in Landlord’s sole judgment, inadequate to complete the restoration of the Building; which event Landlord or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord Tenant may, at Landlord’s option and by written notice given to Tenant the other party within sixty (60) days after of such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction. Landlord agrees to give written notice to Tenant within forty-five (45) days of such damage or destruction without further recourse to either partysetting forth Landlord's reasonable estimate of the amount of time necessary complete the repair or restoration. If, in If the Landlord’s 's sole judgment, opinion the net insurance proceeds recoverable recovered by reason of the damage or destruction and made available by any mortgagee of Landlord 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. To the extent after fire or other casualty that 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, providing Tenant did not cause the fire or other casualty, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under this Lease 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 are 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.

Appears in 1 contract

Samples: Office Lease (Pivotal Corp)

Casualty Damage. Tenant shall promptly notify Landlord With reasonable promptness after discovering any damage to the Premises, or to the Building Manager of 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 180 days after commencement (or prior to the Premises or then scheduled expiration date of this Lease, whichever is sooner), either party may terminate this Lease upon 60 days’ notice to the extent it knows other party delivered within 10 days after Landlord’s delivery of damage, such estimate. Within 90 days after discovering any damage to the Building. In the event 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 substantial part of the Building insurance proceeds be used to pay any mortgage debt; (ii) any damage to Landlord’s property is wholly or partially damaged or destroyed by fire or other casualty which is not fully covered by Landlord’s insuranceinsurance 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. If this Lease is not terminated pursuant to this Section 11, Landlord will proceed 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 same Premises and the Common Areas necessary for access to the Premises to substantially the same condition existing immediately prior to such damage that existed when the Casualty occurred, except for (a) any modifications required by Law or destruction any Security Holder, and (b) any modifications to the extent 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. Tenant shall assign to Landlord (or its designee) all insurance proceeds collected and made available by payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any mortgagee Tenant-Insured Improvements. If the estimated or actual cost of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) restoring any Tenant-Insured Improvements exceeds the insurance proceeds recovered received by reason of the damage or destruction areLandlord from Tenant’s insurance carrier, in Tenant shall pay such excess to Landlord within 15 days after Landlord’s sole judgment, inadequate to complete the demand. No Casualty and no restoration of the Building; or (iii) any mortgagee of performed as required hereunder shall render Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option and by written notice given to Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either party. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord 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 liable to Tenant. To the extent after fire , constitute a constructive eviction, or other casualty excuse Tenant from any obligation hereunder; provided, however, that Tenant shall be deprived of the use and occupancy of if the Premises or any portion thereof Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time that, as a result of any such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable any portion of the Premises is untenantable or inaccessible and is not occupied by Tenant, Monthly Rent and other charges due under this Lease as the amount of damaged or useless space shall be abated in the Premises bears proportion to the rentable square footage of such portion of the Premises until such time as the Premises are restoredPremises.

Appears in 1 contract

Samples: Office Lease (Optimer Pharmaceuticals Inc)

Casualty Damage. Tenant shall promptly notify Landlord or In the Building Manager of any fire or other casualty to event that the Premises or to the extent it knows of damage, to the Building. In the event building in which the Premises or are located are damaged for any substantial part of the Building is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insurance, Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to reason whatsoever such damage or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unlessthat Tenant would be rendered unable, in Landlord’s sole judgment's and Tenant's joint determination, to carry on its normal business operations for a period of thirty (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason of the damage or destruction are, in Landlord’s sole judgment, inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option and by written notice given to Tenant within sixty (6030) days after such damage or destructionmore, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either party. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord Tenant shall have the right to terminate this Lease and all unaccrued obligations of the parties hereto by sending a giving notice of such termination to Landlord no later than sixty (60) days after the occurrence of such damage. Upon such termination, Tenant's obligations hereunder and each of them, including the obligation to pay rent of any kind or nature, shall cease as of the day the Premises were so damaged. To During any period that Tenant, in Landlord's and Tenant's joint determination, is unable to conduct its normal business operations because of such casualty damage, rent of any kind or nature due hereunder shall be abated. In the extent after event the Premises are partially damaged by fire or other casualty and Landlord and Tenant jointly shall determine that Tenant is able to carry on its normal business operations, Tenant shall be deprived of the use and occupancy pay rent for only such portion of the Premises or any portion thereof as a result which Tenant may reasonably occupy during the time required to make repairs. All repairs necessary to restore the Premises to its original condition shall be (a) commenced within ninety (90) days after the occurrence of any such damage, destruction or ; (b) performed in a diligent and workmanlike manner with material of at least the repair thereof, Tenant shall be relieved same quality utilized originally in the construction of the same ratable portion of the Monthly Rent Premises; and other charges due under this Lease 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 are restored(c) completed by Landlord at Landlord's sole expense.

Appears in 1 contract

Samples: Agreement and Plan of Merger (Synagro Technologies Inc)

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises or to the extent it knows of damage, to the Building. In , hi 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 Landlord’s 's insurance, the Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) unless such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason of the damage or destruction are, in Landlord’s sole judgment, inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events event Landlord may, at Landlord’s 's option and by written notice given to Tenant within sixty (60) days after of such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partydestruction. If, If in Landlord’s 's sole judgment, opinion the net insurance proceeds recoverable recovered by reason of the damage or destruction and made available by any mortgagee of Landlord 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. To the extent after fire or other casualty that 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, providing Tenant did not cause the fire or other casualty, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under this Lease 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 are 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.

Appears in 1 contract

Samples: Office Lease (Texen Oil & Gas Inc)

Casualty Damage. Tenant If the Premises or any part thereof shall promptly notify Landlord or the Building Manager of any 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 in Landlord's reasonable judgment, substantial alteration or reconstruction of the Building shall be required (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 and area as existed prior to the Premises fire or to the extent it knows of damage, to the Building. In casualty or in the event the Premises or any substantial part has been materially damaged and there is less 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 in excess of $250,000 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 is wholly (meaning an uninsured loss of $250,000 or partially damaged or destroyed more, unless Tenant pays for any uninsured loss in excess of that amount), 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, provided such election to terminate must be made in good faith and not merely as a means to re-lease the Premises at rates more favorable than those set forth in this Lease. Such termination shall be effective as of the date of fire or other casualty which is covered by casualty, with respect to any portion of the Premises that was rendered untenantable, and the effective date of termination specified in Landlord’s insurance's notice, with respect to any portion of the Premises that remained tenantable. If Landlord does not elect to terminate this Lease, Landlord will shall commence and proceed promptly with reasonable diligence to restore the same Building (provided that Landlord shall not be required to restore any unleased premises in the Building) and the Tenant Improvements (but excluding any improvements, alterations or additions made by Tenant in violation of this Lease) located within the Premises, if any, which Landlord has insured to substantially the same condition existing they were in immediately prior to the happening of the casualty. Notwithstanding the foregoing, Landlord's obligation to restore the Building, and the Tenant Improvements, if any, shall not require Landlord to expend for such damage or destruction to the extent of insurance proceeds collected repair and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) work more than the insurance proceeds recovered actually received by reason the Landlord as a result of the damage or destruction are, in Landlord’s sole judgment, inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord may, at Landlord’s option and by written notice given to casualty. Tenant within sixty (60) days after such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either party. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord 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 if (i) any such termination to Tenant. To the extent after fire or other casualty that Tenant shall be deprived of the use and occupancy restoration of the Premises is not completed within 180 days after the date of such casualty and such delays prevent Tenant from occupying the Premises for Tenant's normal business operations; or (ii) the Premises are damaged within the last two (2) years of the Lease Term and such damage prevents Tenant from occupying the Premises for Tenant's normal business operations. 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. Landlord shall not be liable for any portion thereof as a result inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in any way from such damage, destruction 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 per diem basis during the time and to the extent any damage to the Premises causes the Premises to be rendered untenantable and not used by Tenant. If the Premises or any other portion of the Building is damaged by fire or other casualty resulting from the negligence of Tenant or any Tenant Related Parties, the Rent hereunder shall not be diminished during any period during which the Premises, 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 relieved liable to Landlord for the cost of the same ratable portion repair and restoration of the Monthly Rent Building caused thereby to the extent such cost and other charges due under this 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 as Term relating to the amount effect upon leases of damaged partial or useless space total destruction of leased property. Landlord and Tenant agree that their respective rights in the Premises bears event of any damage to the rentable square footage or destruction of the Premises until such time as the Premises are restoredshall be those specifically set forth herein.

Appears in 1 contract

Samples: Office Lease Agreement (Onyx Software Corp/Wa)

Casualty Damage. Tenant shall promptly notify Landlord 11.1 With reasonable promptness after discovering any damage to the promises (other than trade Fixtures), or to any Common Area or Building System necessary for access to or tenantability of the Building Manager of Promises, 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 substantially Completed within 270 days after the date of the Casualty, either party may terminate this Lease upon 60 days’ notice to the Premises or other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the extent it knows of damage, to the Building. In the event the Premises or Property resulting from any substantial part of the Building is wholly or partially damaged or destroyed by fire or other casualty which is covered by Landlord’s insuranceCasualty, Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage or destruction to the extent of insurance proceeds collected and made available may terminate this Lease by any mortgagee of Landlord unless, in Landlord’s sole judgment, notifying Tenant if (i) the cost of the Landlord Repairs exceeds (any such damage excess, a “Shortfall”) the sum of (a) the proceeds of Landlord’s insurance (other than with respect to any Tenant-Insured Improvements), less any portion thereof that is lawfully required by any Security Holder to be used to pay any mortgage debt; plus (b) if any insurance required under Section 10.6 is not carried by Landlord, then any proceeds of such insurance (other than with respect to any Tenant-Insured Improvements) that would have been available to Landlord (any could not have lawfully required by any Security Holder to be used to pay any mortgage debt) if Landlord had carried such insurance (subject to maximum commercially reasonable deductibles), plus (c) any applicable deductibles (other than with respect to earthquake damage), plus (d) any insurance proceeds or destruction is incapable other amounts paid to Landlord pursuant to Section 11.2, plus (e) 5% of repair or restoration within one hundred eighty (180) days; the replacement cost of the Building, as reasonably determined by Landlord: or (ii) Landlord is not legally permitted to rebuild the insurance proceeds recovered by reason of Building and Common Areas in substantially the damage or destruction are, in Landlord’s sole judgment, inadequate to complete the restoration of the Buildingsame configuration structurally and architecturally; or (iii) the damage occurs during the last 12 months of the Term and Landlord estimates that the Landlord Repairs cannot be substantially completed within the period beginning on the date of the Causalty and having a duration equal to 20% of the balance of the Term remaining on such date. Notwithstanding the foregoing, any mortgagee notice of Landlord termination of this Lease pursuant to clause (l) of the preceding sentence (a “Shortfall Termination Notice”) shall fail to make insurance proceeds available for restorationbe ineffective if (x) Tenant, in any of which events Landlord may, at Landlord’s option and by written notice given to Tenant within sixty (60) 10 business days after receiving such damage or destructionShortfall Termination Notice, declare this Lease terminated as notifies Landlord that Tenant agrees to pay, and provides Landlord with evidence reasonably satisfactory to Landlord of Tenant’s ability to pay, the Shortfall; and (y) the Shortfall does not exceed 5% of the happening of such damage or destruction without further recourse to either party. If, in Landlord’s sole judgment, the net insurance proceeds recoverable by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration replacement cost of the Building, Landlord shall have as reasonably determined by Landlord. If any shortfall Termination Notice becomes ineffective by operation of the right to terminate preceding sentence and this Lease and all unaccrued obligations is not otherwise terminated pursuant to this Section 11.1, then (i) Tenant, within three (3) business days after Landlord’s request (which shall not be made more frequently than once per calendar month), shall deliver to Landlord, as Additional Rent, in addition to any amounts required to be paid to Landlord under Section 11.2, cash in an amount equal to (a) the Shortfall multiplied by a fraction, the numerator of which is the total cost of the parties hereto Landlord Repairs incurred by sending a notice Landlord to date, and the denominator of which is Landlord’s reasonable estimate of the total cost of the Landlord Repairs, less (b) the total amount of the payments previously made by Tenant to Landlord pursuant to this sentence; (ii) if Landlord’s reasonable estimate of the total cost of the Landlord Repairs changed to reflect the total actual cost of the Landlord Repairs, then the Shortfall and the amounts payable pursuant to this sentence shall be adjusted equitably; and (iii) Tenant shall not, by reason of Tenant’s delivery of such termination amounts, acquire any ownership, equitable mortgage or similar interest in any part of the Property or otherwise become entitled to Tenant. To reimbursement from Landlord, it being hereby acknowledged and agreed by Tenant that Landlord’s agreement to perform the extent after fire or Landlord Repairs as required under this Section 11, together with the other casualty that Tenant terms and conditions hereof, shall be deprived of the use and occupancy of the Premises or any portion thereof as a result of any deemed adequate consideration for such damage, destruction or the repair thereof, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under this Lease 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 are restoreddelivery.

Appears in 1 contract

Samples: Office Lease (Rocket Fuel Inc.)

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises 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 Landlord’s 's insurance, the Landlord will proceed promptly to restore the same to substantially the same condition existing existing, immediately prior to such damage or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) unless such damage or destruction is incapable of repair or restoration within within, one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason of the damage or destruction are, in Landlord’s sole judgment, inadequate to complete the restoration of the Building; which event Landlord or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events Landlord tenant may, at Landlord’s their option and by written notice given to Tenant the other within sixty (60) days after of such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partydestruction. If, If in Landlord’s sole judgment, 's reasonable opinion the net insurance proceeds recoverable recovered by reason of the damage or destruction and made available by any mortgagee of Landlord will not be adequate to complete the restoration of the Building, Landlord shall have the right fight to terminate this Lease and all unaccrued obligations of the parties hereto by sending a notice of such termination to Tenant. To the extent after fire or other casualty that 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, providing Tenant did not cause the fire or other casualty, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under this Lease 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 are 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. Provided if as a result of partial damage or restriction, in access to Building or elimination of parking, Tenant cannot reasonably use the Premises, Tenant shall be relieved of the Monthly Rent hereunder until repairs to the Premises are completed.

Appears in 1 contract

Samples: Saville Systems PLC

Casualty Damage. Tenant shall promptly notify Landlord or the Building Manager of any fire or other casualty to the Premises 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 Landlord’s insurance, Landlord will proceed promptly to restore the same to substantially the same condition existing immediately prior to such damage or destruction to the extent of insurance proceeds collected and made available by any mortgagee of Landlord unless, in Landlord’s sole judgment, (i) unless such damage or destruction is incapable of repair or restoration within one hundred eighty (180) days; or (ii) the insurance proceeds recovered by reason of the damage or destruction are, in Landlord’s sole judgment, inadequate to complete the restoration of the Building; or (iii) any mortgagee of Landlord shall fail to make insurance proceeds available for restoration, in any of which events event Landlord may, at Landlord’s option and by written notice given to Tenant within sixty (60) days after of such damage or destruction, declare this Lease terminated as of the happening of such damage or destruction without further recourse to either partydestruction. If, If in Landlord’s sole judgment, opinion the net insurance proceeds recoverable recovered by reason of the damage or destruction and made available by any mortgagee of Landlord 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. To the extent after fire or other casualty that 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 that Tenant did not cause the fire or other casualty, Tenant shall be relieved of the same ratable portion of the Monthly Rent and other charges due under this Lease 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 are 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.

Appears in 1 contract

Samples: Lease (Wilshire Bancorp Inc)

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