Common use of DAMAGE OR DESTRUCTION OF PREMISES Clause in Contracts

DAMAGE OR DESTRUCTION OF PREMISES. (a) If the Premises or any part thereof shall be damaged by fire or other insured casualty, then, subject to the last paragraph of this Section, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause to be repaired such damage (other than any Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and Tenant Work, which Tenant shall promptly commence, and proceed with diligence, to restore). All such repairs made necessary by any act or omission of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs are less than the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunder. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage, the Base Rent or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; and that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant, or the employees, licensees or invitees of Tenant, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rent. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. If the Premises or the Building are substantially damaged so as to prevent Tenant from using the Premises for the Permitted Use and the Premises have not been restored to the condition required pursuant to the terms of this Lease within two hundred and seventy (270) days following said casualty (or if such casualty occurs during the last 18 months of the term, within ninety (90) days after the date of such casualty), then Tenant may terminate this Lease upon thirty (30) days written notice to Landlord unless Landlord shall substantially complete such repair and restoration within such thirty (30) day period in which event Tenant’s termination shall be void and of no further force or effect.

Appears in 2 contracts

Samples: Commencement Date Agreement (Xenetic Biosciences, Inc.), Commencement Date Agreement (Xenetic Biosciences, Inc.)

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DAMAGE OR DESTRUCTION OF PREMISES. (a) If the Premises Premises, the Unit or the Building or any part thereof shall be damaged or destroyed by fire or other insured casualty (a “casualty”), or ordered to be demolished by the action of any public authority in consequence of a casualty, thenor taken by any exercise of the right of eminent domain, subject Tenant shall immediately give notice thereof to the last paragraph of Landlord. Unless this SectionLease is terminated as provided herein, this Lease shall remain in full force and effect and Landlord shall proceed (or shall cause the Primary Board to proceed) with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) diligence to repair or cause to be repaired such damage so as to restore the Premises, the Building and access thereto, or what may remain thereof (other than any including the Initial Tenant Improvements not Work but excluding any other Tenant Work), as nearly as practicable to the condition they were in immediately prior to such damage, destruction or taking, subject to then applicable Legal Requirements and Title Matters, but neither Landlord nor the Primary Board shall be required to expend in such repair or rebuilding more than the proceeds of insurance or award of damages, if any, recovered or recoverable with respect to such damage, destruction or taking (plus, in the case of casualty, the amount of any insurance deductibles (which shall be deemed Operating Costs)), less Landlord’s (or the Primary Board’s) reasonable expenses incurred in collecting such proceeds or award, as the case may be, but in the case of damage or destruction only to the extent Landlord was carrying the insurance required to be fixtures covered by Landlord’s property insurance and Tenant Work, which Tenant shall promptly commence, and proceed with diligence, carried pursuant to restore)this Lease at the time of such damage or destruction. All such repairs made necessary by any negligent act or omission or any willful misconduct of Tenant shall be made by Landlord (or the Primary Board) at the Tenant’s expense to the extent that the cost of such repairs are less than the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property is not deemed to be fixtures covered by Landlord’s property insurance and any Initial proceeds available therefor (including the payment by Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunder. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage, the Base Rent or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; and that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant, or the employees, licensees or invitees of Tenant, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rentdeductible amount). Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of LandlordForce Majeure, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. If All repairs to and replacements of Tenant Property and any Tenant Work other than the Premises or the Building are substantially damaged so as to prevent Initial Tenant from using the Premises for the Permitted Use and the Premises have not been restored to the condition required pursuant to the terms of this Lease within two hundred and seventy (270) days following said casualty (or if such casualty occurs during the last 18 months of the term, within ninety (90) days after the date of such casualty), then Tenant may terminate this Lease upon thirty (30) days written notice to Landlord unless Landlord shall substantially complete such repair and restoration within such thirty (30) day period in which event Tenant’s termination Work shall be void made by and at the expense of no further force or effectTenant, which work Tenant shall promptly commence as soon as practicable and thereafter prosecute diligently to completion.

Appears in 2 contracts

Samples: Lease (Vigil Neuroscience, Inc.), Lease (Vigil Neuroscience, Inc.)

DAMAGE OR DESTRUCTION OF PREMISES. (a) If the Premises or the Building are damaged in whole or in part by any part thereof shall be damaged by fire or other insured casualty (a “casualty”), thenTenant shall immediately give notice thereof to Landlord. Unless this Lease is terminated as provided herein, subject to the last paragraph of this SectionLandlord, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the its own expense of Landlord (but only to the extent of the insurance proceeds made available to (net of all costs and expenses incurred in obtaining same) received by Landlord by on account thereof), except for any mortgagee of the Building and any ground lessor) insurance deductibles (which shall be deemed Operating Costs), shall proceed with diligence to repair or cause to be repaired such damage so as to restore the Premises (other than any including the Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and Work but excluding any other Tenant Work) to substantially the same condition they were in prior to the casualty, which Tenant shall promptly commence, and proceed with diligence, subject to restore)then applicable Legal Requirements. All such repairs made necessary by any act or omission of Tenant shall be made by Landlord at the Tenant’s expense to the extent that the cost of such repairs are less than the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property is not deemed to be fixtures covered by Landlord’s property insurance and any Initial proceeds available therefor (including the payment by Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunder. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage, the Base Rent or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; and that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant, or the employees, licensees or invitees of Tenant, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rentdeductible amount). Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceedsproceeds (provided Landlord files insurance claims with reasonable diligence), and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. All repairs to and replacements of Tenant Property and any Tenant Work other than the Initial Tenant Work shall be made by and at the expense of Tenant, which work Tenant shall promptly commence as soon as practicable and thereafter prosecute diligently to completion. Landlord shall, within sixty (60) days after the occurrence of a casualty, provide Tenant with a good faith estimate of the time required to repair the damage to the Premises or the Building, as provided herein; if such estimate is for a period of more than two hundred seventy (270) days from the occurrence of the casualty (or during the last twenty-four (24) months of the Term, for a period of more than ninety (90) days), the Premises shall be deemed “substantially damaged”. If the Premises or the Building are substantially damaged so as damaged, or if any mortgagee refuses to prevent Tenant from using the Premises make available to Landlord for the Permitted Use and purpose of making such repairs a sufficient amount of the Premises have not been restored insurance proceeds, then in either such case Landlord may elect to the condition required pursuant to the terms of terminate this Lease by giving Tenant written notice of such termination within two one hundred and seventy twenty (270120) days following said casualty (or if such casualty occurs during the last 18 months of the term, within ninety (90) days after the date of such casualty). In addition, if the Premises or the Building are substantially damaged through no fault of Tenant or Tenant’s employees, contractors, invitees or agents, then Tenant may terminate this Lease upon thirty by giving Landlord written notice of such termination within one hundred twenty (30120) days written notice of the date of such casualty. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage, the Base Rent, or a just and proportionate part thereof, according to Landlord unless Landlord the nature and extent to which the Premises shall substantially complete have been so rendered unfit, shall be abated from and after the date of such repair casualty until the Premises (except as to Tenant Property and restoration within such thirty (30any Tenant Work other than the Initial Tenant Work) day period shall have been restored as nearly as practicable to the condition in which event they were immediately prior to such fire or other casualty. Notwithstanding the foregoing, if such casualty was due to the act or omission of Tenant or Tenant’s termination employees, contractors, invitees or agents, such abatement or reduction shall be void made only if and to the extent of no further force or effectany proceeds of rental interruption insurance actually received by Landlord and allocated to the Premises. In the event of any termination, the Term shall expire as though such effective termination date were the date originally stipulated in Article 1 for the end of the Term and the Base Rent (to the extent not abated as set forth above) and Additional Rent for Operating Costs shall be apportioned as of such date.

Appears in 2 contracts

Samples: Lease (C4 Therapeutics, Inc.), Lease (C4 Therapeutics, Inc.)

DAMAGE OR DESTRUCTION OF PREMISES. (a) If the Premises or any part thereof shall be are damaged by fire or other insured casualty, then, subject to the last paragraph of this Sectionbut are not rendered untenantable for Tenant’s business, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause such damage to be repaired such damage (other than any Initial Tenant Improvements without unreasonable delay and the Annual Rental shall not deemed to be fixtures covered by Landlord’s property insurance and Tenant Work, which Tenant shall promptly commence, and proceed with diligence, to restore). All such repairs made necessary by any act or omission of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs are less than the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunderxxxxx. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damagecasualty the Premises are rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause the damage to the physical structure of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, in the interim, the Base Rent or a just and proportionate part thereof, according Annual Rental shall be proportionately reduced as to the nature and extent to which such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by reason of such casualty, the Premises are rendered untenantable in some material portion, and Landlord, in its commercially reasonable estimation, determines (within 60 days after the date of said casualty) that the amount of time required to repair the damage using due diligence is in excess of two hundred ten (210) days, Landlord shall provide Tenant written notice within ten (10) days of such estimation by Landlord, whereupon either party shall have been so rendered unfit, shall be abated until the Premises (except as right to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; and that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant, or the employees, licensees or invitees of Tenant, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rent. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. If the Premises or the Building are substantially damaged so as to prevent Tenant from using the Premises for the Permitted Use and the Premises have not been restored to the condition required pursuant to the terms of terminate this Lease by giving written notice of termination within two hundred and seventy thirty (270) days following said casualty (or if such casualty occurs during the last 18 months of the term, within ninety (9030) days after the date of said notice from Landlord, and the Annual Rental shall (i) xxxxx as of the date of such casualty)casualty in proportion to the part of the Premises rendered untenantable, then and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of the replacement value of the Premises or which renders the Premises untenantable for the conduct of Tenant’s business operations during the last Lease Year of the Term, or any extended term, as determined by Landlord in the exercise of its reasonable discretion and upon written notice to Tenant may terminate this Lease upon within thirty (30) days of such casualty,, either party may, at its option, terminate this Lease by giving written notice to the other party within thirty (30) days after the date of the casualty and the Annual Rental shall xxxxx as of the effective date of said termination. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder arising from the prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. Notwithstanding the foregoing, in no event shall Landlord be required to expend more funds in connection with the repair or restoration of the Premises than the amount received by Landlord from the proceeds of any insurance maintained by Landlord, provided, however, if Landlord does not have sufficient proceeds to rebuild and elects not to fund any such deficiency, Landlord shall provide Tenant with written notice of Landlord’s inability to rebuild the Premises in accordance with the terms herein (such notice to be provided within sixty (60) days after the date of said casualty, and in such event, Tenant shall have the right to terminate this Lease by written notice to Landlord unless Landlord shall substantially complete such repair and restoration within such thirty ten (3010) day period in which event days after Tenant’s receipt of said notice from Landlord and such termination shall be void and effective as of no further force or effectthe date of such casualty loss.

Appears in 2 contracts

Samples: Lease Agreement (Inspire Pharmaceuticals Inc), Lease Agreement (Inspire Pharmaceuticals Inc)

DAMAGE OR DESTRUCTION OF PREMISES. (a) If the Premises or any part thereof shall be damaged by fire or other insured casualty, then, subject to the last paragraph of this Section, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authorityLegal Requirements, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause to be repaired such damage (other than any Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and Tenant Work, which ). In no event shall Landlord be responsible for contributing more than one hundred thousand dollars ($100,000.00) of any deductible or co-payment towards the completion of such repairs unless (a) (i) Tenant and any mortgagee of the Property have agreed that Landlord may carry a larger deductible and (ii) Tenant pays its Pro Rata Share of the amount of any such deductible or co-payment in excess of one hundred thousand dollars ($100,000.00) (it being the intent that Tenant shall promptly commence, and proceed with diligence, to restore)share in the payment of such increased deductible in consideration for any savings of Operating Expenses that would result) or (b) Landlord is then maintaining a higher deductible in violation of the provisions of Section 7.04. All such repairs made necessary by any act the negligence or omission willful misconduct of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs are less than the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunder. All repairs to and replacements of Tenant’s personal property shall be made by and at the expense of Tenant, and Tenant shall promptly restore any Tenant Work, or, if the Lease has been terminated pursuant to the provisions of this Section 12.01, demolish and remove any damaged Tenant Work prior to surrendering the Premises (but in any event only to the extent of insurance proceeds received by Tenant or, if Tenant fails to carry any required insurance hereunder, the insurance proceeds that would have been received by Tenant if Tenant had been maintaining the required coverages). If the Premises or any part thereof shall have been rendered unfit for use and occupation for the Permitted Use hereunder by reason of such damage, the Base Rent, Tenant’s Pro Rata Share of Total Operating Costs, and (other than then-outstanding amounts of Rent and reimbursements or payments that are not in the nature of an occupancy charge, such as applicable reimbursements of Landlord’s third-party costs under Section 10.05, allocations of excess security services under Section 9.07, reimbursements of Tenant Shortfall under Section 18.01(b), reimbursements under Section 10.04(b), or Additional Rent payable under this Article 12) all other Additional Rent, or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; and that if and to the extent Landlord shall be unable to collect the insurance proceeds , plus an additional thirty (including rent insurance proceeds30) applicable to such damage because of some action or inaction on the part of Tenant, or the employees, licensees or invitees of Tenant, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rentday period. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of LandlordForce Majeure, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. If , provided, however, that Base Rent, Tenant’s Pro Rata Share of Total Operating Costs, and all other Additional Rent (other than then-outstanding amounts of Rent and reimbursements or payments that are not in the Premises nature of an occupancy charge, such as applicable reimbursements of Landlord’s third-party costs under Section 10.05, allocations of excess security services under Section 9.07, reimbursements of Tenant Shortfall under Section 18.01(b), reimbursements under Section 10.04(b), or the Building are substantially damaged so as to prevent Tenant from using the Premises for the Permitted Use and the Premises have not been restored Additional Rent payable under this Article 12) shall be abated to the condition required pursuant to the terms of this Lease within two hundred and seventy (270) days following said casualty (or if such casualty occurs extent set forth above during the last 18 months of the term, within ninety (90) days after the date of such casualty), then Tenant may terminate this Lease upon thirty (30) days written notice to Landlord unless Landlord shall substantially complete such repair and restoration within such thirty (30) day period in which event any delay not caused by Tenant’s termination shall be void and of no further force or effect.

Appears in 1 contract

Samples: Vertex Pharmaceuticals Incorporated (Senior Housing Properties Trust)

DAMAGE OR DESTRUCTION OF PREMISES. (a) If the Premises or any part thereof shall be are damaged by fire or other insured casualty, thenbut are not rendered untenantable for Tenant’s business, subject to the last paragraph of this Sectioneither in whole or in part, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause such damage to be repaired such damage (other than any Initial Tenant Improvements without unreasonable delay and the Annual Rent shall not deemed to be fixtures covered by Landlord’s property insurance and Tenant Work, which Tenant shall promptly commence, and proceed with diligence, to restore). All such repairs made necessary by any act or omission of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs are less than the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunderxxxxx. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damagecasualty the Premises are rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause the damage to the physical structure of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, in the interim, the Base Annual Rent or a just and proportionate part thereof, according shall be proportionately reduced as to the nature and extent to which such portion of the Premises shall have been so as is rendered unfituntenantable, shall be abated until however, Tenant must vacate the portion of the Premises deemed untenantable during the period of Landlord’s repairs for such abatement of Annual Rent to be effective. Any such abatement of rent shall not create an extension of the Term. Provided, however, if by reason of such casualty, the Premises are rendered untenantable in some material portion, and Landlord, in its commercially reasonable estimation, determines that the amount of time required to repair the damage using due diligence is in excess of two hundred ten (except 210) days (as measured from the date of casualty), then Landlord shall provide written notice thereof to Tenant, to be given to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; and that if and to the extent Landlord shall be unable to collect the insurance proceeds within seventy-five (including rent insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant, or the employees, licensees or invitees of Tenant, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rent. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. If the Premises or the Building are substantially damaged so as to prevent Tenant from using the Premises for the Permitted Use and the Premises have not been restored to the condition required pursuant to the terms of this Lease within two hundred and seventy (27075) days following said casualty the date of such casualty, and either party shall then have the right to terminate this Lease by giving written notice of termination within thirty (or if such casualty occurs during the last 18 months of the term, within ninety (9030) days after the date of said notice from Landlord. In such casualty)event, then the Annual Rent shall (i) xxxxx as of the date of such casualty in proportion to the part of the Premises rendered untenantable, and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding the foregoing, in the event the casualty giving rise to an election to terminate is caused by the negligence, misconduct or acts or omissions of Tenant may or Tenant’s Invitees, Tenant shall have no right to terminate this Lease. Notwithstanding the other provisions of this Section, in the event there should be a casualty loss to the Premises during the last two (2) Lease Years of the Term, Landlord may, at its option, terminate this Lease upon by giving written notice to Tenant within thirty (30) days written notice to Landlord unless after the date of the casualty and the Annual Rent shall xxxxx as of the date of such notice. Except as provided herein, Landlord shall substantially complete such have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this Section shall affect any rights of Landlord or Tenant hereunder arising from the prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. Notwithstanding anything contained in this Section to the contrary, in no event shall Landlord be required to expend more funds in connection with the repair or restoration within such thirty (30) day period in which event Tenant’s termination shall be void and of no further force or effectthe Premises than the amount received by Landlord from the proceeds of any insurance policies maintained by Landlord.

Appears in 1 contract

Samples: Lease Agreement (Novan, Inc.)

DAMAGE OR DESTRUCTION OF PREMISES. (a) If the Premises or any part thereof shall be damaged by fire or other insured casualty, then, subject to the last paragraph of this Section, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authorityLegal Requirements, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause to be repaired such damage (other than any Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and Tenant Work, which ). In no event shall Landlord be responsible for contributing more than [***] of any deductible or co-payment towards the completion of such repairs unless (a) (i) Tenant and any mortgagee of the Property have agreed that Landlord may carry a larger deductible and (ii) Tenant pays its Pro Rata Share of the amount of any such deductible or co-payment in excess of [***] (it being the intent that Tenant shall promptly commence, and proceed with diligence, to restore)share in the payment of such increased deductible in consideration for any savings of Operating Expenses that would result) or (b) Landlord is then maintaining a higher deductible in violation of the provisions of Section 7.04. All such repairs made necessary by any act the negligence or omission willful misconduct of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs are less than the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunder. All repairs to and replacements of Tenant’s personal property shall be made by and at the expense of Tenant, and Tenant shall promptly restore any Tenant Work, or, if the Lease has been terminated pursuant to the provisions of this Section 12.01, demolish and remove any damaged Tenant Work prior to surrendering the Premises (but in any event only to the extent of insurance proceeds received by Tenant or, if Tenant fails to carry any required insurance hereunder, the insurance proceeds that would have been received by Tenant if Tenant had been maintaining the required coverages). If the Premises or any part thereof shall have been rendered unfit for use and occupation for the Permitted Use hereunder by reason of such damage, the Base Rent, Tenant’s Pro Rata Share of Total Operating Costs, and (other than then-outstanding amounts of Rent and reimbursements or payments that are not in the nature of an occupancy charge, such as applicable reimbursements of Landlord’s third-party costs under Section 10.05, allocations of excess security services under Section 9.07, reimbursements of Tenant Shortfall under Section 18.01(b), reimbursements under Section 10.04(b), or Additional Rent payable under this Article 12) all other Additional Rent, or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; and that if and to the extent Landlord shall be unable to collect the insurance proceeds , plus an additional thirty (including rent insurance proceeds30) applicable to such damage because of some action or inaction on the part of Tenant, or the employees, licensees or invitees of Tenant, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rentday period. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of LandlordForce Majeure, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage, provided, however, that Base Rent, Tenant’s Pro Rata Share of Total Operating Costs, and all other Additional Rent (other than then-outstanding amounts of Rent and reimbursements or payments that are not in the nature of an occupancy charge, such as applicable reimbursements of Landlord’s third-party costs under Section 10.05, allocations of excess security services under Section 9.07, reimbursements of Tenant Shortfall under Section 18.01(b), reimbursements under Section 10.04(b), or Additional Rent payable under this Article 12) shall be abated to the extent set forth above during any delay not caused by Tenant. If (i) the Premises are so damaged by fire or other casualty (whether or not insured) at any time during the last eighteen (18) months of the Term, as the Term may have been extended, that the cost to repair such damage is reasonably estimated to exceed one-half of the total Base Rent payable hereunder for the period from the estimated completion date of repair until the end of the Term, (ii) Legal Requirements prohibit Landlord from restoring the Building are substantially damaged so as to prevent Tenant from using the Premises for the Permitted Use and the Premises have not been restored to the condition substantially existing prior to such casualty, or (iii) at any time damage to the Building occurs by fire or other insured casualty and any mortgagee or ground lessor shall refuse to permit insurance proceeds to be utilized for the repair or replacement of such property and Landlord determines not to repair such damage, then and in any of such events, this Lease and the term hereof may be terminated at the election of Landlord by a notice from Landlord to Tenant within sixty (60) days, or such longer period as is required to complete arrangements with any mortgagee or ground lessor regarding such situation, following such fire or other casualty; the effective termination date pursuant to the terms of this Lease within two hundred and seventy such notice shall be not less than thirty (270) days following said casualty (or if such casualty occurs during the last 18 months of the term, within ninety (9030) days after the date day on which such termination notice is received by Tenant. If any mortgagee or ground lessor refuses to permit insurance proceeds to be applied to replacement of the Premises, and neither Landlord, such mortgagee or ground lessor has commenced such replacement within three (3) months following adjustment of such casualty)casualty loss with the insurer, then Tenant may, until any such replacement commences, terminate this Lease by giving at least thirty (30) days prior written notice thereof to Landlord and such termination shall be effective on the date specified if such replacement has not then commenced. In the event of any termination, the Term shall expire as though such effective termination date were the date originally stipulated in Article 1 for the end of the Term and the Base Rent and Additional Rent (to the extent not abated as set forth above) shall be apportioned as of such date. If less than eighteen (18) months remain in the Term at the time of such casualty [***] (ii) in Landlord’s reasonable estimate the time to restore the Premises will take more than one-half of the then remaining Term, then Tenant may terminate this Lease upon thirty (30) days days’ prior written notice to terminate this Lease provided that such termination election shall be null and void if Landlord unless Landlord shall substantially complete completes such repair and restoration within such thirty (30) day period in which event Tenant’s termination shall be void and days of no further force such notice or effectif Tenant exercises its right to extend the term pursuant to Section 3.03(a) of this Lease.

Appears in 1 contract

Samples: Vertex Pharmaceuticals Incorporated (Vertex Pharmaceuticals Inc / Ma)

DAMAGE OR DESTRUCTION OF PREMISES. (a) If the Premises or any part thereof shall be are damaged by fire or other insured casualty, thenbut are not rendered untenantable for Lessee's business, subject to the last paragraph of this Sectioneither in whole or in part, Landlord Lessor shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause such damage to be repaired without unreasonable delay and the Annual Rent shall not be abated. If by any reason of such casualty, the Premises are rendered untenantable for Lessee's business, either in whole or in part, Lessor shall cause the damage (other than any Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and Tenant Work, which Tenant shall promptly commencerepaired or replaced without unreasonable delay, and proceed with diligencein the interim, to restore). All such repairs made necessary by any act or omission of Tenant the Annual Rental shall be made at the Tenant’s expense equitably reduced as to the extent that the cost such portion of such repairs are less than the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunder. If the Premises or any part thereof as is rendered untenantable. Any such abatement of rent shall have been rendered unfit for use and occupation hereunder not, however, create an extension of the Term of this Lease. Provided, however, if by reason of such damagecasualty, the Base Rent or a just Premises are rendered substantially untenantable, and proportionate part thereofLessor is unable to give reasonable assurances that the amount of time required to repair the damage shall not exceed one hundred eighty (180) days, according to the nature and extent to which the Premises then either party shall have been so rendered unfit, shall be abated until the Premises (except as right to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; and that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant, or the employees, licensees or invitees of Tenant, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rent. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. If the Premises or the Building are substantially damaged so as to prevent Tenant from using the Premises for the Permitted Use and the Premises have not been restored to the condition required pursuant to the terms of terminate this Lease by giving written notice of termination within two hundred and seventy sixty (270) days following said casualty (or if such casualty occurs during the last 18 months of the term, within ninety (9060) days after the date of such casualty). Notwithstanding anything to the contrary contained in this paragraph, then Tenant may in the event of a casualty loss to the Premises equal to 50% or more of the replacement value for the Premises during the last Lease Year of the Term or the Renewal Term, either party may, at its option, terminate this Lease upon thirty (30) days by giving written notice to Landlord unless Landlord within 60 days after the date of the casualty and rent shall substantially complete xxxxx as of the date of such repair and restoration within such thirty (30) day period in which event Tenant’s termination notice. Except as provided herein, there shall be void no obligation of Lessor to rebuild or repair in case of fire or other casualty, and no termination pursuant to this paragraph shall affect any rights of no further force Lessor or effectLessee hereunder arising from prior defaults of the other party. Lessee shall give Lessor immediate notice of any fire or other casualty in the Premises.

Appears in 1 contract

Samples: Lease Agreement (Aftermarket Technology Corp)

DAMAGE OR DESTRUCTION OF PREMISES. (a) If the Premises or any part thereof shall be damaged by fire or other insured casualty, then, subject to the last paragraph of this SectionSubsection 12.01(b), Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause to be repaired such damage (other than any Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and Tenant Work, which Tenant shall promptly commence, and proceed with diligence, to restore). All such repairs made necessary by any act or omission of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs are less than the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunder. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage, the Base Rent or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; provided, however, that in no event shall the period of such abatement exceed twelve (12) months, and that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant, or the employees, licensees or invitees of Tenant, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rent. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. If the Premises or the Building are substantially damaged so as to prevent Tenant from using the Premises for the Permitted Use and the Premises have not been restored to the condition required pursuant to the terms of this Lease within two hundred and seventy (270) days following said casualty (or if such casualty occurs during the last 18 months of the term, within ninety (90) days after the date of such casualty), then Tenant may terminate this Lease upon thirty (30) days written notice to Landlord unless Landlord shall substantially complete such repair and restoration within such thirty (30) day period in which event Tenant’s termination shall be void and of no further force or effect.

Appears in 1 contract

Samples: Commencement Date Agreement (Curis Inc)

DAMAGE OR DESTRUCTION OF PREMISES. (a) If 12.1 In the event the buildings or other structures on the Premises are damaged or any part thereof shall be damaged by fire or other insured casualty, then, subject to the last paragraph of this Sectiondestroyed, Landlord shall proceed with diligence, subject repair and restore such improvements then owned by Landlord to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authoritytheir condition prior to said damage or destruction, and at this Lease shall continue in full force and effect. The proceeds of insurance maintained pursuant to Paragraph 8.1 which are paid to Landlord shall be utilized by Landlord to defray the cost and expense of Landlord (but only to repairing and rebuilding the extent of Premises. If insurance proceeds made are insufficient, or if insurance proceeds are not available to cover the cost and expense of repair or rebuilding, or if insurance proceeds due Landlord are not paid to Landlord by any mortgagee the time of repair and rebuilding of the Building and any ground lessor) to repair or cause to be repaired such damage (other than any Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and Tenant Work, which Tenant shall promptly commencePremises commences, and proceed with diligence, to restore). All such repairs made necessary by any act the damage or omission of Tenant shall be made at destruction resulted from the Tenant’s expense to the extent that the cost of such repairs are less than the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunder. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage, the Base Rent or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; and that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to such damage because of some action or inaction on the part fault of Tenant, or then in any of those events Tenant agrees to pay to Landlord, as additional rent, the employees, licensees or invitees of amount required to pay for such repair and rebuilding as the cost thereof is incurred by Landlord. If insurance proceeds are thereafter paid to Landlord which cover repair and rebuilding expenses funded by Tenant, Landlord agrees to repay Tenant for such expenses. Landlord agrees to use reasonable and diligent efforts to recover all insurance proceeds due under insurance policies maintained pursuant to Paragraph 8.1 of this Lease. In the event the Building is damaged or destroyed, and the cost of repairing such damage shall be paid or destruction is not fully covered by Tenant and there shall be no abatement of rent. insurance policies carried by Landlord (an "Uninsured Loss"), Landlord shall not be liable for delays in have the making of any such repairs that are due right to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. If the Premises or the Building are substantially damaged so as to prevent Tenant from using the Premises for the Permitted Use and the Premises have not been restored to the condition required pursuant to the terms of this Lease within two hundred and seventy (270) days following said casualty (or if such casualty occurs during the last 18 months of the term, within ninety (90) days after the date of such casualty), then Tenant may terminate this Lease upon thirty (30) days written notice to Landlord unless Landlord shall substantially complete such repair and restoration within such thirty (30) day period in which event Tenant’s . However, Tenant may prevent termination shall be void and of no further force or effectthe Lease pursuant to this Paragraph 12.1 by paying the cost of the Uninsured Loss.

Appears in 1 contract

Samples: Tenant Industrial Lease (Target Logistics Inc)

DAMAGE OR DESTRUCTION OF PREMISES. (a) If the Premises or any part thereof shall be damaged by fire or other insured casualty, then, subject to the last paragraph of this Section, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authorityLegal Requirements, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause to be repaired such damage (other than any Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and Tenant Work, which ). In no event shall Landlord be responsible for contributing more than one hundred thousand dollars ($100,000.00) of any deductible or co-payment towards the completion of such repairs unless (a) (i) Tenant and any mortgagee of the Property have agreed that Landlord may carry a larger deductible and (ii) Tenant pays its Pro Rata Share of the amount of any such deductible or co-payment in excess of one hundred thousand dollars ($100,000.00) (it being the intent that Tenant shall promptly commence, and proceed with diligence, to restore)share in the payment of such increased deductible in consideration for any savings of Operating Expenses that would result) or (b) Landlord is then maintaining a higher deductible in violation of the provisions of Section 7.04. All such repairs made necessary by any act the negligence or omission willful misconduct of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs are less than the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunder. If All repairs to and replacements of Tenant’s personal property shall be made by and at the Premises or expense of Tenant, and Tenant shall promptly restore any part thereof shall have Tenant Work, or, if the Lease has been rendered unfit for use and occupation hereunder by reason of such damage, the Base Rent or a just and proportionate part thereof, according terminated pursuant to the nature provisions of this Section 12.01, demolish and extent remove any damaged Tenant Work prior to which the Premises shall have been so rendered unfit, shall be abated until surrendering the Premises (except as to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and but in any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; and that if and event only to the extent Landlord shall be unable of insurance proceeds received by Tenant or, if Tenant fails to collect carry any required insurance hereunder, the insurance proceeds (including rent insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant, or the employees, licensees or invitees of Tenant, the cost of repairing such damage shall be paid that would have been received by Tenant and there shall be no abatement of rent. Landlord shall not be liable for delays in if Tenant had been maintaining the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. If the Premises or the Building are substantially damaged so as to prevent Tenant from using the Premises for the Permitted Use and the Premises have not been restored to the condition required pursuant to the terms of this Lease within two hundred and seventy (270) days following said casualty (or if such casualty occurs during the last 18 months of the term, within ninety (90) days after the date of such casualty), then Tenant may terminate this Lease upon thirty (30) days written notice to Landlord unless Landlord shall substantially complete such repair and restoration within such thirty (30) day period in which event Tenant’s termination shall be void and of no further force or effect.required

Appears in 1 contract

Samples: Vertex Pharmaceuticals Incorporated (Senior Housing Properties Trust)

DAMAGE OR DESTRUCTION OF PREMISES. (a) If In the event that the Premises are damaged or any part thereof shall be damaged destroyed by fire or other insured casualtycause, then, subject to the last paragraph of this Section, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause to be repaired such damage (other than any Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and Tenant Work, which Tenant shall promptly commence, and proceed with diligence, to restore)notify Landlord immediately. All such repairs made necessary by any act If the Premises are damaged or omission of Tenant shall be made at the Tenant’s expense destroyed to the extent that the cost premises are not habitable, as determined by the building inspector for the Town of such repairs are less than the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Farmville, Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunder. If may immediately vacate the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage, the Base Rent or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises within seven (except as to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; and that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant, or the employees, licensees or invitees of Tenant, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rent. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. If the Premises or the Building are substantially damaged so as to prevent Tenant from using the Premises for the Permitted Use and the Premises have not been restored to the condition required pursuant to the terms of this Lease within two hundred and seventy (2707) days following said casualty (or if such casualty occurs during the last 18 months of the term, within ninety (90) days after the date of such casualty), then Tenant may terminate this Lease upon thirty (30) days thereafter give written notice to Landlord of Tenant's intent to terminate this Lease. In such a case, the Lease will terminate as of the date that Tenant vacates the Premises, and Landlord shall return any prepaid rent for the period after Tenant vacates the Premises, subject to any setoff for charges or damages Tenant owes to Landlord. In the event that the Premises are damaged to the extent that Tenant's enjoyment is somewhat impaired, though not substantially impaired, Landlord shall have a reasonable period during which it may repair the Premises. Landlord's duty to repair shall not arise until Tenant gives Landlord written notice of the damage to the Premises. If Landlord fails to repair the Premises within a reasonable period of time after receipt of such notice from Tenant, Tenant shall be entitled to a reduction in Rent for the period beginning after notice was given to Landlord and ending on the date Landlord completes the repair of such damage to the Premises. In the event that the Premises are damaged or destroyed due to the fault or negligence of Tenant, a member of Tenant's family or a guest of Tenant, Tenant shall not be entitled to terminate this Lease and shall remain liable for Rent for the Term, unless Landlord elects to release Tenant from such liability. Landlord shall substantially complete have the right to terminate this Lease in the event that (a) the Premises are damaged or destroyed, and such repair and restoration within damage or destruction renders the Premises unfit for habitation, or (b) if such thirty (30) day period in which event damage or destruction is caused by the fault or negligence of Tenant’s termination , a member of Tenant's family, or a guest of Tenant. In any dispute concerning Tenant's right to terminate this Lease or receive Rent abatement under this Section, Tenant shall be void and bear the burden of no further force or effectestablishing that the condition of the Premises justifies such relief.

Appears in 1 contract

Samples: LLC Residential Lease Agreement

DAMAGE OR DESTRUCTION OF PREMISES. (a) If In the Premises event the whole or any part thereof of the improvements on the Premises (excluding Lessee's equipment and fixtures) shall be damaged or destroyed by fire fire, flood, windstorm, strikes, riots, civil commotions, acts of God, or other insured casualty, thenLessor shall restore same to their condition_just prior to said loss without unreasonable delay, subject Any insurance proceeds received by Lessor pursuant to the last paragraph provisions of this Section, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause to be repaired such damage (other than any Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and Tenant Work, which Tenant shall promptly commence, and proceed with diligence, to restore). All such repairs made necessary by any act or omission of Tenant Lease,shall be made at held in an escrow fund(at a bank designated by Lessor)and shall be disbursed directly to Lessor during the Tenant’s expense restoration period to the extent that pay for the cost of such repairs are less than said restoration. Any insurance proceeds over and above the deductible amount in Landlord’s insurance policy. All repairs cost of restoration shall be paid to and replacements be the property of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense Lessor upon completion of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunderrestoration. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage, the Base Rent or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; and that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable are insufficient to such damage because of some action or inaction on the part of Tenant, or the employees, licensees or invitees of Tenant, pay for the cost of repairing such restoration, Lessor shall, at its expense, pay the difference. Lessor and Lessee may mutually agree in writing not to restore the improvements. If any damage shall be paid by Tenant and there shall be no abatement mentioned in this first sentence of rent. Landlord shall not be liable for delays this Paragraph is in excess of fifty (50%) of the making total replacement cost of the improvements during the final sixty months of the Initial Tenn or during any such repairs that are due to government regulationOption Term, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing Lessee may terminate this Lease within 30 days after such damage. If this Lease is terminated under any provision of this Paragraph, (i) Lessee shall release the insurance proceeds to Lessor except, for the portion received by reason of the loss of Lessee's equipment, trade and business fixtures, signs and other personal property which portion will be paid to Lessee, and (ii) Base Rent shall be payable through the date of casualty, and Lessor will refund to Lessee any prepaid unaccrued Base Rent and the security deposit,less sum,if any,Lessee owes to Lessor. 21, LESSOR'S REPRESENTATIONS AND WARRANTIES. Lessor warrants and represents to the best of Lessor's actual knowledge as of the date hereof: A. No pending or proposed public improvements or condemnation proceedings exist which may result in special assessments or in any reduction in the usefulness of the Premises. B. There are no pending or contemplated proceedings to which Lessor is a party or of which it has been given notice concerning impairment of access, tax adjustment, zoning changes or similar proceedings,assessments or plans by any government authority which might affect the Premises or the Building are substantially damaged so as Lessee's ability to prevent Tenant from using use the Premises for the Permitted Use and its Intended Use. X. Xxxxxx has not filed nor been required to file any report-,of Hazardous Materials(defined below)on the Premises with any federal,state or local governmental authority, D. There is no ongoing environmental cleanup, or remediation action of Hazardous Materials on the Premises and to Lessor's actual knowledge, there is no such action planned for or threatened against the Premises. There are no underground storage tanks.located on or under the Premises. Lessor represents and warrants that as the Effective Date, the Office Complex and Building including the Leased Premises are free of any environmental contamination of any kind whatsoever,including Hazardous Materials and mold. Lessor shall be fully liable for remediation of Hazardous Materials and mold in the Leased Premises, Office Complex or Building unless caused in whole or in part by the Lessee, its contractors,employees,agents or invitees. E. Public utilities sufficient for Lessee's Intended Use are physically located in the Premises. Lessor covenants that Lessor has all requisite authority and has or will have not been restored good right and title to lease the Premises. Lessor shall warrant title to the condition required pursuant Premises and shall defend any challenge thereto. Lessor shall indemnify Lessee against any damage and expense which Lessee may suffer by reason of any lien, encumbrance, restriction or defect in the title to or description herein of the Premises. If at any time Lessor's title or right to receive rent hereunder is disputed, or there is a change of ownership of Lessor's estate by act of the parties or operation of law,Lessee may withhold rent thereafter accruing until Lessee is furnished proof satisfactory to it as to the terms of this Lease within two hundred and seventy (270) days following said casualty (or if such casualty occurs during the last 18 months of the term, within ninety (90) days after the date of such casualty), then Tenant may terminate this Lease upon thirty (30) days written notice to Landlord unless Landlord shall substantially complete such repair and restoration within such thirty (30) day period in which event Tenant’s termination shall be void and of no further force or effectparty entitled thereto. 22.

Appears in 1 contract

Samples: Attornment Agreement

DAMAGE OR DESTRUCTION OF PREMISES. (a) If Any damage in the Premises caused by or arising from the acts or omissions of Tenant or Tenant’s agents, Tenant’s business, or the installation or removal of property in or from the Premises, shall be repaired at Tenant’s expense. Damage to Landlord’s roof, the exterior of Landlord’s building, or any part thereof other building component that carries a warranty from Landlords contractor, will be repaired by the Landlord at Tenant’s expense, less warranty claims paid by contractor. All other damage shall be damaged promptly repaired by fire or other insured casualty, then, subject Tenant at its expense upon written notification from the Landlord. If Tenant shall fail to the last paragraph of this Sectioncommence such repairs within five (5) days after notice to do so from Landlord, Landlord shall proceed with diligence, subject may make or cause the same to then applicable statutes, building codes, zoning ordinances be made and regulations of any governmental authority, and at the expense of Landlord (but only Tenant agrees to the extent of insurance proceeds made available pay to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause to be repaired such damage (other than any Initial Tenant Improvements not deemed to be fixtures covered by promptly upon Landlord’s property insurance and Tenant Workdemand, which Tenant shall promptly commence, and proceed with diligence, as additional Rent. Repairs undertaken by Landlord pursuant to restore). All such repairs made necessary by any act or omission of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs are less than the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section will be performed by Landlord at Tenant’s request and at Tenant’s expense expense. Landlord reserves the right, in its sole discretion to (including costs i) charge the cost to Tenant as Additional Rent; or (ii) invoice Tenant for such cost which Tenant shall pay to Landlord within thirty (30) days from receipt of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractorsaid invoice. In the event that more than fifty percent (50%) shall constitute Additional Rent hereunder. If of the Premises are damaged or any part thereof shall have been rendered unfit for use and occupation hereunder destroyed by reason of such damage, the Base Rent or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; , Landlord may at its option cancel and that if and terminate this Lease by giving notice to the extent Landlord shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant, or the employees, licensees or invitees of Tenant, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rent. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance ’s election to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. If the Premises or the Building are substantially damaged do so as to prevent Tenant from using the Premises for the Permitted Use and the Premises have not been restored to the condition required pursuant to the terms of this Lease within two hundred and seventy sixty (270) days following said casualty (or if such casualty occurs during the last 18 months of the term, within ninety (9060) days after the date of occurrence of such casualty)damage, then Tenant may terminate this Lease upon thirty (30) days written notice to Landlord unless Landlord shall substantially complete such repair and restoration within such thirty (30) day period in which event this Lease shall terminate on the date such notice is given to Tenant’s termination . In the event the Lease is terminated pursuant to this Section 18, both parties shall be void relieved of all obligations under this Lease except for those obligations which are intended to survive the termination of this Lease and of no further force or effectexcept those obligations accruing prior to such termination.

Appears in 1 contract

Samples: ) Lease Agreement (Coastal Carolina Bancshares, Inc.)

DAMAGE OR DESTRUCTION OF PREMISES. (a) If the Premises or any part --------------------------------- thereof shall be damaged by fire or other insured casualty, then, subject to the last paragraph following provisions of this Section, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, laws and at the expense of Landlord (but only to the extent of insurance proceeds received and made available to Landlord by any mortgagee mortgagee, Landlord agreeing to make available funds in the amount of Landlord's deductible and to use diligent efforts to obtain the Building and any ground lessormortgagee's consent to release of such proceeds) to repair or cause to be repaired such damage (other than damage, excluding any Initial items installed or paid for by Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and Tenant Work, which Tenant is required or permitted to remove upon expiration (which items shall promptly commence, and proceed with diligence, be Tenant's responsibility to restorerepair). All such repairs made necessary by However, if any damage occurs through the act or neglect of Tenant or persons acting under Tenant or if any act or omission neglect of Tenant shall be made at the Tenant’s expense to the extent that the cost of or such repairs are less than the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section by person prevents Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunder. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage, the Base Rent or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; and that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent its mortgagees from collecting all insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant, or the employees, licensees or invitees of Tenant, then the cost of repairing such the casualty damage shall be paid by Tenant and there shall be no abatement of rent. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury rent except to the business of Tenant resulting from delays in repairing such damageextent any insurance proceeds are actually received by Landlord or mortgagees or proceeds would have been recovered if Landlord had maintained the insurance required to be maintained under Section 6.4 (Landlord agreeing to, if necessary). If any casualty occurs to more than fifty percent of the Premises or the Building are substantially damaged so as to prevent Tenant from using the Premises for the Permitted Use and the Premises have not been restored to the condition required pursuant to the terms of this Lease within two hundred and seventy (270) days following said casualty (or if such casualty occurs during the last 18 eighteen (18) months of the termTerm (as the same may have been extended), then in any such case, this Lease and the Term hereof may be terminated at the election of Landlord or Tenant by a notice in writing of its election so to terminate given to the other party within ninety two (902) months following such casualty, the effective termination date being not less than thirty (30) nor more than sixty (60) days after the date of such notice. Tenant shall be entitled to a just abatement of Annual Base Rent and all Additional Rent during the period of impaired use of the Premises. If neither Landlord nor such mortgagee (i) has commenced such replacement within the earlier of six (6) months following such casualty), or (ii) having so commenced such replacement, has substantially completed such restoration within twelve (12) months following such casualty, then Tenant may may, until any such aforesaid replacement commences in the case of (i) or is so completed in the case of (ii), terminate this Lease upon by giving at least thirty (30) days prior written notice thereof to Landlord unless (which termination shall be vitiated and rendered null and void if Landlord shall substantially complete or such repair and restoration mortgagee so commences in the case of (i) or completes in the case of (ii) within such said thirty (30) day period period). Except as provided in which event this paragraph, Tenant’s termination 's obligation to pay all rent and to perform and observe all other covenants and conditions of this Lease shall not be void affected by any damage or casualty, and the Term of no further force or effectthis Lease and rent hereunder shall continue nonetheless.

Appears in 1 contract

Samples: Lease (Applied Science & Technology Inc)

DAMAGE OR DESTRUCTION OF PREMISES. (a) If In the event of any damage to or partial destruction of the Premises or any part thereof shall be damaged by fire or other insured casualty, then, subject to during the last paragraph term of this SectionLease from any cause, Landlord Lessor shall proceed with diligenceforthwith repair the same, subject provided such repairs can be reasonably estimated to then applicable statutes, building codes, zoning ordinances be completed within one hundred eighty (180) days under the laws and regulations of any governmental authorityFederal, State, County or Municipal authorities, but such partial damage or destruction shall not make this Lease void or voidable except as hereinafter provided. Lessee shall be entitled to a proportionate reduction of “Rent” (which term shall be deemed to include all monthly base rental and at the expense of Landlord (but only NNN charges payable by Lessee under this Lease) while such repairs are being made, such proportionate reduction to be based upon the extent of insurance proceeds made available to Landlord by any mortgagee of which the Building and any ground lessor) to repair or cause to be repaired such damage (other than any Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and Tenant Work, which Tenant shall promptly commence, and proceed with diligence, to restore). All such repairs made necessary by any act or omission of Tenant shall be made at and/or the Tenant’s expense to the extent that the cost making of such repairs are less than shall interfere with the deductible amount business carried on by Lessee in Landlord’s insurance policy. All repairs to and replacements of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereundersaid Premises. If the Premises necessary repairs cannot be reasonably estimated to be completed within one hundred eighty (180) calendar days, either Lessee or any part thereof shall have been rendered unfit for use and occupation hereunder Lessor may terminate this Lease by reason giving written notice of termination to the other party. In the event that neither party so elects to terminate this Lease within fifteen (15) days after the date of such damage, Lessor shall make all necessary repairs as promptly as practical and within a reasonable time (within the Base 180 day period), this Lease to continue in full force and effect and the Rent or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and proportionately rebated as provided hereinabove. With respect to any Tenant Work) shall have been restored as nearly as practicable damage or destruction which Lessor is obligated to the condition in which they were immediately prior repair or may elect to such fire or other casualty; and that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant, or the employees, licensees or invitees of Tenant, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rent. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. If the Premises or the Building are substantially damaged so as to prevent Tenant from using the Premises for the Permitted Use and the Premises have not been restored to the condition required pursuant to repair under the terms of this Lease within two hundred and seventy (270) days following said casualty (or if such casualty occurs during paragraph, the last 18 months provisions of Section 1932, subdivision 2, of the term, Civil Code of the State of California are waived by Lessee to the extent consistent with the provisions of this paragraph. The total destruction of the building constituting the Premises shall terminate this Lease unless the Lessor and Lessee agree otherwise within ninety (90) days after the date of such casualty), then Tenant may terminate this Lease upon thirty (30) days written notice to Landlord unless Landlord shall substantially complete such repair and restoration within such thirty (30) day period in which event Tenant’s termination shall be void and of no further force or effectdestruction.

Appears in 1 contract

Samples: Lease (Enjoy Technology, Inc./De)

DAMAGE OR DESTRUCTION OF PREMISES. (a) If the Premises or any part thereof shall be damaged by fire or other insured casualty, then, subject to the last paragraph of this Section, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authorityLegal Requirements, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause to be repaired such damage (other than any Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and Tenant Work, which ). In no event shall Landlord be responsible for contributing more than [***] of any deductible or co-payment towards the completion of such repairs unless (a) (i) Tenant and any mortgagee of the Property have agreed that Landlord may carry a larger deductible and (ii) Tenant pays its Pro Rata Share of the amount of any such deductible or co-payment in excess of [***] (it being the intent that Tenant shall promptly commence, and proceed with diligence, to restore)share in the payment of such increased deductible in consideration for any savings of Operating Expenses that would result) or (b) Landlord is then maintaining a higher deductible in violation of the provisions of Section 7.04. All such repairs made necessary by any act the negligence or omission willful misconduct of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs are less than the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunder. All repairs to and replacements of Tenant’s personal property shall be made by and at the expense of Tenant, and Tenant shall promptly restore any Tenant Work, or, if the Lease has been terminated pursuant to the provisions of this Section 12.01, demolish and remove any damaged Tenant Work prior to surrendering the Premises (but in any event only to the extent of insurance proceeds received by Tenant or, if Tenant fails to carry any required insurance hereunder, the insurance proceeds that would have been received by Tenant if Tenant had been maintaining the required coverages). If the Premises or any part thereof shall have been rendered unfit for use and occupation for the Permitted Use hereunder by reason of such damage, the Base Rent, Tenant’s Pro Rata Share of Total Operating Costs, and (other than then-outstanding amounts of Rent and reimbursements or payments that are not in the nature of an occupancy charge, such as applicable reimbursements of Landlord’s third-party costs under Section 10.05, allocations of excess security services under Section 9.07, reimbursements of Tenant Shortfall under Section 18.01(b), reimbursements under Section 10.04(b), or Additional Rent payable under this Article 12) all other Additional Rent, or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; and that if and to the extent Landlord shall be unable to collect the insurance proceeds , plus an additional thirty (including rent insurance proceeds30) applicable to such damage because of some action or inaction on the part of Tenant, or the employees, licensees or invitees of Tenant, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rentday period. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of LandlordForce Majeure, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. If , provided, however, that Base Rent, Tenant’s Pro Rata Share of Total Operating Costs, and all other Additional Rent (other than then-outstanding amounts of Rent and reimbursements or payments that are not in the Premises nature of an occupancy charge, such as applicable reimbursements of Landlord’s third-party costs under Section 10.05, allocations of excess security services under Section 9.07, reimbursements of Tenant Shortfall under Section 18.01(b), reimbursements under Section 10.04(b), or the Building are substantially damaged so as to prevent Tenant from using the Premises for the Permitted Use and the Premises have not been restored Additional Rent payable under this Article 12) shall be abated to the condition required pursuant to the terms of this Lease within two hundred and seventy (270) days following said casualty (or if such casualty occurs extent set forth above during the last 18 months of the term, within ninety (90) days after the date of such casualty), then Tenant may terminate this Lease upon thirty (30) days written notice to Landlord unless Landlord shall substantially complete such repair and restoration within such thirty (30) day period in which event any delay not caused by Tenant’s termination shall be void and of no further force or effect.

Appears in 1 contract

Samples: Vertex Pharmaceuticals Inc / Ma

DAMAGE OR DESTRUCTION OF PREMISES. In the event of total or partial destruction of the Premises by fire or other casualty insured by Lessor, Lessor agrees to promptly restore and repair the Premises (ato the same level of finish as existed prior to Lessee’s occupancy) If at Lessor’s expense to the extent Lessor receives insurance proceeds therefor. Rent shall proportionately xxxxx during the time that the Premises or any part thereof shall be damaged by fire or other insured casualty, then, subject to the last paragraph of this Section, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause to be repaired such damage (other than any Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and Tenant Work, which Tenant shall promptly commence, and proceed with diligence, to restore). All such repairs made necessary by any act or omission of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs are less than the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunder. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder unusable by reason of such damagedamage thereto. Except as provided herein, the Base Rent damage to or a just and proportionate part thereof, according to the nature and extent to which destruction of all or any portion of the Premises by fire or by any other cause shall have been so rendered unfitnot terminate this Lease, nor entitle Lessee to surrender the Premises nor in any way affect Lessee’s obligation to pay the Rent and other sums payable hereunder. Lessor shall notify Lessee with ten (10) business days of an event causing a total or partial destruction of the Premises, (a) that its insurance proceeds will be abated until sufficient for Lessor to fulfill its obligations to repair and restore the Premises (except as to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately same level of finish as existed prior to such fire or other casualtyLessee’s occupancy) under this section; and that (b) if and to the extent Landlord shall be unable to collect the insurance proceeds are not sufficient to repair or restore the Premises, whether Lessor intends to repair and restore the Premises; and (including rent c) the time frame in which such repairs and restoration will be completed. If Lessor notifies Lessee that its insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant, or the employees, licensees or invitees of Tenant, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rent. Landlord shall proceeds will not be liable for delays in sufficient to fulfill Lessor’s obligations to restore and repair the making of any such repairs that are due Premises and Lessor has elected not to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience repair or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. If restore the Premises or that the Building are substantially damaged so as to prevent Tenant from using the Premises time frame for the Permitted Use and the Premises have not been restored to the condition required pursuant to the terms of this Lease within two hundred and seventy (270) days following said casualty (or if such casualty occurs during the last 18 months completion of the termrepairs or restoration will exceed 90 days, within ninety Lessee shall have the option to: (90a) days after terminate the date of such casualty), then Tenant may terminate this Lease upon thirty Lease; or (30b) days written notice make the repairs and restore the Premises. If Lessee elects to Landlord unless Landlord shall substantially complete such repair and restore the Premises, Lessor shall pay to Lessee all insurance proceeds received by the Lessor for such repairs and restoration. If those proceeds are insufficient to cover Lessee’s costs, Lessee will be entitled to offset any costs of the repairs and restoration within such thirty (30) day period until the costs are recovered in which event Tenant’s termination shall be void and of no further force or effectfull by the Lessee.

Appears in 1 contract

Samples: Lease Agreement (Scansource Inc)

DAMAGE OR DESTRUCTION OF PREMISES. (a) If the Premises or any part thereof shall be are damaged by fire or other casualty of the type or kind insured casualty, then, subject to against in the last paragraph policy of this Sectionfire insurance with extended coverage provided by Section 7.01 hereof, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause such damage to be repaired such damage (other than any Initial Tenant Improvements not deemed to be fixtures covered without unreasonable delay provided it can do so with the insurance proceeds provided by Landlord’s property insurance and Tenant WorkSection 7.01. Provided, which Tenant shall promptly commencehowever, and proceed with diligence, to restore). All such repairs made necessary by any act or omission of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs are less than the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunder. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder if by reason of such damage, the Base Rent casualty twenty percent (20%) or a just and proportionate part thereof, according to the nature and extent to which more of the Premises are rendered untenantable in some material portion, and the amount of time required to repair the damage using due diligence is in excess of one hundred eighty (180) days, then either Tenant or Landlord shall have been so rendered unfit, shall be abated until the Premises (except as right to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; and that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant, or the employees, licensees or invitees of Tenant, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rent. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. If the Premises or the Building are substantially damaged so as to prevent Tenant from using the Premises for the Permitted Use and the Premises have not been restored to the condition required pursuant to the terms of terminate this Lease within two hundred and seventy (270) days following said casualty (or if such casualty occurs during the last 18 months by giving written notice of the term, termination within ninety (90) days after the date of casualty. Should such casualty)material casualty occur in the last two (2) years of the Initial Term, then Tenant may or during any Renewal Period thereafter, Landlord may, in its sole discretion, terminate this Lease upon thirty (30) days by giving written notice to Landlord unless Tenant. If the Premises shall be damaged by fire or other casualty which shall have been occasioned by the willful act of Tenant or Tenant's agents and/or employees, there shall be no abatement of rental payments; and without prejudice to any other rights and remedies of Landlord, Landlord shall substantially complete have the right, but not the obligation, to repair the Premises, and Tenant shall reimburse and compensate Landlord for any loss sustained by Landlord in excess of Landlord's insurance. Except as hereinabove provided, Landlord shall not be required to repair or rebuild the Premises in the event of destruction or damage thereto resulting from fire or other casualty. Notwithstanding anything herein to the contrary, Landlord shall have no obligation whatsoever to repair or rebuild the Premises in the event of damage or destruction not covered by the insurance required of Landlord herein. In no event shall Landlord be required to expend in excess of the fire and extended coverage insurance proceeds actually received as a result of such damage or casualty. With respect to any damage which Landlord is obligated or may elect to repair and restoration within under the terms of this Section, Tenant waives any statutory or other right Tenant may have to cancel this Lease as a result of such thirty (30) day period in which event Tenant’s termination shall be void and of no further force or effectdamage.

Appears in 1 contract

Samples: Lease Agreement

DAMAGE OR DESTRUCTION OF PREMISES. (a) If the Premises or any part thereof shall be are damaged by fire or other insured casualty, thenbut are not rendered untenantable for Tenant’s business, subject to the last paragraph of this Sectioneither in whole or in part, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause such damage to be repaired without unreasonable delay such damage (other than any Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and Tenant Work, which Tenant shall promptly commencethat each Premises Portion is in the condition that existed as of the applicable Premises Portion Commencement Date, and proceed with diligence, to restore). All such repairs made necessary by any act or omission of Tenant the Annual Rent shall be made at the Tenant’s expense to the extent that the cost of such repairs are less than the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunderxxxxx. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damagecasualty the Premises are rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause such damage to be repaired without unreasonable delay such that each Premises Portion is in the condition that existed as of the applicable Premises Portion Commencement Date, and, in the interim, the Base Annual Rent or a just shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by reason of such casualty, the Premises are rendered untenantable in some material portion, and proportionate part Landlord, in its reasonable estimation, determines that the amount of time required to repair the damage using due diligence is in excess of nine (9) months (as measured from the issuance of the applicable building permits necessary for the reconstruction of the Building), and thereafter notifies Tenant thereof, according to the nature and extent to which the Premises then, either party shall have been so rendered unfit, shall be abated until the Premises (except as right to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; and that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant, or the employees, licensees or invitees of Tenant, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rent. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. If the Premises or the Building are substantially damaged so as to prevent Tenant from using the Premises for the Permitted Use and the Premises have not been restored to the condition required pursuant to the terms of terminate this Lease by giving written notice of termination within two hundred and seventy thirty (270) days following said casualty (or if such casualty occurs during the last 18 months of the term, within ninety (9030) days after the date of such casualty)notice from Landlord, then and the Annual Rental shall (i) xxxxx as of the date of such casualty in proportion to the part of the Premises rendered untenantable and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding the foregoing, in the event the casualty giving rise to an election to terminate is caused by the gross negligence or willful misconduct of Tenant may or Tenant’s agents, contractors, employees, or invitees, Tenant shall have no right to terminate this Lease. Notwithstanding the other provisions of this Section, in the event there should be a casualty loss to the Premises during the last Lease Year of the Term, Landlord may, at its option, terminate this Lease upon by giving written notice to Tenant within thirty (30) days written notice to Landlord unless after the date of the casualty and the Annual Rental shall xxxxx as of the date of such termination. Except as provided herein, Landlord shall substantially complete such have no obligation to rebuild or repair in case of fire or other casualty, and restoration within such thirty (30) day period no termination under this Section shall affect any rights of Landlord or Tenant hereunder arising from the prior defaults of the other party. Tenant shall give Landlord prompt notice of any fire or other known casualty in which event Tenant’s termination shall be void and of no further force or effectthe Premises.

Appears in 1 contract

Samples: Lease Agreement (Dova Pharmaceuticals, Inc.)

DAMAGE OR DESTRUCTION OF PREMISES. (a) If either the Premises Facility or any part structures therein are partially damaged, but not rendered unusable for the purposes of this Concession Agreement, and capable of being repaired within thirty (30) days, the damage shall be repaired with due diligence by the CONCESSIONAIRE from the proceeds of the insurance coverage policy and/or at its own cost and expense, and for the period of CONCESSIONAIRE'S business interruption a pro rata adjustment shall be made as to the Rent set forth above in Article 9 and other, similar payment guarantees. In the event the Facility is completely destroyed or so damaged that it will remain unusable for more than thirty (30) days, the CONCESSIONAIRE and the CITY shall be under no obligation to repair and reconstruct the Facility, and adjustment of the rent payable hereunder shall be proportionately made up to the time of such damage or destruction, and this Concession Agreement shall cease and terminate, and all adjustments which are proper including restoration of the Property to a clean, neat, and usable condition shall be made accordingly. Notwithstanding the foregoing, the CONCESSIONAIRE may, at its sole discretion at its own cost, elect to reconstruct the Facility at its own cost and expense in which case, this Concession Agreement shall abatx, xxt not terminate until such reconstruction is completed and written notice of such completion is given in accordance with the requirement hereof to the other party. If such damage or destruction is covered by insurance, the proceeds thereof shall be damaged by fire or other insured casualty, then, subject to the last paragraph of this Section, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee CONCESSIONAIRE for the purpose of reconstruction. In the Building and any ground lessor) event CONCESSIONAIRE, elects to repair or cause to be repaired reconstruct the Facility, CONCESSIONAIRE shall promptly, after notifying CITY of such election, remove all debris resulting from such damage (other than any Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance the Facility and Tenant Work, which Tenant shall promptly commence, and proceed with diligence, to restore). All such repairs made necessary by any act or omission of Tenant shall be made at the Tenant’s expense to the extent that the cost removal of debris under such repairs are less than the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property not deemed to be fixtures circumstances is covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work insurance, the proceeds thereof shall be made by available to CONCESSIONAIRE. CONCESSIONAIRE shall promptly commence and at the expense of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunder. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage, the Base Rent or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; and that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant, or the employees, licensees or invitees of Tenant, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rent. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. If the Premises or the Building are substantially damaged so as to prevent Tenant from using the Premises for the Permitted Use and the Premises have not been restored to the condition required pursuant to the terms of this Lease within two hundred and seventy (270) days following said casualty (or if such casualty occurs during the last 18 months diligently prosecute reconstruction of the term, within ninety (90) days after the date of such casualty), then Tenant may terminate this Lease upon thirty (30) days written notice Facility to Landlord unless Landlord shall substantially complete such repair and restoration within such thirty (30) day period in which event Tenant’s termination shall be void and of no further force or effectcompletion.

Appears in 1 contract

Samples: Concession Agreement (Florida Panthers Holdings Inc)

DAMAGE OR DESTRUCTION OF PREMISES. (a) If the Premises or any part thereof shall be damaged by fire or other insured casualty, then, subject to the last paragraph of this Section, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause to be repaired such damage (other than any Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and Tenant Work, which Tenant shall promptly commence, and proceed with diligence, to restore). All such repairs made necessary by any act or omission of Tenant shall be made restore at the Tenant’s expense to the extent that the sole cost of such repairs are less than the deductible amount in Landlord’s insurance policyand expense). All repairs to and replacements of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunder. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage, the Base Rent and Additional Rent or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance Property and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; and provided, however, that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant triggering Tenant, or ’s duty to indemnify Landlord pursuant to the employees, licensees or invitees provisions of Tenantthis Lease, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rent. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. If the Premises or the Building are substantially damaged so as to prevent Tenant from using the Premises for the Permitted Use and the Premises have not been restored to the condition required pursuant to the terms of this Lease within two hundred and seventy (270) days following said casualty (or if such casualty occurs during the last 18 months of the term, within ninety (90) days after the date of such casualty), then Tenant may terminate this Lease upon thirty (30) days written notice to Landlord unless Landlord shall substantially complete such repair and restoration within such thirty (30) day period in which event Tenant’s termination shall be void and of no further force or effect.

Appears in 1 contract

Samples: Parking License Agreement (Alexion Pharmaceuticals Inc)

DAMAGE OR DESTRUCTION OF PREMISES. (a) If the Premises or any part thereof shall be are damaged by fire or other insured casualty, thenbut are not rendered untenantable for Tenant’s business, subject to the last paragraph of this Sectioneither in whole or in part, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause such damage to be repaired such damage (other than any Initial Tenant Improvements without unreasonable delay and the Annual Rental shall not deemed to be fixtures covered by Landlord’s property insurance and Tenant Work, which Tenant shall promptly commence, and proceed with diligence, to restore). All such repairs made necessary by any act or omission of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs are less than the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunderxxxxx. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damagecasualty the Premises are rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause the damage to the physical structure of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, in the interim, the Base Rent or a just and proportionate part thereof, according Annual Rental shall be proportionately reduced as to the nature and extent to which such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by reason of such casualty, the Premises are rendered untenantable in some material portion, and Landlord, in its reasonable estimation, determines that the amount of time required to repair the damage using due diligence is in excess of one hundred fifty (150) days after the issuance of a building permit by the applicable governmental authorities (Landlord agreeing to use reasonable, diligent efforts to procure said permit), then either party shall have been so rendered unfit, shall be abated until the Premises (except as right to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; and that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant, or the employees, licensees or invitees of Tenant, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rent. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. If the Premises or the Building are substantially damaged so as to prevent Tenant from using the Premises for the Permitted Use and the Premises have not been restored to the condition required pursuant to the terms of terminate this Lease by giving written notice of termination within two hundred and seventy thirty (270) days following said casualty (or if such casualty occurs during the last 18 months of the term, within ninety (9030) days after the date of casualty, and the Annual Rental shall (i) xxxxx as of the date of such casualtycasualty in proportion to the part of the Premises rendered untenantable and (ii) xxxxx entirely as of the effective date of the termination of this Lease. In the event Landlord is unable to repair the Premises in accordance with this Section 13 on or before that date which is sixty (60) days following the targeted completion date (as reasonably determined by Landlord), then Tenant may subject to delays beyond Landlord’s reasonable control, either party shall have the right to terminate this the Lease upon thirty (30) days advance written notice to the other following the expiration of said sixty (60) day period. Notwithstanding the foregoing, in the event the casualty giving rise to an election to terminate is caused by the negligence, misconduct or acts or omissions of Tenant or Tenant’s Invitees, Tenant shall have no right to terminate this Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to the Premises during the last Lease Year of the Term, Landlord unless Landlord shall substantially complete such repair and restoration may, at its option, terminate this Lease by giving written notice to Tenant within such thirty (30) day days after the date of the casualty and the Annual Rental shall xxxxx as of the date of such notice and Tenant shall have a period of fifteen (15) days following its receipt of such notice of termination from Landlord to vacate the Premises. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder because of prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. Notwithstanding anything contained in this Section to the contrary, Landlord shall only be obligated to restore the Premises to a building standard condition unless Tenant makes available to Landlord proceeds from Tenant’s insurance sufficient to repair and restore the Premises to the condition in which event it existed immediately prior to such casualty, including those items in excess of building standard. In any event, Landlord shall not be required to expend more funds than the amount received by Landlord from the proceeds of any insurance and any amounts received from Tenant’s termination shall be void and of no further force or effect.

Appears in 1 contract

Samples: Lease Agreement (Cross Country Healthcare Inc)

DAMAGE OR DESTRUCTION OF PREMISES. (a) If the Premises or any part thereof shall be are damaged by fire or other insured casualty, thenbut are not rendered untenantable for Tenant’s business (as mutually determined by Landlord and Tenant in their reasonable discretion), subject to the last paragraph of this Sectioneither in whole or in part, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause such damage to be repaired such damage (other than any Initial Tenant Improvements without unreasonable delay and the Annual Rental shall not deemed to be fixtures covered by Landlord’s property insurance and Tenant Work, which Tenant shall promptly commence, and proceed with diligence, to restore). All such repairs made necessary by any act or omission of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs are less than the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunderxxxxx. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damagecasualty the Premises are rendered untenantable for Tenant’s business (as mutually determined by Landlord and Tenant in their reasonable discretion), either in whole or in part, Landlord shall cause the damage to the physical structure of the Building (excluding any Tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, in the interim, the Base Rent or a just and proportionate part thereof, according Annual Rental shall be proportionately reduced as to the nature and extent to which such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by reason of such casualty, the Premises are rendered untenantable in some material portion (as mutually determined by Landlord and Tenant in their reasonable discretion), and Landlord, in its reasonable estimation, determines that the amount of time required to repair the damage using due diligence is in excess of one hundred eighty (180) days, then either party shall have been so rendered unfit, shall be abated until the Premises (except as right to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; and that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant, or the employees, licensees or invitees of Tenant, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rent. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. If the Premises or the Building are substantially damaged so as to prevent Tenant from using the Premises for the Permitted Use and the Premises have not been restored to the condition required pursuant to the terms of terminate this Lease by giving written notice of termination within two hundred and seventy thirty (270) days following said casualty (or if such casualty occurs during the last 18 months of the term, within ninety (9030) days after the date of such casualty)casualty and, then except for those obligations accruing prior to the effective date of termination, Tenant may shall have no further obligation or liability hereunder. Notwithstanding the foregoing, in the event the casualty giving rise to an election to terminate is caused by the negligence, misconduct or acts or omissions of Tenant or Tenant’s Invitees, Tenant shall have no right to terminate this Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of the replacement value of the Premises or if the Premises is rendered untenantable for the conduct of Tenant’s business operations during the last Lease Year of the Term or any extended term, as mutually determined by Landlord and Tenant in the exercise of their reasonable discretion, either party may, at its option, terminate this Lease upon by giving written notice within thirty (30) days written notice to Landlord unless after the date of the casualty and the Annual Rental shall xxxxx as of the date of such notice. Except as provided herein, Landlord shall substantially complete such have no obligation to rebuild or repair in case of fire or other casualty, and restoration within such thirty (30) day period no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder because of prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in which event Tenant’s termination shall be void and of no further force or effectthe Premises.

Appears in 1 contract

Samples: Lease Agreement (Icagen Inc)

DAMAGE OR DESTRUCTION OF PREMISES. (a) If the Leased Premises or any part thereof shall be are damaged by fire or other insured casualty, then, subject the Tenant will give prompt written notice thereof to the last paragraph of this Section, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord Landlord. In case over forty percent (but only to the extent of insurance proceeds made available to Landlord by any mortgagee 40%) of the Building and any ground lessor) to repair Buildings are damaged by fire or cause to be repaired such damage (other than any Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and Tenant Work, which Tenant shall promptly commence, and proceed with diligence, to restore). All such repairs made necessary by any act or omission of Tenant shall be made at the Tenant’s expense casualty to the extent that substantial alteration or reconstruction of the cost of such repairs are less than Buildings are, in the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property 's sole opinion, required (whether or not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunder. If the Leased Premises or any part thereof shall have been rendered unfit for use and occupation hereunder damaged by reason of such damage, the Base Rent or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; and ) or in the event any mortgagee under a mortgage or deed of trust covering the Buildings should require that if and to the extent Landlord shall be unable to collect the insurance proceeds payable as a result of said fire or other casualty be used to retire the mortgage debt, the Landlord may, at its option, terminate this Lease by notifying the Tenant in writing of such termination within sixty (including rent insurance proceeds60) applicable days after the date the Landlord receives notice of such damage, in which event the Rent and Additional Rent will be abated as of the date of such damage. If the Landlord does not elect to such terminate this Lease, the Landlord will within sixty (60) days after the date the Landlord receives notice of the damage because commence to repair and restore the Buildings. The Landlord will proceed with reasonable diligence to restore the Leased Premises within one hundred eighty (180) days thereafter (except that the Landlord is not responsible for delays outside its control) to substantially the same condition in which the Leased Premises were immediately prior to the happening of some action the casualty. If the Leased Premises are not restored within the one hundred eighty (180) days, Tenant shall have the right to cancel this Lease. Notwithstanding anything to the contrary contained herein, the Landlord is not required to rebuild, repair or inaction on the replace any part of Tenant, 's furniture or furnishings or fixtures and equipment removable by the employees, licensees or invitees Tenant under the provisions of Tenant, this Lease. The restoration will not exceed the cost scope of repairing such damage shall be paid by Tenant and there shall be no abatement of rentthe work done in originally constructing the Buildings. The Landlord shall will not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance to the Tenant or injury to the business of Tenant resulting in any way from delays in repairing such damage or the repair thereof, except that, subject to the provisions of the next paragraph, the Landlord will allow the Tenant a fair diminution of rent during the time and to the extent the Leased Premises are unfit for occupancy. Any insurance which may be carried by the Landlord or the Tenant against loss or damage to the Buildings or to the Leased Premises is for the sole benefit of the party carrying such insurance and under its sole control. The Tenant hereby agrees that the Lease will not automatically terminate by law upon destruction of the Leased Premises. The Tenant is not entitled to any compensation or damages from the Landlord except as provided herein for loss of the use of the whole or any part of the Leased Premises, the Tenant's personal property or any inconvenience or annoyance occasioned by such damage, repair, reconstruction or restoration. If the Premises such fire or the Building are substantially damaged so as to prevent Tenant other casualty results from using the Premises for the Permitted Use and the Premises have not been restored to the condition required pursuant to the terms of this Lease within two hundred and seventy (270) days following said casualty (acts, omissions or if such casualty occurs during the last 18 months neglect of the termTenant or its agents, within ninety (90) days after the date employees, invitees or visitors, there will be no abatement of such casualty), then Tenant may terminate this Lease upon thirty (30) days written notice to Landlord unless Landlord shall substantially complete such repair and restoration within such thirty (30) day period in which event Tenant’s termination shall be void and of no further force or effectrent as otherwise permitted herein.

Appears in 1 contract

Samples: Lease Agreement (FBL Financial Group Inc)

DAMAGE OR DESTRUCTION OF PREMISES. (a) If Tenant shall repair all damages to the Premises caused by the Tenant, its employees, agents, contractors, Subcontractors and/or any utility provider. If by fire, the elements, act of GOD, or other casualty, but through no fault, negligence, or cause of the Tenant, or any part of its employees, agents, vendors, contractors, Subcontractors or utility provider, the Premises is totally damage or destroyed, or the CSF is totally damaged or destroyed, or the CSF building is partially damaged or destroyed to the extent that twenty-five (25%) percent or more of the replacement costs thereof (even though the Premises may not be totally damaged), the Landlord will have the option of terminating this Lease, or any extension thereof, by serving written notice upon the Tenant within one hundred and eighty (180) days from the date of the casualty, and any prepaid Rent, paid by Xxxxxx, will be prorated as of the date of the destruction, and the unearned portion of such Rent will be refunded to the Tenant, without interest, and Tenant shall have no further obligation to pay Rent from and after the date of the casualty, and all parties shall be released from all obligations under this Lease, except for those obligations that specifically survive expiration or termination hereunder. Further, for any such early termination of this Lease, the Tenant shall not be entitled to any other type of reimbursement or consideration. If by fire, the elements of GOD, or another casualty, but through no fault, negligence, or cause of the Tenant, or any of its employees, agents, vendors, contractors, Subcontractors or utility provider, the Premises is damaged or partially destroyed to the extent that it equals less than twenty-five (25%) percent of the replacement cost thereof, and the other provisions of the prior paragraph are not applicable, the Landlord may either terminate this Lease by serving written notice upon Tenant within sixty (60) days of the date of destruction or Landlord may restore the Premises, at the Landlord’s sole and absolute discretion. The Landlord will not be liable for any damage to, or any inconvenience of, the Tenant, or any of the Tenant’s employees, agents, contractors, vendors and/or Subcontractors due to fire or other insured casualty, then, subject to unless caused by the last paragraph of this Section, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair intentional or cause to be repaired such damage (other than any Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and Tenant Work, which Tenant shall promptly commence, and proceed with diligence, to restore). All such repairs made necessary by any gross negligent act or omission of the Landlord, or its officers, employees, agents, vendors, contractors, and/or subcontractors. The Tenant agrees that should any of the damage or destruction of the Premises, and/or the CSF building, be the result of, cause of, or even tangentially related to the actions or omissions of the Tenant, or any of its employees, agents, vendors, contractors, or Subcontractors, then the Tenant shall be made at the Tenant’s expense to the extent that held strictly liable for the cost of such repairs are less than to immediately restore, repair, and/or rebuild the deductible amount Premises, and/or the CSF in accordance with the Landlord’s insurance policy. All repairs to and replacements of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunder. If the Premises instructions whichever is so damaged or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage, the Base Rent or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; and that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant, or the employees, licensees or invitees of Tenant, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rent. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. If the Premises or the Building are substantially damaged so as to prevent Tenant from using the Premises for the Permitted Use and the Premises have not been restored to the condition required pursuant to the terms of this Lease within two hundred and seventy (270) days following said casualty (or if such casualty occurs during the last 18 months of the term, within ninety (90) days after the date of such casualty), then Tenant may terminate this Lease upon thirty (30) days written notice to Landlord unless Landlord shall substantially complete such repair and restoration within such thirty (30) day period in which event Tenant’s termination shall be void and of no further force or effectdestroyed.

Appears in 1 contract

Samples: Lease Agreement

DAMAGE OR DESTRUCTION OF PREMISES. (a) If the Premises or any part thereof shall be damaged by fire or other insured casualty, then, subject to the last paragraph following provisions of this Section, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and other laws and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds received and made available to Landlord by any mortgagee of the Building and any ground lessormortgagee) to repair or cause to be repaired such damage (other than damage, excluding any Initial items installed or paid for by Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and Tenant Work, which Tenant is permitted to remove upon expiration (which items shall promptly commencebe Tenant's responsibility to repair.) However, and proceed with diligence, to restore). All such repairs made necessary by if any act or omission neglect of Tenant shall be made at the Tenant’s expense to the extent that the cost of or such repairs are less than the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section by person prevents Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunder. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage, the Base Rent or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; and that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent its mortgagees from collecting all insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant, or the employees, licensees or invitees of Tenant, then the cost of repairing such the casualty damage shall be paid by Tenant Xxxxxx except to the extent any insurance proceeds are actually received by Landlord or mortgagees (they being under no obligation to litigate their entitlement), and there shall be no abatement of rent. Landlord If (i) all or any substantial part (meaning more than 25% of floor area or of insurable value) of the Premises is so damaged by fire or other casualty (whether or not insured) that substantial alteration, reconstruction or demolition of the Building shall not in Landlord's sole discretion be liable for delays appropriate and a substantial expenditure shall in Landlord's sole discretion be required to make the making Premises habitable, or (ii) if any casualty occurs to the Premises during the second to last year of the Term and its repair will reasonably cost more than $750,000, or (iii) if any casualty occurs to the Premises during the last year of the Term and its repair will reasonably cost more than $500,000, then in any such repairs that are due case, this Lease and the Term hereof may be terminated at the election of Landlord by a notice in writing of its election so to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance terminate given to Tenant or injury within six (6) months following adjustment of such casualty loss with the insurer, the effective termination date being not less than one hundred twenty (120) nor more than one hundred fifty (150) days thereafter. In the case of clause (i) above, if a substantial expenditure is not required to make the Premises habitable, Landlord may nonetheless terminate this Lease if Landlord pays Tenant damages equal to the business amount by which the then present value of Tenant resulting from delays in repairing such damage. If the Premises or the Building are substantially damaged so as to prevent Tenant from using fair market rent for the Premises for the Permitted Use and balance of the Premises have not been restored to the condition required pursuant to the terms of Term absent this Lease exceeds the then present value of the rent due under this Lease for the balance of the Term. -82- Tenant shall be entitled to a just abatement of Annual Base Rent (but not for additional rent on account of Landlord's Taxes and Operating Expenses) during the period of impaired use of the Premises, in no event, however, exceeding 12 months, provided that Landlord shall be entitled to maintain rent continuation insurance and include the premium therefor as part of Landlord's Operating Expenses. If any mortgagee refuses to permit insurance proceeds to be applied to replacement of the Premises, and neither Landlord nor such mortgagee has commenced such replacement within two hundred and seventy six (2706) days months following said casualty (or if adjustment of such casualty occurs during loss with the last 18 months of the term, within ninety (90) days after the date of such casualty)insurer, then Tenant may may, until any such replacement commences, terminate this Lease upon by giving at least thirty (30) days prior written notice thereof to Landlord unless Landlord Landlord. Tenant's obligation to pay all rent and to perform and observe all other covenants and conditions of this Lease shall substantially complete such repair not be affected by any damage or casualty except as provided herein with respect to the area so damaged or taken, and restoration within such thirty (30) day period in which event Tenant’s termination the Term of this Lease and rent hereunder shall be void and of no further force or effectcontinue nonetheless.

Appears in 1 contract

Samples: Boston Technology Inc

DAMAGE OR DESTRUCTION OF PREMISES. (a) If the Premises or any part thereof shall be damaged by fire or other insured casualty, then, subject to the last paragraph of this Section, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but but, if damage exceeds $2,000,000, only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause to be repaired such damage (other than any Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and Tenant Work, but including the Finish Work once each Phase of the same is substantially completed to the extent Tenant has provided Landlord with the information reasonably required by Landlord to insure such Finish Work (which shall be assumed to have occurred unless Landlord advises Tenant shall promptly commence, and proceed with diligence, to restorethe contrary in writing indicating what specific information it needs to obtain such insurance)). All such repairs made necessary by any act the negligence or omission willful misconduct of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs are less than the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunder. All repairs to and replacements of Tenant’s personal property and any Tenant Work (but not the Finish Work once each Phase of the same is substantially completed, except to the extent Tenant has failed to provide Landlord with the information reasonably required by Landlord to insure such Finish Work (which shall be not assumed to have occurred unless Landlord advises Tenant of such fact in writing indicating what specific information it needs to obtain such insurance)) shall be made by and at the expense of Tenant. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damagedamage or any damage to the common areas reasonably required for access to and service of the Premises, or the parking garage or any part of any thereof to the extent rendering Tenant unable to use its parking passes, the Base Rent Rent, parking charges, and Tenant’s Pro Rata Share of Total Operating Costs or a just and proportionate part thereof, according to the nature and extent to which the Premises (and such other areas) shall have been so rendered unfit, shall be abated until the Premises (and such other areas) (except as to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant WorkWork other than the Finish Work once each phase of the same is substantially completed except to the extent Tenant has failed to provide Landlord with the information reasonably required by Landlord to insure such Finish Work (which shall not be assumed to have occurred unless Landlord advises Tenant of such fact in writing indicating what specific information it needs to obtain such insurance)) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; and that if and to the extent Landlord shall be unable to collect the insurance proceeds , plus an additional thirty (including rent insurance proceeds30) applicable to such damage because of some action or inaction on the part of Tenant, or the employees, licensees or invitees of Tenant, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rentday period. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. If the Premises or the Building are substantially damaged so as to prevent Tenant from using the Premises for the Permitted Use , provided, however, that Base Rent and the Premises have not been restored Tenant’s Pro Rata Share of Total Operating Costs shall be abated to the condition required pursuant to the terms of this Lease within two hundred and seventy (270) days following said casualty (or if such casualty occurs extent set forth above during the last 18 months of the term, within ninety (90) days after the date of such casualty), then Tenant may terminate this Lease upon thirty (30) days written notice to Landlord unless Landlord shall substantially complete such repair and restoration within such thirty (30) day period in which event any delay not caused by Tenant’s termination shall be void and of no further force or effect.

Appears in 1 contract

Samples: Ironwood Pharmaceuticals Inc

DAMAGE OR DESTRUCTION OF PREMISES. (a) If the Premises or any part thereof shall be damaged by fire or other insured casualty, then, subject to the last paragraph of this Section, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessorBuilding) to repair or cause to be repaired such damage (other than including any Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and Tenant Work, which Tenant shall promptly commence, and proceed with diligence, to restoreWork in the nature of leasehold improvements). All such repairs made necessary by any act the negligence or omission breach hereof on the part of Tenant shall be made at the Tenant’s expense as Additional Rent to the extent that the cost of such repairs are less than the a commercially reasonable deductible amount in under Landlord’s insurance policy. All Landlord shall have no obligation to undertake any repairs to and or replacements of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and (or any Initial Tenant Improvements and Tenant Work shall be made by and at the expense not consisting of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunderleasehold improvements). If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage, the Base Rent or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property, Property but including Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; and provided, however, that if and to in no event shall the extent Landlord shall be unable to collect the insurance proceeds period of such abatement exceed twelve (including rent insurance proceeds12) applicable to such damage because of some action or inaction on the part of Tenant, or the employees, licensees or invitees of Tenant, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rentmonths. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. If the Premises or the Building are substantially damaged so as to prevent Tenant from using the Premises for the Permitted Use and the Premises have not been restored to the condition required pursuant to the terms of this Lease within two hundred and seventy (270) days following said casualty (or if such casualty occurs during the last 18 months of the term, within ninety (90) days after the date of such casualty), then Tenant may terminate this Lease upon thirty (30) days written notice to Landlord unless Landlord shall substantially complete such repair and restoration within such thirty (30) day period in which event Tenant’s termination shall be void and of no further force or effect.

Appears in 1 contract

Samples: Letter (Concert Pharmaceuticals, Inc.)

DAMAGE OR DESTRUCTION OF PREMISES. (a) If the Premises is damaged and becomes partially or totally unfit for occupancy, but can reasonably be repaired within Ninety (90) days, the Lease shall remain in effect and Landlord shall make repairs with all due speed. If repairs can reasonably be expected to require more than Ninety (90) days, or if less than 90 days remain in the original or any part thereof shall be damaged by fire Extension Term at the time of the damage or other insured casualtydestruction, then, subject either Landlord or Tenant may terminate the Lease. If the parties elect to continue the last paragraph of this SectionLease, Landlord shall proceed to make repairs with diligenceall due speed and shall restore the Property, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) the Premises to repair or cause their condition immediately prior to be repaired such damage (other than any Initial destruction, and Tenant will thereafter have a reasonable period of time to complete repairs to the Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and Tenant Work, which Tenant shall promptly commence, and proceed with diligence, to restore). All such repairs made necessary by any act or omission of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs are less than the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunder. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason required as a result of such damage, and the Base Rent or a just and proportionate part thereof, according Lease term shall be extended for an additional period equal to the nature time required for completion of all of the above repairs, and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable calculated to the condition in which they were immediately prior to such fire or other casualty; and that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant, or the employees, licensees or invitees of Tenant, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rent. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damagenearest month. If the Premises Lease is continued in case of damage or destruction of the Building are substantially damaged so as to prevent Premises, the rental payments and any other charges or expenses of Tenant from using hereunder shall be reasonably abated based on the length of time and the portion of the Premises for of which Tenant is deprived as a result of such damage, and during all of the Permitted Use above referenced repairs. Tenant and Landlord agree that Landlord may use insurance proceeds obtained in connection with the Premises have not been restored above referenced casualty insurance covering the Premises. However, Landlord and Tenant also agree that unless Landlord elects to use such insurance proceeds to restore the condition required Tenant Improvements damaged or destroyed, then Tenant shall as a part of the casualty insurance coverage, be entitled to receive that portion of any insurance payment or proceeds covering the Tenant Improvements upon the Premises. Therefore, in the event of damage or destruction to any of the Tenant Improvements upon the Premises, Tenant shall be entitled to any and all insurance proceeds due and payable pursuant to such insurance coverage, and in the terms of event that this Lease within two hundred and seventy (270) days following said casualty (or if such casualty occurs during is continued thereafter, unless Landlord elects to restore the last 18 months of the term, within ninety (90) days after the date of such casualty)Tenant Improvements, then Tenant may terminate utilize such proceeds in restoring the Tenant Improvements hereunder. In the event, however, that this Lease upon thirty (30) days written notice to Landlord unless is terminated as a result of such damage or destruction, then Landlord shall substantially complete be entitled to that portion of the insurance proceeds covering the structural elements of the Premises as the same are set forth on Exhibit B and on the plans and specifications referenced above, and Tenant shall be entitled to maintain any and all such repair insurance proceeds payable as a result of the damage or destruction to the Tenant Improvements, and restoration within such thirty (30) day period in which event to any of Tenant’s termination shall be void and of no further force or effectequipment, fixtures and/or personal property.

Appears in 1 contract

Samples: Assignment and Assumption of Lease (Ohio Legacy Corp)

DAMAGE OR DESTRUCTION OF PREMISES. (a) If If, during the Premises term of this Lease, the Premises, or any part thereof shall portion thereof, should be damaged or destroyed by fire or other insured casualty, then, subject to the last paragraph of this Section, Landlord shall proceed with diligencerepair, reconstruct or restore the damaged or destroyed Premises so far as it is practicable to the Premises’ condition immediately prior to such damage or destruction, except as otherwise provided in this paragraph, and subject to then applicable statutesany delay beyond Landlord’s control, building codesincluding, zoning ordinances but not limited to, delays due to adjustment of insurance claims, strikes and regulations unavailability of required materials. Tenant shall have no interest in or claims to any portion of the proceeds of any governmental authority, and at the expense of Landlord (but only to the extent of fire or other casualty or extended protection insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause to be repaired such damage (other than any Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and Tenant Work, which Tenant shall promptly commence, and proceed with diligence, to restore). All such repairs made necessary by any act or omission of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs are less than the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section carried by Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunder. If the Premises should be damaged to an extent of twenty-five percent (25%) or more of the replacement costs of any single building constituting part thereof shall have been rendered unfit for use and occupation hereunder or all of the Premises, then either party hereto may elect to terminate this Lease by reason giving written notice to the other within sixty (60) days after the occurrence of such damagedamage or destruction. Tenant agrees at all times after such damage or destruction to the Premises to continue the operation of its business therein to the extent reasonably practicable; provided, however, that during the period commencing on the date of this damage or destruction and ending with the completion of Landlord’s repair, reconstruction or restoration of the Premises, the Base Rent or a just and proportionate part monthly rental reserved under this Lease shall be proportionately abated in an amount equal to the proportion thereof, according which the number of square feet in the Premises rendered unusable by the damage or destruction bears to the nature and extent to which total number of square feet in the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire damage or other casualty; and that if and to the extent destruction. Landlord shall be unable have no interest in or claim to collect any portion of the proceeds of any insurance proceeds (including rent insurance proceeds) applicable to such damage because of some action on Tenant’s personal property carried by Tenant or inaction required on the part of TenantTenant to be maintained hereunder. Tenant and Landlord hereby mutually release and waive their entire right of recovery against the other party for any and all loss or damage to the improvements, all personal property of Tenant and any installations, betterment or improvements added to the building by Tenant where such loss is occasioned, caused or incurred by, or results from, fire, flood, windstorm, hail, explosion, riot attending strike, civil disorder, acts of terrorism, aircraft or vehicle collision, smoke, vandalism and all other perils which are insurable against, whether said loss occurred or was caused by the negligence of the Tenant or Landlord, their agents, servants, employees, licensees sublessees or invitees of Tenantconcessionaires, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rentor otherwise. Landlord and Tenant each further warrant that insurance companies insuring Landlord or Tenant shall have no rights against the other, whether by assignment, subrogation or otherwise. Willful misconduct lawfully attributable to either party shall, to the extent that said conduct contributes to loss or damage, not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. If the Premises or the Building are substantially damaged so as to prevent Tenant from using the Premises for the Permitted Use and the Premises have not been restored to the condition required pursuant to the terms of excused under this Lease within two hundred and seventy (270) days following said casualty (or if such casualty occurs during the last 18 months of the term, within ninety (90) days after the date of such casualty), then Tenant may terminate this Lease upon thirty (30) days written notice to Landlord unless Landlord shall substantially complete such repair and restoration within such thirty (30) day period in which event Tenant’s termination shall be void and of no further force or effectParagraph.

Appears in 1 contract

Samples: Lease (MRS Fields Famous Brands LLC)

DAMAGE OR DESTRUCTION OF PREMISES. (a) If the Premises or any part thereof shall be damaged by fire or other insured casualty, then, subject to the last paragraph of this Section, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessorBuilding) to repair or cause to be repaired such damage (other than including, without limitation, any Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and Tenant Work, which Tenant shall promptly commence, and proceed with diligence, to restore). All such repairs made necessary by any act the negligence or omission breach hereof on the part of Tenant shall be made at the Tenant’s expense as Additional Rent to the extent that the cost of such repairs are less than the a commercially reasonable deductible amount in under Landlord’s insurance policy. All Landlord shall have no obligation to undertake any repairs to and or replacements of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and (or any Initial Tenant Improvements and Tenant Work shall be made by and at the expense not consisting of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunderleasehold improvements). If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage, the Base Rent or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance Property and any Tenant Work) Work but including, without limitation, Landlord’s Work shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; and provided, however, that if and to in no event shall the extent Landlord shall be unable to collect the insurance proceeds period of such abatement exceed twelve (including rent insurance proceeds12) applicable to such damage because of some action or inaction on the part of Tenant, or the employees, licensees or invitees of Tenant, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rentmonths. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. If the Premises or the Building are substantially damaged so as to prevent Tenant from using the Premises for the Permitted Use and the Premises have not been restored to the condition required pursuant to the terms of this Lease within two hundred and seventy (270) days following said casualty (or if such casualty occurs during the last 18 months of the term, within ninety (90) days after the date of such casualty), then Tenant may terminate this Lease upon thirty (30) days written notice to Landlord unless Landlord shall substantially complete such repair and restoration within such thirty (30) day period in which event Tenant’s termination shall be void and of no further force or effect.

Appears in 1 contract

Samples: Commencement Date Agreement (Synageva Biopharma Corp)

DAMAGE OR DESTRUCTION OF PREMISES. (a) If the Premises or any part thereof shall be damaged by fire fire, the elements, unavoidable accident or other insured casualty, then, subject to the last paragraph of this Section, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at cause the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause damages to be repaired such damage (other than any Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and Tenant Workwith reasonable diligence provided, which Tenant shall promptly commence, and proceed with diligence, to restore). All such repairs made necessary by any act or omission of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs are less than the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunder. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage, the Base Rent or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; and that if and to the extent Landlord shall be unable to collect the that, insurance proceeds (including rent insurance proceeds) applicable payable with respect to such damage because are paid to Landlord, and if the Premises shall be rendered untenable only in part, the rent shall be abated proportionately as to the portion of some action or inaction on the part of TenantPremises rendered untenable until the repairs are made. If, or without the employees, licensees or invitees fault of Tenant, the cost Premises shall be rendered wholly untenable and shall require substantial reconstruction, Landlord shall have the option (a) to cancel this Lease by giving Tenant written notice thereof within thirty (30) days after the date of repairing any such damage or destruction and the Lease shall wholly terminate on the date specified in the notice, with the rent being payable only to the time of damage, or (b) to cause the damages to be paid repaired with reasonable diligence, with the rent being abated until such repairs have been completed. Notwithstanding the foregoing provisions of this paragraph, in the event the Premises is damaged by Tenant and fire or other casualty due to the willful misconduct or gross negligence of Tenant, its employees, agents or licensees, there shall not be no any apportionment or abatement of rentany rent and the Lease shall continue unless cancelled by Landlord by giving Tenant written notice thereof within thirty (30) days after the date of any such damage or destruction. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to Tenant's business resulting in any way from damage to the business of Tenant resulting from delays Premises or the repair thereof. Landlord retains the sole right to adjust and settle all claims in repairing such damageregards to property insurance coverage maintained on the Building or Premises. If the Premises or a substantial portion thereof is damaged by fire, the Building are substantially damaged so as to prevent Tenant from using the Premises for the Permitted Use elements, unavoidable accident or other casualty and the Premises have repair thereof is not been restored reasonably anticipated to the condition required pursuant to the terms be completed within 120 days of this Lease within two hundred and seventy (270) days following said casualty (or if such casualty occurs during the last 18 months of the term, within ninety (90) days after the date of such casualty)damage, or the repair thereof is not in fact completed with 120 days of the date of such damage, then in any such event Tenant may terminate this Lease upon thirty (30) days written effective as of the date of such damage by giving notice to Landlord unless Landlord shall substantially complete such repair and restoration within such thirty (30) day period in which event Tenant’s termination shall be void and of no further force or effectLandlord.

Appears in 1 contract

Samples: Lease Agreement (H Power Corp)

DAMAGE OR DESTRUCTION OF PREMISES. (a) If If, during the Term, the Premises or the Building and other improvements in which the Premises are located are totally or partially destroyed from any part thereof shall be damaged by fire cause, rendering the Premises totally or other insured casualtypartially inaccessible or unusable, then, subject to and at least one (1) year of the last paragraph of this SectionTerm remains, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at restore the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of Premises or the Building and any ground lessor) other improvements in which the Premises are located to repair or cause to be repaired such damage (other than any Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and Tenant Worksubstantially the same condition as they were in immediately before destruction, which Tenant shall promptly commence, and proceed with diligence, to restore). All such repairs made necessary by any act or omission of Tenant shall if the restoration can be made at under the Tenant’s expense to the extent that existing laws and can be completed within 180 working days after obtaining all necessary permits therefore (Landlord shall use due diligence in applying for said permits) and if the cost of such repairs does not exceed the amount of insurance proceeds received by Landlord on account of such damages. Such destruction shall not terminate this Lease. If Landlord determines in good faith that restoration is not susceptible of completion within the time stated in this paragraph, or if the insurance proceeds received (plus any applicable deductible) are less than not sufficient to cover the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any the required repairs performed under and by reason thereof Landlord declines to restore the Premises and the Building, then Tenant shall have the right to terminate this Section Lease immediately by giving written notice to Landlord. Landlord shall, at Tenant’s request 's request, promptly advise Tenant in writing of Landlord's good faith estimate of the time to restore and at Tenant’s expense of the sufficiency of insurance proceeds (including costs of design fees, financing, and charges for administration, overhead and construction management services by whether Landlord and Landlord’s contractor) shall constitute Additional Rent hereunder. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder elects to decline to restore by reason of such damageany insufficiency), the Base Rent and Tenant shall exercise its right to terminate not later than thirty (30) days after receipt of Landlord's notice showing that Tenant has a right to terminate by reason either of time to restore or a just and proportionate part thereof, according failure to the nature and extent restore due to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; and that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent insufficiency of insurance proceeds) applicable . If Tenant fails to such damage because of some action or inaction on terminate this Lease and if restoration is permitted under the part of Tenantexisting laws, or the employees, licensees or invitees of Tenant, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rent. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience at its election, can either terminate this Lease or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. If restore the Premises or the Building are substantially damaged so as to prevent Tenant from using and other improvements in which the Premises for are located within a reasonable time and this Lease shall continue in full force and effect. If the Permitted Use existing laws do not permit the restoration, either party can terminate this Lease immediately by giving notice to the other party. In the event of the giving of such notice of termination by Landlord or Tenant as provided herein, this Lease and all interest of Tenant in the Premises have not been restored to the condition required pursuant to the terms of this Lease within two hundred and seventy shall terminate fifteen (270) days following said casualty (or if such casualty occurs during the last 18 months of the term, within ninety (9015) days after receipt of such notice by the other party. Except if Landlord receives insurance proceeds from Tenant's insurance as provided in paragraph 16(c) hereof specifically therefor, Landlord shall not be required to repair any injury or damage, by fire or other cause, to the property of Tenant, or to make repairs or replacements of any decorations, or any improvements installed on the Premises by or for Tenant, except that in the event Landlord is otherwise required to restore casualty damage under this Lease, Landlord shall be required to restore the interior leasehold improvements existing in the Premises upon delivery thereof to Tenant at Term commencement. In case of destruction, there shall be an abatement or reduction of Rent, between the date of such casualty)destruction and the date of completion of restoration if restoration takes place, based on the extent to which the destruction actually interferes with Tenant's use of the Premises. Tenant hereby waives the provisions of Sections 1932, Subdivision 2, and 1933, Subdivision 4, of the Civil Code of California. In the event that Landlord fails to complete the restoration of any damage to the Premises (or damage to portions of the Building providing access to the Premises) by the end of the one hundred eighty (180) day period described in this paragraph 30, and if Landlord is not then diligently and in good faith pursuing restoration to completion, then Tenant may shall have the right to terminate this Lease upon thirty sixty (3060) days prior written notice to Landlord unless Landlord shall substantially and Landlord's failure to complete such repair and restoration within such thirty (30) sixty day period in which period. In the event Tenant’s termination that the Premises shall be void and damaged or destroyed to the extent of no further force more than $100,000.00 during the last one (1) year of the Term, then either Tenant or effectLandlord shall have the right to terminate this Lease. Notwithstanding any contrary provision of this Section 30, Landlord shall not have the right during the first three years of the Term to terminate this Lease for a casualty that affects areas of the Building other than the Premises unless Landlord also terminates the leases of any other tenants in the Building whose, premises are affected by such casualty to the same or greater extent as the Premises.

Appears in 1 contract

Samples: Lease (Daily Journal Corp)

DAMAGE OR DESTRUCTION OF PREMISES. (a) If the Premises or any part thereof shall be damaged by fire or other insured casualty, then, subject to the last paragraph following provisions of this Section, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and other laws and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds received and made available to Landlord by any mortgagee of the Building and any ground lessormortgagee) to repair or cause to be repaired such damage (other than damage, excluding any Initial items installed or paid for by Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and Tenant Work, which Tenant shall promptly commenceis permitted to remove upon expiration, and proceed with diligence, to restore). All such repairs made necessary by any act or omission of Tenant (which items shall be made at the Tenant’s expense 's responsibility to the extent that the cost repair.) If (i) all or any substantial part (meaning more than 25% of such repairs are less than the deductible amount in Landlord’s insurance policy. All repairs to and replacements floor area or of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense insurable value) of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunder. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder are materially damaged by reason of such damage, the Base Rent or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; and casualty (whether or not insured) or (ii) the Building (whether or not including any portion of the Premises) is so damaged by fire or other casualty (whether or not insured) that substantial alteration, reconstruction or demolition of the Building shall in Landlord's sole discretion be appropriate, or (iii) if and any casualty occurs to the extent Premises during the last year of the Term and its repair will reasonably cost more than $100,000, then in any such case, this Lease and the Term hereof may be terminated at the election of Landlord shall be unable by a notice in writing of its election so to collect terminate given to Tenant within six (6) months following the insurance proceeds (including rent insurance proceeds) applicable to such damage because date of some action or inaction on the part of Tenant, or the employees, licensees or invitees of Tenantcasualty, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of renteffective termination date being not less than thirty (30) nor more than sixty (60) days thereafter. Landlord shall not be liable for delays notify Tenant in writing within seventy-five (75) days of the making date of any casualty whether Landlord elects to repair the damage or to terminate the Lease in accordance with the terms of this Section. If Landlord elects to repair the damage, such repairs that are due notice shall include Landlord's estimate of the time to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury repair. Notwithstanding anything to the business of Tenant resulting from delays in repairing such damage. If contrary herein, if the Premises or the Building are substantially damaged so as to prevent Tenant from using the Premises for its intended purposes, Tenant shall have the Permitted Use and right to terminate this Lease by prior written notice thereof either (i) within fifteen days after receipt of Landlord's notice electing to repair the Premises have not been restored damage if Landlord estimates that the repair will take longer than six (6) months to complete or (ii) if Landlord fails to repair the damage prior to the condition required pursuant to the terms later of this Lease within two hundred and seventy six (2706) days following said casualty (or if such casualty occurs during the last 18 months of the term, within ninety (90) days after from the date of Landlord's notice or such casualtylonger time period as Landlord estimates in Landlord's notice. Tenant shall be entitled to a just abatement of Annual Fixed Rent (and additional rent on account of Landlord's Taxes and Operating Expenses) during the period of impaired use of the Premises (including a partial abatement if only a portion of the Premises is untenantable). If any mortgagee refuses without fault by Xxxxxx to permit insurance proceeds to be applied to replacement of the Premises, and neither Landlord nor such mortgagee has commenced such replacement within six (6) months following adjustment of such casualty loss with the insurer, then Tenant may may, until any such replacement commences, terminate this Lease upon by giving at least thirty (30) days prior written notice to Landlord unless Landlord shall substantially complete such repair and restoration within such thirty (30) day period in which event Tenant’s termination shall be void and of no further force or effect.notice

Appears in 1 contract

Samples: Lease (Interneuron Pharmaceuticals Inc)

DAMAGE OR DESTRUCTION OF PREMISES. (a) If the Premises or any part thereof shall be Building is so damaged by fire or other insured casualty, then, subject to casualty that (i) substantial alteration or reconstruction of the last paragraph of this Section, Landlord Building shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord be required or (but only to the extent of insurance proceeds made available to Landlord by ii) any mortgagee of the Building and any ground lessor) to repair or cause to be repaired such damage (other than any Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and Tenant Work, which Tenant shall promptly commence, and proceed with diligence, to restore). All such repairs made necessary by any act or omission of Tenant shall be made at the Tenant’s expense to the extent Landlord requires that the cost of such repairs are less than the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunder. If the Premises all or any part thereof shall have been rendered unfit for use and occupation hereunder by reason portion of such damage, the Base Rent or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; and that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to payable as a result of such damage because of some action or inaction on the part of Tenant, or the employees, licensees or invitees of Tenant, the cost of repairing such damage shall casualty be paid by Tenant and there shall be no abatement of rent. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury applied to the business of Tenant resulting from delays in repairing such damage. If the Premises or the Building are substantially damaged so as to prevent Tenant from using the Premises for the Permitted Use and the Premises have not been restored to the condition required pursuant to the terms of this Lease within two hundred and seventy (270) days following said casualty (or if such casualty occurs during the last 18 months payment of the termunderlying mortgage debt, then Landlord may, at its option, terminate this by notifying Tenant in writing of such termination within ninety sixty (9060) days after the date the casualty event occurs. If the Premises are damaged by fire or other casualty but are not rendered untenantable for Tenant's business, either in whole or in part, and if Landlord does not terminate this Lease pursuant to the immediately preceding sentence, Landlord shall cause such damage to be repaired without unreasonable delay. In such event, all insurance proceeds shall be made payable to Landlord and shall be used to repair or rebuild the Premises in accordance with the standards set forth herein and not for any other purposes, without Tenant's prior written consent. Landlord shall be responsible for the payment in full of any deductible. If by reason of such casualty), then Tenant may the Premises are rendered untenantable for Tenant's business, either in whole or in part, and Landlord does not terminate this Lease upon thirty as provided in the first sentence above in this Xxxxxxxxx 00, Xxxxxxxx shall cause the damage to be repaired or replaced without unreasonable delay, and in the interim, the Annual Rental shall be equitably reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Lease Term. Provided, however, if by reason of such casualty, the Premises are rendered substantially untenantable, and Landlord fails to give Tenant reasonable assurances that the amount of time required to repair the damage, using due diligence, shall not exceed the earlier of (30i) the expected completion date of the New Facility or (ii) sixty (60) days from the date the casualty event occurs, then either party shall have the right to terminate this Lease by giving written notice of termination within sixty (60) days after the date the casualty event occurs. Notwithstanding the other provisions of this Paragraph 14, in the event there is a casualty loss to Landlord unless Landlord the Premises to the extent of fifty percent (50%) or more of the replacement value during the last Lease Year of the Lease Term, including any Lease Extension Term that has then been exercised by Tenant, either party may, at its option, terminate this Lease by giving written notice within sixty (60) days after the date the casualty event occurs; and, in such case, Annual Rental shall substantially complete xxxxx as of the date of such repair and restoration within such thirty (30) day period in which event Tenant’s termination notice. Except as provided herein, there shall be void no obligation of Landlord to rebuild or repair in case of fire or other casualty, and no termination under this Paragraph 14 shall affect any rights of no further force Landlord or effectTenant hereunder because of prior defaults of the other party. Tenant shall give Landlord prompt notice of any fire or other casualty in the Premises.

Appears in 1 contract

Samples: Lease Agreement (Leiner Health Products Inc)

DAMAGE OR DESTRUCTION OF PREMISES. (a) If Tenant shall repair all damages to the Premises caused by the Tenant, its employees, agents, contractors, Subcontractors and/or any utility provider. If by fire, the elements, act of GOD, or other casualty, but through no fault, negligence, or cause of the Tenant, or any part of its employees, agents, vendors, contractors, Subcontractors or utility provider, the Premises is totally damage or destroyed, or the CSF is totally damaged or destroyed, or the CSF building is partially damaged or destroyed to the extent that twenty-five (25%) percent or more of the replacement costs thereof (even though the Premises may not be totally damaged), the Landlord will have the option of terminating this Lease, or any extension thereof, by serving written notice upon the Tenant within one hundred and eighty (180) days from the date of the casualty, and any prepaid Rent, paid by Tenant, will be prorated as of the date of the destruction, and the unearned portion of such Rent will be refunded to the Tenant, without interest, and Tenant shall have no further obligation to pay Rent from and after the date of the casualty, and all parties shall be released from all obligations under this Lease, except for those obligations that specifically survive expiration or termination hereunder. Further, for any such early termination of this Lease, the Tenant shall not be entitled to any other type of reimbursement or consideration. If by fire, the elements of GOD, or another casualty, but through no fault, negligence, or cause of the Tenant, or any of its employees, agents, vendors, contractors, Subcontractors or utility provider, the Premises is damaged or partially destroyed to the extent that it equals less than twenty-five (25%) percent of the replacement cost thereof, and the other provisions of the prior paragraph are not applicable, the Landlord may either terminate this Lease by serving written notice upon Tenant within sixty (60) days of the date of destruction or Landlord may restore the Premises, at the Landlord’s sole and absolute discretion. The Landlord will not be liable for any damage to, or any inconvenience of, the Tenant, or any of the Tenant’s employees, agents, contractors, vendors and/or Subcontractors due to fire or other insured casualty, then, subject to unless caused by the last paragraph of this Section, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair intentional or cause to be repaired such damage (other than any Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and Tenant Work, which Tenant shall promptly commence, and proceed with diligence, to restore). All such repairs made necessary by any gross negligent act or omission of the Landlord, or its officers, employees, agents, vendors, contractors, and/or subcontractors. The Tenant agrees that should any of the damage or destruction of the Premises, and/or the CSF building, be the result of, cause of, or even tangentially related to the actions or omissions of the Tenant, or any of its employees, agents, vendors, contractors, or Subcontractors, then the Tenant shall be made at the Tenant’s expense to the extent that held strictly liable for the cost of such repairs are less than to immediately restore, repair, and/or rebuild the deductible amount Premises, and/or the CSF in accordance with the Landlord’s insurance policy. All repairs to and replacements of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunder. If the Premises instructions whichever is so damaged or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage, the Base Rent or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; and that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant, or the employees, licensees or invitees of Tenant, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rent. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. If the Premises or the Building are substantially damaged so as to prevent Tenant from using the Premises for the Permitted Use and the Premises have not been restored to the condition required pursuant to the terms of this Lease within two hundred and seventy (270) days following said casualty (or if such casualty occurs during the last 18 months of the term, within ninety (90) days after the date of such casualty), then Tenant may terminate this Lease upon thirty (30) days written notice to Landlord unless Landlord shall substantially complete such repair and restoration within such thirty (30) day period in which event Tenant’s termination shall be void and of no further force or effectdestroyed.

Appears in 1 contract

Samples: Lease Agreement

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DAMAGE OR DESTRUCTION OF PREMISES. (a) If the Premises or any part thereof shall be are damaged by fire or other insured casualty, theneither in whole or in part, subject to but no part of the last paragraph of this SectionPremises is rendered untenantable for Tenant’s business, Landlord shall proceed with diligence, subject cause such damage to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord be repaired (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Base Building and any ground lessor(as hereinafter defined) to repair or cause to be repaired such damage (other than any Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and Tenant Work, which Tenant shall promptly commence, and proceed with diligence, to restore). All such repairs made necessary by any act or omission of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs are less than the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractorWork) without unreasonable delay and the Annual Rental shall constitute Additional Rent hereundernot be abated. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage, the Base Rent or a just and proportionate part thereof, according to the nature and extent to which casualty the Premises are rendered untenantable in Tenant’s business, either in whole or in part, Landlord shall have been so rendered unfit, shall be abated until cause the Premises (except as to Tenant Property, Initial Tenant Improvements not deemed damage to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire repaired or other casualty; and that if and replaced (to the extent Landlord of the Base Building and Landlord’s Work) without unreasonable delay, and, in the interim, the Annual Rental shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable proportionately reduced as to such damage because portion of some action or inaction on the part Premises as is rendered untenantable. Any such abatement of Tenantrent shall not, or however, create an extension of the employeesterm of this Lease. Provided, licensees or invitees however, if by reason of Tenantsuch casualty, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rent. Landlord shall not be liable for delays Premises are rendered untenantable in the making of any such repairs that are due to government regulation, casualtiessome material portion, and strikesthe amount of time required to repair the damage using due diligence is in excess of one hundred twenty (120) days, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond then either party shall have the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance right to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. If the Premises or the Building are substantially damaged so as to prevent Tenant from using the Premises for the Permitted Use and the Premises have not been restored to the condition required pursuant to the terms of terminate this Lease by giving written notice of termination within two hundred and seventy sixty (270) days following said casualty (or if such casualty occurs during the last 18 months of the term, within ninety (9060) days after the date of casualty, and the Annual Rental shall xxxxx as of the date of such casualty)casualty in the event of such termination. Notwithstanding the other provisions of this paragraph, then Tenant may in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of their replacement value or if the Premises are rendered untenantable for the conduct of Tenant’s business operations during the last twelve (12) months of the initial term or any extended term, either party may, at its option, terminate this Lease upon thirty by giving written notice within sixty (3060) days written notice to Landlord unless after the date of the casualty and Annual Rental shall xxxxx as of the date of such notice. Except as provided herein, Landlord shall substantially complete such have no obligation to rebuild or repair in case of fire or other casualty, and restoration within such thirty (30) day period no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder because of prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in which event Tenant’s termination shall be void and of no further force or effectthe Premises.

Appears in 1 contract

Samples: Lease Agreement (Shutterfly Inc)

DAMAGE OR DESTRUCTION OF PREMISES. (a) If the Premises Premises, the Unit or the Building or any part thereof shall be damaged or destroyed by fire or other insured casualty (a “casualty”), or ordered to be demolished by the action of any public authority in consequence of a casualty, thenor taken by any exercise of the right of eminent domain, subject Tenant shall immediately give notice thereof to the last paragraph of Landlord. Unless this SectionLease is terminated as provided herein, this Lease shall remain in full force and effect and Landlord shall proceed (or shall cause the Primary Board to proceed) with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) diligence to repair or cause to be repaired such damage so as to restore the Premises, or what may remain thereof (other than any including the Initial Tenant Improvements not Work but excluding any other Tenant Work), as nearly as practicable to the condition they were in immediately prior to such damage, destruction or taking, subject to then applicable Legal Requirements and Title Matters, but neither Landlord nor the Primary Board shall be required to expend in such repair or rebuilding more than the proceeds of insurance or award of damages, if any, recovered or recoverable with respect to such damage, destruction or taking (plus, in the case of casualty, the amount of any insurance deductibles (which shall be deemed to be fixtures covered by Operating Costs)), less Landlord’s property insurance (or the Primary Board’s) reasonable expenses incurred in collecting such proceeds or award, as the case may be. Landlord shall coordinate its repair and Tenant Work, which Tenant shall promptly commence, and proceed restoration with diligence, to restore)the restoration of any other affected Primary Units in the Building. All such repairs made necessary by any act or omission of Tenant shall be made by Landlord (or the Primary Board) at the Tenant’s expense to the extent that the cost of such repairs are less than the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property is not deemed to be fixtures covered by Landlord’s property insurance and any Initial proceeds available therefor (including the payment by Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunder. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage, the Base Rent or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; and that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant, or the employees, licensees or invitees of Tenant, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rentdeductible amount). Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of LandlordForce Majeure, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. If All repairs to and replacements of Tenant Property and any Tenant Work other than the Premises or the Building are substantially damaged so as to prevent Initial Tenant from using the Premises for the Permitted Use and the Premises have not been restored to the condition required pursuant to the terms of this Lease within two hundred and seventy (270) days following said casualty (or if such casualty occurs during the last 18 months of the term, within ninety (90) days after the date of such casualty), then Tenant may terminate this Lease upon thirty (30) days written notice to Landlord unless Landlord shall substantially complete such repair and restoration within such thirty (30) day period in which event Tenant’s termination Work shall be void made by and at the expense of no further force or effectTenant, which work Tenant shall promptly commence as soon as practicable and thereafter prosecute diligently to completion.

Appears in 1 contract

Samples: SQZ Biotechnologies Co

DAMAGE OR DESTRUCTION OF PREMISES. (a) If the Leased Premises or any part thereof shall be are damaged by fire or other insured casualty, then, subject the Tenant will give prompt written notice thereof to the last paragraph landlord. In case 40% or less of this Sectionthe Building is damaged by fire or other casualty, Landlord shall immediately commence restoration of such damages and shall proceed with diligencereasonable diligence to restore the Leased Premises within 90 days of receipt of notice, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord or Tenant may terminate this Lease. In case over forty percent (but only to the extent of insurance proceeds made available to Landlord by any mortgagee 40%) of the Building and any ground lessor) to repair is damaged by fire or cause to be repaired such damage (other than any Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and Tenant Work, which Tenant shall promptly commence, and proceed with diligence, to restore). All such repairs made necessary by any act or omission of Tenant shall be made at the Tenant’s expense casualty to the extent that substantial alteration or reconstruction of the cost of such repairs are less than Building is, in the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property 's sole opinion, required (whether or not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunder. If the Leased Premises or any part thereof shall have been rendered unfit for use and occupation hereunder damaged by reason of such damage, the Base Rent or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; and ) or in the event any mortgagee under a mortgage or deed of trust covering the Building should require that if and to the extent Landlord shall be unable to collect the insurance proceeds payable as a result of said fire or other casualty be used to retire the mortgage debt, the Landlord may, at its option, terminate this Lease by notifying the Tenant in writing of such termination within thirty (including 30) days after the date the Landlord receives notice of such damage, in which event the rent insurance proceedswill be abated as of the date of such damage. If the Landlord does not elect to terminate this Lease, the Landlord will proceed with reasonable diligence to restore the Leased Premises within one hundred twenty (120) applicable days thereafter (except that the Landlord is not responsible for delays outside its control) to such damage because substantially the same condition in which the Leased Premises were immediately prior to the happening of some action the casualty. If the Leased Premises are not restored within the one hundred twenty (120) days, Tenant shall have the right to cancel this Lease. Notwithstanding anything to the contrary contained herein, the Landlord is not required to rebuild, repair or inaction on the replace any part of Tenant, 's furniture or furnishings or fixtures and equipment removable by the employees, licensees or invitees Tenant under the provisions of Tenant, this Lease. The restoration will not exceed the cost scope of repairing such damage shall be paid the work done by Tenant and there shall be no abatement of rentthe Landlord in originally constructing the Building. The Landlord shall will not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance to the Tenant or injury to the business of Tenant resulting in any way from delays in repairing such damage or the repair thereof, except that, subject to the provisions of the next paragraph, the Landlord will allow the Tenant a fair diminution of rent during the time and to the extent the Leased Premises are unfit for occupancy. Any insurance which may be carried by the Landlord or the Tenant against loss or damage to the Building or to the Leased Premises is for the sole benefit of the party carrying such insurance and under its sole control. The Tenant hereby agrees that the Lease will not automatically terminate by law upon destruction of the Leased Premises. The Tenant is not entitled to any compensation or damages from the Landlord except as provided herein for loss of the use of the whole or any part of the Leased Premises, the Tenant's personal property or any inconvenience or annoyance occasioned by such damage, repair, reconstruction or restoration. If the Premises such fire or the Building are substantially damaged so as to prevent Tenant other casualty results from using the Premises for the Permitted Use and the Premises have not been restored to the condition required pursuant to the terms of this Lease within two hundred and seventy (270) days following said casualty (acts, omissions or if such casualty occurs during the last 18 months neglect of the termtenant or its agents, within ninety (90) days after the date employees, invitees or visitors there will be no abatement of such casualty), then Tenant may terminate this Lease upon thirty (30) days written notice to Landlord unless Landlord shall substantially complete such repair and restoration within such thirty (30) day period in which event Tenant’s termination shall be void and of no further force or effectrent as otherwise permitted herein.

Appears in 1 contract

Samples: Lease Agreement (Dice Inc)

DAMAGE OR DESTRUCTION OF PREMISES. (a) If If, during the Term, the Premises or the Building and other improvements in which the Premises are located are totally or partially destroyed from any part thereof shall be damaged by fire cause, rendering the Premises totally or other insured casualtypartially inaccessible or unusable, then, subject to and at least one (1) year of the last paragraph of this SectionTerm remains, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at restore the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of Premises or the Building and any ground lessor) other improvements in which the Premises are located to repair or cause to be repaired such damage (other than any Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and Tenant Worksubstantially the same condition as they were in immediately before destruction, which Tenant shall promptly commence, and proceed with diligence, to restore). All such repairs made necessary by any act or omission of Tenant shall if the restoration can be made at under the Tenant’s expense to the extent that existing laws and can be completed within 180 working days after obtaining all necessary permits therefore (Landlord shall use due diligence in applying for said permits) and if the cost of such repairs does not exceed the amount of insurance proceeds received by Landlord on account of such damages. Such destruction shall not terminate this Lease. If Landlord determines in good faith that restoration is not susceptible of completion within the time stated in this paragraph, or if the insurance proceeds received (plus any applicable deductible) are less than not sufficient to cover the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any the required repairs performed under and by reason thereof Landlord declines to restore the Premises and the Building, then Tenant shall have the right to terminate this Section Lease immediately by giving written notice to Landlord. Landlord shall, at Tenant’s request 's request, promptly advise Tenant in writing of Landlord's good faith estimate of the time to restore and at Tenant’s expense of the sufficiency of insurance proceeds (including costs of design fees, financing, and charges for administration, overhead and construction management services by whether Landlord and Landlord’s contractor) shall constitute Additional Rent hereunder. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder elects to decline to restore by reason of such damageany insufficiency), the Base Rent and Tenant shall exercise its right to terminate not later than thirty (30) days after receipt of Landlord's notice showing that Tenant has a right to terminate by reason either of time to restore or a just and proportionate part thereof, according failure to the nature and extent restore due to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; and that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent insufficiency of insurance proceeds) applicable . If Tenant fails to such damage because of some action or inaction on terminate this Lease and if restoration is permitted under the part of Tenantexisting laws, or the employees, licensees or invitees of Tenant, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rent. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience at its election, can either terminate this Lease or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. If restore the Premises or the Building are substantially damaged so as to prevent Tenant from using and other improvements in which the Premises for are located within a reasonable time and this Lease shall continue in full force and effect. If the Permitted Use existing laws do not permit the restoration, either party can terminate this Lease immediately by giving notice to the other party. In the event of the giving of such notice of termination by Landlord or Tenant as provided herein, this Lease and all interest of Tenant in the Premises have not been restored to the condition required pursuant to the terms of this Lease within two hundred and seventy shall terminate fifteen (270) days following said casualty (or if such casualty occurs during the last 18 months of the term, within ninety (9015) days after receipt of such notice by the other party. Except if Landlord receives insurance proceeds from Tenant's insurance as provided in paragraph 16(c) hereof specifically therefor, Landlord shall not be required to repair any injury or damage, by fire or other cause, to the property of Tenant, or to make repairs or replacements of any decorations, or any improvements installed on the Premises by or for Tenant, except that in the event Landlord is otherwise required to restore casualty damage under this Lease, Landlord shall be required to restore the interior leasehold improvements existing in the Premises upon delivery thereof to Tenant at Term commencement. In case of destruction, there shall be an abatement or reduction of Rent, between the date of such casualty)destruction and the date of completion of restoration if restoration takes place, based on the extent to which the destruction actually interferes with Tenant's use of the Premises. Tenant hereby waives the provisions of Sections 1932, Subdivision 2, and 1933, Subdivision 4, of the Civil Code of California. In the event that Landlord fails to complete the restoration of any damage to the Premises (or damage to portions of the Building providing access to the Premises) by the end of the one hundred eighty (180) day period described in this paragraph 30, and if Landlord is not then diligently and in good faith pursuing restoration to completion, then Tenant may shall have the right to terminate this Lease upon thirty sixty (3060) days prior written notice to Landlord unless Landlord shall substantially and Landlord's failure to complete such repair and restoration within such thirty (30) sixty day period in which period. In the event Tenant’s termination that the Premises shall be void and damaged or destroyed to the extent of no further force more than $100,000.00 during the last one (1) year of the Term, then either Tenant or effectLandlord shall have the right to terminate this Lease. Notwithstanding any contrary provision of this Section 30, Landlord shall not have the right during the first three years of the Term to terminate this Lease for a casualty that affects areas of the Building other than the Premises unless Landlord also terminates the leases of any other tenants in the Building whose premises are affected by such casualty to the same or greater extent as the Premises.

Appears in 1 contract

Samples: Lease (Daily Journal Corp)

DAMAGE OR DESTRUCTION OF PREMISES. (a) If the Premises or any part thereof shall be damaged by fire or other insured casualty, then, subject to the last paragraph of this Section, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authorityLegal Requirements, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause to be repaired such damage (other than any Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and Tenant Work, which ). In no event shall Landlord be responsible for contributing more than [***] of any deductible or co-payment towards the completion of such repairs unless (a) (i) Tenant and any mortgagee of the Property have agreed that Landlord may carry a larger deductible and (ii) Tenant pays its Pro Rata Share of the amount of any such deductible or co-payment in excess of [***] (it being the intent that Tenant shall promptly commence, and proceed with diligence, to restore)share in the payment of such increased deductible in consideration for any savings of Operating Expenses that would result) or (b) Landlord is then maintaining a higher deductible in violation of the provisions of Section 7.04. All such repairs made necessary by any act the negligence or omission willful misconduct of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs are less than the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunder. All repairs to and replacements of Tenant’s personal property shall be made by and at the expense of Tenant, and Tenant shall promptly restore any Tenant Work, or, if the Lease has been terminated pursuant to the provisions of this Section 12.01, demolish and remove any damaged Tenant Work prior to surrendering the Premises (but in any event only to the extent of insurance proceeds received by Tenant or, if Tenant fails to carry any required insurance hereunder, the insurance proceeds that would have been received by Tenant if Tenant had been maintaining the required coverages). If the Premises or any part thereof shall have been rendered unfit for use and occupation for the Permitted Use hereunder by reason of such damage, the Base Rent, Tenant’s Pro Rata Share of Total Operating Costs, and (other than then-outstanding amounts of Rent and reimbursements or payments that are not in the nature of an occupancy charge, such as applicable reimbursements of Landlord’s third-party costs under Section 10.05, allocations of excess security services under Section 9.07, reimbursements of Tenant Shortfall under Section 18.01(b), reimbursements under Section 10.04(b), or Additional Rent payable under this Article 12) all other Additional Rent, or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; and that if and , Information redacted pursuant to a confidential treatment request. An unredacted version of this exhibit has been separately filed with the extent Landlord shall be unable to collect the insurance proceeds Commission. plus an additional thirty (including rent insurance proceeds30) applicable to such damage because of some action or inaction on the part of Tenant, or the employees, licensees or invitees of Tenant, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rentday period. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of LandlordForce Majeure, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. If , provided, however, that Base Rent, Tenant’s Pro Rata Share of Total Operating Costs, and all other Additional Rent (other than then-outstanding amounts of Rent and reimbursements or payments that are not in the Premises nature of an occupancy charge, such as applicable reimbursements of Landlord’s third-party costs under Section 10.05, allocations of excess security services under Section 9.07, reimbursements of Tenant Shortfall under Section 18.01(b), reimbursements under Section 10.04(b), or the Building are substantially damaged so as to prevent Tenant from using the Premises for the Permitted Use and the Premises have not been restored Additional Rent payable under this Article 12) shall be abated to the condition required pursuant to the terms of this Lease within two hundred and seventy (270) days following said casualty (or if such casualty occurs extent set forth above during the last 18 months of the term, within ninety (90) days after the date of such casualty), then Tenant may terminate this Lease upon thirty (30) days written notice to Landlord unless Landlord shall substantially complete such repair and restoration within such thirty (30) day period in which event any delay not caused by Tenant’s termination shall be void and of no further force or effect.

Appears in 1 contract

Samples: Confidential Treatment Requested (Vertex Pharmaceuticals Inc / Ma)

DAMAGE OR DESTRUCTION OF PREMISES. (a) If the Premises or any part thereof shall be are damaged by fire or other insured casualty, thenbut are not rendered untenantable for Tenant's business, subject to the last paragraph of this Sectioneither in whole or in part, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause such damage to be repaired such damage (other than any Initial Tenant Improvements without unreasonable delay and the Annual Rental shall not deemed to be fixtures covered by Landlord’s property insurance and Tenant Work, which Tenant shall promptly commence, and proceed with diligence, to restore). All such repairs made necessary by any act or omission of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs are less than the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunderxxxxx. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damagecasualty the Premises are rendered untenantable for Tenant's business, either in whole or in part, Landlord shall cause the damage to the physical structure of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, in the interim, the Base Rent or a just and proportionate part thereof, according Annual Rental shall be proportionately reduced as to the nature and extent to which such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by reason of such casualty, the Premises are rendered untenantable in some material portion, and Landlord, in its reasonable estimation, notice of which is given to Tenant within thirty (30) days of the date of the casualty, determines that the amount of time required to repair the damage using due diligence is in excess of one hundred eighty (180 days)(as measured from the issuance of the applicable building permits necessary for the reconstruction of the Building with such period to be extended by Force Majeure), then either party shall have been so rendered unfit, shall be abated until the Premises (except as right to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; and that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant, or the employees, licensees or invitees of Tenant, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rent. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. If the Premises or the Building are substantially damaged so as to prevent Tenant from using the Premises for the Permitted Use and the Premises have not been restored to the condition required pursuant to the terms of terminate this Lease by giving written notice of termination within two hundred and seventy thirty (270) days following said casualty (or if such casualty occurs during the last 18 months of the term, within ninety (9030) days after the date of casualty, and the Annual Rental shall (i) xxxxx as of the date of such casualty)casualty in proportion to the part of the Premises rendered untenantable and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding the foregoing, then in the event the casualty giving rise to an election to terminate is caused by the negligence, misconduct or acts or omissions of Tenant may or Tenant's Invitees, Tenant shall have no right to terminate this Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to the Premises during the last Lease Year of the Term, Landlord may, at its option, terminate this Lease upon by giving written notice to Tenant within thirty (30) days written after the date of the casualty and the Annual Rental shall xxxxx as of the date of such notice. Tenant shall give Landlord prompt notice of any fire or other casualty in the Premises actually known to Tenant. Notwithstanding anything contained in this Section to the contrary, Landlord shall only be obligated to restore the Premises to a building standard condition unless Tenant makes available to Landlord unless Landlord shall substantially complete such proceeds from Tenant's insurance sufficient to repair and restoration within such thirty (30) day period restore the Premises to the condition in which event Tenant’s termination shall be void and it existed immediately prior to such casualty, including those items in excess of no further force or effectbuilding standard.

Appears in 1 contract

Samples: Change in Control Severance Agreement (Capital Bank Corp)

DAMAGE OR DESTRUCTION OF PREMISES. (a) If Except as otherwise expressly provided in Section 7.2(b) below, if all or a part of the Premises or any part thereof shall be damaged or destroyed by fire or other insured casualty, thenand if the estimated cost of rebuilding, subject replacing and repairing the same shall be or exceed $50,000, or in any case giving rise to the last paragraph of this SectionLandlord's obligation to repair under Section 5.18, Tenant shall promptly notify Landlord thereof; and (whether or not such estimated cost shall proceed be or exceed $50,000) Tenant shall, with diligencereasonable promptness and diligence whether or not any insurance proceeds are available or adequate for such purpose, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only except to the extent of Landlord's mortgagee does not make insurance proceeds made available to Landlord by any mortgagee for such purpose, and regardless of the Building and any ground lessor) to repair dollar amount or cause to be repaired of such damage (other than or destruction, rebuild, replace and repair any Initial Tenant Improvements not deemed damage or destruction to be fixtures covered by Landlord’s property insurance and Tenant Workthe Premises, which Tenant shall promptly commenceat its expense, in conformity with the requirements of Section 5.1, and proceed with diligencesubject to Section 5.18, in such manner as to restore). All such repairs made necessary by any act or omission of Tenant shall be made at restore the Tenant’s expense same to the extent that the cost of such repairs are less than the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s request and at Tenant’s expense (including costs of design feessame condition, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunder. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage, the Base Rent or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately possible, as existed prior to such fire or other casualty; and that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant, or the employees, licensees or invitees of Tenant, the cost of repairing such damage shall be paid by Tenant casualty and there shall be no abatement of rentBase Rent or Additional Rent. Notwithstanding the foregoing, if (i) a part of the Premises shall be damaged or destroyed by casualty, (ii) such casualty was not caused, in whole or in part, by the intentional act or gross negligence of Tenant or Tenant's employees, agents, invitees, affiliates or contractors, (iii) Tenant's obligation to rebuild, replace and repair is excused under this Section 7.2(a) because Landlord's mortgagee does not make insurance proceeds available therefor but instead applies the same toward the obligations of Landlord shall not be liable for delays under its loan, and (iv) such unavailability of insurance proceeds results in the making permanent loss of rentable floor area of any such repairs that are due building, then Annual Base Rent shall be proportionally abated in a manner reasonably acceptable to government regulation, casualties, Landlord and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damageTenant. If the Premises conditions described in the preceding sentence are met, and if Landlord has elected in its sole discretion not to pay for or perform any repairs, then the Building are substantially damaged so as actual, third-party costs paid for by Tenant shall be taken into account in the determination of the equitable abatement of rent under the preceding sentence, but only to prevent Tenant from using the extent such costs were necessary to render the Premises for the Permitted Use safe and the Premises have not been restored legally occupiable. Notwithstanding anything herein to the condition required pursuant to contrary, if there shall have been an Event of Default under the terms of this Lease within two hundred and seventy if Landlord has terminated the term of this Lease pursuant to Article VIII, Landlord, in the exercise of its sole and absolute discretion, shall have the right to settle claims relating to any insurance proceeds from any casualty and (270if Landlord has terminated the term of this Lease pursuant to Article VIII) days following said casualty (to receive the same and to apply same toward payment of any indebtedness owed to Landlord's mortgagee instead of allowing such proceeds to be used by Tenant for the rebuilding or if such casualty occurs during the last 18 months restoration of the term, within ninety (90) days after damaged portion of the date of such casualty), then Tenant may terminate this Lease upon thirty (30) days written notice to Landlord unless Landlord shall substantially complete such repair and restoration within such thirty (30) day period in which event Tenant’s termination shall be void and of no further force or effectPremises.

Appears in 1 contract

Samples: Lease (Parlex Corp)

DAMAGE OR DESTRUCTION OF PREMISES. (a) If the Premises or any part thereof shall be are damaged by fire or other insured casualty, thenbut are not rendered untenantable for Tenant's business, subject to the last paragraph of this Sectioneither in whole or in part, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause such damage to be repaired such damage (other than any Initial Tenant Improvements without unreasonable delay and the Annual Rental shall not deemed to be fixtures covered by Landlord’s property insurance and Tenant Work, which Tenant shall promptly commence, and proceed with diligence, to restore). All such repairs made necessary by any act or omission of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs are less than the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunderxxxxx. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damagecasualty the Premises are rendered untenantable for Tenant's business, either in whole or in part, Landlord shall cause the damage to be repaired or replaced without unreasonable delay, and, in the interim, the Base Rent or a just and proportionate part thereof, according Annual Rental shall be proportionately reduced as to the nature and extent to which such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by reason of ------------------ such casualty, the Premises are rendered untenantable in some material portion, and Landlord, in its reasonable estimation, determines that the amount of time required to repair the damage using due diligence is in excess of two hundred ten (210) days, then either party shall have been so rendered unfit, shall be abated until the Premises (except as right to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; and that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant, or the employees, licensees or invitees of Tenant, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rent. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. If the Premises or the Building are substantially damaged so as to prevent Tenant from using the Premises for the Permitted Use and the Premises have not been restored to the condition required pursuant to the terms of terminate this Lease by giving written notice of termination within two hundred and seventy thirty (270) days following said casualty (or if such casualty occurs during the last 18 months of the term, within ninety (9030) days after the date of casualty, and the Annual Rental shall xxxxx as of the date of such casualty)casualty in proportion to the part of the Premises rendered untenantable. Notwithstanding the foregoing, then in the event the casualty giving rise to an election to terminate is caused by the negligence, misconduct or acts or omissions of Tenant may or Tenant's Invitees, Tenant shall have no right to terminate this Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of the replacement value of the Premises or if the Premises is rendered untenantable for the conduct of Tenant's business operations during the last Lease Year of the Term or any extended term, as determined by Landlord in the exercise of its reasonable discretion, either party may, at its option, terminate this Lease upon by giving written notice within thirty (30) days written notice to Landlord unless after the date of the casualty and the Annual Rental shall xxxxx as of the date of such notice. Except as provided herein, Landlord shall substantially complete such have no obligation to rebuild or repair in case of fire or other casualty, and restoration within such thirty (30) day period no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder because of prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in which event Tenant’s termination shall be void and of no further force or effectthe Premises.

Appears in 1 contract

Samples: Lease Agreement (Sciquest Com Inc)

DAMAGE OR DESTRUCTION OF PREMISES. (a) If through no act or neglect of Tenant or persons acting under Tenant the Premises or any part thereof shall be damaged by fire or other insured casualty, casualty then, subject to the last paragraph following provisions of this Section, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and other laws and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds received and made available to Landlord by any mortgagee of the Building and any ground lessormortgagee) to repair or cause to be repaired such damage (other than damage, excluding any Initial items installed or paid for by Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and Tenant Work, which Tenant is permitted to remove upon expiration, (which items shall promptly commencebe Tenant's responsibility to repair.) However, and proceed with diligence, to restore). All such repairs made necessary by if any damage occurs through the act or neglect of persons acting under Tenant or if any act or omission neglect of Tenant shall be made at the Tenant’s expense to the extent that the cost of or such repairs are less than the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section by person prevents Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunder. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage, the Base Rent or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; and that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent its mortgagees from collecting all insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant, or the employees, licensees or invitees of Tenant, then the cost of repairing such the casualty damage shall be paid by Tenant except to the extent any insurance proceeds are actually received by Landlord or mortgagees (they being under no obligation to litigate their entitlement), and there shall Shall be no abatement of rent. Landlord If (i) all or any substantial part (meaning more than 25% of insurable value) of the Premises are materially damaged by fire or other casualty (whether or nor insured) or (ii) the Building (whether or nor including any portion of the Premises) is so damaged by fire or other casualty (whether or not insured) that substantial alteration, reconstruction or demolition of the Building shall not in Landlord's sole discretion be liable for delays in the making of appropriate, or (iii) if any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury casualty occurs to the business of Tenant resulting from delays in repairing such damage. If the Premises or the Building are substantially damaged so as to prevent Tenant from using the Premises for the Permitted Use and the Premises have not been restored to the condition required pursuant to the terms of this Lease within two hundred and seventy (270) days following said casualty (or if such casualty occurs during the last 18 months year of the termTerm and its repair will reasonably cost more than $100,000, then in any such case, this Lease and the Term hereof may be terminated at the election of Landlord by a notice in writing of its election so to terminate given to Tenant within ninety six (906) months following adjustment of such casualty loss with the insurer, the effective termination date being not less than thirty (30) nor more than sixty (60) days after thereafter which Landlord will use reasonable efforts to obtain. Tenant shall be entitled to a just abatement of Annual Fixed Rent (but nor for additional rent on account of Landlord's Taxes and Operating Expenses) during the date period of impaired use of the Premises, in no event, however, exceeding 12 months, but only if, as and to the extent that full payment is made to Landlord on account thereof under any rent continuation insurance. If any mortgagee refuses without fault by Tenant to permit insurance proceeds to be applied to replacement of the Premises, or if neither Landlord nor such casualty)mortgagee has commenced such replacement within five (5) months following such casualty loss with the insurer, then Tenant may may, until any such replacement commences, terminate this Lease upon by giving at least thirty (30) days prior written notice thereof to Landlord unless Landlord Landlord. Except as provided in this paragraph, Tenant's obligation to pay all rent and to perform and observe all other covenants and conditions of this Lease shall substantially complete such repair not observe a and restoration within such thirty (30) day period in which event Tenant’s termination the Term of this Lease be affected by any damage or casualty, and rent hereunder shall be void and of no further force or effectcontinue nonetheless.

Appears in 1 contract

Samples: Special Maintenance and Operation (Circe Biomedical Inc)

DAMAGE OR DESTRUCTION OF PREMISES. (a) 12.01.01 If the Premises or any part thereof shall be damaged by fire or other insured casualty, then, subject to the last paragraph of this SectionSubsection 12.01.2, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause to be repaired such damage (other than any Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and Tenant Work, which Tenant shall promptly commence, and proceed with diligence, to restore, but only to the extent of insurance proceeds (plus commercially reasonable deductible(s)) so long as Tenant was carrying the insurance coverages required in this Lease). All such repairs made necessary by any act or omission of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs are less than the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunder. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage, the Base Rent or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; and that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant, or the employees, licensees or invitees of Tenant, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rent. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. If the Premises or the Building are substantially damaged so as to prevent Tenant from using the Premises for the Permitted Use and the Premises have not been restored to the condition required pursuant to the terms of this Lease within two hundred and seventy (270) days following said casualty (or if such casualty occurs during the last 18 months of the term, within ninety (90) days after the date of such casualty), then Tenant may terminate this Lease upon thirty (30) days written notice to Landlord unless Landlord shall substantially complete such repair and restoration within such thirty (30) day period in which event Tenant’s termination shall be void and of no further force or effect.

Appears in 1 contract

Samples: Commencement Date Agreement (Cyteir Therapeutics, Inc.)

DAMAGE OR DESTRUCTION OF PREMISES. (a) If the Premises or any part thereof shall be are damaged by fire or other insured casualty, thenbut are not rendered untenantable for Tenant’s business, subject to the last paragraph of this Sectioneither in whole or in part, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause such damage to be repaired such damage (other than any Initial Tenant Improvements without unreasonable delay and the Annual Rental shall not deemed to be fixtures covered by Landlord’s property insurance and Tenant Work, which Tenant shall promptly commence, and proceed with diligence, to restore). All such repairs made necessary by any act or omission of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs are less than the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunderxxxxx. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damagecasualty the Premises are rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause the damage to the physical structure of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, in the interim, the Base Rent or a just and proportionate part thereof, according Annual Rental shall be proportionately reduced as to the nature and extent to which such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by reason of such casualty, the Premises are rendered untenantable in some material portion, and Landlord, in its reasonable estimation, determines that the amount of time required to repair the damage using due diligence is in excess of one year (as measured from the date of casualty), then either party shall have been so rendered unfit, shall be abated until the Premises (except as right to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; and that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant, or the employees, licensees or invitees of Tenant, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rent. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. If the Premises or the Building are substantially damaged so as to prevent Tenant from using the Premises for the Permitted Use and the Premises have not been restored to the condition required pursuant to the terms of terminate this Lease by giving written notice of termination within two hundred and seventy thirty (270) days following said casualty (or if such casualty occurs during the last 18 months of the term, within ninety (9030) days after the date of casualty, and the Annual Rental shall (i) xxxxx as of the date of such casualty)casualty in proportion to the part of the Premises rendered untenantable and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding the foregoing, then in the event the casualty giving rise to an election to terminate is caused by the negligence, misconduct or acts or omissions of Tenant may or Tenant’s Invitees, Tenant shall have no right to terminate this Lease. Notwithstanding the other provisions of this Section, in the event there should be a casualty loss to the Premises during the last Lease Year of the Term which renders at least four thousand (4,000) rentable square feet of the Premises untenantable, either party may, at its option, terminate this Lease upon by giving written notice to the other party within thirty (30) days written after the date of the casualty and the Annual Rental shall xxxxx as of the date of such notice. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this Section shall affect any rights of Landlord or Tenant hereunder arising from the prior defaults of the other party. Tenant shall give Landlord prompt notice of any fire or other casualty in the Premises, and Landlord shall give Tenant Landlord’s determination of the time period which Landlord estimates will be required to repair such casualty damage promptly after Landlord ascertains same with reasonable certainty. Notwithstanding anything contained in this Section 13 to the contrary, Landlord shall only be obligated to restore the Premises to a building standard condition unless Tenant makes available to Landlord unless proceeds from Tenant’s insurance sufficient to repair and restore the Premises to the condition in which it existed immediately prior to such casualty, including those items in excess of building standard. In any event, Landlord shall substantially complete such repair not be required to expend more funds than the amount received by Landlord from the proceeds of any insurance (plus the amount of any deductible) and restoration within such thirty (30) day period in which event any amounts received from Tenant’s termination shall be void and of no further force or effect.

Appears in 1 contract

Samples: Work Agreement (Smart Online Inc)

DAMAGE OR DESTRUCTION OF PREMISES. (a) If In the Premises or any part thereof shall be damaged event that the above- described premises are destroyed by fire or other insured casualty, then, subject to and as the last paragraph result of this Section, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authoritywhich the premises are untenantable, and at in the expense further event that the LANDLORD is unable to restore said premises to a tenantable condition during the sixty (60) day period thereafter, then and in that event, the LANDLORD or TENANT shall each have the option to cancel and terminate this Lease. If said premises is restored and made tenantable within said 60-day period, then and in that event, the rent shall xxxxx only during said period of Landlord (but only to repair and restoration, and this Lease shall continue in full force and effect through the extent balance of insurance proceeds made available to Landlord by any mortgagee of the Building its stated term and any ground lessor) to extension thereof. In the event that the premises are not rendered untenantable by fire or other casualty, the LANDLORD shall repair or cause to be repaired such damage (other than any Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and Tenant Workreplace said premise, which Tenant shall promptly commence, and proceed with diligence, to restore). All such repairs made necessary by any act or omission of Tenant shall be made at the Tenant’s expense to the extent provided that the cost of such repairs or restoration by the LANDLORD which are less than attributable to said premises. FURTHERMORE, if the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property not deemed to be fixtures covered damage is caused by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunder. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage, the Base Rent or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; and that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant, or the employees, licensees or invitees of TenantTENANT’S negligence, the cost of repairing such any work performed to repair damage caused by TENANT’S negligence, misuse of equipment in the duplex or damage that exceeds fair wear and tear, will be charged to the TENANT. TENANT is responsible for the behavior of TENANT’S guests, acquaintances or unknown persons on the premises at the request or with the approval of TENANT where damages are caused, including but not limited to doors, windows, interiors and exteriors. All repairs shall be paid done by Tenant the LANDLORD or by workers or licensed contractors approved by LANDLORD and there shall under LANDLORD'S directions and supervision. Damages will be no abatement repaired through LANDLORD using contractors of rent. Landlord shall not LANDLORD'S choice and those services will be liable for delays in rebilled to and be the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. If the Premises or the Building are substantially damaged so as to prevent Tenant from using the Premises for the Permitted Use and the Premises have not been restored to the condition required pursuant to the terms of this Lease within two hundred and seventy (270) days following said casualty (or if such casualty occurs during the last 18 months responsibility of the term, within ninety (90) days after the date of such casualty), then Tenant may terminate this Lease upon thirty (30) days written notice to Landlord unless Landlord shall substantially complete such repair and restoration within such thirty (30) day period in which event Tenant’s termination shall be void and of no further force or effectTENANT.

Appears in 1 contract

Samples: Lease

DAMAGE OR DESTRUCTION OF PREMISES. (a) If the Premises or any part thereof shall be are damaged by fire or other insured casualty, thenbut are not rendered untenantable for Tenant's business, subject to the last paragraph of this Sectioneither in whole or in part, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause such damage to be repaired such damage (other than any Initial Tenant Improvements without unreasonable delay and the Annual Rental shall not deemed to be fixtures covered by Landlord’s property insurance and Tenant Work, which Tenant shall promptly commence, and proceed with diligence, to restore). All such repairs made necessary by any act or omission of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs are less than the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunderxxxxx. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damagecasualty the Premises are rendered untenantable for Tenant's business, either in whole or in part, Landlord shall cause the damage to be repaired or replaced without unreasonable delay, and, in the interim, the Base Rent or a just and proportionate part thereof, according Annual Rental shall be proportionately reduced as to the nature and extent to which such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Terms. Provided, however, if by reason of such casualty, the premises are rendered untenantable in some material portion, and Landlord, in its reasonable estimation, determines that the amount of time required to repair the damage using due diligence is in excess of two hundred ten (210) days, then either party shall have been so rendered unfit, shall be abated until the Premises (except as right to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; and that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant, or the employees, licensees or invitees of Tenant, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rent. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. If the Premises or the Building are substantially damaged so as to prevent Tenant from using the Premises for the Permitted Use and the Premises have not been restored to the condition required pursuant to the terms of terminate this Lease by giving written notice of termination within two hundred and seventy thirty (270) days following said casualty (or if such casualty occurs during the last 18 months of the term, within ninety (9030) days after the date of casualty, and the Annual Rental shall xxxxx as of the date of such casualty)casualty in proportion to the part of the Premises rendered untenantable. Notwithstanding the foregoing, then in the event the casualty giving rise to an election to terminate is caused by the negligence, misconduct or acts of omissions of Tenant may or Tenant's Invitees, Tenant shall have no right to terminate this Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of the replacement value of the Premises or if the Premises is rendered untenantable for the conduct of Tenant's business operations during the last Lease year of the Term or any extended term, as determined by Landlord in the exercise of its reasonable discretion, either party may, at its option, terminate this Lease upon by giving written notice within thirty (30) days written notice to Landlord unless after the date of the casualty and the Annual Rental shall xxxxx as of the date of such notice. Except as provided herein, Landlord shall substantially complete such have no obligation to rebuild or repair in case of fire or other casualty, and restoration within such thirty (30) day period no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder because of prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in which event Tenant’s termination shall be void and of no further force or effectthe Premises.

Appears in 1 contract

Samples: Lease Agreement (Inspire Pharmaceuticals Inc)

DAMAGE OR DESTRUCTION OF PREMISES. (a) If the Premises or any part thereof shall be damaged by fire or other insured casualty, then, subject to the last paragraph following provisions of this Section, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, laws and at the expense of Landlord to cause to be repaired such damage, excluding any items installed or paid for by Tenant which Tenant is required or permitted to remove upon expiration (but only which items shall be Tenant's responsibility to repair). Notwithstanding the extent foregoing: (i) Landlord shall not be obligated to expend for such repair any amount in excess of the net insurance proceeds made available to Landlord after deduction therefrom of Landlord's expenses in obtaining such proceeds and any amounts applied by any mortgagee to obligations other than the repair of the Building Premises; and (ii) if any ground lessor) to repair damage occurs through the act or cause to be repaired such damage (other than any Initial neglect of Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and or persons acting under Tenant Work, which Tenant shall promptly commence, and proceed with diligence, to restore). All such repairs made necessary by or if any act or omission neglect of Tenant shall be made at the Tenant’s expense to the extent that the cost of or such repairs are less than the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section by person prevents Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunder. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage, the Base Rent or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; and that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent its mortgagees from collecting all insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant, or the employees, licensees or invitees of Tenant, then the cost of repairing such the casualty damage shall be paid by Tenant and there shall be no abatement of rent. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury rent except to the business of Tenant resulting from delays in repairing such damageextent any insurance proceeds are actually received by Landlord or mortgagees or proceeds would have been recovered if Landlord had maintained the insurance required to be maintained under Section 6.4 (Landlord agreeing to, if necessary). If any casualty occurs to more than fifty percent (50%) of the warehouse portion of the Premises or twenty-five percent (25%) of the Building are substantially damaged so as to prevent Tenant from using call center/office portion of the Premises for the Permitted Use and the Premises have not been restored to the condition required pursuant to the terms of this Lease within two hundred and seventy (270) days following said casualty (or if such casualty occurs during the last 18 twelve (12) months of the termTerm (as the same may have been extended), then in any such case, this Lease and the Term hereof may be terminated at the election of Landlord or Tenant by a notice in writing of its election so to terminate given to the other party within ninety one (901) month following such casualty, the effective termination date being not less than thirty (30) nor more than sixty (60) days after the date of such notice. If the Building or the Premises shall be damaged or destroyed by fire or other casualty), then Tenant may shall be entitled to a just abatement of Annual Base Rent to the extent the Premises have been rendered untenantable for the period from the date of such damage or destruction to the date the Premises shall be substantially repaired or restored, PROVIDED, HOWEVER, should Tenant reoccupy a portion of the Premises during the period the restoration work is taking place and prior to the date that the whole of the Premises are made tenantable, Annual Fixed Rent allocable to such portion of the Premises shall be payable by Tenant from the date of such occupancy. If neither Landlord nor such mortgagee (i) has commenced such replacement within four (4) months following such casualty, or (ii) having so commenced such replacement, has not completed substantially such restoration within nine (9) months following such casualty, then Tenant may, until any such aforesaid replacement commences in the case of (i) or is so completed in the case of (ii), terminate this Lease upon by giving at least thirty (30) days written prior notice thereof to Landlord unless (which termination shall be vitiated and rendered null and void if Landlord shall substantially complete or such repair and restoration mortgagee so commences in the case of (i) or completes in the case of (ii) within such said thirty (30) day period period). Except as provided in which event this paragraph, Tenant’s termination 's obligation to pay all rent and to perform and observe all other covenants and conditions of this Lease shall not be void affected by any damage or casualty, and the Term of no further force or effectthis Lease and rent hereunder shall continue nonetheless.

Appears in 1 contract

Samples: J Jill Group Inc

DAMAGE OR DESTRUCTION OF PREMISES. (a) If If, in the opinion of the Landlord, the Premises or any part thereof shall be damaged Property should become un-tenantable during the term hereof because of damage or destruction by fire fire, flood, necessary repairs or other insured casualty, then, subject to the last paragraph of this Sectionoccurrence, Landlord shall proceed with diligence, subject have the right to then applicable statutes, building codes, zoning ordinances and regulations opt to terminate this lease. In the event of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause to be repaired such damage (other than any Initial Tenant Improvements not deemed or destruction to be fixtures covered by Landlord’s property insurance and Tenant Work, which Tenant shall promptly commence, and proceed with diligence, to restore). All such repairs made necessary by any act or omission of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs are less than the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunder. If the Premises or any part thereof shall have been rendered unfit for use and occupation Property not caused by the Resident or Resident’s guests’ act or neglect, Resident’s obligations to pay rent hereunder by reason of such damage, the Base Rent or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property, Initial Tenant Improvements only if Landlord terminates this Lease or does not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; and that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant, or the employees, licensees or invitees of Tenant, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rentfurnish Resident with substitute living accommodations. Landlord shall not may opt to relocate Resident to substitute living accommodations (which may be liable for delays in a hotel room shared with up to one other roommate of the making of any such repairs that are due Unit, based on a monthly rate comparable to government regulationBedroom monthly rate, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceedsavailability, and other causes beyond factors as dictated by the reasonable control hotel, or a temporary Unit in another location) until possession of the permanent Unit is given, or a maximum of sixty (60) days from the date Unit became un-tenantable. During this period, if substitute living accommodations are provided, Rent will be due as normal. If Resident opts to provide their own temporary housing, with Landlord’s approval, Rent will be prorated during the time that the Unit in un-tenantable, which will be calculated by dividing the Total Rent Amount over the full term of the Lease to determine a daily rent amount, then multiplying it by the number of days the Unit is un-tenantable, and the remaining rent is still due as normal. In the event possession cannot be delivered within such sixty (60) day period, then Resident or Landlord will have the option to terminate this Lease Agreement, via written notice, on a date reasonably determined by Landlord, nor and all rights and obligations thereunder shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damageterminate. If damage or destruction of the Premises or its furnishings is determined to be caused by the Building are substantially damaged so Resident or Resident’s guests’ act or neglect, all terms outline in this section apply, but Resident and/or Guarantor hereby agree to pay for all repairs and damages (including replacement costs) beyond those attributed to normal wear and tear, as well as the increased cost of substitute living accommodations and other costs to prevent Tenant from using Landlord. Payment of rent is not discretionary, and during a period of untenantability, whether or not Resident continually occupies the Premises for the Permitted Use and the Premises have Unit, Resident cannot been restored to the condition required pursuant to the terms stop payment of this Lease within two hundred and seventy (270) days following said casualty (or if such casualty occurs during the last 18 months of the term, within ninety (90) days after the date of such casualty), then Tenant may terminate this Lease upon thirty (30) days written notice to Landlord unless Landlord shall substantially complete such repair and restoration within such thirty (30) day period in which event Tenant’s termination shall be void and of no further force or effectreduce Rent.

Appears in 1 contract

Samples: Lease Agreement

DAMAGE OR DESTRUCTION OF PREMISES. (a) If the Premises or any part thereof shall be are damaged by fire or other insured casualty, thenbut are not rendered untenantable for Tenant’s business, subject to the last paragraph of this Sectioneither in whole or in part, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause such damage to be repaired such damage (other than any Initial Tenant Improvements without unreasonable delay and the Annual Rental shall not deemed to be fixtures covered by Landlord’s property insurance and Tenant Work, which Tenant shall promptly commence, and proceed with diligence, to restore). All such repairs made necessary by any act or omission of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs are less than the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunderxxxxx. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damagecasualty the Premises are rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause the damage to the physical structure of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, in the interim, the Base Rent or a just and proportionate part thereof, according Annual Rental shall be proportionately reduced as to the nature and extent to which such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by reason of such casualty, the Premises are rendered untenantable in some material portion, and Landlord, in its reasonable estimation, determines that the amount of time required to repair the damage using due diligence is in excess of nine (9) months (as measured from the issuance of the applicable building permits necessary for the reconstruction of the Building), then either party shall have been so rendered unfit, shall be abated until the Premises (except as right to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; and that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant, or the employees, licensees or invitees of Tenant, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rent. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. If the Premises or the Building are substantially damaged so as to prevent Tenant from using the Premises for the Permitted Use and the Premises have not been restored to the condition required pursuant to the terms of terminate this Lease by giving written notice of termination within two hundred and seventy thirty (270) days following said casualty (or if such casualty occurs during the last 18 months of the term, within ninety (9030) days after the date of casualty, and the Annual Rental shall (i) xxxxx as of the date of such casualty)casualty in proportion to the part of the Premises rendered untenantable and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding the other provisions of this Section, then Tenant may in the event there should be a casualty loss to the Premises during the last Lease Year of the Term, Landlord may, at its option, terminate this Lease upon by giving written notice to Tenant within thirty (30) days written after the date of the casualty and the Annual Rental shall xxxxx as of the date of such notice. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this Section shall affect any rights of Landlord or Tenant hereunder arising from the prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. Notwithstanding anything contained in this Section 13 to the contrary, Landlord shall only be obligated to restore the Premises to a building standard condition unless Tenant makes available to Landlord unless proceeds from Tenant’s insurance sufficient to repair and restore the Premises to the condition in which it existed immediately prior to such casualty, including those items in excess of building standard. In any event, Landlord shall substantially complete such repair not be required to expend more funds than the amount received by Landlord from the proceeds of any insurance and restoration within such thirty (30) day period in which event any amounts received from Tenant’s termination shall be void and of no further force or effect.

Appears in 1 contract

Samples: Lease Agreement (Regado Biosciences Inc)

DAMAGE OR DESTRUCTION OF PREMISES. (a) If through no act or neglect of Tenant or persons acting under Tenant the Premises or any part thereof shall be damaged by fire or other insured casualty, then, subject to the last paragraph following provisions of this Section, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, laws and at the expense of Landlord (but only to the extent of insurance proceeds received and made available to Landlord by any mortgagee of the Building and any ground lessormortgagee) to repair or cause to be repaired such damage (other than damage, excluding uncompleted Tenant Work and any Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s fixtures, equipment or personal property insurance and Tenant Work, which Tenant is required or permitted to remove at the end of the Term (which items shall promptly commence, and proceed with diligence, be Tenant’s responsibility to restorerepair). All such repairs made necessary by However, if any damage occurs through the act or neglect of Tenant or persons acting under Tenant or if any act or omission neglect of Tenant shall be made at the Tenant’s expense to the extent that the cost of or such repairs are less than the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section by person prevents Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunder. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage, the Base Rent or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; and that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent its mortgagees from collecting all insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant, or the employees, licensees or invitees of Tenant, then the cost of repairing such the casualty damage shall be paid by Tenant except to the extent any insurance proceeds are actually received by Landlord or mortgagees (they being under no obligation to litigate their entitlement), and there shall be no abatement of rent. Landlord shall not be liable If any casualty occurs to the Premises during the last two Lease years of the Term and its repair will reasonably cost more than $500,000 and $250,000 respectively for delays the second to last and last Lease years, then in the making of any such repairs that are due case, this Lease and the Term hereof may be terminated at the election of Landlord by a notice in writing of its election so to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance terminate given to Tenant or injury within 6 months following adjustment of such casualty loss with the insurer, the effective termination date being not less than 30 nor more than 60 days thereafter. Subject to the business foregoing Tenant shall be entitled to a just abatement of Tenant resulting from delays Base Rent during the period of impaired use of the Premises, in repairing such damageno event however exceeding 12 months. If any mortgagee refuses without fault by Tenant to permit insurance proceeds to be applied to replacement of the Premises or the Building are substantially damaged so as to prevent Tenant from using the Premises for the Permitted Use and the Premises have not been restored to the condition required pursuant to the terms if neither Landlord nor such mortgagee has commenced such replacement within 6 months following adjustment of this Lease within two hundred and seventy (270) days following said casualty (or if such casualty occurs during loss with the last 18 months of the term, within ninety (90) days after the date of such casualty)insurer, then Tenant may terminate this Lease upon thirty (30) days until any such replacement commences give written notice to Landlord unless Landlord and mortgagees terminating this lease at least 45 days thereafter, and if such replacement has not commenced by the end of such 45 day period this Lease shall substantially complete thereupon terminate but if such repair and restoration replacement has commenced within such thirty (30) day period it shall not terminate. Except as provided in which event this paragraph, Tenant’s termination obligation to pay all rent and to perform and observe all other covenants and conditions of this Lease shall not be void affected by any damage or casualty, and the Term of no further force or effectthis Lease and rent hereunder shall continue nonetheless.

Appears in 1 contract

Samples: Lease (Wells Real Estate Fund Xiv Lp)

DAMAGE OR DESTRUCTION OF PREMISES. In the event of total or partial destruction of the Premises by fire or other casualty insured by Lessor, Lessor agrees to promptly restore and repair the Premises at Lessor's expense to the extent Lessor receives insurance proceeds therefor, provided however, that in the event the Premises are (ai) so destroyed that they cannot be repaired or rebuilt within one hundred eighty (180) days after the commencement of such repair or rebuilding; or (ii) destroyed by a casualty which is not covered by Lessor's insurance, or if such casualty is covered by Lessor's insurance but a mortgagee of Lessor or other party entitled to insurance proceeds fails to make such proceeds available to Lessor in an amount sufficient for restoration of the Premises (provided, however, that Lessor agrees to make a good faith effort to have such mortgagee make such proceeds available for full restoration or rebuilding), then, either Lessor or Lessee may terminate and cancel this Lease effective as of the sixtieth (60th) day after such casualty by giving written notice to the other party within sixty (60) days of the date of such casualty. Upon the effective date of such termination, all further obligations hereunder shall thereupon cease. If no such notice is given, Lessor shall make such repair or restoration of the Premises promptly and in such manner as not to unreasonably interfere with Lessee's use and occupancy of the Premises. Any proceeds from the fire and extended coverage insurance policies not utilized by Lessor in restoring or repairing the Premises shall become the sole property of Lessor. Rent shall proportionately abatx xxxing the time that the Premises or any part thereof shall be damaged by fire or other insured casualty, then, subject to the last paragraph of this Section, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause to be repaired such damage (other than any Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and Tenant Work, which Tenant shall promptly commence, and proceed with diligence, to restore). All such repairs made necessary by any act or omission of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs are less than the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunder. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder unusable by reason of such damagedamage thereto. Except as provided herein, the Base Rent damage to or a just and proportionate part thereof, according to the nature and extent to which destruction of all or any portion of the Premises by fire or by any other cause shall have been so rendered unfitnot terminate this Lease, shall be abated until nor entitle Lessee to surrender the Premises (except as nor in any way affect Lessee's obligation to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable to pay the condition in which they were immediately prior to such fire or other casualty; and that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant, or the employees, licensees or invitees of Tenant, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rent. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, Rent and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. If the Premises or the Building are substantially damaged so as to prevent Tenant from using the Premises for the Permitted Use and the Premises have not been restored to the condition required pursuant to the terms of this Lease within two hundred and seventy (270) days following said casualty (or if such casualty occurs during the last 18 months of the term, within ninety (90) days after the date of such casualty), then Tenant may terminate this Lease upon thirty (30) days written notice to Landlord unless Landlord shall substantially complete such repair and restoration within such thirty (30) day period in which event Tenant’s termination shall be void and of no further force or effectsums payable hereunder.

Appears in 1 contract

Samples: Lease Agreement (Gerber Childrenswear Inc)

DAMAGE OR DESTRUCTION OF PREMISES. (a) If the Premises or any part thereof shall be damaged by fire or other insured casualty, then, subject to the last paragraph of this Section, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authorityLegal Requirements, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause to be repaired such damage (other than any Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and Tenant Work, which ). In no event shall Landlord be responsible for contributing more than [***] of any deductible or co-payment towards the completion of such repairs unless (a) (i) Tenant and any mortgagee of the Property have agreed that Landlord may carry a larger deductible and (ii) Tenant pays its Pro Rata Share of the amount of any such deductible or co-payment in excess of [***] (it being the intent that Tenant shall promptly commence, and proceed with diligence, to restore)share in the payment of such increased deductible in consideration for any savings of Operating Expenses that would result) or (b) Landlord is then maintaining a higher deductible in violation of the provisions of Section 7.04. All such repairs made necessary by any act the negligence or omission willful misconduct of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs are less than the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunder. All repairs to and replacements of Tenant’s personal property shall be made by and at the expense of Tenant, and Tenant shall promptly restore any Tenant Work, or, if the Lease has been terminated pursuant to the provisions of this Section 12.01, demolish and remove any damaged Tenant Work prior to surrendering the Premises (but in any event only to the extent of insurance proceeds received by Tenant or, if Tenant fails to carry any required insurance hereunder, the insurance proceeds that would have been received by Tenant if Tenant had been maintaining the required coverages). If the Premises or any part thereof shall have been rendered unfit for use and occupation for the Permitted Use hereunder by reason of such damage, the Base Rent, Tenant’s Pro Rata Share of Total Operating Costs, and (other than then-outstanding amounts of Rent and reimbursements or payments that are not in the nature of an occupancy charge, such as applicable reimbursements of Landlord’s third-party costs under Section 10.05, allocations of excess security services under Section 9.07, reimbursements of Tenant Shortfall under Section 18.01(b), reimbursements under Information redacted pursuant to a confidential treatment request. An unredacted version of this exhibit has been separately filed with the Commission. Section 10.04(b), or Additional Rent payable under this Article 12) all other Additional Rent, or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; and that if and to the extent Landlord shall be unable to collect the insurance proceeds , plus an additional thirty (including rent insurance proceeds30) applicable to such damage because of some action or inaction on the part of Tenant, or the employees, licensees or invitees of Tenant, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rentday period. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of LandlordForce Majeure, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. If , provided, however, that Base Rent, Tenant’s Pro Rata Share of Total Operating Costs, and all other Additional Rent (other than then-outstanding amounts of Rent and reimbursements or payments that are not in the Premises nature of an occupancy charge, such as applicable reimbursements of Landlord’s third-party costs under Section 10.05, allocations of excess security services under Section 9.07, reimbursements of Tenant Shortfall under Section 18.01(b), reimbursements under Section 10.04(b), or the Building are substantially damaged so as to prevent Tenant from using the Premises for the Permitted Use and the Premises have not been restored Additional Rent payable under this Article 12) shall be abated to the condition required pursuant to the terms of this Lease within two hundred and seventy (270) days following said casualty (or if such casualty occurs extent set forth above during the last 18 months of the term, within ninety (90) days after the date of such casualty), then Tenant may terminate this Lease upon thirty (30) days written notice to Landlord unless Landlord shall substantially complete such repair and restoration within such thirty (30) day period in which event any delay not caused by Tenant’s termination shall be void and of no further force or effect.

Appears in 1 contract

Samples: Confidential Treatment Requested (Vertex Pharmaceuticals Inc / Ma)

DAMAGE OR DESTRUCTION OF PREMISES. (a) If the Premises or any part thereof shall be are damaged by fire or other insured casualty, thenbut are not rendered untenantable for Tenant's business, subject to the last paragraph of this Sectioneither in whole or in part, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause such damage to be repaired such damage (other than any Initial Tenant Improvements without unreasonable delay and the Annual Rental shall not deemed to be fixtures covered by Landlord’s property insurance and Tenant Work, which Tenant shall promptly commence, and proceed with diligence, to restore). All such repairs made necessary by any act or omission of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs are less than the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunderxxxxx. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damagecasualty the Premises are rendered untenantable for Tenant's business, either in whole or in part, Landlord shall cause the damage to be repaired or replaced without unreasonable delay, and, in the interim, the Base Rent or a just and proportionate part thereof, according Annual Rental shall be proportionately reduced as to the nature and extent to which such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by --------- ------- reason of such casualty, the Premises are rendered untenantable in some material portion, and Landlord, in its reasonable estimation, determines that the amount of time required to repair the damage using due diligence is in excess of one hundred eighty (180) days, then either party shall have been so rendered unfit, shall be abated until the Premises (except as right to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; and that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant, or the employees, licensees or invitees of Tenant, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rent. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. If the Premises or the Building are substantially damaged so as to prevent Tenant from using the Premises for the Permitted Use and the Premises have not been restored to the condition required pursuant to the terms of terminate this Lease by giving written notice of termination within two hundred and seventy thirty (270) days following said casualty (or if such casualty occurs during the last 18 months of the term, within ninety (9030) days after the date of casualty, and the Annual Rental shall xxxxx as of the date of such casualty)casualty in proportion to the part of the Premises rendered untenantable. Notwithstanding the foregoing, then in the event the casualty giving rise to an election to terminate is caused by the negligence, misconduct or acts or omissions of Tenant may or Tenant's Invitees, Tenant shall have no right to terminate this Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of the replacement value of the Premises or if the Premises is rendered untenantable for the conduct of Tenant's business operations during the last Lease Year of the Term or any extended term, as determined by Landlord in the exercise of its reasonable discretion, either party may, at its option, terminate this Lease upon by giving written notice within thirty (30) days written notice to Landlord unless after the date of the casualty and the Annual Rental shall xxxxx as of the date of such notice. Except as provided herein, Landlord shall substantially complete such have no obligation to rebuild or repair in case of fire or other casualty, and restoration within such thirty (30) day period no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder because of prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in which event Tenant’s termination shall be void and of no further force or effectthe Premises.

Appears in 1 contract

Samples: Lease Agreement (Inspire Pharmaceuticals Inc)

DAMAGE OR DESTRUCTION OF PREMISES. (a) If In the Premises event the whole or any part thereof of the improvements on the Premises (excluding Lessee's equipment and fixtures) shall be damaged or destroyed by fire fire, flood, windstorm, strikes, riots, civil commotions, acts of God, or other insured casualty, then, subject Lessor shall restore same to their condition just prior to said loss without unreasonable delay. Any insurance proceeds received by Lessor pursuant to the last paragraph provisions of this SectionLease, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause to be repaired such damage (other than any Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and Tenant Work, which Tenant shall promptly commence, and proceed with diligence, to restore). All such repairs made necessary by any act or omission of Tenant shall be made at held in an escrow fund(at a bank designated by Lessor) and shall be disbursed directly to Lessor during the Tenant’s expense restoration period to the extent that pay for the cost of such repairs are less than said restoration. Any insurance proceeds over and above the deductible amount in Landlord’s insurance policy. All repairs cost of restoration shall be paid to and replacements be the property of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense Lessor upon completion of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunderrestoration. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage, the Base Rent or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; and that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable are insufficient to such damage because of some action or inaction on the part of Tenant, or the employees, licensees or invitees of Tenant, pay for the cost of repairing such restoration, Lessor shall, at its expense, pay the difference. Lessor and Lessee may mutually agree in writing not to restore the improvements. If any damage shall be paid by Tenant and there shall be no abatement mentioned in this first sentence of rent. Landlord shall not be liable for delays this Paragraph is in excess of fifty (50%) of the making total replacement cost of the improvements during the final sixty months of the Initial Term or during any such repairs that are due to government regulationOption Term, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing Lessee may terminate this Lease within 30 days after such damage. If this Lease is terminated under any provision of this Paragraph, (i) Lessee shall release the Premises or the Building are substantially damaged so as insurance proceeds to prevent Tenant from using the Premises Lessor except, for the Permitted Use and the Premises have not been restored to the condition required pursuant to the terms of this Lease within two hundred and seventy (270) days following said casualty (or if such casualty occurs during the last 18 months portion received by reason of the termloss of Lessee's equipment, within ninety trade and business fixtures, signs and other personal property which portion will be paid to Lessee, and (90ii) days after Base Rent shall be payable through the date of such casualty), then Tenant may terminate this Lease upon thirty (30) days written notice and Lessor will refund to Landlord unless Landlord shall substantially complete such repair Lessee any prepaid unaccrued Base Rent and restoration within such thirty (30) day period in which event Tenant’s termination shall be void and of no further force or effectthe security deposit, less sum,if any, Lessee owes to Lessor. 21.

Appears in 1 contract

Samples: Attornment Agreement

DAMAGE OR DESTRUCTION OF PREMISES. (a) If the Premises or any part thereof shall be are damaged by fire or other insured casualty, thenbut are not rendered untenantable for Tenant’s business, subject to the last paragraph of this Sectioneither in whole or in part, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause to be repaired such damage (other than any Initial Tenant Improvements not deemed damage to leasehold improvements or personal property) to be fixtures covered by Landlord’s property insurance repaired without unreasonable delay and Tenant Work, which Tenant the Annual Rental shall promptly commence, and proceed with diligence, to restore). All such repairs made necessary by any act or omission of Tenant shall not be made at the Tenant’s expense to the extent that the cost of such repairs are less than the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunderabated. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage, casualty the Base Rent Building or a just and proportionate part thereof, according to the nature and extent to which the Premises are rendered substantially untenantable, either in whole or in part, Landlord shall have been so rendered unfit, shall be abated until the Premises right to elect by giving Tenant written notice within ninety (except as to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work90) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such days of said fire or other casualty; and that if and casualty either to: (i) terminate this Lease as of the date of the fire or other casualty (ii) cause the damage (other than damage to leasehold improvements or personal property) to be repaired or replaced without unreasonable delay, and, in the extent Landlord interim, the Annual Rental shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable proportionately reduced as to such damage because portion of some action or inaction on the part Premises as is rendered untenantable. Any such abatement of Tenantrent shall not, or however, create an extension of the employeesterm of this Lease. Provided, licensees or invitees however, if by reason of Tenantsuch casualty, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rent. Landlord shall not be liable for delays Premises are rendered untenantable in the making of any such repairs that are due to government regulation, casualtiessome material portion, and strikesthe amount of time required to repair the damage using due diligence is in excess of one hundred eighty (180) days, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond then either party shall have the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance right to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. If the Premises or the Building are substantially damaged so as to prevent Tenant from using the Premises for the Permitted Use and the Premises have not been restored to the condition required pursuant to the terms of terminate this Lease within two hundred and seventy (270) days following said casualty (or if such casualty occurs during the last 18 months by giving written notice of the term, termination within ninety (90) days after the date of such casualty). Notwithstanding the other provisions of this Section, then Tenant may if the Premises are rendered untenantable for the conduct of Tenant’s business operations during the last Lease Year of the initial term or any extended term, either party may, at its option, terminate this Lease upon thirty by giving written notice within sixty (3060) days written notice to Landlord unless after the date of the casualty and rent shall xxxxx as of the date of such notice. Except as provided herein, Landlord shall substantially complete such have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this Section shall affect any rights of Landlord or Tenant hereunder because of prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. If all or any part of the Premises are damaged by fire or other casualty and this Lease is not terminated, Tenant shall promptly and with due diligence repair and restoration within such thirty (30) day period restore its personal property previously used in which event Tenant’s termination shall be void and the Premises sufficient to carry on its operations in the normal course of no further force or effectbusiness.

Appears in 1 contract

Samples: Lease Agreement (Amber Road, Inc.)

DAMAGE OR DESTRUCTION OF PREMISES. (a) If the Premises or any part thereof shall be is damaged by fire or other insured casualty, thenbut are not rendered untenantable for Tenant’s business, subject to the last paragraph of this Sectioneither in whole or in part, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause such damage to be repaired such damage (other than any Initial Tenant Improvements or restored without unreasonable delay and the Annual Rental shall not deemed to be fixtures covered by Landlord’s property insurance and Tenant Work, which Tenant shall promptly commence, and proceed with diligence, to restore). All such repairs made necessary by any act or omission of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs are less than the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s request and at Tenant’s expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s contractor) shall constitute Additional Rent hereunderabated. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damagecasualty the Premises is rendered untenantable in Tenant’s business, either in whole or in part, Landlord shall cause the damage to be repaired or replaced without unreasonable delay, and, in the interim, the Base Rent or a just and proportionate part thereof, according Annual Rental shall be proportionately reduced as to the nature and extent to which such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the term of this Lease. Provided, however, if by reason of such casualty, the Premises is rendered untenantable in some material portion, and the amount of time required to repair the damage using due diligence is in excess of one hundred twenty (120) days, then either party shall have been so rendered unfit, shall be abated until the Premises (except as right to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; and that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant, or the employees, licensees or invitees of Tenant, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rent. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. If the Premises or the Building are substantially damaged so as to prevent Tenant from using the Premises for the Permitted Use and the Premises have not been restored to the condition required pursuant to the terms of terminate this Lease by giving written notice of termination within two hundred and seventy sixty (270) days following said casualty (or if such casualty occurs during the last 18 months of the term, within ninety (9060) days after the date of casualty, and the Annual Rental shall xxxxx as of the date of such casualty)casualty in proportion to the portion of the Premises rendered untenantable. Notwithstanding the other provisions of this paragraph, then Tenant may in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of their replacement value or if the Premises are rendered untenantable for the conduct of Tenant’s business operations during the last Lease Year of the initial term or any extended term, either party may, at its option, terminate this Lease upon thirty by giving written notice within sixty (3060) days written notice to Landlord unless after the date of the casualty and rent shall xxxxx as of the date of such notice. Except as provided herein, Landlord shall substantially complete such have no obligation to rebuild or repair in case of fire or other casualty, and restoration within such thirty (30) day period no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder because of prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in which event Tenant’s termination shall be void and of no further force or effectthe Premises.

Appears in 1 contract

Samples: Lease Agreement (Ensemble Health Partners, Inc.)

DAMAGE OR DESTRUCTION OF PREMISES. (a) If the Premises or any part thereof shall be damaged by fire or other insured casualty, then, subject to the last paragraph of this Section, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause to be repaired such damage damage, (other than any Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance and Tenant Work, which Tenant shall promptly commence, and proceed with diligence, to restore). All such repairs made necessary by any act or omission of Tenant shall be made at the Tenant’s expense to the extent that the cost of such repairs are less than the deductible amount in Landlord’s insurance policy. All repairs to and replacements of Tenant Property not deemed to be fixtures covered by Landlord’s property insurance and any Initial Tenant Improvements and Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant’s request and at Tenant’s 's expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord’s 's contractor) shall constitute Additional Rent hereunder. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage, the Base Rent or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property, Initial Tenant Improvements not deemed to be fixtures covered by Landlord’s property insurance Property and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; provided, however, that in no event shall the period of such abatement exceed 14 months, and that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant, or the employees, licensees or invitees of Tenant, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rent. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage. If the Premises or the Building are substantially damaged so as to prevent Tenant from using the Premises for the Permitted Use and the Premises have not been restored to the condition required pursuant to the terms of this Lease within two hundred and seventy (270) days following said casualty (or if such casualty occurs during the last 18 months of the term, within ninety (90) days after the date of such casualty), then Tenant may terminate this Lease upon thirty (30) days written notice to Landlord unless Landlord shall substantially complete such repair and restoration within such thirty (30) day period in which event Tenant’s termination shall be void and of no further force or effect.

Appears in 1 contract

Samples: Metabolix, Inc.

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