Common use of Fire and Casualty Clause in Contracts

Fire and Casualty. 11.1 In case of any damage to or destruction of any portion of the building of which the Leased Premises is a part by fire or other casualty occurring during the term of this Lease (or previous thereto), which shall render at least 1/3 of the floor area of the Leased Premises or the building untenantable or unfit for occupancy, which damage cannot be repaired within 180 days from the happening of such casualty, using reasonable diligence (“Total Destruction”) then the term hereby created shall, at the option of the Landlord or Tenant, upon written notice to the Tenant or Landlord, as the case may be, within 15 days of such fire or casualty, cease and become null and void from the date of such Total Destruction. In such event the Tenant shall immediately surrender the Leased Premises to the Landlord and this Lease shall terminate. The Tenant shall only pay rent to the time of such Total Destruction. However, in the event of Total Destruction if the Landlord shall elect not to cancel this Lease within the 15 day period the Landlord shall repair and restore the same to substantially the same condition as it was prior to the damage or destruction, with reasonable speed and dispatch. The rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after the premises are Substantially Complete as defined in paragraph 3.6. In any case where Landlord must restore, consideration shall be given for delays under the Force Majeure paragraph in this lease. Whether or not this Lease has been terminated as a result of a casualty, in every instance, all insurance proceeds payable as a result of damage or destruction to the Building shall be paid to Landlord as its sole and exclusive property.

Appears in 2 contracts

Samples: Lease Agreement (Ligand Pharmaceuticals Inc), Lease Agreement (Pharmacopeia Inc)

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Fire and Casualty. 11.1 In case of any damage to Except as hereafter provided, if the Premises are wholly or destruction of any portion of the building of which the Leased Premises is a part partially destroyed or damaged by fire or other casualty, Landlord shall restore the Premises with reasonable diligence; provided, however, that Landlord shall have no obligation to restore improvements not originally provided by Landlord or to replace any of Tenant’s fixtures, furnishings, equipment, or personal property and Tenant shall be responsible for refixturing the Premises and reinstalling its equipment. Landlord need not commence repairs until a substantial portion of the insurance proceeds are available and shall not be required to expend more than the actual insurance proceeds received. Proceeds of insurance payable with respect to a fire or other casualty occurring during shall be received and held by Landlord. In the term event the Premises are destroyed or damaged by any fire or casualty not covered by the insurance maintained by Landlord or to the extent of not less than 25% of the replacement cost thereof, or if the fire or casualty occurs within the last year of the Term of the Lease, then Landlord or Tenant shall have the option to terminate this Lease (or previous thereto), which shall render at least 1/3 of the floor area of the Leased Premises or the building untenantable or unfit for occupancy, which damage cannot be repaired within 180 days from the happening of such casualty, using reasonable diligence (“Total Destruction”) then the term hereby created shall, at the option of the Landlord or Tenant, upon written by giving notice to the Tenant or Landlord, as other party within 60 days after the case may be, within 15 days occurrence of such fire or casualty, cease and become null and void from the date of such Total Destruction. In such event the Tenant shall immediately surrender the Leased Premises to the Landlord and this Lease shall terminate. The Tenant shall only pay rent to the time of such Total Destruction. However, in the event of Total Destruction if the Landlord shall elect not to cancel this Lease within the 15 day period the Landlord shall repair and restore the same to substantially the same condition as it was prior to the damage or destruction, in which case Landlord shall retain all insurance proceeds with reasonable speed respect to the Premises as its own property. If Landlord does not terminate this Lease as provided above, this Lease shall continue in full force and dispatcheffect, but Base Rent shall be equitably abated until the restoration is substantially complete. The rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after the premises are Substantially Complete as defined in paragraph 3.6. In any case where Landlord must restore, consideration shall be given for delays under the Force Majeure paragraph in this lease. Whether or not provisions of this Lease has been terminated shall govern when this Lease is terminable as a result of a casualtyfire or casualty and no other rule or statute on the subject applies. In the event that the Lease is terminated, Tenant is entitled to reimbursement for any prepaid rent. Notwithstanding anything herein to the contrary, in every instancethe event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises, all Building or Project requires that any insurance proceeds payable be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice to Tenant within 15 days after such requirement is made by any such holder, whereupon the Lease shall end on the date of such notice as a result if the date of damage or destruction to such notice were the Building shall be paid to Landlord as its sole and exclusive propertydate originally fixed in this Lease for the expiration of the Term.

Appears in 2 contracts

Samples: Lease (Go Daddy Group, Inc.), Purchase and Sale Agreement (Go Daddy Group, Inc.)

Fire and Casualty. 11.1 In case of any damage to or destruction of any portion of the building of which the Leased Premises is a part by fire or other casualty occurring during the term of this Lease (or previous thereto), which shall render at least 1/3 of the floor area of the Leased Premises or the building untenantable or unfit for occupancy, which damage cannot be repaired within 180 days from the happening of such casualty, using reasonable diligence (“Total Destruction”) then the term hereby created shall, at the option of the Landlord or Tenant, upon written notice to the Tenant or Landlord, as the case may be, within 15 days of such fire or casualty, cease and become null and void from the date of such Total Destruction. In such event the Tenant shall immediately surrender the Leased Premises to the Landlord and this Lease shall terminate. The Tenant shall only pay rent to the time of such Total Destruction. However, in the event of Total Destruction if the Landlord shall elect not to cancel this Lease within the 15 day period the Landlord shall repair and restore the same to substantially the same condition as it was prior to the damage or destruction, with reasonable speed and dispatch. The rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after the premises are Substantially Complete as defined in paragraph 3.6. In any case where Landlord must restore, consideration shall be given for delays under the Force Majeure paragraph in this leaseLease. Whether or not this Lease has been terminated as a result of a casualty, in every instance, all insurance proceeds payable as a result of damage or destruction to the Building shall be paid to Landlord as its sole and exclusive property.

Appears in 2 contracts

Samples: Lease Agreement (Ligand Pharmaceuticals Inc), Lease Agreement (Pharmacopeia Inc)

Fire and Casualty. 11.1 In case of any damage If the Premises or the Building (including machinery used in its operation) shall be damaged or destroyed by fire or other cause and if it appears that such Premises or Building may be repaired and restored within ninety (90) days after such damage, then Landlord shall commence to restore the Premises or destruction of Building within thirty (30) days after such damage, and shall repair and restore same with reasonable promptness. Notwithstanding anything to the contrary herein contained, Landlord shall have no duty pursuant to this Section 17 to repair or restore any portion of the building of which alterations, additions or improvements in the Leased Premises is a part by fire or other casualty occurring during the term of this Lease (or previous thereto), which shall render at least 1/3 of the floor area of the Leased Premises or the building decorations thereto, except to the extent that same were provided by Landlord at Landlord’s cost. If Tenant desires any additional repairs or restoration beyond the lease improvements constructed by Landlord and existing immediately prior to destruction, and if Landlord consents thereto, the same shall be done by Landlord at Tenant’s expense. If the damage renders the Premises untenantable in whole or unfit for occupancy, which damage in part and cannot reasonably be repaired or restored within 180 days from one hundred eighty (180) days, or if Landlord elects to demolish the happening Building or cease its operation, either party shall have the right to cancel and terminate this Lease as of such casualty, using reasonable diligence (“Total Destruction”) then the term hereby created shall, at the option of the Landlord or Tenant, upon written notice to the Tenant or Landlord, as the case may be, within 15 days of such fire or casualty, cease and become null and void from the date of such Total Destruction. In such event the Tenant shall immediately surrender the Leased Premises damage by giving notice to the other within said one hundred twenty (120) days after such damage shall have occurred. If Landlord does not elect to cancel and terminate this Lease shall terminate. The Tenant shall only pay rent to the time of such Total Destruction. Howeveras herein provided, in the event of Total Destruction if the Landlord shall elect not to cancel this Lease within the 15 day period the Landlord shall repair and restore the same to substantially the same condition as it was prior to the damage Premises or destruction, Building with reasonable speed promptness. In the event any such damage not caused by the act or neglect of Tenant, its agents or servants, renders the Premises untenantable, and dispatch. The rent if this Lease shall not be accrued after said damage canceled and terminated by reason of such damage, then Rent shall xxxxx during the period beginning with the date of such fire or while other cause and ending with the repairs and restorations date when the Premises are being made, but shall recommence immediately after again rendered tenantable by an amount bearing the premises are Substantially Complete as defined in paragraph 3.6. In any case where Landlord must restore, consideration shall be given for delays under the Force Majeure paragraph in this lease. Whether or not this Lease has been terminated as a result of a casualty, in every instance, all insurance proceeds payable as a result of damage or destruction same ratio to the Building shall be paid total amount of Rent for such period as the untenantable portion of the Premises bears to Landlord as its sole and exclusive propertythe entire Premises.

Appears in 2 contracts

Samples: Paylocity Holding Corp, Paylocity Holding Corp

Fire and Casualty. 11.1 In case of any damage to If the Premises are wholly or destruction of any portion of the building of which the Leased Premises is a part partially destroyed or damaged by fire or other casualty, Landlord shall restore the Premises with reasonable diligence; provided, however, that Landlord shall have no obligation to restore improvements not originally provided by Landlord or to replace any of Tenant's fixtures, furnishings, equipment or personal property; and provided further that Landlord need not commence repairs until insurance proceeds are available and are released in a sufficient amount for such purpose by any lender holding a lien on all or part of the Center. Proceeds of insurance payable with respect to a fire or other casualty occurring during shall be received and held by Landlord. Notwithstanding the term foregoing, in the event the Premises are destroyed or damaged by any fire or casualty to the extent of not less than twenty-five percent of the replacement cost thereof, or if the fire or casualty occurs within the last three years of the Term, then Landlord shall have the option to terminate this Lease (by giving notice to Tenant within sixty days after the occurrence of such damage or previous thereto)destruction, in which case Landlord shall render at least 1/3 of retain all insurance proceeds with respect to the floor area of the Leased Premises or the building untenantable or unfit for occupancy, which damage canas its own property and shall not be repaired within 180 days from required to spend any more on the happening restoration than the amount of such casualtyproceeds actually received by Landlord. If Landlord does not terminate this Lease as provided above, using reasonable diligence (“Total Destruction”) then the term hereby created shall, at the option of the Landlord or Tenant, upon written notice to the Tenant or Landlord, as the case may be, within 15 days of such fire or casualty, cease and become null and void from the date of such Total Destruction. In such event the Tenant shall immediately surrender the Leased Premises to the Landlord and this Lease shall terminate. The Tenant continue in full force and effect, but Minimum Annual Rent shall only pay rent to equitably abate until the time of such Total Destructionrestoration is substantially xxxxxete. However, in the event it is determined that Tenant's ability to continuously operate and conduct business on the Premises is not hindered, then Minimum Annual Rent shall abate in proportion to the Premises under resxxxxxion. The provisions of Total Destruction if the Landlord shall elect not to cancel this Lease within the 15 day period the Landlord shall repair and restore the same to substantially the same condition as it was prior to the damage or destruction, with reasonable speed and dispatch. The rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after the premises are Substantially Complete as defined in paragraph 3.6. In any case where Landlord must restore, consideration govern when this Lease shall be given for delays under the Force Majeure paragraph in this lease. Whether or not this Lease has been terminated terminable as a result of a fire or casualty, and no other rule or statute on the subject shall apply. 13. Condemnation In the event the entire Premises shall be appropriated or taken under the power of eminent domain, this Lease shall terminate and expire as of the date of such taking. In the event more than twenty-five percent of the Premises is taken under the power of eminent domain, or if by reason of any appropriation or taking, regardless of the amount so taken, the remainder of the Premises is not one undivided parcel of property, either Landlord or Tenant shall have the right to terminate this Lease as of the date Tenant is required to vacate a portion of the Premises upon giving notice in every instancewriting of such election within thirty days after receipt by Tenant from Landlord of written notice that the Premises have been so appropriated or taken. If neither Landlord nor Tenant elects to so terminate this Lease, all insurance proceeds payable as a result or in the event less than twenty-five percent of damage the Premises shall be appropriated under the power of eminent domain by any public or destruction quasi-public authority, and the remainder thereof is an undivided parcel of property, then Landlord shall restore the Premises to the Building extent practicable to their condition prior to the taking, provided that no such restoration need commence until the condemnation proceeds are available and released in a sufficient amount for such purpose by any lender holding a lien on all or part of the Center and further provided that Landlord shall not be required to spend more than the condemnation proceeds actually received by Landlord, and thereafter the Minimum Annual Rent shall be paid reduced on an equitable basis, taking into account the relative value of the portion taken as compared to the portion remaining. All awards or compensation for any taking of any part of the Premises, whether payable to Landlord as its or Tenant, shall be the sole property of Landlord. Notwithstanding anything to the contrary contained herein, Tenant shall be entitled to receive any portion of an award of compensation relating to damage to or loss of trade fixtures or other personal property belonging to Tenant, and exclusive Landlord shall be under no obligation to restore or replace Tenant's furnishings, fixtures, equipment and personal property. For the purposes of this Article 14, a voluntary sale or conveyance in lieu of condemnation shall be deemed an appropriation or a taking under the power of eminent domain. 14.

Appears in 2 contracts

Samples: Retail Lease (Giant Industries Inc), Retail Lease (Giant Industries Inc)

Fire and Casualty. 11.1 In case of If, at any damage to or destruction of any portion time during the term of the building Lease and any extension thereto, the Premises shall be damaged in whole or in part by fire, the elements or other casualty, Tenant, at Tenant’s sole cost, as speedily as circumstances permit, shall repair said damage and restore the Premises to the same condition which existed immediately prior to the occurrence of said casualty. The term shall be tolled by a period of time equal to the time between the date of the casualty and the date on which Tenant completes repair and restoration of the Premises. During the restoration, Tenant may operate its business out of a temporary structure such as a trailer, subject to compliance with municipal laws. In addition, Tenant shall be entitled to an abatement of Rent for the period during which the Leased Premises is rendered incapable of use for the normal conduct of Tenant’s business, including a part reasonable period, not to exceed ninety (90) days, for Tenant to refixture and restock. Said abatement will be pro rated, based on the number of square feet of the Premises which are so rendered untenantable or incapable of such use. Notwithstanding the foregoing, such abatement of Rent shall be effective only for so long as and only to the extent that Landlord is reimbursed for all Rent abated through lost rent insurance provided by Tenant in accordance with Paragraph 19. The foregoing notwithstanding, provided all insurance required to be carried by Tenant pursuant to the terms hereof is in effect and no action of Tenant would impair insurance recovery, if the Premises is partially or totally destroyed by fire or other casualty occurring (i) between the Lease Commencement Date and the Store Opening, the Tenant’s builder’s risk insurance proceeds shall be used to pay for the repair and restoration of the Premises, or (ii) between Store Opening and the termination of the Lease, the Landlord’s property insurance proceeds less the deductible shall be provided to Tenant to pay for the repair and restoration of the Premises. Should a portion (greater than 50%) of the Building be destroyed by fire or other casualty during the term last two (2) years of the initial term, or during the last two (2) years of any extension period, then Tenant may elect not to restore the Premises and terminate this Lease (or previous thereto), which shall render at least 1/3 of the floor area of the Leased Premises or the building untenantable or unfit for occupancy, which damage cannot be repaired within 180 days from the happening of such casualty, using reasonable diligence (“Total Destruction”) then the term hereby created shall, at the option of the Landlord or Tenant, upon written notice to the Tenant or Landlord, as the case may be, Landlord within 15 forty-five (45) days of its intention to terminate after such fire or casualtyevent, cease and become null and void from the date all obligations of such Total Destruction. In such event the Tenant shall immediately surrender the Leased Premises to the Landlord and terminate upon such termination of this Lease and Landlord shall terminatebe entitled to any insurance proceeds due to occurrence of said casualty. The If Tenant shall only pay rent to the time of such Total Destruction. However, in the event of Total Destruction if the Landlord shall elect not to cancel terminate this Lease within the 15 day period the pursuant to this Paragraph, then Tenant shall assign to Landlord shall repair and restore the same to substantially the same condition as it was prior to the damage or destruction, with reasonable speed and dispatch. The rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after the premises are Substantially Complete as defined in paragraph 3.6. In any case where Landlord must restore, consideration shall be given for delays under the Force Majeure paragraph in this lease. Whether or not this Lease has been terminated as a result of a casualty, in every instance, all insurance proceeds payable as a result of damage or destruction relating to the Building Premises (and not to Tenant’s personal property, computer and other equipment, fixtures and shelving or inventory) and shall be paid to reimburse Landlord as its sole and exclusive propertyfor all applicable insurance deductibles.

Appears in 2 contracts

Samples: Confidential Treatment (Ascend Wellness Holdings, LLC), Confidential Treatment (Ascend Wellness Holdings, LLC)

Fire and Casualty. 11.1 In case of any damage The parties hereto mutually agree that if the Premises or Project are partially or totally destroyed by fire or other casualty, then Landlord may, at Landlord's option, repair and restore the Premises and Project, to substantially the same condition in which the Premises and Project were before such damage, or destruction of any portion it may terminate the Lease; provided, however, that in the event the Premises or Project are completely destroyed or so badly damaged that in Landlord's reasonable estimation, repairs cannot be commenced within ninety (90) days and completed within six (6) months thereafter, then Landlord shall so notify Tenant and this Lease shall be terminable as of the building date of which the Leased occurrence of the damage or destruction, by either party hereto by serving written notice upon the other within thirty (30) days after such notice; and provided further, that in any event if repairs have not been commenced within ninety (90) days from the date of said damage and thereafter completed within nine (9) months from commencement, this Lease may be immediately terminated by Tenant as of the date of occurrence of the damage or destruction, by serving notice upon the Landlord at any time prior to commencement of construction if the grounds for termination is failure to commence construction within ninety (90) days, or at any time prior to completion of construction if termination is based upon the failure to complete construction within nine (9) months. In the event the Premises is a part are completely destroyed or so damaged by fire or other casualty occurring during that it cannot reasonably be used by Tenant for the term of purposes herein provided and this Lease (is not terminated as above provided, then there shall be a total abatement of Rent until the Premises are made usable. In the event the Premises are partially destroyed or previous thereto)damaged by fire or other hazard so that such Premises can be only partially used by Tenant for the purpose herein provided, then there shall be a partial abatement in the Rent corresponding to the time and extent which shall render at least 1/3 of the floor area of the Leased Premises or the building untenantable or unfit for occupancy, which damage Promises cannot be repaired within 180 days from the happening of such casualty, using reasonable diligence (“Total Destruction”) then the term hereby created shall, at the option of the used by Tenant. Landlord or Tenant, upon written notice to the Tenant or Landlord, as the case may be, within 15 days of such fire or casualty, cease and become null and void from the date of such Total Destruction. In such event the Tenant shall immediately surrender the Leased Premises to the Landlord and this Lease shall terminate. The Tenant shall only pay rent to the time of such Total Destruction. However, in the event of Total Destruction if the Landlord shall elect not to cancel this Lease within the 15 day period the Landlord shall repair and restore the same to substantially the same condition as it was prior to the damage or destruction, with reasonable speed and dispatch. The rent shall not be accrued after said damage obligated in any way or while the repairs and restorations are being mademanner to insure any personal property (including, but shall recommence immediately after not limited to, any fixtures, furniture, machinery, goods, supplies or improvements) of Tenant or which Tenant may have upon or within the premises are Substantially Complete Premises or any fixtures installed by or paid for by Tenant upon or within the Premises. Except as defined provided in paragraph 3.6. In Section 20 below, if any case where Landlord must restoreportion of the, consideration Property shall be given for delays damaged by fire or other casualty resulting from the fault or negligence of Tenant, or the agents, employees, licensees, or invitees of Tenant, such damage shall be repaired by and at the expense of Tenant under the Force Majeure paragraph in this lease. Whether or not this Lease has been terminated as a result direction and supervision of a casualtyLandlord, in every instance, all insurance proceeds payable as a result of damage or destruction to the Building and Rent shall be paid to Landlord as its sole and exclusive propertycontinue without abatement.

Appears in 1 contract

Samples: Industrial Lease Agreement (HPL Technologies Inc)

Fire and Casualty. 11.1 14.1 In case of any damage to or destruction of any portion of the building of which the Leased Premises is a part Building by fire or other casualty occurring during the term of this Lease (lease which is not covered by the insurance required to be carried by Article 9.1, or previous thereto), which shall render at least 1/3 in the case of the floor area damage to or destruction of the Leased Premises or the building untenantable or unfit for occupancy, which damage cannot be repaired within 180 one hundred eighty (180) days from the happening of such casualty, using reasonable diligence (“Total Destruction”) then then, in such event, the term hereby created shall, at the option of the Landlord or Tenanteither party, upon written notice to the Tenant or Landlordother by certified mail, as the case may bereturn receipt requested, within 15 thirty (30) days of such fire or casualty, cease and become null and void from the date of such Total Destruction. In such event the Tenant shall immediately surrender the Leased Premises to the Landlord and this Lease shall terminate. The Tenant shall only pay rent to the time of such Total Destructiondestruction or damage. However, in if neither party shall elect to cancel this lease within the event of Total Destruction if thirty (30) day period hereinabove provided, the Landlord shall elect not to cancel this Lease within the 15 day period the Landlord shall thereupon repair and restore the same to substantially the same condition as it was prior to the damage or destruction, Leased Premises with reasonable speed and dispatch. The , and the rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after said Leased Premises are restored. Landlord, in any event, shall advise Tenant in writing as to whether or not the premises are Substantially Complete as defined Leased Premises can be restored within the one hundred eighty (180) day period from the date of such casualty. Anything in paragraph 3.6. In any case where this Article 14 to the contrary notwithstanding, it is expressly understood and agreed that the Landlord must restore, consideration shall be given for delays under obligated to restore the Force Majeure paragraph in this lease. Whether or not this Lease has been terminated as a result of a casualty, in every instance, all insurance proceeds payable as a result of damage or destruction Leased Premises only to the Building shall extent of such cost as will be paid equivalent to the proceeds received by Landlord pursuant to the fire insurance coverage to be provided to Landlord as its sole in Article 9 provided. If the insurance proceeds are not sufficient to restore the Leased Premises to substantially the same condition which they were in prior to the casualty, then the Landlord shall have a period of thirty (30) days within which to determine whether to terminate the term hereby created unless the Landlord and exclusive propertyTenant shall mutually agree to the funding of any such excess construction costs. In the event of cancellation in accordance with this Article, the Tenant shall immediately surrender the Leased Premises and the Tenant's interest in said lease to the Landlord, and the Tenant shall only pay rent to the time of such destruction or damage, in which event, the Landlord may re-enter and repossess the Leased Premises thus discharged from this lease and may remove all parties therefrom.

Appears in 1 contract

Samples: Agreement (Loehmanns Inc)

Fire and Casualty. 11.1 14.1 In case of any damage to or destruction of any portion of the building of which Building or the Leased Premises is a part by fire or other casualty occurring during the term of this Lease (Term which is not covered by the insurance required by Article 9.1, or previous thereto), which shall render at least 1/3 of the floor area of the Leased Premises or the building untenantable or unfit for occupancy, which damage cannot be repaired within 180 one hundred fifty (150) days from the happening of such casualty, using reasonable diligence (“Total Destruction”) then the term Term hereby created shall, at the option of the Landlord or Tenanteither party, upon written notice to the Tenant or Landlord, as the case may be, within 15 days of such fire or casualtyother party, cease and become null and void from the date of such Total Destructiondestruction or damage. In Landlord shall notify Tenant within thirty (30) days from the happening of such event the Tenant shall immediately surrender fire or casualty as to whether or not the Leased Premises to can be restored within the Landlord and this Lease shall terminateaforementioned one hundred fifty (150) day period. The Tenant shall only pay rent to the time of such Total Destruction. However, in the event of Total Destruction if the Landlord If neither party shall elect not to cancel this Lease within the 15 thirty (30) day period the hereinabove provided, Landlord shall thereupon repair and restore the same to substantially the same condition as it was prior to the damage or destruction, Leased Premises with reasonable speed and dispatch. The rent , and the Rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after the premises said Leased Premises are Substantially Complete as defined in paragraph 3.6restored. In any case where Landlord must restore, consideration shall be given for delays under obligated to restore the Force Majeure paragraph in this lease. Whether or not this Lease has been terminated as a result of a casualty, in every instance, all insurance proceeds payable as a result of damage or destruction Leased Premises only to the Building shall extent of such cost as will be paid equivalent to the proceeds received by Landlord pursuant to the fire insurance coverage to be provided to Landlord as its sole in Article 9 provided. If the insurance proceeds are not sufficient to restore the Leased Premises to substantially the same condition which they were in prior to the casualty, then Landlord shall have a period of thirty (30) days within which to determine whether to terminate the Term hereby created. In the event of cancellation in accordance with this Article, Tenant shall immediately surrender the Leased Premises and exclusive propertyTenant's interest in said Lease to Landlord, and Tenant shall only pay Rent to the time of such destruction or damage, in which event, Landlord may re-enter and repossess the Leased Premises thus discharged from this Lease and may remove all parties therefrom.

Appears in 1 contract

Samples: Lease Agreement (Majesco Holdings Inc)

Fire and Casualty. 11.1 In case If all or a substantial part of the Premises or the Building is rendered untenantable by reason of fire or other casualty, Landlord may, at its option, either restore the Premises and the Building, or terminate this Lease effective as of the date of such fire or other casualty. Landlord agrees to give Tenant written notice within ninety (90) days after the occurrence of any damage such fire or other casualty designating whether Landlord elects to so restore or destruction terminate this Lease. If Landlord elects to terminate this Lease, Rent shall be paid through and apportioned as of the date of such fire or other casualty. If Landlord elects to restore, Landlord's obligation to restore the Premises shall be limited to restoring those improvements in the Premises existing as of the date of such fire or other casualty which were made at Landlord's expense and shall exclude any furniture, equipment, fixtures, additions, alterations or improvements in or to the Premises which were made at Tenant's expense. If Landlord elects to restore, Rent shall abatx xxx that part of the Premises which is untenantable on a per diem basis from the date of such fire or other casualty until Landlord has substantially completed its repair and restoration work, provided that Tenant does not occupy such part of the Premises during said period. Notwithstanding the foregoing, there shall be no abatement of Rent or Tax Escalation or Expense Escalation by reason of any portion of the building Building being unusable or inaccessible for a period equal to five (5) consecutive business days or less. If the cause of which the Leased Premises is a part by fire or other casualty occurring during the term of this Lease (or previous thereto), which shall render at least 1/3 of the floor area of the Leased Premises or the building untenantable or unfit for occupancy, which damage cannot be repaired within 180 days from the happening of such casualty, using reasonable diligence (“Total Destruction”) then the term hereby created shall, at the option of the Landlord or Tenant, upon written notice to the Tenant or Landlord, as the case may be, within 15 days of such fire or casualty, cease and become null and void from the date of such Total Destruction. In such event the Tenant shall immediately surrender the Leased Premises to the Landlord and this Lease shall terminate. The Tenant shall only pay rent to the time of such Total Destruction. However, in the event of Total Destruction if the Landlord shall elect not to cancel this Lease within the 15 day period the Landlord shall repair and restore the same to substantially the same condition as it was prior to the damage or destructiondestruction is an earthquake or a flood, with reasonable speed Tenant shall be entitled to an abatement of rent only when and dispatchif Landlord receives reimbursement for such rent from insurance proceeds, if any. The rent shall not be accrued after said If such damage or while the repairs and restorations are being made, but shall recommence immediately after the premises are Substantially Complete as defined in paragraph 3.6. In any case where Landlord must restore, consideration shall be given for delays under the Force Majeure paragraph in this lease. Whether or not this Lease has been terminated destruction occurs as a result of a casualtythe negligence or the intentional acts of Tenant or Tenant's employees, in every instanceagents, contractors or invitees, and the proceeds of insurance which are actually received by Landlord are not sufficient to pay for the repair of all insurance proceeds payable as a result of damage or destruction to the Building shall be paid to Landlord as its sole and exclusive property.damage, Tenant

Appears in 1 contract

Samples: Office Lease (Hanover Capital Mortgage Holdings Inc)

Fire and Casualty. 11.1 14.1 In case of any damage to or destruction of any portion of the building of which or the Leased Premises is a part leased premises by fire or other casualty occurring during the term of this Lease lease which is not covered by the insurance required to be carried by Article 9.1 (or previous theretobut Landlord recognizes its obligation to maintain full replacement cost coverage), or which shall render at least 1/3 of the floor area of the Leased Premises or the building untenantable or unfit for occupancy, which damage cannot be repaired within 180 one hundred eighty (180) days from the happening of such casualty, using reasonable diligence (“Total Destruction”) then then, in such event, the term hereby created shall, at the option of the Landlord or Tenanteither party, upon written notice to the Tenant or Landlordother by certified mail, as the case may bereturn receipt requested, within 15 thirty (30) days of such fire or casualty, cease and become null and void from the date of such Total Destruction. In such event the Tenant shall immediately surrender the Leased Premises to the Landlord and this Lease shall terminate. The Tenant shall only pay rent to the time of such Total Destructiondestruction or damage. However, in if neither party shall elect to cancel this lease within the event of Total Destruction if thirty (30) day period hereinabove provided, the Landlord shall elect not to cancel this Lease within the 15 day period the Landlord shall thereupon repair and restore the same to substantially the same condition as it was prior to the damage or destruction, leased premises with reasonable speed and dispatch. The , and the rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after the leased premises are Substantially Complete restored to substantially the same condition existing prior to such casualty. Landlord, in any event, shall advise Tenant in writing, within the aforementioned thirty (30) day period, as defined to whether or not the leased premises can be restored within the one hundred eighty (180) day period from the date of such casualty. Anything in paragraph 3.6. In any case where this Article 14 to the contrary notwithstanding, it is expressly understood and agreed that the Landlord must restore, consideration shall be given for delays under obligated to restore the Force Majeure paragraph in this lease. Whether or not this Lease has been terminated as a result of a casualty, in every instance, all insurance proceeds payable as a result of damage or destruction leased premises and the building only to the Building shall extent of such cost as will be paid equivalent to the proceeds received by Landlord pursuant to the fire insurance and extended coverage to be provided to Landlord as in Article 9 provided (but Landlord recognizes its sole obligation to maintain full replacement cost coverage). If the insurance proceeds are not sufficient to restore the leased premises and exclusive propertythe building to substantially the same condition which they were in prior to the casualty, then the Landlord shall have a period of thirty (30) days within which to determine whether to terminate the term hereby created, unless the Landlord and Tenant shall mutually agree to the funding of any such excess construction costs. In the event of cancellation in accordance with this paragraph, the Tenant shall promptly surrender the leased premises and the Tenant's interest in said lease to the Landlord, and the Tenant shall only pay rent to the time of such destruction or damage, in which event, the Landlord may re-enter and repossess the leased premises thus discharged from this lease and may remove all parties therefrom.

Appears in 1 contract

Samples: Agreement (Andrx Corp)

Fire and Casualty. 11.1 In case of any damage to or destruction of any portion of the building of which the Leased Premises is a part by fire or other casualty occurring If during the term Term of this Lease (the buildings or previous thereto)improvements upon the Premises are damaged or destroyed by fire, which shall render at least 1/3 of the floor area of the Leased Premises flood or the building untenantable or unfit for occupancy, which damage cannot be repaired within 180 days from the happening of such other casualty, using reasonable diligence (“Total Destruction”) then the term hereby created this Lease shall continue in full force and effect and Tenant shall, at the option of the Landlord or Tenantits cost and expense, upon written notice rebuild, replace and/or repair said buildings and improvements so as to the Tenant or Landlord, as the case may be, within 15 days of such fire or casualty, cease and become null and void from the date of such Total Destruction. In such event the Tenant shall immediately surrender the Leased Premises to the Landlord and this Lease shall terminate. The Tenant shall only pay rent to the time of such Total Destruction. However, in the event of Total Destruction if the Landlord shall elect not to cancel this Lease within the 15 day period the Landlord shall repair and restore the same (as nearly as practicable) to substantially the same condition and fair market value thereof as it was existed immediately prior to such damage or destruction; provided however that if such destruction or damage (1) shall occur at any time prior to the damage third year next preceding the expiration of the original term hereof, or destructionany extension thereof, with reasonable speed and dispatch. The rent shall not be accrued after amount to fifty percent (50%) or more of the estimated replacement cost of said damage buildings and improvements (exclusive of foundations), or while the repairs and restorations are being made, but (2) shall recommence immediately occur during or after the premises are Substantially Complete as defined third year next preceding the expiration of the original term hereof, or any extension thereof, and shall amount to thirty percent (30%) or more of such estimated replacement cost (exclusive of foundations), this Lease may be terminated and ended at the election of Tenant, provided that notice in paragraph 3.6. In any case where Landlord must restore, consideration writing of such election shall be given for delays under sent by Tenant to Landlord within sixty (60) days after such destruction or damage as aforesaid. Upon termination as aforesaid by Tenant, the Force Majeure paragraph in this lease. Whether or not this Lease has been terminated as a result of a casualty, in every instance, all insurance proceeds payable as a result of such damage or destruction to the Building shall be paid to Landlord as its sole provided in Section 17 of this Lease, and exclusive propertythis Lease and the Term hereof shall cease and come to an end. If such destruction or damage to the buildings or improvements upon the Premises is such that Tenant shall not have the right to terminate this Lease under any of the provisions in this Section 19 contained, or in the event that Tenant, having such right, shall elect not to terminate this Lease as aforesaid within the time provided, Tenant shall .proceed forthwith to repair and restore the Premises as aforesaid. All such work shall be performed in a good and workmanlike manner and in accordance with the standards and procedures set forth in Section 9 hereof.

Appears in 1 contract

Samples: Lease Agreement (Camden National Corp)

Fire and Casualty. 11.1 (a) In case the event of any damage to partial or total destruction of the Building or the Premises by reason of fire or any portion other cause Tenant shall immediately after it becomes aware of such destruction notify Landlord of the building same and Landlord shall promptly restore and rebuild the Building or the Premises at Landlord’s expense (but only to the extent of which the Leased Premises is a part insurance proceeds covering such damage), unless Landlord elects by fire notice to Tenant within ninety (90) days of such destruction not to restore and rebuild the Building or other casualty occurring during the term of Premises, and, in such case, this Lease (or previous thereto)shall terminate. Notwithstanding the foregoing, which Landlord shall render at least 1/3 not have the right to terminate this Lease if the destruction is limited to the Common Areas of the floor area of Building or, if in Landlord’s reasonable opinion, the Leased Premises or can be restored to its original condition within one hundred eighty (180) days. If in Landlord’s reasonable opinion, as expressed in a notice to Tenant given within forty-five (45) days after such destruction, the building untenantable or unfit for occupancy, which damage Premises cannot be repaired restored to its original condition within 180 one hundred eighty (180) days, or if the Premises are not restored within two hundred seventy (270) days from of the happening casualty (subject to Excusable Delays), or if more than fifty percent (50%) of the Premises are destroyed, Tenant shall have the right to cancel this Lease by providing written notice to Landlord of such casualtycancellation within ten (10) days of receipt of such notice from Landlord, using reasonable diligence (“Total Destruction”) then the term hereby created shall, at the option time being of the essence with respect to such notice, and such termination shall be effective thirty (30) days after the date of such notice, provided, however, that Landlord may nullify any such notice by completing such restoration and rebuilding within such thirty (30) day period. In the event the Premises are totally or materially destroyed during the last two (2) years of the Term or last two (2) years of any extensions or renewals thereof, unless Tenant shall have exercised any further renewal options herein prior to such fire or destruction so that this Lease, including only irrevocably exercised renewals, has a remaining Term of more than two (2) years, either Landlord or Tenant, upon Tenant shall have the right to cancel this Lease by providing written notice to the Tenant or Landlord, as the case may be, other of such cancellation within 15 ten (10) days of such fire or casualtydestruction, cease time being of the essence with respect to such notice, and become null and void from such termination shall be effective thirty (30) days after the date of such Total Destructionnotice. In If Landlord is obligated to restore and rebuild the Premises or, if it is not obligated, Landlord elects to restore and rebuild the Premises, then during the period of restoration of any such event the area, and, if any portion of Premises are rendered untenantable by such damage, Tenant shall immediately surrender be relieved of the Leased obligation to pay that portion of the Base Rent, Additional Rent, Tenant Electric Charge and Supplemental Electric Charge herein reserved which relates to such untenantable area until such time as Tenant is able to reoccupy the Premises to for the Landlord and this Lease shall terminate. The Tenant shall only pay rent to the time regular conduct of such Total Destruction. However, in the event of Total Destruction if the Landlord shall elect not to cancel this Lease within the 15 day period the Landlord shall repair and restore the same to substantially the same condition as it was prior to the damage or destruction, with reasonable speed and dispatch. The rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after the premises are Substantially Complete as defined in paragraph 3.6. In any case where Landlord must restore, consideration shall be given for delays under the Force Majeure paragraph in this lease. Whether or not this Lease has been terminated as a result of a casualty, in every instance, all insurance proceeds payable as a result of damage or destruction to the Building shall be paid to Landlord as its sole and exclusive propertybusiness therein.

Appears in 1 contract

Samples: Lease Agreement (Pdi Inc)

Fire and Casualty. 11.1 In case of the event that the Huts and/or any damage Equipment is partially or wholly damaged or destroyed by fire or any other casualty, Tenant shall promptly restore, rebuild, replace, or repair the Huts and the Equipment substantially to the condition that existed prior to such event. Notwithstanding the foregoing, in the event that the Huts and/or the Equipment is partially or destruction of wholly damaged or destroyed by fire or any portion other casualty during the final Lease Year of the building Initial Term, the initial Renewal Term, or the final Renewal Term of this Lease, or if applicable law will not permit the restoration, repair, reconstruction or replacement of the Huts or the Equipment, then and in any such event, Tenant may elect to terminate this Lease without being obligated to reconstruct, restore, replace, or repair the Huts and the Equipment. If Tenant has the right to and elects to terminate the Lease, Tenant shall give Landlord written notice of such election not later than sixty (60) days after the date of the damage or destruction. Failure to give such notice within said sixty (60) day period shall be deemed to be a waiver by Tenant of its right to terminate this Lease, and in such event Tenant shall be obligated to rebuild, restore, reconstruct or repair the Huts and the Equipment as hereinabove provided. In the event such termination notice is timely given, this Lease shall terminate thirty (30) days after the date upon which such notice is delivered to Landlord, and all rents due or paid hereunder shall be prorated to the termination date; provided that Tenant shall remain responsible at its sole cost for removing the Huts, the Equipment, the Huts and Equipment foundation or base, and all rubble and debris caused by or resulting from such damage and destruction, and that Tenant shall cause the Leased Premises is to be restored to a part by fire neat, clean, and attractive condition comparable or other casualty occurring during superior to the term of this Lease (or previous thereto), which shall render at least 1/3 of the floor area condition of the Leased Premises or the building untenantable or unfit for occupancy, which damage cannot be repaired within 180 days from the happening of such casualty, using reasonable diligence (“Total Destruction”) then the term hereby created shall, at the option as of the Lease Date and coordinated with the immediately surrounding Landlord or TenantProperty, upon written notice to normal wear and tear and damage by the Tenant or Landlord, as the case may be, within 15 days of such fire or casualty, cease and become null and void from the date of such Total Destruction. In such event the Tenant shall immediately surrender the Leased Premises to the Landlord and this Lease shall terminate. The Tenant shall only pay rent to the time of such Total Destruction. However, in the event of Total Destruction if the Landlord shall elect not to cancel this Lease within the 15 day period the Landlord shall repair and restore the same to substantially the same condition as it was prior to the damage or destruction, with reasonable speed and dispatch. The rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after the premises are Substantially Complete as defined in paragraph 3.6. In any case where Landlord must restore, consideration shall be given for delays under the Force Majeure paragraph in this lease. Whether or not this Lease has been terminated as a result of a casualty, in every instance, all insurance proceeds payable as a result of damage or destruction to the Building shall be paid to Landlord as its sole and exclusive propertyelements excepted.

Appears in 1 contract

Samples: Telecommunications Equipment and Huts Ground Lease Agreement

Fire and Casualty. 11.1 In case of any damage to or destruction of any portion of If the building of which the Leased Premises is a part are damaged by fire or other casualty, the damages shall be repaired by and at the expense of NWLSD. If the Premises are damaged by fire or other casualty, the damages shall be promptly repaired by and at the expense of NWLSD. In the event that the fire or other casualty occurring during is due to to the term acts or omissions of Xxxxxx Tech, Xxxxxx Tech and/or its insurance provider, as required in Paragraph 15 of this Lease (or previous thereto)Agreement, which shall render at least 1/3 reimburse Northwest for the expenses of repairs. Until such repairs can be made rent shall be reduced by the fraction of the floor area of the Leased Premises or the building untenantable or unfit for occupancy, which damage canis not usable to Xxxxxx Tech. NWLSD shall not be repaired within 180 days from obligated to repair damage to, or to replace alterations made by and for Xxxxxx Tech or any fixtures, furnishings, equipment, or other property or effects of Xxxxxx Tech. If the happening of such casualtyPremises are totally damaged or destroyed or rendered wholly untenantable, using reasonable diligence (“Total Destruction”) then the term hereby created shall, at the option of the Landlord or Tenant, upon written notice to the Tenant or Landlord, as the case may be, within 15 days of such fire or casualty, cease and become null and void rent shall entirely xxxxx from the date of such Total Destructiondamage or destruction. If NWLSD determines not to restore the Premises, or if the Premises or building shall be so damaged that, in NWLSD’s opinion, substantial alteration, demolition or reconstruction shall be required, then NWLSD may, not later than sixty (60) days following the damage, give Xxxxxx Tech notice in writing terminating this Agreement. If NWLSD elects to restore the Premises, then NWLSD shall commence such restoration within sixty (60) days following the damage and shall complete such restoration within a reasonable time and this Agreement shall continue with the period of untenantability being added to the term of the Agreement. In such event the Tenant shall immediately surrender the Leased Premises to the Landlord and this Lease shall terminate. The Tenant shall only pay rent to the time of such Total Destruction. However, in the event of Total Destruction if the Landlord shall elect not to cancel this Lease within the 15 day period the Landlord shall repair and restore the same to substantially the same condition as it was prior termination, prepaid rent will be prorated to the damage or destruction, with reasonable speed termination date and dispatch. The rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after the premises are Substantially Complete as defined in paragraph 3.6. In any case where Landlord must restore, consideration shall be given for delays under the Force Majeure paragraph in this lease. Whether or not this Lease has been terminated as a result of a casualty, in every instance, all insurance proceeds payable as a result of damage or destruction refunded to the Building shall be paid to Landlord as its sole and exclusive propertyXxxxxx Tech.

Appears in 1 contract

Samples: Lease Agreement

Fire and Casualty. 11.1 In case of any damage If the Building or the Premises is damaged and made substantially untenable by fire or other casualty, and Landlord shall determine not to restore the same or destruction of any portion not to require Tenant to restore the Premises if Tenant causes the fire or other casualty, Landlord may, by notice to Tenant given within one hundred twenty (120) days after such damage, terminate this Lease. Such termination shall become effective as of the building date of which such damage if the Leased Premises are so damaged, otherwise as of the date one hundred twenty (120) days following the service of such notice of termination. Unless the Lease is terminated as herein above provided, if the Premises are damaged by fire or other casualty, not caused in whole or in part by Tenant, Landlord shall restore the same substantially to their prior condition, or to a similar condition of substantially equal or better utility, at Landlord's expense, with reasonable promptness. Unless the Lease is terminated as herein above provided, if 50% or more of the Premises are made untenable, (other than as a result of fire or casualty caused in whole or in part by Tenant) and if Landlord falls, within one hundred twenty (120) days after Landlord is enabled to take possession of the Premises, to substantially restore the Premises Tenant may terminate this Lease as of the end of said one hundred twenty (120) day period by giving written notice to Landlord not later than thirty (30) days after the expiration of said one hundred twenty (120) day period. During any such period, Landlord will permit Tenant, at no cost to Landlord, to maintain temporary banking quarters about the Premises during any period of rebuilding. Said temporary quarters shall in no way interfere with any construction and repair work and shall not interfere with the operation of the "Cyclery" east of the Tenant's space. If the Premises are damaged or destroyed by fire or other casualty occurring during caused in whole or in part by Tenant, and if Landlord does not elect to terminate this Lease as aforesaid, this Lease shall remain in full force and effect and Tenant's obligations to pay rent and all other sums hereunder shall continue unabated. In such event, Tenant promptly and diligently shall restore the term Premises (in accordance with the other provisions of this Lease, including, but not limited to, the Section on "Alterations"); or, at Landlord's election, Landlord may restore the Premises, and Tenant shall pay all costs incurred in connection therewith, including fifteen percent (15%) of the total restoration cost for Landlord's administrative expense. In the event of termination of this Lease (or previous thereto)pursuant to this Section XII, which rent shall render at least 1/3 be prorated on a per diem basis and shall be paid to the date of the floor area fire or other casualty, unless a portion of the Leased Premises shall be rentable and reasonably accessible, in which case rent shall be prorated on a per diem basis and shall be payable to the date of termination. If this Lease is not terminated in the event of a fire or other casualty but the Premises are rendered wholly untenable or are not reasonably accessible, rent shall xxxxx on a per diem basis from the date of the fire or other casualty until the Premises are ready for occupancy and reasonably accessible to Tenant. If part of the Premises are rendered untenable, rent shall be prorated on a square footage basis in accordance with the part of the Premises which is usable by Tenant (as measured by Landlord) until termination or the building untenantable or unfit damaged part is ready for occupancy, which damage cannot be repaired within 180 days from the happening of such casualty, using reasonable diligence (“Total Destruction”) then the term hereby created shall, at the option of the Landlord or Tenant, upon written notice to the Tenant or Landlord, 's occupancy as the case may be, within 15 days of such fire or casualty, cease and become null and void from the date of such Total Destruction. In such event all cases, due allowance shall be made for delays caused by adjustment of the insurance claim, strikes, labor difficulties, material shortages, weather conditions, and any other causes beyond Landlord's reasonable control; and in no case shall Landlord be liable to Tenant, shall Tenant be entitled to terminate this Lease or shall immediately surrender the Leased Premises Tenant be relieved of any obligation (other than as expressly provided above) by virtue of any delay in completing repairs and restoration. Notwithstanding anything to the Landlord and contrary herein set forth, there shall be no rent abatement or proration if the loss or damage is due to the fault, neglect or violation of any provision of this Lease by Tenant or its employees, agents, contractors, customers or invitees; and in no event shall terminate. The Tenant shall only pay rent Landlord be required to repair or restore any decorating, installations, alterations, additions or improvements in or to the time of such Total DestructionPremises which were not provided initially by Landlord at its cost. However, in Landlord covenants to maintain adequate casualty insurance covering the event of Total Destruction if the Landlord shall elect not to cancel this Lease within the 15 day period the Landlord shall repair and restore the same to substantially the same condition as it was prior to the damage or destructionBuilding, with reasonable speed and dispatchreplacement cost endorsement. The rent shall not be accrued after said damage or while Tenant should have the repairs and restorations are being made, but shall recommence immediately after the premises are Substantially Complete as defined in paragraph 3.6. In any case where Landlord must restore, consideration shall be given for delays under the Force Majeure paragraph in this lease. Whether or not this Lease has been terminated as a result of a casualty, in every instance, all insurance proceeds payable as a result of damage or destruction right to the Building shall be paid self-insure with respect to Landlord as its sole and exclusive propertyplate glass replacement.

Appears in 1 contract

Samples: Leasing Agreement (Village Bancorp Inc)

Fire and Casualty. 11.1 In case of any damage to or destruction of any portion of the building of which the Leased Premises is a part Building by fire or other casualty occurring during the term of this Lease (or previous thereto), which shall render at least 1/3 of the floor area of the Leased Premises or the building untenantable or unfit for occupancy, which damage cannot be repaired within 180 days from the happening of such casualty, using reasonable diligence ("Total Destruction") then the term hereby created shall, at the option of the Landlord or Tenant, upon written notice to the Tenant or Landlord, as the case may be, other party within 15 days of such fire or casualty, cease and become null and void from the date of such Total Destruction. In such event the Tenant shall immediately surrender the Leased Premises to the Landlord and this Lease shall terminate. The Tenant shall only pay rent Rent to the time of such Total Destruction. However, in the event of Total Destruction if the neither Landlord nor Tenant shall elect not to cancel this Lease within the 15 day period the Landlord shall repair and restore the same Building to substantially the same condition as it was prior to the damage or destruction, with reasonable speed and dispatch. The rent Rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after the premises Leased Premises are Substantially Complete substantially restored as defined evidenced by the issuance of a CO/CA by municipal authorities. Issuance of a CO/CA shall not relieve Landlord of its obligations to complete the repairs and restorations of the Building in paragraph 3.6order to put the Building in substantially the same condition as it was prior to the damage or destruction. In any case where Landlord must restore, consideration shall be given for delays under the Force Majeure paragraph in this leaseLease (Paragraph 22). Whether or not this Lease has been terminated as a result of a casualty, in every instance, all insurance proceeds payable as a result of damage or destruction to the Building shall be paid to Landlord as its sole and exclusive property.

Appears in 1 contract

Samples: Lease Agreement (Valera Pharmaceuticals Inc)

Fire and Casualty. 11.1 In case of any damage to Except as hereafter provided, if the Premises are wholly or destruction of any portion of the building of which the Leased Premises is a part partially destroyed or damaged by fire or other casualty, Landlord shall restore the Premises with reasonable diligence; provided, however, that Landlord shall have no obligation to restore improvements not originally provided by Landlord or to replace any of Tenant's fixtures, furnishings, equipment, or personal property and Tenant shall be responsible for refixturizing the Premises and reinstalling its equipment. Landlord need not commence repairs until a substantial portion of the insurance proceeds are available. Proceeds of Landlord's insurance payable with respect to a fire or other casualty occurring during shall be received and held by Landlord. Proceeds of Tenant' s insurance payable with respect to a fire or other casualty shall be received and held by Tenant. In the term of event the Premises are destroyed or damaged by any fire or casualty not covered by the insurance maintained by Landlord, or insurance required under this Lease (to be maintained by Landlord, whichever is greater, or previous thereto), which shall render at least 1/3 to the extent of not less than twenty-five percent of the floor area replacement cost thereof, or if the fire or casualty occurs within the last year of the Leased Term of the Lease, or if the Premises or the building untenantable or unfit for occupancy, which damage cannot reasonably be repaired within 180 ninety (90) days from the happening of such casualty, using reasonable diligence (“Total Destruction”) then the term hereby created shall, at the option of the Landlord or Tenant, upon written notice to the Tenant or Landlord, as the case may be, within 15 days of such fire or casualty, cease and become null and void from the date of such Total Destruction. In such event the casualty, then Landlord or Tenant shall immediately surrender have the Leased Premises option to terminate this Lease by giving notice to the Landlord and this Lease shall terminate. The Tenant shall only pay rent to other party within sixty days after the time occurrence of such Total Destruction. However, in the event of Total Destruction if the Landlord shall elect not to cancel this Lease within the 15 day period the Landlord shall repair and restore the same to substantially the same condition as it was prior to the damage or destruction, in which case Landlord shall retain all insurance proceeds payable with reasonable speed respect to its insurance with respect to the Premises as its own property, and dispatchTenant shall retain all insurance proceeds payable with respect to its insurance with respect to the Premises as its own property. If Landlord or Tenant does not terminate this Lease as provided above, this Lease shall continue in full force and effect, but Base Rent and Operating Costs shall be equitably abated with respect to the portion of the Premises that is not usable by Tenant for its normal business operations until the restoration is substantially complete. The rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after the premises are Substantially Complete as defined in paragraph 3.6. In any case where Landlord must restore, consideration shall be given for delays under the Force Majeure paragraph in this lease. Whether or not provisions of this Lease has been terminated shall govern when this Lease is terminable as a result of a casualty, in every instance, all insurance proceeds payable as a result of damage fire or destruction to casualty and no other rule or statute on the Building shall be paid to Landlord as its sole and exclusive propertysubject applies.

Appears in 1 contract

Samples: Lease (Inflow Inc)

Fire and Casualty. 11.1 In case of any damage to or destruction of any portion of the building Building of which the Leased Premises is a part by fire or other casualty occurring during the term of this Lease (or previous prior thereto), which shall render at least 1/3 of the floor area of the Leased Premises or the building untenantable or unfit for occupancyoccupancy ("Total Destruction"), which damage cannot be repaired within 180 days from the happening of such casualty, using reasonable diligence (“Total Destruction”) diligence, as determined in a report prepared by an independent engineer, then the term hereby created shall, at the option of the Landlord or TenantLandlord, upon written notice to the Tenant or Landlord, as the case may be, within 15 days of such fire or casualty, cease and become null and void from the date of such Total DestructionDestruction unless within fifteen (15) days of Landlord’s notice of Total Destruction Tenant sends notice to Landlord that it elects to continue the Lease notwithstanding the fact that the Leased Premises cannot be repaired within 180 days. In such the event of the termination, the Tenant shall immediately surrender the Leased Premises to the Landlord and this Lease shall terminate. The Tenant shall only pay rent Rent to the time of such Total Destruction. However, in the event of Total Destruction if the Landlord shall elect not to cancel this Lease within the 15 day period the Landlord shall repair and restore the same Building to substantially the same condition as it was prior to the damage or destruction, with reasonable speed and dispatch, and in all events within 180 days, or if Tenant sends notice to Landlord that it elects to continue the Lease, Landlord shall repair and restore the Building to substantially the same condition as it was prior to the damage or destruction, with reasonable speed and dispatch, and in all events within the timeframe stated in the independent engineer’s report. The rent Rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after upon 30 days notice from Landlord that the premises Leased Premises are Substantially Complete substantially restored as defined in paragraph 3.6evidenced by the issuance of a CO by municipal authorities. In any case where Landlord must restore, consideration shall be given for delays under the Force Majeure paragraph in this leaseLease. Whether or not this Lease has been terminated as a result of a casualty, in every instance, all insurance proceeds payable under policies of insurance carried by Landlord as a result of damage or destruction to the Building shall be paid to Landlord as its sole and exclusive property. Pursuant to 17 CFR 230.406, confidential information has been omitted in places marked “* * *” and has been filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request with the Commission.

Appears in 1 contract

Samples: Lease Agreement (Rocket Pharmaceuticals, Inc.)

Fire and Casualty. 11.1 In case of any damage to or destruction of any portion of the building of which the Leased Premises is Upon a part by fire or other casualty occurring during affecting the term of this Lease Building, Landlord, with reasonable diligence, shall restore the Building. Notwithstanding the foregoing, if (i) all or previous thereto), which shall render at least 1/3 a substantial part of the floor area of the Leased Premises or the building Building is rendered untenantable by reason of fire or unfit for occupancy, which damage cannot be repaired within 180 days from the happening of such other casualty, using reasonable diligence or (“Total Destruction”ii) then a fire or casualty occurs during the term hereby created shalllast twelve (12) months of the Term, Landlord may, at its option, either restore the option Premises and the Building, or terminate this Lease effective as of the Landlord or Tenant, upon written notice to the Tenant or Landlord, as the case may be, within 15 days date of such fire or other casualty. Landlord agrees to give Tenant written notice within sixty (60) days after the occurrence of any such fire or other casualty designating whether Landlord elects to so restore or terminate this Lease. If Landlord elects to terminate this Lease, cease Rent shall be paid through and become null apportioned as of the date of such fire or other casualty. If Landlord elects to restore, Landlord’s obligation to restore the Premises shall be limited to restoring those improvements in the Premises existing as of the date of such fire or other casualty which were made at Landlord’s expense (and void those improvements made at Tenant’s expense if and to the extent insurance proceeds are made available to Landlord for such improvements) and shall exclude Tenant’s Personal Property and any fixtures, additions, alterations or improvements in or to the Premises which were made at Tenant’s expense and for which insurance proceeds are not made available to Landlord. If Landlord elects to restore, Base Rent and Adjustment Rent shall axxxx for that part of the Premises which is untenantable on a per diem basis from the date of such Total Destructionfire or other casualty until Landlord has substantially completed its repair and restoration work, provided that Tenant does not occupy such part of the Premises during said period. In Notwithstanding anything contained in this Section 12 to the contrary, within sixty (60) days after the date of any fire or other casualty which renders all or a substantial part of the Premises or the Building untenantable, Landlord shall provide to Tenant in writing Landlord’s good faith estimate of the time required by Landlord to restore the Premises (“Landlord’s Restoration Estimate”). If Landlord’s Restoration Estimate exceeds two hundred forty (240) days from the date of such event fire or casualty (or if, during the last year of the Term, more than 33% of the Premises are rendered untenantable by fire or casualty), then Tenant shall immediately surrender have the Leased Premises right, exercisable by written notice to the Landlord and within thirty (30) days after delivery of Landlord’s Restoration Estimate, to terminate this Lease shall terminateas of the date of such fire or other casualty. The Furthermore, if neither party elects to terminate this Lease as provided above and Landlord fails to substantially complete the restoration of the Premises within one hundred twenty (120) days after the time period set forth in Landlord’s Restoration Estimate (subject to delays caused by or attributable to Tenant or its agents, employees or contractors or to events of the type described in Section 25H), as Tenant’s sole and exclusive remedy for such delay in substantial completion of the restoration, Tenant shall only pay rent have the right, exercisable by written notice to Landlord within 15 days after the time expiration of such Total Destruction120-day period, to terminate this Lease as of the date of such fire or other casualty. HoweverNotwithstanding the foregoing, Tenant shall have no right to terminate this Lease if the fire or other casualty was caused, in whole or in part, by the event gross negligence or intentional misconduct of Total Destruction if Tenant or Tenant’s agents, employees, contractors, invitees, subtenants or assigns. Base Rent and Adjustment Rent for the Landlord Premises shall elect not to cancel this Lease within the 15 day period the Landlord shall repair and restore the same to substantially the same condition as it was resume prior to the damage or destruction, with reasonable speed restoration date estimated by Landlord unless Tenant actually resumes use and dispatch. The rent shall not be accrued after said damage or while occupancy of the repairs and restorations are being made, but shall recommence immediately after the premises are Substantially Complete as defined in paragraph 3.6. In any case where Landlord must restore, consideration shall be given for delays under the Force Majeure paragraph in this lease. Whether or not this Lease has been terminated as a result of a casualty, in every instance, all insurance proceeds payable as a result of damage or destruction Premises prior to the Building shall be paid to Landlord as its sole and exclusive propertysuch date.

Appears in 1 contract

Samples: Work Letter Agreement (Gtsi Corp)

Fire and Casualty. 11.1 A. In case the event of any damage a fire or other casualty in the Leased Premises, Tenant shall immediately give notice thereof to or destruction of any portion of the building of which Landlord. If the Leased Premises is a part shall be partially destroyed by fire or other casualty occurring during so as to render the term of this Lease (Leased Premises untenantable in whole or previous thereto)in part, which Rent shall render at least 1/3 of xxxxx thereafter as to the floor area portion of the Leased Premises rendered untenantable until such time as the Leased Premises are made tenantable as reasonably determined by Landlord and Landlord agrees to commence and prosecute such repair work promptly and with all due diligence; provided, however, in the event such destruction (i) results in total or substantial damages to or destruction of the building Building and Landlord shall decide not to rebuild or (ii) results in the Leased Premises being untenantable in whole or unfit for occupancy, which damage cannot be repaired within 180 days in substantial part and the reasonable estimation of a responsible contractor selected by Landlord as to the amount of time necessary to rebuild or restore such destruction to the Leased Premises and all other portions of the Building exceeds six (6) months from the happening time such work is commenced, then in either event, Landlord shall have a right to terminate this Lease Agreement effective as of such casualty, using reasonable diligence (“Total Destruction”) then the term hereby created shall, at the option of the Landlord or Tenant, upon written notice to the Tenant or Landlord, as the case may be, within 15 days of such fire or casualty, cease and become null and void from the date of casualty or destruction, and upon such Total Destruction. In such event the Tenant shall immediately surrender the Leased Premises to the Landlord and this Lease shall terminate. The Tenant shall only pay rent termination, all Rent owed up to the time of such Total Destructiondestruction or termination shall be paid by Tenant. HoweverSubject to reasonable delays for insurance adjustments, in the event of Total Destruction if the Landlord shall elect not to cancel give Tenant written notice of its decisions, estimates or elections under this Lease Section 13 within the 15 day period the Landlord shall repair and restore the same to substantially the same condition as it was prior to the sixty (60) days after any such damage or destruction. If any portion of Rent is abated under this Section 13, with reasonable speed and dispatch. The rent shall not be accrued after said damage or while Landlord may elect to extend the repairs and restorations are being made, but shall recommence immediately after expiration date of the premises are Substantially Complete as defined in paragraph 3.6. In any case where Landlord must restore, consideration shall be given for delays under the Force Majeure paragraph in this lease. Whether or not Term of this Lease has been terminated as a result Agreement for the period of a casualty, in every instance, all insurance proceeds payable as a result of damage or destruction to the Building shall be paid to Landlord as its sole and exclusive propertyabatement.

Appears in 1 contract

Samples: Lease Agreement (Georesources Inc)

Fire and Casualty. 11.1 In case of any damage to or destruction of any portion of the building Building of which the Leased Premises is a part by fire or other casualty occurring during the term of this Lease (or previous prior thereto), which shall render at least 1/3 of the floor area of the Leased Premises or the building untenantable or unfit for occupancy, which damage cannot be repaired within 180 days from the happening of such casualty, using reasonable diligence ("Total Destruction") then the term hereby created shall, at the option of the Landlord or TenantLandlord, upon written notice to the Tenant or Landlord, as the case may be, within 15 days of such fire or casualty, cease and become null and void from the date of such Total Destruction. In such event the Tenant shall immediately surrender the Leased Premises to the Landlord and this Lease shall terminate. The Tenant shall only pay rent Rent to the time of such Total Destruction. However, in the event of Total Destruction if the Landlord shall elect not to cancel this Lease within the 15 day period the Landlord shall repair and restore the same Building to substantially the same condition as it was prior to the damage or destruction, with reasonable speed and dispatch. The rent Rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after the premises Leased Premises are Substantially Complete substantially restored as defined in paragraph 3.6evidenced by the issuance of a CO/CA by municipal authorities. In any case where Landlord must restore, consideration shall be given for delays under the Force Majeure Initial: Landlord Tenant (SNS) Lease Version Date: July 31, 2006 paragraph in this leaseLease. Whether or not this Lease has been terminated as a result of a casualty, in every instance, all insurance proceeds payable as a result of damage or destruction to the Building shall be paid to Landlord as its sole and exclusive property.

Appears in 1 contract

Samples: Lease Agreement (Amicus Therapeutics Inc)

Fire and Casualty. 11.1 In case of any damage to or destruction of any portion of the building of which the Leased Premises is Upon a part by fire or other casualty occurring during affecting the term of this Lease (Building, Landlord, with reasonable diligence, shall restore the Building. Notwithstanding the foregoing, if all or previous thereto), which shall render at least 1/3 a substantial part of the floor area of the Leased Premises or the building Building is rendered untenantable by reason of fire or unfit other casualty, Landlord may, at its option, either restore the Premises and the Building, or terminate this Lease effective as of the date of such fire or other casualty. Landlord agrees to give Tenant written notice within 60 days after the occurrence of any such fire or other casualty designating whether Landlord elects to so restore or terminate this Lease. If Landlord elects to terminate this Lease, Rent shall be paid through and apportioned as of the date of such fire or other casualty. If Landlord elects to restore, Landlord's obligation to restore the Premises shall be limited to restoring those improvements in the Premises existing as of the date of such fire or other casualty which were made at Landlord's expense and shall exclude any furniture, equipment, fixtures, additions, alterations or improvements in or to the Premises which were made at Tenant's expense. If Landlord elects to restore, Rent shall xxxxx for occupancythat part of the Premises which is untenantable on a per diem basis from the date of such fire or other casualty until Landlord has substantially completed its repair and restoration work, provided that Tenant does not occupy such part of the Premises during said period. Notwithstanding anything contained in this Section 12 to the contrary, within 60 days after the date of any fire or other casualty which damage cannot be repaired within 180 renders all or a substantial part of the Premises or the Building untenantable, Landlord shall provide to Tenant in writing Landlord's good faith estimate of the time required by Landlord to restore the Premises ("Landlord's Restoration Estimate"). If Landlord's Restoration Estimate exceeds 270 days from the happening of such casualty, using reasonable diligence (“Total Destruction”) then the term hereby created shall, at the option of the Landlord or Tenant, upon written notice to the Tenant or Landlord, as the case may be, within 15 days date of such fire or casualty, cease and become null and void from then Tenant shall have the right, exercisable by written notice to Landlord within 15 days after delivery of Landlord's Restoration Estimate, to terminate this Lease as of the date of such Total Destructionfire or other casualty. In such event the Tenant shall immediately surrender the Leased Premises Furthermore, if neither party elects to the Landlord and terminate this Lease shall terminate. The Tenant shall only pay rent as provided above and Landlord fails to substantially complete the restoration of the Premises within 60 days after the time period set forth in Landlord's Restoration Estimate (subject to delays caused by or attributable to Tenant or its agents, employees or contractors or to events of such Total Destruction. Howeverthe type described in Section 25J), in the event of Total Destruction if the Landlord shall elect not to cancel this Lease within the 15 day period the Landlord shall repair and restore the same to substantially the same condition as it was prior to the damage or destruction, with reasonable speed and dispatch. The rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after the premises are Substantially Complete as defined in paragraph 3.6. In any case where Landlord must restore, consideration shall be given for delays under the Force Majeure paragraph in this lease. Whether or not this Lease has been terminated as a result of a casualty, in every instance, all insurance proceeds payable as a result of damage or destruction to the Building shall be paid to Landlord as its Tenant's sole and exclusive propertyremedy for such delay in substantial completion of the restoration, Tenant shall have the right, exercisable by written notice to Landlord within 15 days after the expiration of such 60-day period, to terminate this Lease as of the date of such fire or other casualty. Notwithstanding the foregoing, Tenant shall have no right to terminate this Lease if the fire or other casualty was caused, in whole or in part, by the negligence or intentional misconduct of Tenant or Tenant's agents, employees, contractors, invitees, subtenants or assigns.

Appears in 1 contract

Samples: Lease Agreement (Wells Real Estate Investment Trust Inc)

Fire and Casualty. 11.1 In case If less than a Substantial Portion (or defined in the last paragraph of any damage to or destruction of any portion this Section) of the building of which the Leased Premises is a part damaged by fire or other casualty, Landlord shall repair and restore the damaged portion of the Premises with the proceeds of insurance required to be maintained under this Lease to substantially the same condition prior to such fire or other casualty occurring within two hundred seventy (270) days after the date of such destruction or damage, except that Landlord shall not be required to repair or restore the Tenant Improvements, or any other leasehold improvements installed in the Premises by Tenant. If Landlord fails to repair and restore the Premises with the proceeds of insurance required to be maintained under this Lease within two hundred seventy (270) days after the date of such damage or destruction, subject to reasonable extension for Force Majeure, then Tenant may elect to make or complete such repairs and Landlord shall reimburse Tenant promptly upon demand for the reasonable costs thereof. If the entire Premises or a Substantial Portion thereof is damaged such that they cannot be reasonably restored to substantially their condition prior to such casualty within twelve (12) months after the casualty date, or if the casualty occurs during the last twelve (12) months of the term of this Lease (or previous thereto), which shall render at least 1/3 of the floor area of the Leased Premises or the building untenantable or unfit for occupancy, which damage cannot be repaired within 180 days from the happening of such casualty, using reasonable diligence (“Total Destruction”including any outstanding Renewal Terms exercised by Tenant) then the term hereby created shall, at the option of the Landlord or TenantTenant may elect, upon by giving written notice to the Tenant or Landlordother party within sixty (60) days after the casualty date, as the case may be, within 15 days of such fire or casualty, cease and become null and void from to terminate this Lease. If this Lease has not been terminated by the date of such Total Destruction. In such event sixty (60) days after the Tenant shall immediately surrender the Leased Premises to the Landlord and this Lease shall terminate. The Tenant shall only pay rent to the time of such Total Destruction. Howevercasualty date, in the event of Total Destruction if the then Landlord shall elect not to cancel this Lease within the 15 day period the Landlord shall with due diligence repair and restore the same Premises to substantially the same their condition as it was prior to the casualty with the proceeds of insurance required to be maintained under this Lease. If Landlord fails to repair and restore the Premises as specified above within twelve (12) months after the casualty date with the proceeds of insurance, subject to reasonable extension for Force Majeure, then, in addition to any other remedy available at law or equity, Tenant may elect to terminate this Lease by written notice to Landlord. If this Lease is terminated in accordance with this Section 16, Rent shall be prorated as of the date of the casualty. If this Lease is not terminated pursuant to this Section 16, Tenant shall as promptly as practicable after the occurrence of any damage or destruction, with reasonable speed destruction and dispatch. The rent shall not be accrued after said damage or while the Landlord’s completion of its repairs and restorations make such repairs and replacements in the Premises as are being madenecessary to restore the Tenant Improvements and other leasehold improvements previously installed by Tenant. Further, but shall recommence immediately after the premises are Substantially Complete as defined in paragraph 3.6. In any case where Landlord must restore, consideration Base Rent shall be given equitably abated during the period of Landlord’s and Tenant’s restoration work to the extent of the Premises that are not reasonably occupiable by Tenant, provided Tenant shall have a maximum of sixty (60) days to complete Tenant Improvements after Landlord delivers the Premises to Tenant with Landlord Improvements completed. A “Substantial Portion” of the Premises for delays under the Force Majeure paragraph in this lease. Whether or not purposes of Sections 15 and 16 of this Lease has been terminated shall be deemed to mean that Tenant is unable to (i) use fifty percent (50%) or more of the space in the Building for the operation of Tenant’s business at the Premises, or (ii) as a result to Section 15, both of a casualty, in every instance, all insurance proceeds payable as a result of damage or destruction the access curb cuts from Innovation Way to the Building shall be paid Land are closed or more than thirty percent (30%) of the parking spaces for the Premises are taken and no longer available for use by Tenant, and Landlord fails to Landlord as its sole and exclusive propertyprovide reasonable replacement parking or access within a reasonable time.

Appears in 1 contract

Samples: Lease Agreement (AtriCure, Inc.)

Fire and Casualty. 11.1 In case If all or a substantial part of the Premises or the Building is rendered untenantable by reason of fire or other casualty, Landlord may, at its option, either restore the Premises and the Building, or terminate this Lease effective as of the date of such fire or other casualty. Landlord agrees to give Tenant written notice within ninety (90) days after the occurrence of any such fire or other casualty designating whether Landlord elects to so restore or terminate this Lease. If Landlord elects to terminate this Lease, Rent shall be paid through and apportioned as of the date of such fire or other casualty. If Landlord elects to restore, Landlord's obligation to restore the Premises shall be limited to restoring those improvements in the Premises existing as of the date of such fire or other casualty which were made at Landlord's expense and shall exclude any furniture, equipment, fixtures, additions, alterations or improvements in or to the Premises which were made at Tenant's expense. If Landlord elects to restore, Rent shall xxxxx for that part of the Premises which is untenantable on a per diem basis from the date of such fire or other casualty until Landlord has substantially completed its repair and restoration work, provided that Tenant does not occupy such part of the Premises during said period. Notwithstanding the foregoing, Tenant may elect to terminate this Lease upon thirty (30) days prior written notice to Landlord in the event (i) Landlord elects to restore and Landlord estimates that such restoration will take in excess of two hundred ten (210) days, or (ii) any damage to the Building or destruction Premises occurs in the final year of the Lease and prevents Tenant from occupying all of the Premises for more than thirty (30) days. Notwithstanding the foregoing, there shall be no abatement of Rent or Tax Escalation or Expense Escalation by reason of any portion of the building Building being unusable or inaccessible for a period equal to five (5) consecutive business days or less. If the cause of which the Leased Premises is a part by fire or other casualty occurring during the term of this Lease (or previous thereto), which shall render at least 1/3 of the floor area of the Leased Premises or the building untenantable or unfit for occupancy, which damage cannot be repaired within 180 days from the happening of such casualty, using reasonable diligence (“Total Destruction”) then the term hereby created shall, at the option of the Landlord or Tenant, upon written notice to the Tenant or Landlord, as the case may be, within 15 days of such fire or casualty, cease and become null and void from the date of such Total Destruction. In such event the Tenant shall immediately surrender the Leased Premises to the Landlord and this Lease shall terminate. The Tenant shall only pay rent to the time of such Total Destruction. However, in the event of Total Destruction if the Landlord shall elect not to cancel this Lease within the 15 day period the Landlord shall repair and restore the same to substantially the same condition as it was prior to the damage or destructiondestruction is an earthquake or a flood, with reasonable speed Tenant shall be entitled to an abatement of rent only when and dispatchif Landlord receives reimbursement for such rent from insurance proceeds, if any. The rent shall not be accrued after said If such damage or while the repairs and restorations are being made, but shall recommence immediately after the premises are Substantially Complete as defined in paragraph 3.6. In any case where Landlord must restore, consideration shall be given for delays under the Force Majeure paragraph in this lease. Whether or not this Lease has been terminated destruction occurs as a result of a casualtythe negligence or the intentional acts of Tenant or Tenant's employees, in every instanceagents, contractors or invitees, and the proceeds of insurance which are actually received by Landlord are not sufficient to pay for the repair of all of the damage, Tenant shall pay to Landlord upon demand, the difference between the cost of repairing the damage and the insurance proceeds payable as a result of damage or destruction to the Building shall be paid to Landlord as its sole and exclusive propertyreceived by Landlord.

Appears in 1 contract

Samples: Office Lease (Privatebancorp Inc)

Fire and Casualty. 11.1 In case the event of any damage a fire or other casualty in the Premises, Lessee shall immediately give notice thereof to Lessor. If the Premises, through no fault or destruction neglect of any portion of the building of which the Leased Premises is a part Lessee, its agents, employees, invitees, licensees or visitors, shall be destroyed by fire or other casualty occurring during so as to render the term Premises untenantable, the rental herein shall be reduced proportionally to the portion of the Premises rendered untenantable until such time as the Premises are made tenantable by Lessor. If from such cause the same shall be so damaged that Lessor shall decide not to rebuild, then all rent and other sums owed hereunder up to the time of such destruction or casualty shall be paid by Lessee, and thenceforth this Lease (or previous thereto)shall cease and come to an end. Notwithstanding anything contained herein to the contrary, which shall render at least 1/3 if within 60 days of the floor area of fire or casualty it is determined that the Leased Premises or the building untenantable or unfit for occupancy, which damage cannot be repaired restored within 180 150 days from the happening date of such the fire or casualty, using reasonable diligence (“Total Destruction”) Lessor shall give written notice to Lessee. Lessee shall have the right within 60 days from the date of Lessor's notice to terminate the Lease. Further, notwithstanding anything contained herein to the contrary, in the event the Building shall be destroyed or damaged prior to the final 2 years of the then current Lease Term to such extent that rebuilding or repairing can be completed within 150 days from the term hereby created date of the damage, Lessor shall, at its sole cost and expense, diligently proceed forthwith to rebuild and repair said Premises as closely as possible to the option Building to be constructed in accordance with Exhibit "B", except that Lessor shall not be obligated for such repair in an amount in excess of the Landlord insurance proceeds recovered as a result of such damage or Tenantwhich could have been recovered had Lessor maintained the insurance Lessor was required to maintain in this Lease. If the Premises should be substantially damaged by fire or other casualty during the final 2 years of the Lease Term, upon Lessor shall not be required to rebuild or repair such damage and at Lessor or Lessee's option, by written notice to the Tenant or Landlordother within 60 days after the date of the damage, this Lease shall terminate and all Base Rent and Additional Rent shall be abated as of the case date of the damage. However, if during the last 2 years of the then current Lease Term, Lessor shall exercise said right of termination and at that time Lessee shall have the right to renew the Lease Term, Lessee may berender Lessor's notice of termination nugatory and reinstate Lessor's obligation to rebuild, provided that Lessee, within 15 days of such fire or casualtyreceipt of Lessor's notice of termination, cease and become null and void from exercises its right to renew the date Term of such Total Destruction. In such event the Tenant shall immediately surrender the Leased Premises to the Landlord and this Lease shall terminate. The Tenant shall only pay rent to the time of such Total Destruction. However, in the event of Total Destruction if the Landlord shall elect not to cancel this Lease within the 15 day period the Landlord shall repair and restore the same to substantially the same condition as it was prior to the damage or destruction, with reasonable speed and dispatch. The rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after the premises are Substantially Complete as defined in paragraph 3.6. In any case where Landlord must restore, consideration shall be given for delays under the Force Majeure paragraph in this lease. Whether or not this Lease has been terminated as a result of a casualty, in every instance, all insurance proceeds payable as a result of damage or destruction to the Building shall be paid to Landlord as its sole and exclusive propertyLease.

Appears in 1 contract

Samples: Lease Agreement (Aronex Pharmaceuticals Inc)

Fire and Casualty. 11.1 In case of any damage to or destruction of any portion of the building of which the Leased Premises is Upon a part by fire or other casualty occurring during affecting the term of this Lease (Premises or previous thereto)the Building, which Landlord, with reasonable diligence, shall render at least 1/3 restore the Premises or the Building, as applicable. Notwithstanding the foregoing, if 25% or more of the floor rentable area of the Leased Premises or all or a substantial part of the Building is rendered untenantable by reason of fire or other casualty, Landlord may, at its option, either restore the Premises and the Building, or terminate this Lease effective as of the date of such fire or other casualty. Landlord agrees to give Tenant written notice within 60 days after the occurrence of any such fire or other casualty designating whether Landlord elects to so restore or terminate this Lease. If Landlord elects to terminate this Lease, Rent shall be paid through and apportioned as of the date of such fire or other casualty. If Landlord elects to restore, Landlord's obligation to restore the Premises shall be limited to restoring those improvements in the Premises existing as of the date of such fire or other casualty which were made at Landlord's expense and shall exclude any furniture, equipment, fixtures, additions, alterations or improvements in or to the Premises which were made at Tenant's expense. If Landlord elects to restore, Rent shall xxxxx for that part of the Premises which is untenantable (as defined in Section 5F) on a per diem basis from the date of such fire or other casualty until Landlord has substantially completed its repair and restoration work, provided that Tenant does not occupy such part of the Premises during said period. Notwithstanding anything contained in this Section 12 to the contrary, within 60 days after the date of any fire or other casualty which renders all or a substantial part of the Premises or the building untenantable or unfit for occupancyBuilding untenantable, which damage cannot be repaired within 180 Landlord shall provide to Tenant in writing Landlord's good faith estimate of the time required by Landlord to restore the Premises ("Landlord's Restoration Estimate"). If Landlord's Restoration Estimate exceeds 270 days from the happening of such casualty, using reasonable diligence (“Total Destruction”) then the term hereby created shall, at the option of the Landlord or Tenant, upon written notice to the Tenant or Landlord, as the case may be, within 15 days date of such fire or casualty, cease and become null and void from then Tenant shall have the right, exercisable by written notice to Landlord within 15 business days after delivery of Landlord's Restoration Estimate, to terminate this Lease as of the date of such Total Destructionfire or other casualty. In such event the Tenant shall immediately surrender the Leased Premises Furthermore, if neither party elects to the Landlord and terminate this Lease shall terminate. The Tenant shall only pay rent as provided above and Landlord fails to substantially complete the restoration of the Premises within the time period set forth in Landlord's Restoration Estimate (subject to delays caused by or attributable to Tenant or its agents, employees or contractors or to events of such Total Destruction. Howeverthe type described in Section 25I), in the event of Total Destruction if the Landlord shall elect not to cancel this Lease within the 15 day period the Landlord shall repair and restore the same to substantially the same condition as it was prior to the damage or destruction, with reasonable speed and dispatch. The rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after the premises are Substantially Complete as defined in paragraph 3.6. In any case where Landlord must restore, consideration shall be given for delays under the Force Majeure paragraph in this lease. Whether or not this Lease has been terminated as a result of a casualty, in every instance, all insurance proceeds payable as a result of damage or destruction to the Building shall be paid to Landlord as its Tenant's sole and exclusive propertyremedy for such delay in substantial completion of the restoration, Tenant shall have the right, exercisable by written notice to Landlord within 15 business days after the expiration of the time period set forth in Landlord's Restoration Estimate, to terminate this Lease as of the date of such fire or other casualty. Notwithstanding the foregoing, Tenant shall have no right to terminate this Lease if the fire or other casualty was caused, in whole or in part, by the negligence or intentional misconduct of Tenant or Tenant's agents, employees, contractors, invitees, subtenants or assigns.

Appears in 1 contract

Samples: Lease Agreement (Wells Real Estate Investment Trust Inc)

Fire and Casualty. 11.1 13.1 In the case of any damage to or destruction of any portion of the building of which buildings or structures on the Leased Premises is a part by fire or other casualty occurring during the term of this Lease (which is not covered by the insurance required to be carried by ARTICLE 9.1, or previous thereto), which shall render at least 1/3 of the floor area of the Leased Premises or the building untenantable or unfit for occupancy, which damage cannot be repaired within 180 one hundred eighty (180) days from the happening of such casualty, using reasonable diligence (“Total Destruction”) then then, in such event, the term hereby created shall, at the option of the Landlord or Tenanteither party, upon written notice to the Tenant or Landlordother by certified mail, as the case may bereturn receipt requested, within 15 thirty (30) days of such fire or casualty, cease and become null and void from the date of such Total Destruction. In such event the Tenant shall immediately surrender the Leased Premises to the Landlord and this Lease shall terminate. The Tenant shall only pay rent to the time of such Total Destructiondestruction or damage. However, in the event of Total Destruction if the Landlord neither party shall elect not to cancel this Lease within the 15 thirty (30) day period hereinabove provided, the Landlord shall thereupon repair and restore the same to substantially the same condition as it was prior to the damage or destruction, Leased Premises with reasonable speed and dispatch. The , and the rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after the said premises are Substantially Complete restored. Landlord, in any event, shall advise Tenant in writing as defined to whether or not the Leased Premises can be restored within the one hundred eighty (180) day period from the date of such casualty. Anything in paragraph 3.6. In any case where this ARTICLE 13 to the contrary notwithstanding, it is expressly understood and agreed that the Landlord must restore, consideration shall be given for delays under obligated to restore the Force Majeure paragraph in this lease. Whether or not this Lease has been terminated as a result of a casualty, in every instance, all insurance proceeds payable as a result of damage or destruction Leased Premises only to the Building shall extent of such cost as will be paid equivalent to the proceeds received by Landlord pursuant to the fire insurance coverage to be provided to Landlord as its sole in ARTICLE 9 provided. If the insurance proceeds are not sufficient to restore the premises to substantially the same condition which they were in prior to the casualty, then the Landlord shall have a period of thirty (30) days within which to determine whether to terminate the term hereby created unless the Landlord and exclusive propertyTenant shall mutually agree to the funding of any such excess construction costs. In the event of cancellation in accordance with this Article, the Tenant shall immediately surrender the Leased Premises and the Tenant's interest in said Lease to the Landlord, and the Tenant shall only pay rent to the time of such destruction or damage, in which event, the Landlord may re-enter and repossess the Leased Premises thus discharged from this Lease and may removal all parties therefrom.

Appears in 1 contract

Samples: Lease Agreement (Transnet Corp)

Fire and Casualty. 11.1 In case If by reason of fire or other casualty all or a substantial part of the Premises or the Building reasonably cannot be used for its permitted uses hereunder, Landlord may, at its option, either restore the Premises and the Building, or terminate this Lease effective as of the date of such fire or other casualty. Landlord agrees to give Tenant written notice within sixty (60) days after the occurrence of any damage such fire or other casualty designating whether Landlord elects to so restore or destruction of any portion terminate this Lease. If Landlord elects to terminate this Lease, Rent shall be paid through and apportioned as of the building date of such fire or other casualty. If Landlord elects to restore, Landlord's obligation to restore the Premises shall be limited to restoring those improvements in the Premises existing as of the date of such fire or other casualty which were made at Landlord's expense and shall exclude any furniture, equipment, fixtures, additions, alterations or improvements in or to the Leased Premises which were made at Tenant's expense. If Landlord elects to restore, Rent shall xxxxx for that part of the Premises which is untenantable on a per diem basis from the date of such fire or other casualty until the date which is ten (10) business days after the date that Landlord shall have substantially completed its repair and restoration work, provided that during said period Tenant does not occupy such part of the Premises for the operation of Tenant's business. In the event (i) the Building or the Premises shall be totally damaged or destroyed by fire or other casualty, or (ii) fifty percent (50%) or more of the Building shall be so damaged or destroyed by fire or other casualty occurring during (irrespective of whether or not the term Premises are damaged thereby), or (iii) fifty percent (50%) or more of the Premises shall be so damaged or destroyed by fire or other casualty, or (iv) twenty-five percent (25%) or more of the Premises shall be so damaged or destroyed by fire or other casualty and as a result thereof the remainder of the Premises or a substantial part thereof cannot reasonably be used for its permitted uses hereunder, then, and in any of said events, Tenant shall have the option, exercisable by notice given to Landlord within thirty (30) days after the date of the casualty, to cancel and terminate this Lease as of a date specified in Tenant's termination notice which date shall be not more than sixty (60) days after the giving of Tenant's termination notice, in which event the Term of this Lease (or previous thereto), which shall render at least 1/3 expire on the date specified in Tenant's notice with the same force and effect as if such date were originally provided herein as the Expiration Date of the floor area Term without any obligation on the part of Tenant to make any Termination Payment as provided for in Section 29 hereof. In the event of any damage or destruction mentioned in this Section 12 which might give rise to a partial or full abatement, and if Landlord has not substantially completed the making of the Leased Premises or the building untenantable or unfit for occupancy, which damage cannot repairs and restoration required to be repaired within 180 days from the happening of such casualty, using reasonable diligence (“Total Destruction”) then the term hereby created shall, at the option of the made by Landlord or Tenant, upon written notice pursuant to the Tenant or Landlord, as the case may be, provisions of this Section 12 within 15 days a period of such fire or casualty, cease and become null and void twelve (12) months from the date of such Total Destruction. In such event the Tenant shall immediately surrender the Leased Premises to the Landlord and this Lease shall terminate. The Tenant shall only pay rent to the time of such Total Destruction. However, in the event of Total Destruction if the Landlord shall elect not to cancel this Lease within the 15 day period the Landlord shall repair and restore the same to substantially the same condition as it was prior to the damage or destruction, with reasonable speed and dispatchthen Tenant may terminate this Lease by notice given to Landlord at any time after the expiration of such twelve (12) month period but prior to such substantial completion. The rent shall not be accrued after said In the event of any damage or while destruction mentioned in this Section 12 which might give rise to a partial or full abatement and if Landlord has not substantially completed the making of the repairs and restorations are being maderestoration required to be made by Landlord pursuant to the provisions of this Section 12 within fifteen (15) months prior to the Expiration Date (as the same may be extended pursuant to Section 27 hereof), then Tenant may terminate this Lease by notice given to Landlord at any time during such fifteen (15) month period but prior to such substantial completion. Any termination by Tenant hereunder shall recommence immediately be effective as of the date specified in such notice, which shall be not more than sixty (60) days after the premises are Substantially Complete giving thereof, and the Term of this Lease shall expire on such date with the same force and effect as defined if such date were originally provided herein as the Expiration Date of the Term hereof without any obligation on the part of Tenant to make any Termination Payment as provided in paragraph 3.6Section 29 hereof. In the event of the termination of this Lease pursuant to any case where Landlord must restoreof the provisions of this Section 12, consideration this Lease and the Term and estate hereby granted shall expire as of the date of such termination with the same effect as if such date were the date originally set forth herein as the Expiration Date of the Term, and the Rent payable hereunder shall be given for delays under the Force Majeure paragraph in this lease. Whether or not this Lease has been terminated apportioned as a result of a casualtysuch date subject, in every instancehowever, all insurance proceeds payable as a result of damage or destruction to any applicable abatement to which Tenant may be entitled pursuant to the Building provisions hereof, and provided that in no event shall Tenant be paid obligated to Landlord make any Termination Payment as its sole and exclusive propertyprovided for in Section 29 hereof in connection with any termination pursuant to this Section 12.

Appears in 1 contract

Samples: Lease (Ziplink Inc)

Fire and Casualty. 11.1 In case of If any damage to or destruction of any portion of the building of which the Leased Premises is a part by fire or other casualty occurring during the term of this Lease (or previous thereto), which shall render at least 1/3 of the floor area of the Leased Premises shall be damaged by fire, the elements, casualty or the building untenantable otherwise, but is not thereby rendered untenable or unfit for occupancy, which damage cannot be repaired within 180 days from the happening of such casualty, using reasonable diligence (“Total Destruction”) then the term hereby created Lessor shall, at the option of the Landlord or Tenantits expense, upon written notice cause such damage to the Tenant or Landlord, as the case may be, within 15 days of such fire or casualty, cease and become null and void from the date of such Total Destruction. In such event the Tenant shall immediately surrender the Leased Premises to the Landlord and this Lease shall terminate. The Tenant shall only pay rent to the time of such Total Destruction. However, in the event of Total Destruction if the Landlord shall elect not to cancel this Lease within the 15 day period the Landlord shall repair and restore the same be repaired to substantially the same condition as it was prior provided for in Paragraph 15 above, all work to the damage or destruction, with reasonable speed be done in a good and dispatchworkmanlike manner. The rent shall not be accrued after said damage or while abated and the repairs and restorations are being made, but shall recommence immediately after the premises are Substantially Complete as defined in paragraph 3.6. In any case where Landlord must restore, consideration shall be given for delays under the Force Majeure paragraph in this lease. Whether or not this Lease has been terminated as a result of a casualty, in every instance, all insurance proceeds payable as a result of from such damage or destruction to the Building shall be paid to Landlord and retained by the Lessor. If the Leased Premises shall be damaged by fire, the elements, casualty or otherwise so that the Leased Premises are rendered partially untenable or unfit for occupancy, then the Lessor, at its expense, shall cause the damage to be repaired to substantially the condition as provided for in Paragraph 15 above, all work to be done in a good and workmanlike manner. The rent shall be bated proportionately from the time of the damage until the Leased Premises are repaired and fit for occupancy, and the insurance proceeds from such damage shall be paid to and retained by the Lessor. If the Leased Premises shall be damaged by fire, the elements, casualty or otherwise, so that the Leased Premises are totally destroyed or rendered more than 70% unfit for occupancy, and 117 cannot be repaired in ninety (90) days, then either party reserves the right to cancel this lease within thirty (30) days after the casualty occurs, and if either party exercises such option, then this lease shall come to and end in the same manner as though the term had expired, and the insurance proceeds from such damage shall be paid to and retained by the Lessor. In the event the lease is not canceled, the Lessor shall, at its sole expense, rebuild the Leased Premises to substantially the condition as provided for in Paragraph 15 above, all repairs to be done in a good and exclusive propertyworkmanlike manner. The rent shall be abated during the time that Leased Premises are unfit for occupancy, and the insurance proceeds shall be paid and retained by the Lessor.

Appears in 1 contract

Samples: Lease Agreement (Tatonka Energy Inc)

Fire and Casualty. 11.1 In case of any damage to or destruction of any portion of the building of which the Leased Premises is Upon a part by fire or other casualty occurring during affecting the term of this Lease Building, Landlord, with commercially reasonable diligence and promptness, shall restore the Building. Notwithstanding the foregoing, if (i) all or previous thereto), which shall render at least 1/3 a substantial part of the floor area of the Leased Premises or the building Building is rendered untenantable by reason of fire or unfit for occupancyother casualty or (ii) a fire or casualty occurs during the last 12 months of the Term (taking into account any Extension Option [as hereinafter defined] that has been exercised prior to date of the fire or casualty), Landlord may, at its option, either restore the Premises and the Building, or terminate this Lease effective as of the date of such fire or other casualty. Landlord agrees to give Tenant written notice within 60 days after the occurrence of any such fire or other casualty designating whether Landlord elects to so restore or terminate this Lease. If Landlord elects to terminate this Lease, Rent shall be paid through and apportioned as of the date of such fire or other casualty. If Landlord elects to restore, Landlord's obligation to restore the Premises shall be limited to restoring those improvements in the Premises existing as of the date of such fire or other casualty which damage canwere made at Landlord's expense and shall exclude any furniture, equipment, fixtures, additions, alterations or improvements in or to the Premises which were made at Tenant's expense. Provided Landlord has carried the property insurance required to be carried by Landlord pursuant to Section 10B, Landlord shall not be repaired obligated to restore the Premises if Landlord does not receive insurance proceeds in an amount sufficient to pay all of the costs of such restoration (in which case if Landlord elects not to restore, this Lease shall terminate as of the date of the fire or casualty). If Landlord elects to restore, Rent shall xxxxx for that part of the Premises which is untenantable on a per diem basis from the date of such fire or other casualty until Landlord has substantially completed its repair and restoration work and obtained a certificate of occupancy relating to its work (if required), provided that Tenant does not occupy such part of the Premises during said period. Notwithstanding anything contained in this Section 12 to the contrary, within 180 60 days after the date of any fire or other casualty which renders all or a substantial part of the Premises or the Building untenantable, Landlord shall provide to Tenant in writing Landlord's good faith estimate of the time required by Landlord to restore the Premises. If Landlord's good faith estimate of the time required to restore the Premises exceeds 270 days from the happening of such casualty, using reasonable diligence (“Total Destruction”) then the term hereby created shall, at the option of the Landlord or Tenant, upon written notice to the Tenant or Landlord, as the case may be, within 15 days date of such fire or casualty, cease and become null and void from then Tenant shall have the right, exercisable by written notice to Landlord within 15 days after delivery of Landlord's good faith estimate, to terminate this Lease as of the date of such Total Destructionfire or other casualty. In such event Notwithstanding the foregoing, Tenant shall immediately surrender the Leased Premises have no right to the Landlord and terminate this Lease shall terminate. The Tenant shall only pay rent to if the time of such Total Destruction. Howeverfire or other casualty was caused, in whole or in part, by the event negligence or intentional misconduct of Total Destruction if the Landlord shall elect not to cancel this Lease within the 15 day period the Landlord shall repair and restore the same to substantially the same condition as it was prior to the damage Tenant or destructionTenant's agents, with reasonable speed and dispatch. The rent shall not be accrued after said damage employees, contractors, invitees, subtenants or while the repairs and restorations are being made, but shall recommence immediately after the premises are Substantially Complete as defined in paragraph 3.6. In any case where Landlord must restore, consideration shall be given for delays under the Force Majeure paragraph in this lease. Whether or not this Lease has been terminated as a result of a casualty, in every instance, all insurance proceeds payable as a result of damage or destruction to the Building shall be paid to Landlord as its sole and exclusive propertyassigns.

Appears in 1 contract

Samples: Lease Agreement (Wells Real Estate Investment Trust Inc)

Fire and Casualty. 11.1 In case of any damage to or destruction of any portion of the building of which the Leased Premises is a part by fire or other casualty occurring At all times during the term of this Lease (Lease, including the period of construction or previous thereto)reconstruction of any improvement on the Premises, which Lessee will have all buildings and improvements on the Premises insured against any loss or damage by fire, lightning, windstorm, hurricane, hail, explosion, riot, civil commotion, aircraft, smoke, land vehicles and boiler explosion with responsible insurance companies reasonably satisfactory to Lessor. If at any time, the Premises become totally untenantable by reason of damage of fire or other casualty and such fire or other casualty shall render at least 1/3 not have been caused by the negligence or wrongful act or omission of Lessee, Lessee's servants, agents, licensees, or invitees, the floor area of rent shall xxxxx until the Leased Premises shall have been restored to tenantable condition, but nothing herein is to be construed as requiring Lessor to restore or rebuild the Premises. If the Premises are so damaged, but not to the extent to the point that they are totally untenantable, Lessee shall continue to occupy same or the building untenantable or unfit for occupancytenantable portion thereof, which damage cannot be repaired within 180 days from and the happening of such casualty, using reasonable diligence (“Total Destruction”) then rent shall xxxxx proportionately in the term hereby created shall, at ratio that the option of the Landlord or Tenant, upon written notice unusable portion bears to the Tenant or Landlord, as entire Premises. In the case may be, within 15 days event of such a loss from fire or casualty, Lessor shall have an election not to rebuild or recondition the Premises, which election shall be exercised by written notice thereof to Lessee, given with sixty (60) days from date of said loss. If Lessor exercises such election, this Lease shall cease and become null and void from terminate, effective on the date of such Total Destruction. In such event loss, and Lessee shall pay the Tenant shall immediately surrender the Leased Premises accrued rent up to the Landlord date of such loss, or Lessor, if the rent has been paid beyond such date, will refund to Lessee the proportionate part of any such rent prepaid, and thereupon this Lease shall terminate. The Tenant shall only pay rent to the time of such Total Destruction. However, in the event of Total Destruction if the Landlord shall elect not to cancel this Lease within the 15 day period the Landlord shall repair become null and restore the same to substantially the same condition as it was prior to the damage or destructionvoid, with reasonable speed and dispatchno further obligation on the part of either party hereto, even though the building may at a later date be rebuilt, restored or reconditioned. The rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after the premises are Substantially Complete as defined in paragraph 3.6. In any case where Landlord must restore, consideration shall be given for delays under the Force Majeure paragraph in this lease. Whether or not this Lease has been terminated as a result of a casualty, in every instance, all insurance proceeds payable as a result of No damage or destruction shall allow Lessee to surrender possession of the Building shall be paid to Landlord Premises, nor affect Lessee's liability for the payment of rent, except as its sole and exclusive propertyspecifically provided in this Lease.

Appears in 1 contract

Samples: Ground Lease (Irv Inc)

Fire and Casualty. 11.1 In case If the Premises and/or the Building shall be damaged or destroyed by fire or other casualty, and if it appears that the Premises and/or the Building may be repaired or restored within one hundred eighty (180) days after such damage, and provided the Landlord's mortgagees allow sufficient insurance proceeds for the cost of any damage said repair or restoration, the Landlord shall commence to repair or destruction of restore the Premises and/or the Building as soon as reasonably possible and diligently complete said repairs and restoration with reasonable promptness. Notwithstanding anything to the contrary herein contained, Landlord shall have no duty pursuant to this Section 19. to repair or restore any portion of the building of which alterations, additions, or improvements in the Leased Premises is a part by fire or other casualty occurring during the term of this Lease (or previous thereto), which shall render at least 1/3 of the floor area of the Leased Premises or the building decorations thereto, except to the extent that same were provided by Landlord at Landlord's cost, i.e., the Tenant Improvements. If Tenant wants any other or additional repairs, restorations, additions, or alterations, and if Landlord consents thereto, the same shall be done by Landlord at the Tenant's expense. If the damage renders the Premises untenantable in whole or unfit for occupancy, which damage in part and it cannot reasonably be repaired or restored within 180 one hundred eighty (180) days from after the happening damage, or if Landlord elects to demolish the Building or cease its operation, then Landlord shall have the right to cancel and terminate this Lease as of such casualty, using reasonable diligence (“Total Destruction”) then the term hereby created shall, at the option of the Landlord or Tenant, upon written notice to the Tenant or Landlord, as the case may be, within 15 days of such fire or casualty, cease and become null and void from the date of such Total Destructiondamage by giving written notice to Tenant at any time within sixty (60) days after such damage shall have occurred. If the damage had not been caused by the intentional act or neglect of the Tenant, and if this Lease was not cancelled or terminated in accordance with the provisions in this Section 19., then Rental shall xxxxx during the period beginning with the date of such damage and ending with the date when the Premises and/or the Building are again rendered tenantable; however such abatement shall be limited to the ratio that the untenantable portion of the Premises bears to the entirePremises, should only a portion of the Premises be untenantable. In such the event the Premises is not restored or repaired within one hundred and eighty (180) days, the Tenant shall immediately surrender have the Leased Premises right to terminate the Lease upon notice to the Landlord and this Lease Landlord. Should the damage be caused by the intentional or wilful acts of the Tenant or its agents or employees, Rental shall terminate. The not xxxxx nor shall the Tenant shall only pay rent to the time of such Total Destruction. However, in the event of Total Destruction if the Landlord shall elect not have a right to cancel this Lease within Lease, and the 15 day period Tenant shall continue to be liable therefor regardless that the Landlord shall repair and restore the same to substantially the same condition as it was prior to the damage or destruction, with reasonable speed and dispatch. The rent shall Premises may not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after the premises are Substantially Complete as defined in paragraph 3.6. In any case where Landlord must restore, consideration shall be given for delays under the Force Majeure paragraph in this lease. Whether or not this Lease has been terminated as a result of a casualty, in every instance, all insurance proceeds payable as a result of damage or destruction to the Building shall be paid to Landlord as its sole and exclusive propertyhabitable.

Appears in 1 contract

Samples: Lease Agreement (Delphi Information Systems Inc /De/)

Fire and Casualty. 11.1 In case Lessor shall maintain in full force from the date of any this Lease through the duration of the Lease Term a policy or policies of insurance upon the Building insuring against all risks of physical loss or damage under an "All Risk" coverage endorsement in an amount at least equal to the full replacement value of the property insured, with an agreed amount endorsement to satisfy co-insurance requirements, as well as insurance against the breakdown of boilers and other machinery as customarily insured against for comparable buildings in the vicinity of the Building. Lessor may satisfy all or destruction of any portion of this obligation through self-insurance or by means of a blanket policy covering locations in addition to the building Building. Upon written request by Lessee not more than one (1) time per calendar year, Lessee shall provide certificates of such insurance to Lessee. To the extent to which the same are available on commercially reasonable terms, all policies of insurance maintained by Lessor shall contain the same waiver of subrogation provisions for the benefit of Lessee as Lessee is required to obtain in its insurance policies for the benefit of Lessor. Lessor shall have no obligation to insure any of Lessee's Personal Property, or any of "Lessee's Work" (as hereinafter defined), or any other alterations, additions, or improvements made or constructed by Lessee. If at any time during the Lease Term, the Leased Premises or a substantial portion of the Building shall be damaged or destroyed by fire or other casualty, Lessor shall give written notice to Lessee within ninety (90) days after the occurrence of such damage or destruction whether Lessor elects, in its sole discretion, (i) to terminate this Lease or (ii) to repair and reconstruct the Leased Premises and the Building (in which case Lessor shall include with such notice a statement from Lessor's architect, engineer or contractor stating such person's good faith estimate of the time required to complete such repairs and restoration). If such estimate exceeds twelve (12) months from the date of Lessor's notice to Lessee, then Lessee may, by written notice given to Lessor within thirty (30) days after Lessee's receipt of Lessor's notice, terminate this Lease effective not more than thirty (30) days after such notice is given to Lessor. If Lessor elects to repair and reconstruct the Leased Premises and the Building, and this Lease is not terminated by Lessee pursuant to the provisions of the immediately preceding sentence, then this Lease shall continue in full force and effect and Lessor shall proceed to repair and reconstruct the Leased Premises and the Building to substantially the same condition in which they existed immediately prior to such damage or destruction (subject to the exclusions hereinbelow described) within a reasonable time thereafter, subject to delays arising from the settlement of insurance proceeds, shortages of labor or material, acts of God, or other conditions beyond Lessor's reasonable control. In any of the aforesaid circumstances, Rent shall xxxxx proportionately during the period to the extent that the Leased Premises are unfit for use by Lessee in the ordinary conduct of its business. Lessor shall not be required to rebuild, repair, or replace any part of Lessee's Personal Property, "Lessee's Work" (as hereinafter defined), or any other alterations, additions or improvements made by Lessee, and Lessee shall be obligated to rebuild, repair and replace the same. Lessor's restoration obligation shall not require Lessor to spend an amount in excess of the insurance proceeds actually received by Lessor and allocable thereto. If Lessor fails to substantially complete such repair and reconstruction within twelve (12) months after it commenced the same (subject to delays as aforesaid), Lessee shall have the right to terminate this Lease by giving written notice of termination to Lessor within thirty (30) days after the expiration of such 12-month period; provided, however, that if Lessor substantially completes such work within such 30-day period, then Lessee's termination notice shall be deemed null and void and of no force and effect. Notwithstanding the foregoing to the contrary, if the Leased Premises is a part materially damaged by fire or other casualty occurring during the term of this Lease last twelve (or previous thereto), which shall render at least 1/3 12) months of the floor area Lease Term (excluding, for this purpose, the Extension Term unless Tenant has exercised the extension option in accordance with Section 2.B above prior to the occurrence of such fire or other casualty) such that the Leased Premises or the building untenantable or unfit for occupancy, which damage cannot be repaired and restored within 180 days from two (2) months of the happening occurrence of such fire or other casualty, using reasonable diligence (“Total Destruction”) then the term hereby created shallLessee may, at the option of the Landlord or Tenant, upon by written notice given to Lessor within thirty (30) days after the occurrence of such fire or other casualty, terminate this Lease effective not more than thirty (30) days after such notice is given to Lessor. In the event that this Lease is terminated in accordance with the provisions of this Section, Lessor shall refund to Lessee the prepaid unaccrued Rent, if any, less any sums then owing to Lessor by Lessee, or Lessee shall pay all Rent and other sums owed to Lessor up to the Tenant or Landlorddate of such termination, as the case may be, within 15 days of such fire or casualty, cease and become null and void from the date of such Total Destruction. In such event the Tenant shall immediately surrender the Leased Premises to the Landlord and this Lease shall terminate. The Tenant shall only pay rent to the time of such Total Destruction. However, in the event of Total Destruction if the Landlord shall elect not to cancel this Lease within the 15 day period the Landlord shall repair and restore the same to substantially the same condition as it was prior to the damage or destruction, with reasonable speed and dispatch. The rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after the premises are Substantially Complete as defined in paragraph 3.6. In any case where Landlord must restore, consideration shall be given for delays under the Force Majeure paragraph in this lease. Whether or not this Lease has been terminated as a result of a casualty, in every instance, all insurance proceeds payable as a result of damage or destruction to the Building shall be paid to Landlord as its sole and exclusive property.

Appears in 1 contract

Samples: Lease Agreement (Equallogic Inc)

Fire and Casualty. 11.1 In case If all or a substantial part of the Premises or the Building is rendered untenantable by reason of fire or other casualty, Landlord may, at its option, either restore the Premises and the Building, or terminate this Lease effective as of the date of such fire or other casualty. Landlord agrees to give Tenant written notice within sixty (60) days after the occurrence of any damage to or destruction of any portion of the building of which the Leased Premises is a part by such fire or other casualty occurring during designating whether Landlord elects to so restore or terminate this Lease. If the term of Lease is terminated pursuant to this Lease (or previous thereto)Section, which Rent shall render at least 1/3 be paid through and apportioned as of the floor area of the Leased Premises or the building untenantable or unfit for occupancy, which damage cannot be repaired within 180 days from the happening of such casualty, using reasonable diligence (“Total Destruction”) then the term hereby created shall, at the option of the Landlord or Tenant, upon written notice to the Tenant or Landlord, as the case may be, within 15 days date of such fire or other casualty. Unless Landlord is entitled to terminate the Lease as set forth herein, cease if the Building (including the Premises) is damaged in part or whole from any fire or other casualty and become null can be substantially repaired and void from restored within one hundred twenty (120) days after the date of such Total Destruction. In such event the Tenant shall immediately surrender the Leased Premises to the Landlord casualty using standard working methods and this Lease shall terminate. The Tenant shall only pay rent to the time of such Total Destruction. Howeverprocedures, in the event of Total Destruction if the Landlord shall elect not to cancel this Lease within the 15 day period the Landlord shall at its expense promptly and diligently repair and restore the same Building and Premises to substantially the same condition as it was prior existed before the damage. If Landlord elects to restore or, is otherwise obligated to restore, Landlord’s obligation to restore the Premises shall be limited to restoring those improvements in the Premises existing as of the date of such fire or other casualty which were made at Landlord’s expense and shall exclude any furniture, equipment, fixtures, additions, alterations or improvements in or to the damage or destruction, with reasonable speed and dispatchPremises which were made at Tenant’s expense. The rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after the premises are Substantially Complete as defined in paragraph 3.6. In any case where Landlord must restore, consideration shall be given for delays under the Force Majeure paragraph in this lease. Whether or not this Lease has been terminated as a result of Upon a casualty, rent shall xxxxx (a) for that part of the Premises which is untenantable on a per diem basis from the date of such fire or other casualty until Landlord has substantially completed its repair and restoration work, provided that Tenant does not occupy such part of the Premises for conduct of its business during said period or (b) for the entire Premises from the date of such fire or other casualty until Landlord has substantially completed its repair and restoration work in every instancethe event that it is commercially impractical for Tenant to conduct its business in a portion of the Premises while another part of the business operation relocates to temporary space due to such damage (or Landlord’s restoration activities). Notwithstanding any of the foregoing, all upon such a fire or other casualty, Tenant may terminate the Lease in the event that (a) Landlord elects not to restore the Premises or the Building or the restoration cannot be or is not otherwise completed within one hundred eighty (180) days following the date of such fire or other casualty, (b) any mortgagee of the Building does not allow insurance proceeds payable as to be used for repair and restoration or any such insurance proceeds are not in an amount sufficient to complete the restoration or (c) a result substantial part of damage the Premises or destruction to the Building shall be paid to Landlord as its sole is rendered untenantable by reason of fire or other casualty and exclusive propertysuch damage occurs during the final 365 days of the Term.

Appears in 1 contract

Samples: Office Lease (Telvent Git S A)

Fire and Casualty. 11.1 14.1 In case of any damage to or destruction of any portion of the building of which Building or the Leased Premises is a part by fire or other casualty occurring during the term of this Lease (which is not covered by the insurance required to be carried by Article 9.1, or previous thereto), which shall render at least 1/3 of the floor area of the Leased Premises or the building untenantable or unfit for occupancy, which damage cannot be repaired within 180 two hundred ten (210) days from the happening of such casualty, using reasonable diligence or in the event that less than three (“Total Destruction”3) then months will remain in the Term (inclusive of any exercised renewal options) upon completion of such repair, then, in such event, the term hereby created shall, at the option of the Landlord or Tenanteither party, upon written notice to the Tenant or Landlordother by certified mail, as the case may bereturn receipt requested, within 15 thirty (30) days of such fire or casualty, cease and become null and void from the date of such Total Destructiondestruction or damage. In Landlord shall notify Tenant within thirty (30) days from the happening of such event the Tenant shall immediately surrender fire or casualty as to whether or not the Leased Premises to can be restored within the Landlord and this Lease shall terminate. The Tenant shall only pay rent to the time of such Total Destructionaforementioned two hundred ten (210) day period. However, in the event of Total Destruction if the Landlord neither party shall elect not to cancel this Lease within the 15 thirty (30) day period the hereinabove provided, Landlord shall thereupon repair and restore the same to substantially the same condition as it was prior to the damage or destruction, Leased Premises with reasonable speed and dispatch. The , and the rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after said Leased Premises are restored. Anything in this Article 14 to the premises are Substantially Complete as defined in paragraph 3.6. In any case where contrary notwithstanding, it is expressly understood and agreed that Landlord must restore, consideration shall be given for delays under obligated to restore the Force Majeure paragraph in this lease. Whether or not this Lease has been terminated as a result of a casualty, in every instance, all insurance proceeds payable as a result of damage or destruction Leased Premises only to the Building shall extent of such cost as will be paid equivalent to the proceeds received by Landlord pursuant to the fire insurance coverage to be provided to Landlord as its sole in Article 9 provided. If the insurance proceeds are not sufficient to restore the Leased Premises to substantially the same condition which they were in prior to the casualty, then Landlord shall have a period of thirty (30) days within which to determine whether to terminate the term hereby created unless Landlord and exclusive propertyTenant shall mutually agree to the funding of any such excess construction costs. In the event of cancellation in accordance with this Article, Tenant shall immediately surrender the Leased Premises and Tenant's interest in said Lease to Landlord, and Tenant shall only pay rent to the time of such destruction or damage, in which event, Landlord may re-enter and repossess the Leased Premises thus discharged from this Lease and may remove all parties therefrom.

Appears in 1 contract

Samples: Agreement (Able Laboratories Inc)

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Fire and Casualty. 11.1 A. In case the event of any a fire or other casualty in the Leased Premises, Tenant shall immediately give notice thereof to Landlord. If the Leased Premises shall be partially destroyed by fire or other casualty so as to render the Leased Premises untenantable in whole or in part, Rent shall xxxxx thereafter as to the portion of the Leased Premises rendered untenantable until such time as the Leased Premises are made tenantable as reasonably determined by Landlord and Landlord agrees to commence and prosecute such repair work promptly and with all due diligence; provided, however, in the event such destruction (i) results in total or substantial damage to or destruction of any portion of the building of which Building and Landlord shall decide not to rebuild or (ii) results in the Leased Premises is being untenantable in whole or in substantial part and the reasonable estimation of a part responsible contractor selected by fire Landlord as to the amount of time necessary to rebuild or other casualty occurring during the term of this Lease (or previous thereto), which shall render at least 1/3 of the floor area of restore such destruction to the Leased Premises or and all other portions of the building untenantable or unfit for occupancy, which damage cannot be repaired within 180 days Building exceeds six (6) months from the happening time such work is commenced, then in either event, Landlord shall have a right to terminate this Lease Agreement effective as of such casualty, using reasonable diligence (“Total Destruction”) then the term hereby created shall, at the option of the Landlord or Tenant, upon written notice to the Tenant or Landlord, as the case may be, within 15 days of such fire or casualty, cease and become null and void from the date of casualty or destruction, and upon such Total Destruction. In such event the Tenant shall immediately surrender the Leased Premises to the Landlord and this Lease shall terminate. The Tenant shall only pay rent termination, all Rent owed up to the time of such Total Destructiondestruction or termination shall be paid by Tenant. HoweverSubject to reasonable delays for insurance adjustments, in the event of Total Destruction if the Landlord shall elect not to cancel give Tenant written notice of its decisions, estimates or elections under this Lease Section 13 within the 15 day period the Landlord shall repair and restore the same to substantially the same condition as it was prior to the sixty (60) days after any such damage or destruction. If any portion of Rent is abated under this Section 13, with reasonable speed and dispatch. The rent shall not be accrued after said damage or while Landlord may elect to extend the repairs and restorations are being made, but shall recommence immediately after expiration date of the premises are Substantially Complete as defined in paragraph 3.6. In any case where Landlord must restore, consideration shall be given for delays under the Force Majeure paragraph in this lease. Whether or not Term of this Lease has been terminated as a result Agreement for the period of a casualty, in every instance, all insurance proceeds payable as a result of damage or destruction to the Building shall be paid to Landlord as its sole and exclusive propertyabatement.

Appears in 1 contract

Samples: Lease Agreement

Fire and Casualty. 11.1 In case of 19.1 If the Premises or any damage part thereof shall be damaged by fire or other casualty, Tenant shall give prompt written notice thereof to or destruction of any portion of Landlord. If the building of which the Leased Premises is a part Project shall be damaged by fire or other casualty occurring during the term of this Lease (or previous thereto), which shall render at least 1/3 and any of the floor area following applies: (a) substantial alteration or reconstruction of the Leased Building is, in Landlord’s reasonable opinion, required (whether or not the Premises or the building untenantable or unfit for occupancy, which damage cannot be repaired within 180 days from the happening of such casualty, using reasonable diligence (“Total Destruction”) then the term hereby created shall, at the option of the Landlord or Tenant, upon written notice to the Tenant or Landlord, as the case may be, within 15 days of shall have been damaged by such fire or other casualty), cease and become null and void from (b) any mortgagee under a mortgage or deed of trust covering the date Project requires that more than $50,000.00 of such Total Destruction. In such event the Tenant shall immediately surrender the Leased Premises to the Landlord and this Lease shall terminate. The Tenant shall only pay rent to the time of such Total Destruction. However, in the event of Total Destruction if the Landlord shall elect not to cancel this Lease within the 15 day period the Landlord shall repair and restore the same to substantially the same condition as it was prior to the damage or destruction, with reasonable speed and dispatch. The rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after the premises are Substantially Complete as defined in paragraph 3.6. In any case where Landlord must restore, consideration shall be given for delays under the Force Majeure paragraph in this lease. Whether or not this Lease has been terminated as a result of a casualty, in every instance, all insurance proceeds payable as a result of said fire or other casualty be used to retire all or any portion of the mortgage debt, (c) the Project is damaged as a result of a risk that is not covered by Landlord’s insurance (unless covered by another tenant’s insurance and Landlord has unconditional access to the proceeds of that insurance and those proceeds are sufficient to pay all of the costs of the applicable restoration and repair), or (d) the Premises is materially damaged during the last year of the Term, then Landlord may, at its option, terminate this Lease by notifying Tenant in writing of such termination within thirty (30) days after the date of such damage or casualty, in which event the Rent hereunder shall be abated as of the date that is the later of the date of the damage or casualty or the date upon which Tenant ceases to occupy the Premises; provided that if Tenant is unable to occupy a portion of the Premises by reason of that damage or casualty then the abatement as to that portion shall commence upon the date after the damage or destruction that Tenant ceases to occupy that portion of the Building Premises. In cases of less than such substantial damage and upon receipt of the insurance proceeds for the damage, Landlord shall restore and repair the Premises, provided, Landlord shall not be paid required to repair (i) any damage caused by Tenant for which Landlord as its sole and exclusive has not received insurance proceeds, (ii) any of Tenant’s trade fixtures, personal property, machinery or equipment or (iii) any alterations installed by Tenant.

Appears in 1 contract

Samples: Lease Agreement (Sypris Solutions Inc)

Fire and Casualty. 11.1 In case of any damage to or destruction of any portion of the building Building of which the Leased Premises is a part by fire or other casualty occurring during the term of this Lease (or previous prior thereto), which shall render at least 1/3 of the floor area of the Leased Premises or portions of the building required for Tenant’s use of the Leased Premises untenantable or unfit for occupancy, which damage cannot be repaired within 180 days from the happening of such casualty, using reasonable diligence (“Total Destruction”) then the term hereby created shall, at the option of the Landlord or TenantLandlord, upon written notice to the Tenant or Landlord, as the case may be, within 15 days of such fire or casualty, cease and become null and void from the date of such Total Destruction. In such event the Tenant shall immediately surrender the Leased Premises to the Landlord and this Lease shall terminate. The Tenant shall only pay rent Rent to the time of such Total Destruction. However, in the event of Total Destruction if the Landlord shall elect not to cancel this Lease within the 15 day period the Landlord shall repair and restore the same Building to substantially the same condition as it was prior to the damage or destruction, with reasonable speed and dispatch. The rent Rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after the premises Leased Premises are Substantially Complete substantially restored as defined in paragraph 3.6evidenced by the issuance of a TCO/CO/CA by municipal authorities. In any case where Landlord must restore, consideration shall be given for delays under the Force Majeure paragraph in this leaseLease, but such delays shall not impact Tenant’s rent abatement or termination rights hereunder, if any. Whether or not this Lease has been terminated as a result of a casualty, in every instance, all property insurance proceeds payable as a result of damage or destruction to the Building shall be paid to Landlord as its sole and exclusive property.

Appears in 1 contract

Samples: Lease Agreement (PMV Pharmaceuticals, Inc.)

Fire and Casualty. 11.1 In case of 21. (a) If the Premises, or any damage to or destruction of any portion part of the building of which the Leased Premises is are a part shall be damaged by fire or other casualty occurring and if such damage does not render all or a substantial portion of the Premises or such building untenantable in Lessor’s reasonable discretion, then Lessor shall proceed to repair and restore with reasonable promptness the Premises, subject to reasonable delays for insurance adjustments and delays caused by matters beyond Lessor’s reasonable control. If any such damage renders all or a substantial portion of the Premises or the building untenantable, Lessor shall, with reasonable promptness after the occurrence of such damage, estimate the length of time that will be required to substantially complete the repair and restoration of the damaged areas of the Premises or building and shall give notice to advise Lessee of such estimate. If it is so estimated that the amount of time required to substantially complete such repair and restoration will exceed two hundred seventy (270) days from the date such damage occurred or be beyond the end of the term, then Lessor shall have the right to terminate this Lease as of the date of such damage upon giving notice to the Lessee at any time within twenty (20) days after Lessor gives Lessee the notice containing said estimate (it being understood that Lessor may, if it elects to do so, also give such notice of termination together with the notice containing said estimate); and, if such damage or destruction shall occur during the last year of the term of this lease, Lessee may elect to terminate this lease by notice to Lessor within thirty (30) days of the date of such damage or destruction. Unless this Lease is terminated as provided in the preceding sentence, Lessor shall proceed with reasonable promptness to repair and restore the base work applicable to the Premises, subject to reasonable delays for insurance adjustments and delays caused by matters beyond Lessor’s reasonable control, and also subject to zoning laws and building codes then in effect. Lessor shall have no liability to Lessee, and Lessee shall not be entitled to terminate this Lease (except as herein provided) if such repairs and restoration are not in fact completed within the time period estimated by Lessor, as aforesaid, or previous thereto), which shall render at least 1/3 within said two hundred seventy (270) days or before the end of the floor area of term. If the Leased Premises are not repaired or restored within twelve (12) months after the building untenantable or unfit for occupancy, which damage cannot be repaired within 180 days from the happening of such casualty, using reasonable diligence (“Total Destruction”) then the term hereby created shall, at the option of the Landlord or Tenant, upon written notice to the Tenant or Landlord, as the case may be, within 15 days date of such fire or other casualty, cease and become null and void from then either party may terminate this Lease, effective as of the date of such Total Destruction. In such event the Tenant shall immediately surrender the Leased Premises written notice is given to the Landlord other party, if given not later than thirty (30) days after the expiration of said twelve (12) month period, but prior to substantial completion of repair or restoration; provided that such termination shall not limit or waive in any way Lessee’s rights to damages caused by Lessor’s failure to repair or restore the Premises within such two hundred seventy (270) days. Notwithstanding anything to the contrary herein set forth, (a) Lessor shall have no duty pursuant to this paragraph to repair or restore any portion of the alterations, additions, or improvements owned or made by Lessee in the Premises, or any personal property or fixtures of Lessee, and (b) Lessee shall not have the right to terminate this Lease shall terminate. The Tenant shall only pay rent pursuant to the time of such Total Destruction. However, in the event of Total Destruction this paragraph if the Landlord shall elect not to cancel this Lease within the 15 day period the Landlord shall repair and restore the same to substantially the same condition as it was prior to the damage or destructiondestruction was caused by the act or neglect of Lessee, with reasonable speed and dispatch. The rent shall not be accrued after said damage its agents or while the repairs and restorations are being made, but shall recommence immediately after the premises are Substantially Complete as defined in paragraph 3.6. In any case where Landlord must restore, consideration shall be given for delays under the Force Majeure paragraph in this lease. Whether or not this Lease has been terminated as a result of a casualty, in every instance, all insurance proceeds payable as a result of damage or destruction to the Building shall be paid to Landlord as its sole and exclusive propertyemployees.

Appears in 1 contract

Samples: Rubicon Technology, Inc.

Fire and Casualty. 11.1 In case of any damage to or destruction of any portion of the building Building of which the Leased Premises is a part by fire or other casualty occurring during the term of this Lease (or previous prior thereto), which shall render at least 1/3 of the floor area of the Leased Premises or the building untenantable or unfit for occupancyoccupancy (“Total Destruction”), which damage cannot be repaired within 180 days from the happening of such casualty, using reasonable diligence (“Total Destruction”) diligence, as determined in a report prepared by an independent engineer, then the term hereby created shall, at the option of the Landlord or TenantLandlord, upon written notice to the Tenant or Landlord, as the case may be, within 15 days of such fire or casualty, cease and become null and void from the date of such Total DestructionDestruction unless within fifteen (15) days of Landlord’s notice of Total Destruction Tenant sends notice to Landlord that it elects to continue the Lease notwithstanding the fact that the Leased Premises cannot be repaired within 180 days. In such the event of the termination, the Tenant shall immediately surrender the Leased Premises to the Landlord and this Lease shall terminate. The Tenant shall only pay rent Rent to the time of such Total Destruction. However, in the event of Total Destruction if the Landlord shall elect not to cancel this Lease within the 15 day period the Landlord shall repair and restore the same Building to substantially the same condition as it was prior to the damage or destruction, with reasonable speed and dispatch, and in all events within 180 days, or if Tenant sends notice to Landlord that it elects to continue the Lease, Landlord shall repair and restore the Building to substantially the same condition as it was prior to the damage or destruction, with reasonable speed and dispatch, and in all events within the timeframe stated in the independent engineer’s report. The rent Rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after upon 30 days notice from Landlord that the premises Leased Premises are Substantially Complete substantially restored as defined in paragraph 3.6evidenced by the issuance of a CO by municipal authorities. In any case where Landlord must restore, consideration shall be given for delays under the Force Majeure paragraph in this leaseLease. Whether or not this Lease has been terminated as a result of a casualty, in every instance, all insurance proceeds payable under policies of insurance carried by Landlord as a result of damage or destruction to the Building shall be paid to Landlord as its sole and exclusive property.

Appears in 1 contract

Samples: Rocket Pharmaceuticals, Inc.

Fire and Casualty. 11.1 In case 17.1 Within fifteen (15) days from the date of any damage fire or casualty including, without limitation, a force majeure type of event that renders the Premises untenantable, the Tenant to or destruction give Landlord notice of any portion of the building of which the Leased Premises is a part by fire or other casualty occurring during casualty, Landlord shall obtain from its Architect, or if its Architect shall not be in existence from any AIA architect of reputation in the term of this Lease office-industrial building field, a certification certifying in his opinion the time within which the building can be restored and constructed under standard construction conditions (or previous theretohereinafter called the "Restoration Time"). Landlord shall promptly deliver such certification to the Tenant (hereinafter referred to as "Landlord's Notice"), which shall render at least 1/3 of and in the floor area of event the Leased Premises or damage be so substantial that the building untenantable or unfit for occupancy, which damage Building cannot be repaired restored within 180 one hundred twenty(120) days from the happening of such casualty, using reasonable diligence (“Total Destruction”) then the term hereby created shall, at the option of the Landlord or Tenant, upon written notice to the Tenant or Landlord, as the case may be, within 15 days of such fire or casualty, cease and become null and void from the date of such Total Destruction. In such fire or casualty based on the certified Restoration Time hereinabove referred to, then in that event the Tenant shall immediately surrender have the Leased Premises right within thirty (30) days after receipt of such notice to advise Landlord that it elects to terminate the Lease. Except as provided in Section 17.2 hereof, nothing herein contained, however, shall obligate the Landlord in any event to restore the Premises and this Landlord shall have the right to terminate the Lease shall terminate. The Tenant shall only pay rent to the time of such Total Destruction. However, at its sole election in the event of Total Destruction if the Landlord shall elect Premises cannot to cancel this Lease be restored within the 15 one hundred twenty (120) day period the Landlord shall repair and restore the same to substantially the same condition as it was prior to the damage or destruction, with reasonable speed and dispatch. The rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after the premises are Substantially Complete as defined in paragraph 3.6period. In the event Landlord or Tenant so elects then tenant shall surrender the Premises forthwith, provided that Tenant shall continue to pay pro-rata Annual Basic Rent and Additional Rent for any case where Landlord must restore, consideration portion of the Premises which it continues to occupy and conduct business pending such surrender of the Premises. Rent shall be given abate frox xxx date of casualty or damage with respect to that portion of the Premises the Tenant cannot occupy for delays under its business purposes until the Force Majeure paragraph in this lease. Whether or not this Lease has been terminated as a result of a casualty, in every instance, all insurance proceeds payable as a result of damage or destruction to the Building shall be paid to Landlord as its sole and exclusive propertyPremises is restored.

Appears in 1 contract

Samples: Lease Agreement (Computer Outsourcing Services Inc)

Fire and Casualty. 11.1 A. In case the event of any damage a fire or other casualty in the Leased Premises, Tenant shall immediately give notice thereof to or destruction of any portion of the building of which Landlord. If the Leased Premises is a part shall be partially destroyed by fire or other casualty occurring during so as to render the term of this Lease (Leased Premises untenantable in whole or previous thereto), which in part. Rent shall render at least 1/3 of xxxxx thereafter as to the floor area portion of the Leased Premises rendered untenantable until such time as the Leased Premises are made tenantable as reasonably determined by Landlord and Landlord agrees to commence and prosecute such repair work promptly and with all due diligence; provided, however, in the event such destruction (i) results in total or substantial damages to or destruction of the building Building or (ii) results in the Leased Premises being untenantable in whole or unfit for occupancy, which damage cannot be repaired within 180 days in substantial part and either (a) the reasonable estimation of a responsible contractor selected by Landlord and reasonably acceptable to Tenant as to the amount of time necessary to rebuild or restore such destruction to the Leased Premises and all other portions of the Building exceeds six (6) months from the happening of time such casualtywork is commenced, using reasonable diligence or (“Total Destruction”b) then such casualty occurs during the term hereby created shall, at the option last two (2) years of the Term or any Extended Term, then in either event of item (i) or (ii), Landlord or Tenant, upon Tenant shall have the right to terminate this Lease Agreement effective as of the date of casualty or destruction by sending written notice to the Tenant or Landlordother within sixty (60) days after the casualty event, as the case may besubject to reasonable delays for insurance adjustments and upon such termination, within 15 days of such fire or casualty, cease and become null and void from the date of such Total Destruction. In such event the Tenant shall immediately surrender the Leased Premises to the Landlord and this Lease shall terminate. The Tenant shall only pay rent all Rent owed up to the time of such Total Destruction. However, in the event of Total Destruction if the Landlord shall elect not to cancel this Lease within the 15 day period the Landlord shall repair and restore the same to substantially the same condition as it was prior to the damage destruction or destruction, with reasonable speed and dispatch. The rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after the premises are Substantially Complete as defined in paragraph 3.6. In any case where Landlord must restore, consideration shall be given for delays under the Force Majeure paragraph in this lease. Whether or not this Lease has been terminated as a result of a casualty, in every instance, all insurance proceeds payable as a result of damage or destruction to the Building termination shall be paid by Tenant. If any portion of Rent is abated under this Section 13, the parties may elect by mutual agreement to Landlord as its sole and exclusive propertyextend the expiration date of the Term of this Lease Agreement for the period of the abatement.

Appears in 1 contract

Samples: Lease Agreement (TaxMasters, Inc.)

Fire and Casualty. 11.1 In case If all or a substantial part of the Premises or the Building is rendered untenantable by reason of fire or other casualty, Landlord may, at its option, either restore the Premises and the Building, or terminate this Lease effective as of the date of such fire or other casualty. Landlord agrees to give Tenant written notice within sixty days after the occurrence of any damage to or destruction of any portion of the building of which the Leased Premises is a part by such fire or other casualty occurring during the term of designating whether Landlord elects to so restore or terminate this Lease (or previous thereto)Lease. If Landlord elects to terminate this Lease, which Rent shall render at least 1/3 be paid through and apportioned as of the floor area of the Leased Premises or the building untenantable or unfit for occupancy, which damage cannot be repaired within 180 days from the happening of such casualty, using reasonable diligence (“Total Destruction”) then the term hereby created shall, at the option of the Landlord or Tenant, upon written notice to the Tenant or Landlord, as the case may be, within 15 days date of such fire or other casualty. If Landlord elects to restore, cease Landlord's obligation to restore the Premises shall be limited to restoring those improvements in the Premises existing as of the date of such fire or other casualty which were made at Landlord's expense and become null and void shall exclude any furniture, equipment, fixtures, additions, alterations or improvements in or to the Premises which were made at Tenant's expense. If Landlord elects to restore, Rent shall xxxxx for that part of the Premises which is untenantable on a per diem basis from the date of such Total Destructionfire or other casualty until Landlord has substantially completed its repair and restoration work, provided that Tenant does not occupy such part of the Premises during said period. In If the restoration takes longer than two hundred and ten (210) days or if such event damage occurs during the last eighteen (18) months of the Lease Term, the Tenant shall immediately surrender have the Leased Premises option to terminate this Lease as of the date of casualty by submitting written notice to the Landlord and this Lease shall terminate. The Tenant shall only pay rent to the time of such Total Destruction. However, in the event of Total Destruction if the Landlord shall elect not to cancel this Lease within the 15 day period the Landlord shall repair and restore the same to substantially the same condition as it was prior to the damage or destruction, with reasonable speed and dispatch. The rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after the premises are Substantially Complete as defined in paragraph 3.6. In any case where Landlord must restore, consideration shall be given for delays under the Force Majeure paragraph in this lease. Whether or not this Lease has been terminated as a result of a casualty, in every instance, all insurance proceeds payable as a result of damage or destruction to the Building shall be paid to Landlord as its sole and exclusive propertyLandlord.

Appears in 1 contract

Samples: Embassy Plaza (Data Transmission Network Corp)

Fire and Casualty. 11.1 In case of any damage to or destruction of any portion of the building of which 23.1 If the Leased Premises is a or any part thereof shall be damaged by fire or other casualty, Tenant shall give prompt written notice thereof to Landlord. If the Leased Premises or the Building Complex shall be damaged by fire or other casualty occurring during the term of this Lease (or previous thereto), which shall render at least 1/3 and any of the floor area of following applies: (a) the Building is “substantially damaged” (whether or not the Leased Premises or the building untenantable or unfit for occupancy, which damage cannot be repaired within 180 days from the happening of such casualty, using reasonable diligence (“Total Destruction”) then the term hereby created shall, at the option of the Landlord or Tenant, upon written notice to the Tenant or Landlord, as the case may be, within 15 days of shall have been damaged by such fire or other casualty, cease and become null and void from the date of such Total Destruction. In such event the Tenant shall immediately surrender ) or the Leased Premises to is totally damaged, (b) any mortgagee under a mortgage or deed of trust covering the Landlord and this Lease shall terminate. The Tenant shall only pay rent to Building Complex requires that the time of such Total Destruction. However, in the event of Total Destruction if the Landlord shall elect not to cancel this Lease within the 15 day period the Landlord shall repair and restore the same to substantially the same condition as it was prior to the damage or destruction, with reasonable speed and dispatch. The rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after the premises are Substantially Complete as defined in paragraph 3.6. In any case where Landlord must restore, consideration shall be given for delays under the Force Majeure paragraph in this lease. Whether or not this Lease has been terminated as a result of a casualty, in every instance, all insurance proceeds payable as a result of said fire or other casualty be used to retire all or a material portion of the mortgage debt, or (c) the Leased Premises is materially damaged during the last year of the Term, then Landlord may, at its opinion, terminate this Lease by notifying Tenant in writing of such termination within thirty (30) days after the date of such damage or destruction casualty, in which event the Rent for the unexpired balance of the Term of the Lease shall be abated as of the date of such notice. In cases of less than such “substantial damage” and upon receipt of the insurance proceeds for the damage, Landlord shall restore and repair the Leased Premises, provided, Landlord shall not be required to repair (i) any damage caused by Tenant, (ii) any of Tenant’s trade fixtures, personal property, machinery or equipment, or (iii) any alterations installed by Tenant. For purposes of this Article “totally damaged” shall mean more than fifty percent (50%) of the Building (or Leased Premises, whichever is applicable) is unusable or damaged and cannot be repaired within sixty (60) days of said fire or casualty and “substantial damage” shall mean more than one-third (1/3rd) damaged or unusable and cannot be paid to Landlord as its sole and exclusive propertyrepaired within sixty (60) days.

Appears in 1 contract

Samples: Lease Agreement (Fusion Telecommunications International Inc)

Fire and Casualty. 11.1 In case of any damage to or destruction of any portion of the building of which the Leased Premises is Upon a part by fire or other casualty occurring during affecting the term of this Lease (Building, Landlord, with reasonable diligence, shall restore the Building. Notwithstanding the foregoing, if all or previous thereto), which shall render at least 1/3 a substantial part of the floor area of the Leased Premises or the building Building is rendered untenantable by reason of fire or unfit other casualty, Landlord may, at its option, either restore the Premises and the Building, or terminate this Lease effective as of the date of such fire or other casualty. Landlord agrees to give Tenant written notice within 60 days after the occurrence of any such fire or other casualty designating whether Landlord elects to so restore or terminate this Lease. If Landlord elects to terminate this Lease, Rent shall be paid through and apportioned as of the date of such fire or other casualty. If Landlord elects to restore, Landlord's obligation to restore the Premises shall be limited to restoring those improvements in the Premises existing as of the date of such fire or other casualty which were made at Landlord's expense and shall exclude any furniture, equipment, fixtures, additions, alterations or improvements in or to the Premises which were made at Tenant's expense. If Landlord elects to restore, Rent shall xxxxx for occupancythat part of the Premises which is untenantable on a per diem basis from the date of such fire or other casualty until Landlord has substantially completed its repair and restoration work, provided that Tenant does not occupy such part of the Premises during said period. Notwithstanding anything contained in this Section 12 to the contrary, within 60 days after the date of any fire or other casualty which damage cannot be repaired within 180 renders all or a substantial part of the Premises or the Building untenantable, Landlord shall provide to Tenant in writing Landlord's good faith estimate of the time required by Landlord to restore the Premises. If Landlord's good faith estimate of the time required to restore the Premises exceeds 270 days from the happening of such casualty, using reasonable diligence (“Total Destruction”) then the term hereby created shall, at the option of the Landlord or Tenant, upon written notice to the Tenant or Landlord, as the case may be, within 15 days date of such fire or casualty, cease and become null and void from then Tenant shall have the right, exercisable by written notice to Landlord within 15 days after delivery of Landlord's good faith estimate, to terminate this Lease as of the date of such Total Destructionfire or other casualty. In such event Notwithstanding the foregoing, Tenant shall immediately surrender the Leased Premises have no right to the Landlord and terminate this Lease shall terminate. The Tenant shall only pay rent to if the time of such Total Destruction. Howeverfire or other casualty was caused, in whole or in part, by the event negligence or intentional misconduct of Total Destruction if the Landlord shall elect not to cancel this Lease within the 15 day period the Landlord shall repair and restore the same to substantially the same condition as it was prior to the damage Tenant or destructionTenant's agents, with reasonable speed and dispatch. The rent shall not be accrued after said damage employees, contractors, invitees, subtenants or while the repairs and restorations are being made, but shall recommence immediately after the premises are Substantially Complete as defined in paragraph 3.6. In any case where Landlord must restore, consideration shall be given for delays under the Force Majeure paragraph in this lease. Whether or not this Lease has been terminated as a result of a casualty, in every instance, all insurance proceeds payable as a result of damage or destruction to the Building shall be paid to Landlord as its sole and exclusive propertyassigns.

Appears in 1 contract

Samples: Lease Agreement (Wells Real Estate Investment Trust Inc)

Fire and Casualty. 11.1 In If the Premises are damaged by fire or other casualty, upon notice thereof given to Landlord by Tenant, the damages shall be repaired by Landlord utilizing the insurance proceeds provided for in Article VIII, and all rent until such repairs are made shall be reduced in the proportion which the part of the Premises which is not usable by Tenant bears to the rentable space in the Premises, provided, if so much of Tenant's useable space in the Premises is so taken so that the remaining portion, in Tenant's reasonable judgment, is unsuitable for its continued occupation, Tenant may elect to vacate the Premises, in which case of any all rent shall so xxxxx. Landlord shall not be obligated to repair damage to or destruction to replace alterations or ·additions owned by Tenant or any fixtures, furniture, furnishings, equipment or other property of any portion Tenant. Such repairs and replacements shall be made by and at the sole cost and expense of Tenant. If the Premises are rendered wholly untenantable, all rent shall xxxxx from the date of such damage. If the Premises shall be so damaged, that in Landlord's opinion, more than twenty-five percent (25 %) of the building Premises shall require alteration, demolition or reconstruction, then Landlord may, not later than thirty (30) 9ays following the damage, give Tenant notice in writing terminating this Lease. If Landlord elects to restore the Premises, then Landlord shall give Tenant notice of which such intent within thirty (30) days following the Leased Premises is damage, and Landlord shall promptly thereafter commence such reconstruction and diligently pursue such reconstruction in good faith, and shall complete such repairs, subject to matters beyond its control, within a part reasonable time but no later than one hundred and eighty (180) days after such damage If Landlord does not give such notice of intent within thirty (30) days or complete such repairs within one hundred eighty (180) days, Tenant shall have the right to terminate this Lease by giving written notice to Landlord at the end of said thirty (30) days or at the end of the one hundred eighty (180) day period if repairs are not substantially completed. If Tenant so terminates this Lease, rent hereunder, to the extent not otherwise abated, shall be due from Tenant to Landlord up to the date Tenant vacated the Premises. If any Tenant improvements are so damaged by fire or other casualty occurring during and the term of this Lease (same are owned in whole or previous thereto), which shall render at least 1/3 of the floor area of the Leased Premises or the building untenantable or unfit for occupancy, which damage cannot be repaired within 180 days from the happening of such casualty, using reasonable diligence (“Total Destruction”) then the term hereby created shall, at the option of the Landlord or in part by Tenant, upon written notice Tenant shall contribute to any repair or replacement therefor in proportion to Tenant's ownership. Tenant shall be responsible for all rent, damage or casualty to the Tenant premises not covered by insurance and which is caused by the acts, omissions or Landlordnegligence of Tenant, as the case may be, within 15 days of such fire its employees or casualty, cease and become null and void from the date of such Total Destruction. In such event the Tenant shall immediately surrender the Leased Premises to the Landlord and this Lease shall terminate. The Tenant shall only pay rent to the time of such Total Destruction. However, in the event of Total Destruction if the Landlord shall elect not to cancel this Lease within the 15 day period the Landlord shall repair and restore the same to substantially the same condition as it was prior to the damage or destruction, with reasonable speed and dispatch. The rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after the premises are Substantially Complete as defined in paragraph 3.6. In any case where Landlord must restore, consideration shall be given for delays under the Force Majeure paragraph in this lease. Whether or not this Lease has been terminated as a result of a casualty, in every instance, all insurance proceeds payable as a result of damage or destruction to the Building shall be paid to Landlord as its sole and exclusive propertyagents.

Appears in 1 contract

Samples: Industrial Building Lease (Griffin Capital Essential Asset REIT II, Inc.)

Fire and Casualty. 11.1 In case of If the Building or any damage to part thereof shall be damaged or destruction of any portion of the building of which the Leased Premises is a part partially destroyed by fire or other casualty occurring during casualty, the term Tenant shall promptly notify the Landlord, and, at the Tenant's sole cost and expense, and whether or not the insurance proceeds are sufficient, restore, repair, replace, or rebuild the Building. Said restoration shall be at least equal in quality and class to the original construction, shall be of a design approved in writing by the Landlord, shall be performed pursuant to plans and specifications approved by the Landlord and in accordance with all provisions applicable to said work and all other provisions of this Lease Lease. The restoration shall be commenced within ninety (or previous thereto), which shall render at least 1/3 of the floor area of the Leased Premises or the building untenantable or unfit for occupancy, which damage cannot be repaired within 180 90) days from the happening date of damage or partial destruction, provided, however, the Landlord may grant such extensions of time for the adjustment of insurance and the preparation of plans and specifications as reasonably may be required. The architect or engineer in charge of such work shall be selected by the Tenant and approved in writing by the Landlord. The Tenant shall diligently complete the restoration. The Landlord agrees to oversee and supervise all construction required under this paragraph 15; without altering or modifying the Tenant's responsibilities hereunder. No partial destruction or damage to the Building or any part thereof shall permit the Tenant to surrender this Lease or relieve the Tenant from its obligations to pay rent or from any other obligations hereunder. The Tenant waives any rights now or in the future conferred upon it by statute or otherwise to quit or surrender this Lease or to any rebate, refund, suspension, diminution, abatement, or reduction of rent on account of any partial destruction or damage to the Building. If the Building is totally destroyed by fire or by any other casualty, using reasonable diligence (“Total Destruction”) then the term hereby created Tenant shall promptly notify the Landlord, and, at the Tenant's sole discretion, restore, replace, repair or rebuild the Building in accordance with the provisions of this paragraph, or terminate this Lease. In the event the Tenant elects to terminate this Lease, the Tenant shall, at the option Tenant's sole expense, restore the building site to its condition as of the Landlord or Tenantdate hereof, upon written notice prior to construction, to the Tenant or satisfaction of Landlord, as the case may be, within 15 days of such fire or casualty, cease and become null and void from the date of such Total Destruction. In such event the Tenant shall immediately surrender the Leased Premises to the Landlord and this Lease shall terminate. The Tenant shall only pay rent to the time of such Total Destruction. However, in the event of Total Destruction if the Landlord shall elect not to cancel this Lease within the 15 day period the Landlord shall repair and restore the same to substantially the same condition as it was prior to the damage or destruction, with reasonable speed and dispatch. The rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after the premises are Substantially Complete as defined in paragraph 3.6. In any case where Landlord must restore, consideration shall be given for delays under the Force Majeure paragraph in this lease. Whether or not this Lease has been terminated as a result of a casualty, in every instance, all insurance proceeds payable as a result of damage or destruction to the Building shall be paid to Landlord as its sole and exclusive property.

Appears in 1 contract

Samples: Lease Agreement (Urosurge Inc)

Fire and Casualty. 11.1 In case of any damage to or destruction of any portion If less than a Substantial Portion of the building of which the Leased Premises is a part damaged by fire or other casualty occurring during the term of this Lease (or previous thereto"Casualty"), which shall render at least 1/3 of the floor area of the Leased Premises or the building untenantable or unfit for occupancy, which damage cannot be repaired within 180 days from the happening of such casualty, using reasonable diligence (“Total Destruction”) then the term hereby created shall, at the option of the Landlord or Tenant, upon written notice to the Tenant or Landlord, as the case may be, within 15 days of such fire or casualty, cease and become null and void from the date of such Total Destruction. In such event the Tenant shall immediately surrender the Leased Premises to the Landlord and this Lease shall terminate. The Tenant shall only pay rent to the time of such Total Destruction. However, in the event of Total Destruction if the Landlord shall elect not to cancel this Lease within the 15 day period the Landlord shall repair and restore the same damaged portion of the Premises to substantially the same condition prior to such Casualty within one hundred eighty (180) days after the date of such Casualty, except that Landlord shall not be required to repair or restore any leasehold improvements installed in the Premises by Tenant. If Landlord fails to repair and restore the Premises within one hundred eighty (180) days after the date of such Casualty, then Tenant may, at any time after expiration of said one hundred eighty (180) day period and before such repair and restoration is completed by Landlord, elect to terminate this Lease by written notice thereof to Landlord or to make or complete such repairs and restoration, and Landlord shall reimburse Tenant promptly upon demand for the reasonable costs thereof. To the extent that Landlord fails to reimburse Tenant within ten (10) days from the date Tenant has made a written demand for such reasonable costs, Tenant shall have the right to set off such unreimbursed costs against Rent. Notwithstanding the foregoing, to the extent Landlord's failure to timely repair and restore the Premises is the result of the acts or omissions of Landlord or Landlord's agents, employees or contractors, the exercise by Tenant of the foregoing right to terminate or the right to restore on Landlord's behalf shall not preclude or otherwise prevent Tenant from pursuing any other rights or remedies which are available at law or in equity. If the entire Premises or a Substantial Portion thereof is damaged by a Casualty such that it cannot be restored to substantially its condition prior to such Casualty within one hundred eighty (180) days (as it was determined by mutual agreement of Landlord and Tenant) after the Casualty date, or if the Casualty occurs during the last twelve (12) months of the term of this Lease, or if the insurance proceeds received by Landlord are insufficient to restore the Premises to substantially its condition prior to the damage or destructionCasualty, with reasonable speed and dispatch. The rent shall not be accrued after said damage or while then either party hereto may elect, by giving written notice to the repairs and restorations are being made, but shall recommence immediately other within sixty (60) days after the premises are Substantially Complete as defined in paragraph 3.6Casualty date, to terminate this Lease. In any case where Landlord must restore, consideration shall be given for delays under the Force Majeure paragraph in this lease. Whether or not If this Lease has not been terminated by the date sixty (60) days after the Casualty date, then Landlord shall with due diligence repair and restore the Premises to substantially its condition prior to the Casualty. Rent shall be abated equitably with respect to that portion of the Premises which is rendered untenantable as a result of a casualty, in every instance, all insurance proceeds payable Casualty and/or as a result of repair and restoration activities in connection with a Casualty from the date of casualty until the date on which the Premises have been restored to substantially its condition prior to such Casualty. If this Lease is not terminated pursuant to this Section 16, Tenant shall as promptly as practicable after the occurrence of any damage or destruction make such repairs and replacements in the Premises as are necessary to restore Tenant's leasehold improvements (except the Building Improvements, and the Exterior Sign which shall be paid to the responsibility of Landlord as its sole and exclusive propertyprovided above).

Appears in 1 contract

Samples: Lease (Cintech Solutions Inc)

Fire and Casualty. 11.1 14.1 In case of any damage to or destruction of any portion of the building of which the Leased Premises is a part Building by fire or other casualty occurring during the term of this Lease lease which is not covered by the insurance required to be carried by Article 9.1, or which occurs during the last two (or previous thereto), which shall render at least 1/3 2) years of the floor area of the Leased Premises or the building untenantable or unfit for occupancylease term, which damage cannot be repaired within 180 days from the happening of such casualty, using reasonable diligence (“Total Destruction”) then the term hereby created shall, at the option of the Landlord or TenantLandlord, upon written notice to the Tenant or Landlord, as the case may beTenant, within 15 thirty (30) days of such fire or casualty, cease and become null and void from the date of such Total Destructiondestruction or damage. In the case of damage to or destruction of the Building which cannot be repaired within one hundred eighty (180) days from the happening of such event casualty, then, in such event, the term hereby created shall, at the option of the Tenant, upon written notice to the landlord within thirty (30) days of such fire or casualty, cease and become null and void from the date of such destruction or damage. However, if the Tenant shall immediately surrender not elect to cancel this lease within the Leased Premises to the thirty (30) day period hereinabove provided (and provided that Landlord and has not cancelled this Lease shall terminate. The Tenant shall only pay rent to the time of such Total Destruction. Howeverlease as hereinabove permitted), in the event of Total Destruction if the Landlord shall elect not to cancel this Lease within the 15 day period the Landlord shall thereupon repair and restore the same to substantially the same condition as it was prior to the damage or destruction, Building with reasonable speed and dispatch. The rent , and the Rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after said Building is restored. Landlord, in any event, shall within thirty (30) days of such casualty advise Tenant in writing as to whether or not the premises are Substantially Complete as defined Building can be restored within the one hundred eighty (180) day period from the date of such casualty. Anything in paragraph 3.6. In any case where this Article 14 to the contrary notwithstanding, it is expressly understood and agreed that the Landlord must restore, consideration shall be given for delays under obligated to restore the Force Majeure paragraph in this lease. Whether or not this Lease has been terminated as a result of a casualty, in every instance, all insurance proceeds payable as a result of damage or destruction Building only to the Building shall extent of such cost as will be paid equivalent to the proceeds received by Landlord pursuant to the fire insurance coverage to be provided to Landlord as its sole in Article 9 provided. If the insurance proceeds are not sufficient to restore the Building to substantially the same condition which they were in prior to the casualty, then the Landlord shall have a period of thirty (30) days within which to determine whether to terminate the term hereby created unless the Landlord and exclusive propertyTenant shall mutually agree to the funding of any such excess construction costs. In the event of cancellation in accordance with this Article, the Tenant shall immediately surrender the Leased Premises and the Tenant's interest in said lease to the Landlord, and the Tenant shall only pay Rent to the time of such destruction or damage, in which event, the Landlord may re-enter and repossess the Leased Premises thus discharged from this lease and may remove all parties therefrom.

Appears in 1 contract

Samples: Lease Agreement (Adams Respiratory Therapeutics, Inc.)

Fire and Casualty. 11.1 14.1 In case of any damage to or destruction of any portion of the building of which the Leased Premises is a part Building by fire or other casualty occurring during the term of this Lease (or previous thereto), which shall render at least 1/3 of the floor area of renders the Leased Premises or wholly untenantable so that the building untenantable or unfit for occupancy, which damage same cannot be repaired within 180 one hundred twenty (120) days from the happening of such casualtydamage, using reasonable diligence (“Total Destruction”) then the term hereby created shall, at the option of the Landlord or Tenant, upon written notice to the Tenant or Landlord, as the case may be, within 15 days of such fire or casualty, cease and become null and void terminate from the date of such Total Destructiondamage. In If the Landlord or Tenant elects to terminate the lease, the party electing to terminate shall notify the other party of such election within thirty (30) days of the happening of the fire or casualty, and in such event the Tenant shall immediately surrender the Leased Premises to the Landlord and this Lease shall terminate. The Tenant shall pay Fixed Rent and Additional Rent only pay rent to the time of such Total Destructiondamage and the Landlord may re- enter and re-possess the Leased Premises, discharged from this lease. However, in In the event of Total Destruction if the Landlord shall elect not to cancel this Lease within the 15 day period the Landlord shall repair and can restore the same to substantially Leased Premises within one hundred twenty (120) days, it shall advise the same condition as it was prior to Tenant of such fact, and the damage lease shall remain in full force and effect during the period of Landlord's restoration, except that Fixed Rent and Additional Rent shall xxxxx, upon the happening of fire or destructioncasualty, with reasonable speed and dispatch. The rent shall not be accrued after said damage or while the repairs and restorations are being made, but the rent shall recommence immediately after upon restoration of the premises are Substantially Complete as defined in paragraph 3.6. In any case where Leased Premises and delivery of the same by the Landlord must restore, consideration shall be given for delays under the Force Majeure paragraph in this lease. Whether or not this Lease has been terminated as a result of a casualty, in every instance, all insurance proceeds payable as a result of damage or destruction to the Building Tenant. Landlord agrees that it will undertake reconstruction and restoration of the Leased Premises with due diligence and reasonable speed and dispatch, subject to the terms and conditions of Article 26 (Force Majeure). Landlord agrees that it shall be paid to Landlord as its sole and exclusive propertygive Tenant two (2) weeks advanced notice of the completion of such restoration.

Appears in 1 contract

Samples: Lease Agreement (Multilink Technology Corp)

Fire and Casualty. 11.1 12.1 In case of any damage to or destruction of any portion part of the building of which the Building or Leased Premises is a part by fire or other insured casualty ("Casualty") occurring during the term Term of this Lease (or previous thereto)Lease, which shall render at least 1/3 of the floor area of the Leased Premises or the building untenantable or unfit for occupancy, and which damage cannot reasonably be repaired within 180 three hundred sixty-five (365) days from following the happening adjustment of the loss in connection with such casualtyCasualty then, using reasonable diligence (“Total Destruction”) then and in any such event, the term Term hereby created shall, at the option of the Landlord or Tenant, Tenant upon written notice to the Tenant or Landlordother by certified mail, as the case may bereturn receipt requested, within 15 thirty (30) days of such fire or casualtythe insurance adjustment being finally determined, cease and become null and void from the date of such Total DestructionCasualty. In such event the Tenant shall immediately surrender the Leased Premises and Tenant's interest in said Lease to the Landlord Landlord, and this Lease shall terminate. The Tenant shall only pay rent to the time of such Total DestructionCasualty, and Landlord may reenter and re-possess the Leased Premises thus discharged from this Lease and may remove Tenant therefrom. However, in the event of Total Destruction Casualty as hereinbefore defined, if the neither Landlord nor Tenant shall elect not to cancel this Lease within the 15 day period aforesaid allowable time period, Landlord shall, subject to the prior rights of its mortgagee to refuse to make available to Landlord shall the insurance proceeds for rebuilding, thereupon repair and restore the same to substantially the same condition as it was prior to the damage or destruction, Leased Premises and/or Building with reasonable speed and dispatch. The rent dispatch following receipt of insurance proceeds, and the Base Rent and Additional Rent shall not be accrued after said damage or Casualty while the repairs and restorations are being made, but shall recommence immediately after the premises Leased Premises are Substantially Complete as defined in paragraph 3.6. In any case where Landlord must restore, consideration shall be given for delays under the Force Majeure paragraph in this lease. Whether or not this Lease has been terminated as a result of a casualty, in every instance, all insurance proceeds payable as a result of damage or destruction restored and delivered back to the Building shall be paid to Landlord as its sole and exclusive propertyTenant.

Appears in 1 contract

Samples: Agreement (KMC Telecom Holdings Inc)

Fire and Casualty. 11.1 In case of any damage to If the Premises are wholly or destruction of any portion of the building of which the Leased Premises is a part partially destroyed or damaged by fire or other casualty, Lessor shall restore the Premises with reasonable diligence; provided, however, that Lessor shall have no obligation to restore improvements not originally provided by Lessor or to replace any of Tenant's fixtures, furnishings, equipment or personal property; and provided further that Lessor need not commence repairs until insurance proceeds are available and are released in a sufficient amount for such purpose by any lender holding a lien on all or part of the Center. Proceeds of insurance payable with respect to a fire or other casualty occurring during shall be received and held by Lessor. Notwithstanding the term foregoing, in the event the Premises are destroyed or damaged by any fire or casualty to the extent of not less than twenty-five percent of the replacement cost thereof, or if the fire or casualty occurs within the last three years of the Term, then Lessor shall have the option to terminate this Lease (by giving notice to Tenant within sixty days after the occurrence of such damage or previous thereto)destruction, in which case Lessor shall render at least 1/3 of retain all insurance proceeds with respect to the floor area of the Leased Premises or the building untenantable or unfit for occupancy, which damage canas its own property and shall not be repaired within 180 days from required to spend any more on the happening restoration than the amount of such casualtyproceeds actually received by Lessor. If Lessor does not terminate this Lease as provided above, using reasonable diligence (“Total Destruction”) then the term hereby created shall, at the option of the Landlord or Tenant, upon written notice to the Tenant or Landlord, as the case may be, within 15 days of such fire or casualty, cease and become null and void from the date of such Total Destruction. In such event the Tenant shall immediately surrender the Leased Premises to the Landlord and this Lease shall terminate. The Tenant continue in full force and effect, but Minimum Annual Rent shall only pay rent to equitably abate until the time of such Total Destructionrestoration is substantially coxxxxxe. However, in the event it is determined that Tenant's ability to continuously operate and conduct business on the Premises is not hindered, then Minimum Annual Rent shall abate in proportion to the Premises under resxxxxxion. The provisions of Total Destruction if the Landlord shall elect not to cancel this Lease within the 15 day period the Landlord shall repair and restore the same to substantially the same condition as it was prior to the damage or destruction, with reasonable speed and dispatch. The rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after the premises are Substantially Complete as defined in paragraph 3.6. In any case where Landlord must restore, consideration govern when this Lease shall be given for delays under the Force Majeure paragraph in this lease. Whether or not this Lease has been terminated terminable as a result of a fire or casualty, and no other rule or statute on the subject shall apply. 13. Condemnation In the event the entire Premises shall be appropriated or taken under the power of eminent domain, this Lease shall terminate and expire as of the date of such taking. In the event more than twenty-five percent of the Premises is taken under the power of eminent domain, or if by reason of any appropriation or taking, regardless of the amount so taken, the remainder of the Premises is not one undivided parcel of property, either Lessor or Tenant shall have the right to terminate this Lease as of the date Tenant is required to vacate a portion of the Premises upon giving notice in every instancewriting of such election within thirty days after receipt by Tenant from Lessor of written notice that the Premises have been so appropriated or taken. If neither Lessor nor Tenant elects to so terminate this Lease, all insurance proceeds payable as a result or in the event less than twenty-five percent of damage the Premises shall be appropriated under the power of eminent domain by any public or destruction quasi-public authority, and the remainder thereof is an undivided parcel of property, then Lessor shall restore the Premises to the Building extent practicable to their condition prior to the taking, provided that no such restoration need commence until the condemnation proceeds are available and released in a sufficient amount for such purpose by any lender holding a lien on all or part of the Center and further provided that Lessor shall not be required to spend more than the condemnation proceeds actually received by Lessor, and thereafter the Minimum Annual Rent shall be paid reduced on an equitable basis, taking into account the relative value of the portion taken as compared to Landlord as its the portion remaining. All awards or compensation for any taking of any part of the Premises, whether payable to Lessor or Tenant, shall be the sole property of Lessor. Notwithstanding anything to the contrary contained herein, Tenant shall be entitled to receive any portion of an award of compensation relating to damage to or loss of trade fixtures or other personal property belonging to Tenant, and exclusive Lessor shall be under no obligation to restore or replace Tenant's furnishings, fixtures, equipment and personal property. For the purposes of this Article 14, a voluntary sale or conveyance in lieu of condemnation shall be deemed an appropriation or a taking under the power of eminent domain. 14.

Appears in 1 contract

Samples: Retail Sublease (Giant Industries Inc)

Fire and Casualty. 11.1 In case of any damage to or destruction of any portion If less than a Substantial Portion of the building of which the Leased Premises Land is a part damaged by fire or other casualty occurring during the term of this Lease (or previous thereto"Casualty"), which shall render at least 1/3 of the floor area of the Leased Premises or the building untenantable or unfit for occupancy, which damage cannot be repaired within 180 days from the happening of such casualty, using reasonable diligence (“Total Destruction”) then the term hereby created shall, at the option of the Landlord or Tenant, upon written notice to the Tenant or Landlord, as the case may be, within 15 days of such fire or casualty, cease and become null and void from the date of such Total Destruction. In such event the Tenant shall immediately surrender the Leased Premises to the Landlord and this Lease shall terminate. The Tenant shall only pay rent to the time of such Total Destruction. However, in the event of Total Destruction if the Landlord shall elect not to cancel this Lease within the 15 day period the Landlord shall repair and restore the same damaged portion of the Land to substantially the same condition prior to such Casualty within one hundred eighty (180) days after the date of such Casualty, except that Landlord shall not be required to repair or restore any leasehold improvements installed in the Land by Tenant. If Landlord fails to repair and restore the Land within one hundred eighty (180) days after the date of such Casualty, then Tenant may, at any time after expiration of said one hundred eighty (180) day period and before such repair and restoration is completed by Landlord, elect to terminate this Lease by written notice thereof to Landlord or to make or complete such repairs and restoration, and Landlord shall reimburse Tenant promptly upon demand for the reasonable costs thereof. To the extent that Landlord fails to reimburse Tenant within ten (10) days from the date Tenant has made a written demand for such reasonable costs, Tenant shall have the right to set off such unreimbursed costs against Rent. Notwithstanding the foregoing, to the extent Landlord's failure to timely repair and restore the Land is the result of the acts or omissions of Landlord or Landlord's agents, employees or contractors, the exercise by Tenant of the foregoing right to terminate or the right to restore on Landlord's behalf shall not preclude or otherwise prevent Tenant from pursuing any other rights or remedies which are available at law or in equity. If the entire Land or a Substantial Portion thereof is damaged by a Casualty such that it cannot be restored to substantially its condition prior to such Casualty within one hundred eighty (180) days (as it was determined by mutual agreement of Landlord and Tenant) after the Casualty date, or if the Casualty occurs during the last twelve (12) months of the term of this Lease, or if the insurance proceeds received by Landlord are insufficient to restore the Land to substantially its condition prior to the damage or destructionCasualty, with reasonable speed and dispatch. The rent shall not be accrued after said damage or while then either party hereto may elect, by giving written notice to the repairs and restorations are being made, but shall recommence immediately other within sixty (60) days after the premises are Substantially Complete as defined in paragraph 3.6Casualty date, to terminate this Lease. In any case where Landlord must restore, consideration shall be given for delays under the Force Majeure paragraph in this lease. Whether or not If this Lease has not been terminated by the date sixty (60) days after the Casualty date, then Landlord shall with due diligence repair and restore the Land to substantially its condition prior to the Casualty. Rent shall be abated equitably with respect to that portion of the Land which is rendered untenantable as a result of a casualty, in every instance, all insurance proceeds payable Casualty and/or as a result of repair and restoration activities in connection with a Casualty from the date of casualty until the date on which the Land have been restored to substantially its condition prior to such Casualty. If this Lease is not terminated pursuant to this Section 13, Tenant shall as promptly as practicable after the occurrence of any damage or destruction make such repairs and replacements in the Land as are necessary to restore Tenant's leasehold improvements. A "Substantial Portion" of the Land, for the purposes of Section 12 and 13 of this Lease, shall be deemed to mean that Tenant is unable to use thirty-five percent (35%) or more of the space on the Land for expansion of its business from the First Premises to the Building shall be paid to Landlord Land as its sole and exclusive propertycontemplated by this Lease.

Appears in 1 contract

Samples: Lease (Cintech Solutions Inc)

Fire and Casualty. 11.1 In case the event of destruction or any part thereof, or any elevators, hallways, stairways or other approaches thereto, or the building of which the Premises are a part or any portion thereof, or any appurtenant facilities, by fire, other casualty or for any other reason whatsoever, which damage or destruction, in the opinion of Landlord, is such that it cannot be repaired or restored within a reasonable time, Landlord, at its sole option, may declare this Lease Agreement terminated. If such damage or destruction is such that, in the opinion of Landlord, it may be restored within a reasonable time, Landlord shall undertake the restoration involved and, if the damage or destruction involved was without the fault or neglect of Tenant, then Tenant's rent shall abatx xx an equitable and fair manner or in the same proportion as the business operates of Tenant have abated. In no event need Landlord expend a sum of money in completing any repair or restoration hereunder which shall exceed net available insurance proceeds nor need Landlord restore or replace any fixtures, equipment, personally, or other property located or stores in or about the Premises and owned, leased, or otherwise in the possession of or under the dominion or control of Tenant, and it shall be the sole responsibility of Tenant to adequately insure himself against loss thereof occasioned by damage or destruction thereto. In the event that the Premises, or the building of which the premises are a part, or any portion thereof or any property thereon or thereabout be damaged or destroyed by fire or other cause as a result of any act omission or neglect of Tenant, Tenant shall be solely responsible to reimburse Landlord to the extent at any loss suffered by Landlord. Tenant shall give Landlord prompt notice of early accident, damage to or destruction defect in, or about the Premises. No compensation, or claim, or diminution of rent will be allowed, or paid, by Landlord, by reason of inconvenience, annoyance, or injury to business, arising from the necessity of repairing the Premises or any portion of the building of which the Leased Premises it is a part by fire or other casualty occurring during part, however the term of this Lease (or previous thereto), which shall render at least 1/3 of the floor area of the Leased Premises or the building untenantable or unfit for occupancy, which damage cannot be repaired within 180 days from the happening of such casualty, using reasonable diligence (“Total Destruction”) then the term hereby created shall, at the option of the Landlord or Tenant, upon written notice to the Tenant or Landlord, as the case necessity may be, within 15 days of such fire or casualty, cease and become null and void from the date of such Total Destruction. In such event the Tenant shall immediately surrender the Leased Premises to the Landlord and this Lease shall terminate. The Tenant shall only pay rent to the time of such Total Destruction. However, in the event of Total Destruction if the Landlord shall elect not to cancel this Lease within the 15 day period the Landlord shall repair and restore the same to substantially the same condition as it was prior to the damage or destruction, with reasonable speed and dispatch. The rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after the premises are Substantially Complete as defined in paragraph 3.6. In any case where Landlord must restore, consideration shall be given for delays under the Force Majeure paragraph in this lease. Whether or not this Lease has been terminated as a result of a casualty, in every instance, all insurance proceeds payable as a result of damage or destruction to the Building shall be paid to Landlord as its sole and exclusive propertyoccur.

Appears in 1 contract

Samples: Lease Agreement (Vasco Data Security International Inc)

Fire and Casualty. 11.1 A. In case the event of any damage a fire or other casualty in the Leased Premises, Tenant shall immediately give notice thereof to or destruction of any portion of the building of which Landlord. If the Leased Premises is a part shall be partially destroyed by fire or other casualty occurring during so as to render the term of this Lease (Leased Premises untenantable in whole or previous thereto)in part, which Rent shall render at least 1/3 of axxxx thereafter as to the floor area portion of the Leased Premises rendered untenantable until such time as the Leased Premises are made tenantable as reasonably determined by Landlord and Landlord agrees to commence and prosecute such repair work promptly and with all due diligence; provided, however, in the event such destruction (i) results in total or substantial damages to or destruction of the building Building and Landlord shall decide not to rebuild or (ii) results in the Leased Premises being untenantable in whole or unfit for occupancy, which damage cannot be repaired within 180 days in substantial part and the reasonable estimation of a responsible contractor selected by Landlord as to the amount of time necessary to rebuild or restore such destruction to the Leased Premises and all other portions of the Building exceeds six (6) months from the happening time such work is commenced, then in either event, Landlord shall have a right to terminate this Lease Agreement effective as of such casualty, using reasonable diligence (“Total Destruction”) then the term hereby created shall, at the option of the Landlord or Tenant, upon written notice to the Tenant or Landlord, as the case may be, within 15 days of such fire or casualty, cease and become null and void from the date of casualty or destruction, and upon such Total Destruction. In such event the Tenant shall immediately surrender the Leased Premises to the Landlord and this Lease shall terminate. The Tenant shall only pay rent termination, all Rent owed up to the time of such Total Destructiondestruction or termination shall be paid by Tenant. HoweverSubject to reasonable delays for insurance adjustments, in the event of Total Destruction if the Landlord shall elect not to cancel give Tenant written notice of its decisions, estimates or elections under this Lease Section 13 within the 15 day period the Landlord shall repair and restore the same to substantially the same condition as it was prior to the sixty (60) days after any such damage or destruction. If any portion of Rent is abated under this Section 13, with reasonable speed and dispatch. The rent shall not be accrued after said damage or while Landlord may elect to extend the repairs and restorations are being made, but shall recommence immediately after expiration date of the premises are Substantially Complete as defined in paragraph 3.6. In any case where Landlord must restore, consideration shall be given for delays under the Force Majeure paragraph in this lease. Whether or not Term of this Lease has been terminated as a result Agreement for the period of a casualty, in every instance, all insurance proceeds payable as a result of damage or destruction to the Building shall be paid to Landlord as its sole and exclusive propertyabatement.

Appears in 1 contract

Samples: Lease Agreement (Orion Marine Group Inc)

Fire and Casualty. 11.1 In case of any damage to Except as hereafter provided, if the Premises are wholly or destruction of any portion of the building of which the Leased Premises is a part partially destroyed or damaged by fire or other casualty, Landlord shall restore the Premises with reasonable diligence; provided, however, that Landlord shall have no obligation to restore improvements not originally provided by Landlord or to replace any of Tenant's fixtures, furnishings, equipment or personal property. Landlord need not commence repairs until insurance proceeds are available. Proceeds of insurance payable with respect to a fire or other casualty occurring during shall be received and held by Landlord. In the term event the Premises are destroyed or damaged by any fire or casualty not covered by the insurance maintained by Landlord or to the extent of not less than twenty-five percent of the replacement cost thereof, or if the fire or casualty occurs within the last year of the Term of the Lease, then Landlord or Tenant shall have the option to terminate this Lease (or previous thereto), which shall render at least 1/3 of the floor area of the Leased Premises or the building untenantable or unfit for occupancy, which damage cannot be repaired within 180 days from the happening of such casualty, using reasonable diligence (“Total Destruction”) then the term hereby created shall, at the option of the Landlord or Tenant, upon written by giving notice to the Tenant or Landlord, as other party within sixty days after the case may be, within 15 days occurrence of such fire or casualty, cease and become null and void from the date of such Total Destruction. In such event the Tenant shall immediately surrender the Leased Premises to the Landlord and this Lease shall terminate. The Tenant shall only pay rent to the time of such Total Destruction. However, in the event of Total Destruction if the Landlord shall elect not to cancel this Lease within the 15 day period the Landlord shall repair and restore the same to substantially the same condition as it was prior to the damage or destruction, in which case Landlord shall retain all insurance proceeds with respect to the Premises as its own property. If Landlord does not terminate this Lease as provided above, this Lease shall continue in full force and effect, but Base Rent shall be equitably abated as determined in Landlord's reasonable speed and dispatchdiscretion until the restoration is substantially complete. The rent provisions of this Lease shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after the premises are Substantially Complete as defined in paragraph 3.6. In any case where Landlord must restore, consideration govern when this Lease shall be given for delays under the Force Majeure paragraph in this lease. Whether or not this Lease has been terminated terminable as a result of a fire or casualty, and no other rule or statute on the subject shall apply. Notwithstanding anything in every instancethis Article 13, all insurance proceeds payable as a result if, due to fire or other casualty, Tenant is unable to use the Premises for conduct of damage Tenant's business and the fire or destruction casualty damage, in the parties' reasonable estimation, cannot be repaired and the Premises restored to Tenant within 60 days after the Building shall be paid date of the casualty, Tenant may terminate this Lease by notice to Landlord as its sole and exclusive propertywithin 30 days after the date of the casualty.

Appears in 1 contract

Samples: License Agreement (Pac-West Telecomm Inc)

Fire and Casualty. 11.1 A. In case the event of any damage a fire or other casualty in the Leased Premises, Lessee shall immediately give notice thereof to or destruction of any portion of the building of which Lessor. If the Leased Premises is a part shall be partially destroyed by fire or other casualty occurring during so as to render the term of this Lease (Leased Premises untenantable in whole or previous thereto)in part, which Rent shall render at least 1/3 of axxxx thereafter as to the floor area portion of the Leased Premises rendered untenantable until such time as the Leased Premises are made tenantable as reasonably determined by Lessor and Lessor agrees to commence and prosecute such repair work promptly and with all due diligence; provided, however, in the event such destruction (i) results in total or substantial damages to or destruction of the building Building and Lessor shall decide not to rebuild or (ii) results in the Leased Premises being untenantable in whole or unfit for occupancy, which damage cannot be repaired within 180 days in substantial part and the reasonable estimation of a responsible contractor selected by Lessor as to the amount of time necessary to rebuild or restore such destruction to the Leased Premises and all other portions of the Building exceeds eight (8) months from the happening time such work is commenced, then in either event, Lessor or Lessee shall have a right to terminate this Lease Agreement effective as of such casualty, using reasonable diligence (“Total Destruction”) then the term hereby created shall, at the option of the Landlord or Tenant, upon written notice to the Tenant or Landlord, as the case may be, within 15 days of such fire or casualty, cease and become null and void from the date of casualty or destruction, and upon such Total Destruction. In such event the Tenant shall immediately surrender the Leased Premises to the Landlord and this Lease shall terminate. The Tenant shall only pay rent termination, all Rent owed up to the time of such Total Destructiondestruction or termination shall be paid by Lessee. HoweverSubject to reasonable delays for insurance adjustments, in either party shall give written notice of its decision, estimates or elections under this Section 13 within sixty (60) days after any such damage or destruction (the “Damage Notice”). In the event of Total Destruction if the Landlord shall elect not to cancel this Lease within Agreement is not terminated by either Lessor or Lessee, as provided above, and the 15 day actual time period of restoration of the Landlord shall repair and restore Leased Premises exceeds eight (8) months, as the same may be extended by Force Majeure or delays caused by Lessee, Lessee may terminate this Lease Agreement by delivering written notice to substantially Lessor within ten (10) days following the expiration of such eight (8) month period (as same condition may be extended as it was set forth above) and prior to the damage or destruction, with reasonable speed and dispatchdate upon which Lessor substantially completes such restoration. The rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after the premises are Substantially Complete as defined in paragraph 3.6. In any case where Landlord must restore, consideration Such termination shall be given effective as of the date specified in Lessee’s termination notice, as if such date were the date fixed for delays under the Force Majeure paragraph in this lease. Whether or not this Lease has been terminated as a result expiration of a casualty, in every instance, all insurance proceeds payable as a result of damage or destruction to the Building shall be paid to Landlord as its sole and exclusive propertyTerm.

Appears in 1 contract

Samples: Lease Agreement (Bio-Path Holdings Inc)

Fire and Casualty. 11.1 In case of any damage If the Building or the Premises is damaged and made substantially untenantable by fire or other casualty, and Landlord shall determine not to restore the same or destruction of any portion not to require Tenant to restore the Premises if Tenant causes the fire or other casualty, Landlord may, by notice to Tenant given within one hundred twenty (120) days after such damage, terminate this Lease. Such termination shall become effective as of the building date of which such damage if the Leased Premises are so damaged, otherwise as of the date one hundred twenty (120) days following the service of such notice of termination. Unless the Lease is terminated as herein above provided, if the Premises are damaged by fire or other casualty, not caused in whole or in part by Tenant, Landlord shall restore the same substantially to their prior condition, or to a similar condition of substantially equal or better utility, at Landlord’s expense, with reasonable promptness. Unless the Lease is terminated as hereinabove provided, if 50% or more of the Premises are made untenantable, (other than as a result of fire or casualty caused in whole or in part by Tenant) and if Landlord fails, within one hundred twenty (120) days after Landlord is enabled to take possession of the Premises, to substantially restore the Premises Tenant may terminate this Lease as of the end of said one hundred twenty (120) day period by giving written notice to Landlord not later than thirty (30) days after the expiration of said one hundred twenty (120) day period. During any such period, Landlord will permit Tenant, at no cost to Landlord, to maintain temporary banking quarters about the Premises during any period of rebuilding. Said temporary quarters shall in no way interfere with any construction and repair work and shall not interfere with the operation of the “Cyclery” east of the Tenant’s space. If the Premises are damaged or destroyed by fire or other casualty occurring during caused in whole or in part by Tenant, and if Landlord does not elect to terminate this Lease as aforesaid, this Lease shall remain in full force and effect and Tenant’s obligations to pay rent and all other sums hereunder shall continue unabated. In such event, Tenant promptly and diligently shall restore the term Premises (in accordance with the other provisions of this Lease, including, but not limited to, the Section on “Alterations”); or, at Landlord’s election, Landlord may restore the Premises, and Tenant shall pay all costs incurred in connection therewith, including fifteen percent (15%) of the total restoration cost for Landlord’s administrative expense. In the event of termination of this Lease (or previous thereto)pursuant to this Section XII, which rent shall render at least 1/3 be prorated on a per diem basis and shall be paid to the date of the floor area fire or other casualty, unless a portion of the Leased Premises shall be tenantable and reasonably accessible, in which case rent shall be prorated on a per diem basis and shall be payable to the date of termination. If this Lease is not terminated in the event of a fire or other casualty but the Premises are rendered wholly untenantable or are not reasonably accessible, rent shall axxxx on a per diem basis from the date of the fire or other casualty until the Premises are ready for occupancy and reasonably accessible to Tenant. If part of the Premises are rendered untenantable, rent shall be prorated on a square footage basis in accordance with the part of the Premises which is usable by Tenant (as measured by Landlord) until termination or the building untenantable or unfit damaged part is ready for occupancy, which damage cannot be repaired within 180 days from the happening of such casualty, using reasonable diligence (“Total Destruction”) then the term hereby created shall, at the option of the Landlord or Tenant, upon written notice to the Tenant or Landlord, ’s occupancy as the case may be, within 15 days of such fire or casualty, cease and become null and void from the date of such Total Destruction. In such event all cases, due allowance shall be made for delays caused by adjustment of the insurance claim, strikes, labor difficulties, material shortages, weather conditions, and any other causes beyond Landlord’s reasonable control; and in no case shall Landlord be liable to Tenant, shall Tenant be entitled to terminate this Lease or shall immediately surrender the Leased Premises Tenant be relieved of any obligation (other than as expressly provided above) by virtue of any delay in completing repairs and restoration. Notwithstanding anything to the Landlord and contrary herein set forth, there shall be no rent abatement or proration if the loss or damage is due to the fault, neglect or violation of any provision of this Lease by Tenant or its employees, agents, contractors, customers or invitees; and in no event shall terminate. The Tenant shall only pay rent Landlord be required to repair or restore any decorating, installations, alterations, additions or improvements in or to the time of such Total DestructionPremises which were not provided initially by Landlord at its cost. However, in Landlord covenants to maintain adequate casualty insurance covering the event of Total Destruction if the Landlord shall elect not to cancel this Lease within the 15 day period the Landlord shall repair and restore the same to substantially the same condition as it was prior to the damage or destructionBuilding, with reasonable speed and dispatchreplacement cost endorsement. The rent shall not be accrued after said damage or while Tenant should have the repairs and restorations are being made, but shall recommence immediately after the premises are Substantially Complete as defined in paragraph 3.6. In any case where Landlord must restore, consideration shall be given for delays under the Force Majeure paragraph in this lease. Whether or not this Lease has been terminated as a result of a casualty, in every instance, all insurance proceeds payable as a result of damage or destruction right to the Building shall be paid self-insure with respect to Landlord as its sole and exclusive propertyplate glass replacement.

Appears in 1 contract

Samples: Leasing Agreement (Midwest Banc Holdings Inc)

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