Common use of OBLIGATIONS OF LANDLORD Clause in Contracts

OBLIGATIONS OF LANDLORD. Landlord shall maintain and repair the foundations, the roof and all other structural aspects of the Premises, unless such repair or maintenance is required as a result of Tenant's negligence, in which case Landlord is only required to maintain and repair to the extent the costs of such maintenance and repair are covered by insurance proceeds received by Landlord therefor. Tenant shall give Landlord written notice of the need for any maintenance or repair for which Landlord is responsible, after which Landlord shall have a reasonable opportunity to perform the maintenance or make the repair, but in no event more than twenty-four (24) hours in the event of an emergency and no more than thirty (30) days in other cases, unless Landlord commences such maintenance or repair within such thirty-day period, and thereafter diligently prosecutes such maintenance or repair to completion. If Landlord fails to perform any maintenance or make any repairs for which Landlord is responsible within such time periods, Tenant shall have the right to perform such maintenance or make such repairs at Landlord's expense. Landlord shall reimburse Tenant within fifteen (15) days after receipt of an invoice from Tenant for all expenses incurred by Tenant in performing such maintenance or making such repair, plus interest thereon at the rate of ten percent (10%) per annum ("Interest Rate") from the date incurred to the date paid, and if Landlord fails to do so, Tenant shall have the right to deduct such expenses from the next installment(s) of the rent coming due hereunder. Except as expressly provided in this Lease, Tenant waives its right under any statute to make repairs at Landlord's expense or to terminate this Lease because of Landlord's failure to keep the Premises in good order, condition and repair. Except as expressly provided in this Lease, Tenant waives its rights under Arizona Revised Statutes Section 33-343 with respect to Landlord's obligations for tenantability of the Premises, and Tenant's right to cease paying rent and terminate the Lease. Any damage to any part of the Property for which Landlord is responsible that is caused by the negligence or willful misconduct of Tenant or any agent, officer, employee, contractor, licensee or invitee of Tenant shall be repaired by Landlord at Tenant's expense, and Tenant shall pay to Landlord, immediately upon billing by Landlord, as additional rent, the cost of such repairs incurred by Landlord plus interest thereon at the Interest Rate less any amounts of insurance proceeds received by Landlord therefor.

Appears in 1 contract

Samples: Lease Agreement (Radyne Corp)

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OBLIGATIONS OF LANDLORD. So long as a default on the part of Sublessee shall not be continuing, Sublessee shall be entitled to receive all services to be rendered to Sublessor under the Lease insofar as such services pertain to the Sublease Premises or to the Sublessor’s use thereof or the conduct of the activities or operations therein or in the common areas of the Building and shall be entitled to the benefit of all rights to be afforded to Sublessor under the Lease insofar as such rights pertain to the Sublease Premises or to the use thereof or the conduct of the activities or operations therein or in the common areas of the Building. Except as otherwise specified herein (e.g., with respect to the fact that Sublessee shall not be responsible for paying for “Operating Expenses” under the Lease), Sublessee shall be responsible for all charges relating thereto as provided in the Lease. Sublessor shall in good faith cooperate and coordinate with Sublessee and Landlord, at its sole cost and expense, in using commercially reasonable efforts to obtain Landlord’s performance under the Lease should Sublessee provide notice to Sublessor of any deficiency or default by Landlord, except that Sublessor shall not be required to commence any legal proceedings or arbitration or terminate the Lease. Sublessor shall have no liability of any nature whatsoever to Sublessee for Landlord’s failure to perform or render such services, and shall look solely to Landlord for all such services and shall not, under any circumstances, seek nor require Sublessor to perform any of such services, nor shall Sublessee seek to recover on any claim against Sublessor or xxx Sublessor for any damages which may arise by reason of Landlord’s default under the Lease (including, without limitation, Landlord’s breach of a covenant of quiet enjoyment), or Landlord’s negligence, whether by omission or commission. No such default of Landlord shall maintain and repair excuse Sublessee from the foundations, the roof and all other structural aspects performance of any of its obligations to be performed under this Sublease or entitle Sublessee to terminate this Sublease or to reduce or xxxxx or offset any of the Premises, unless rents provided for in this Sublease except to the extent that Sublessor is entitled to exercise such repair or maintenance is required rights under the Lease as a result of Tenant's negligence, in which case Landlord is only required to maintain and repair to the extent the costs of such maintenance and repair are covered by insurance proceeds received by Landlord therefor. Tenant shall give Landlord written notice of the need for any maintenance or repair for which Landlord is responsible, after which Landlord shall have a reasonable opportunity to perform the maintenance or make the repair, but in no event more than twenty-four (24) hours in the event of an emergency and no more than thirty (30) days in other cases, unless Landlord commences such maintenance or repair within such thirty-day period, and thereafter diligently prosecutes such maintenance or repair to completion. If Landlord fails to perform any maintenance or make any repairs for which Landlord is responsible within such time periods, Tenant shall have the right to perform such maintenance or make such repairs at Landlord's expense. Landlord shall reimburse Tenant within fifteen (15) days after receipt of an invoice from Tenant for all expenses incurred by Tenant in performing such maintenance or making such repair, plus interest thereon at the rate of ten percent (10%) per annum ("Interest Rate") from the date incurred to the date paid, and if Landlord fails to do so, Tenant shall have the right to deduct such expenses from the next installment(s) of the rent coming due hereunder. Except as expressly provided in this Lease, Tenant waives its right under any statute to make repairs at Landlord's expense or to terminate this Lease because of Landlord's failure to keep the Premises in good order, condition and repair. Except as expressly provided in this Lease, Tenant waives its rights under Arizona Revised Statutes Section 33-343 with respect to Landlord's obligations for tenantability of the Premises, and Tenant's right to cease paying rent and terminate the Lease. Any damage to any part of the Property for which Landlord is responsible that is caused by the negligence or willful misconduct of Tenant or any agent, officer, employee, contractor, licensee or invitee of Tenant shall be repaired by Landlord at Tenant's expense, and Tenant shall pay to Landlord, immediately upon billing default by Landlord, as additional rent, the cost of such repairs incurred by Landlord plus interest thereon at the Interest Rate less any amounts of insurance proceeds received by Landlord therefor.

Appears in 1 contract

Samples: Agreement of Sublease (Vanda Pharmaceuticals Inc.)

OBLIGATIONS OF LANDLORD. 12.A. Landlord’s Work. Landlord will complete the interior improvements to Suite 120 described on EXHIBIT C attached hereto (“Landlord’s Work”) and shall maintain deliver Suite 120 to Tenant on the Commencement Date. Any changes or modifications to Landlord’s Work shall be made and repair the foundations, the roof and all other structural aspects of the Premises, unless such repair accepted by written change orders or maintenance is required as a result of Tenant's negligence, in which case Landlord is only required to maintain and repair to the extent the costs of such maintenance and repair are covered by insurance proceeds received agreement signed by Landlord thereforand Tenant and shall constitute an amendment to this Lease (“Change Orders”). In addition, Tenant shall give Landlord reimburse Landlord, within ten (10) business days after written notice request, for the cost of the need for any maintenance or repair for which Landlord is responsible, after which Landlord shall have a reasonable opportunity to perform the maintenance or make the repair, but in no event more than twenty-four (24) hours in the event of an emergency and no more than Change Orders. Within thirty (30) days in other cases, unless Landlord commences such maintenance or repair within such thirty-day period, and thereafter diligently prosecutes such maintenance or repair to completion. If Landlord fails to perform any maintenance or make any repairs for which Landlord is responsible within such time periodsafter the Commencement Date, Tenant shall have the right prepare and deliver to perform such maintenance Landlord a detailed written list setting forth any deviations or make such repairs at deficiencies in Landlord's expense’s Work discovered by Txxxxx (herein, “Punchlist Items”). Landlord shall reimburse Tenant correct or cure such Punchlist Items within fifteen thirty (1530) days after receipt of written notice of such Punchlist Items; provided, however, that if the nature of the Punchlist Items is such that it cannot be corrected or cured within thirty (30) days, then Landlord shall have an invoice from Tenant for all expenses incurred additional reasonable amount of time within which to correct or cure the pertinent Punchlist Item(s). Tenant’s failure to deliver written notice to Landlord specifying the Punchlist Items within the thirty (30) day period following the Commencement Date shall be construed as Tenant’s acceptance of (i) the condition of the Premises and Building, and (ii) the performance of Landlord’s obligations under this Lease regarding completion of Landlord’s Work; provided, however, that this provision shall not apply to latent defects discovered by Tenant in performing such maintenance or making such repair, plus interest thereon at the rate of ten percent after said thirty (10%30) per annum ("Interest Rate") from the date incurred day period. Notwithstanding anything to the date paid, and if Landlord fails to do so, Tenant shall have the right to deduct such expenses from the next installment(s) of the rent coming due hereunder. Except as expressly provided contrary in this Lease, Tenant waives its right under any statute effective upon delivery of the Premises to make repairs at Landlord's expense or to terminate this Lease because Tenant, Landlord does hereby warrant that (a) the construction of Landlord's failure ’s Work was performed in accordance with all applicable rules, regulations, codes, statutes, ordinances and laws of all governmental and quasi-governmental authorities, and in accordance with EXHIBIT C and in a good and wxxxxxx-like manner, (b) all material and equipment installed therein conformed to keep EXHIBIT C and was new and otherwise of good quality, (c) Landlord certifies that all electrical, plumbing, and mechanical systems servicing the Premises will be in working order and good order, condition and repair. Except as expressly provided in this Lease, Tenant waives its rights under Arizona Revised Statutes Section 33-343 with respect to Landlord's obligations for tenantability of the PremisesCommencement Date, and Tenant's right to cease paying rent if Tenant identifies defects in the systems described in the foregoing clause (c) within one (1) year after the Commencement Date, Landlord shall promptly repair such defects at its sole cost and terminate the Lease. Any damage to expense (and not as an Operating Expense); provided however following any part full replacement of any component of the Property for which Landlord is responsible that is caused HVAC system during this one-year period all future repairs and/or replacements shall be governed by the negligence provisions of Section 11.F or willful misconduct of Tenant or any agent, officer, employee, contractor, licensee or invitee of Tenant shall be repaired by Landlord at Tenant's expense, and Tenant shall pay to Landlord, immediately upon billing by LandlordSection 12.B, as additional rent, the cost of such repairs incurred by Landlord plus interest thereon at the Interest Rate less any amounts of insurance proceeds received by Landlord thereforapplicable.

Appears in 1 contract

Samples: Lease Agreement (Tailwind Acquisition Corp.)

OBLIGATIONS OF LANDLORD. Landlord shall maintain and repair the foundationsProperty Common Areas and keep them in good condition, ordinary wear and tear and any periods of restoration or replacement excepted. With respect to Utilities provided by Landlord pursuant to Section 9.1(a) (if any) and Conveyable On-Premises Backbone Infrastructure following conveyance of title to the Government, the roof and all other structural aspects Parties agree that Xxxxxxxx’s obligations under this Section 10.1 extend to, but exclude, the Points of Connection (or with respect to such Utilities or such Conveyable On-Premises Backbone Infrastructure for which there is no Point of Connection, the boundary of the Premises, unless such repair or maintenance is required as a result of Tenant's negligence, in which case Landlord is only required to maintain and repair to the extent the costs of such maintenance and repair are covered by insurance proceeds received by Landlord therefor). Tenant shall give Landlord written notice of the need for any maintenance or repair for which Landlord is responsible, after which Landlord shall have a reasonable opportunity to perform the maintenance or make the repair, but in no event more than twenty-four (24) hours in the event of an emergency and no more than Landlord shall not be liable for any failure to do so unless such failure continues for thirty (30) days in other casesafter Xxxxxx gives such written notice to Landlord; provided, unless however, such thirty (30) day period shall be extended so long as Landlord commences such the maintenance or repairs within the thirty (30) day period and diligently completes the same. Landlord’s liability with respect to any maintenance or repair within such thirty-day period, and thereafter diligently prosecutes such maintenance or repair to completion. If Landlord fails to perform any maintenance or make any repairs for which Landlord is responsible within shall be limited to the cost of the maintenance or repair. If Landlord is unable to perform any agreed upon repairs or replacements in a timely manner (whether as a consequence of the lack of funding therefor or otherwise), Landlord shall so notify Tenant and, following the agreement between Landlord and Tenant on the scope and cost of such time periodswork, Tenant shall have the right to perform such maintenance or make work. Upon completion of such repairs at Landlord's expense. Landlord shall reimburse Tenant within fifteen (15) days after receipt of an invoice from Tenant for all expenses incurred by Tenant in performing such maintenance or making such repair, plus interest thereon at the rate of ten percent (10%) per annum ("Interest Rate") from the date incurred to the date paid, and if Landlord fails to do sowork, Tenant shall have the right to deduct such expenses from the next installment(s) provide Landlord with invoices or other reasonably satisfactory evidence of the rent coming due hereunder. Except as expressly provided in this Lease, Tenant waives its right under any statute to make repairs at Landlord's expense or to terminate this Lease because actual cost of Landlord's failure to keep the Premises in good order, condition and repair. Except as expressly provided in this Lease, Tenant waives its rights under Arizona Revised Statutes Section 33-343 with respect to Landlord's obligations for tenantability of the Premisessuch work, and Tenant's right to cease paying rent and terminate the LeaseLandlord shall accept such amount as a credit against Base Rent next owing hereunder. Any damage to any part of the Property for which Landlord is responsible that is caused by Tenant, the negligence Master Developer or willful misconduct of Tenant or any agent, officer, employee, contractor, licensee or invitee of Tenant their respective Related Entities shall be repaired by Landlord at Tenant's expense, ’s expense and Tenant shall pay to Landlord, immediately upon billing by Landlord, as additional rentAdditional Rent, the reasonable cost of such repairs incurred by Landlord plus interest thereon at Landlord. Any damage to any part of the Interest Rate less any amounts of insurance proceeds received Premises that is caused by Landlord thereforor its employees or contractors shall be repaired by Landlord or such contractors at no cost to Tenant.

Appears in 1 contract

Samples: Enhanced Use Lease

OBLIGATIONS OF LANDLORD. Landlord shall maintain and repair the foundationsProperty Common Areas and keep them in good condition, ordinary wear and tear and any periods of restoration or replacement excepted. With respect to Utilities provided by Landlord pursuant to Section 9.1(a) (if any) and Conveyable On-Premises Backbone Infrastructure following conveyance of title to the Government, the roof and all other structural aspects Parties agree that Landlord’s obligations under this Section 10.1 extend to, but exclude, the Points of Connection (or with respect to such Utilities or such Conveyable On-Premises Backbone Infrastructure for which there is no Point of Connection, the boundary of the Premises, unless such repair or maintenance is required as a result of Tenant's negligence, in which case Landlord is only required to maintain and repair to the extent the costs of such maintenance and repair are covered by insurance proceeds received by Landlord therefor). Tenant shall give Landlord written notice of the need for any maintenance or repair for which Landlord is responsible, after which Landlord shall have a reasonable opportunity to perform the maintenance or make the repair, but in no event more than twenty-four (24) hours in the event of an emergency and no more than Landlord shall not be liable for any failure to do so unless such failure continues for thirty (30) days in other casesafter Tenant gives such written notice to Landlord; provided, unless however, such thirty (30) day period shall be extended so long as Landlord commences such the maintenance or repairs within the thirty (30) day period and diligently completes the same. Landlord’s liability with respect to any maintenance or repair within such thirty-day period, and thereafter diligently prosecutes such maintenance or repair to completion. If Landlord fails to perform any maintenance or make any repairs for which Landlord is responsible within shall be limited to the cost of the maintenance or repair. If Landlord is unable to perform any agreed upon repairs or replacements in a timely manner (whether as a consequence of the lack of funding therefor or otherwise), Landlord shall so notify Tenant and, following the agreement between Landlord and Tenant on the scope and cost of such time periodswork, Tenant shall have the right to perform such maintenance or make work. Upon completion of such repairs at Landlord's expense. Landlord shall reimburse Tenant within fifteen (15) days after receipt of an invoice from Tenant for all expenses incurred by Tenant in performing such maintenance or making such repair, plus interest thereon at the rate of ten percent (10%) per annum ("Interest Rate") from the date incurred to the date paid, and if Landlord fails to do sowork, Tenant shall have the right to deduct such expenses from the next installment(s) provide Landlord with invoices or other reasonably satisfactory evidence of the rent coming due hereunder. Except as expressly provided in this Lease, Tenant waives its right under any statute to make repairs at Landlord's expense or to terminate this Lease because actual cost of Landlord's failure to keep the Premises in good order, condition and repair. Except as expressly provided in this Lease, Tenant waives its rights under Arizona Revised Statutes Section 33-343 with respect to Landlord's obligations for tenantability of the Premisessuch work, and Tenant's right to cease paying rent and terminate the LeaseLandlord shall accept such amount as a credit against Base Rent next owing hereunder. Any damage to any part of the Property for which Landlord is responsible that is caused by Tenant, the negligence Master Developer or willful misconduct of Tenant or any agent, officer, employee, contractor, licensee or invitee of Tenant their respective Related Entities shall be repaired by Landlord at Tenant's expense, ’s expense and Tenant shall pay to Landlord, immediately upon billing by Landlord, as additional rentAdditional Rent, the reasonable cost of such repairs incurred by Landlord plus interest thereon at Landlord. Any damage to any part of the Interest Rate less any amounts of insurance proceeds received Premises that is caused by Landlord thereforor its employees or contractors shall be repaired by Landlord or such contractors at no cost to Tenant.

Appears in 1 contract

Samples: Enhanced Use Lease

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OBLIGATIONS OF LANDLORD. Landlord shall maintain shall, at Landlord’s sole cost and repair expense and at all times, keep all structural portions of the foundationsbuilding foundation, structural portions of the exterior walls, structural portions of the roof, the roof membrane, and subsurface plumbing (as it relates to structural maintenance or repair), during the Term and all other renewals thereof in good working order, condition and repair. Landlord shall be responsible for causing the parking areas and driveways of the Premises to be swept periodically, and for the maintenance of exterior landscaping, subject to reimbursement for the cost thereof pursuant to Section 3.1(b). Landlord slurry-coated a portion of the parking area adjacent to the Premises approximately two and one-half (2 1/2) years ago. Landlord will slurry-coat the remainder of such parking area (consisting of the rear of the parking area extending from approximately the back edge of the building in which the Premises is located to the rear boundary line of the parcel on which the Premises is located) within a reasonable time after the Commencement Date, weather permitting, and the cost thereof shall not be included as an Operating Expense. Additional costs to maintain or repair such parking areas shall be included as Operating Expenses. The foregoing obligations of Landlord shall not diminish or otherwise affect Tenant’s duty to maintain the non-structural aspects portions of the Premises pursuant to Section 6.1(a). Landlord’s repairs will be at least equal in quality and workmanship to the original work and Landlord will make the repairs in accordance with all laws. There shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business arising from the making of any repairs, alterations or improvements in or to any portion of the Premises or in or to fixtures, appurtenances and equipment therein. Notwithstanding the foregoing, Landlord agrees to use commercially reasonable efforts to perform repairs, improvements or alterations in such a manner as to minimize the inconvenience to Tenant’s business within the Premises. It is the intention of the Landlord and Tenant that the terms of this Lease govern the respective obligations of the Parties as to maintenance and repair of the Premises. Tenant and Landlord expressly waive the benefit of any statute now or hereafter in effect to the extent it is inconsistent with the terms of this Lease with respect to, unless such repair or maintenance is required as a result which affords Tenant the right to make repairs at the expense of Tenant's negligenceLandlord or to terminate this Lease by reason of, any needed repairs, provided that, in which case an emergency, Tenant may make any repairs reasonably necessary to prevent damage to persons or property and be reimbursed the reasonable cost thereof by Landlord is only required to maintain and repair to the extent the costs of such maintenance and repair are covered by insurance proceeds received by Landlord thereforsame is not an Operating Expense or other expense that Tenant would be required to pay under this Lease. Tenant shall give Landlord written notice of the need for any maintenance or repair for which Landlord is responsible, after which Landlord shall have a reasonable opportunity to perform the maintenance or make the repair, but in no event more than twenty-four (24) hours in On the event of an emergency and no more than thirty (30) days in other cases, unless Landlord commences such maintenance or repair within such thirty-day period, and thereafter diligently prosecutes such maintenance or repair to completion. If Landlord fails to perform any maintenance or make any repairs reimburse Tenant for which Landlord is responsible such costs incurred by Tenant within such time periodsten (10) Business Days after Landlord’s receipt of written notice from Tenant, together with supporting invoices and evidence of Tenant’s payment thereof, Tenant shall have the right to perform offset such maintenance or make such repairs at Landlord's expense. Landlord shall reimburse Tenant within fifteen (15) days after receipt of an invoice from Tenant for all expenses incurred by Tenant in performing such maintenance or making such repair, plus interest thereon at the rate of ten percent (10%) per annum ("Interest Rate") from the date incurred to the date paid, and if Landlord fails to do so, Tenant shall have the right to deduct such expenses from the costs against rent next installment(s) of the rent coming due hereunder. Except as expressly provided in under this Lease, Tenant waives its right under any statute to make repairs at Landlord's expense or to terminate this Lease because of Landlord's failure to keep the Premises in good order, condition and repair. Except as expressly provided in this Lease, Tenant waives its rights under Arizona Revised Statutes Section 33-343 with respect to Landlord's obligations for tenantability of the Premises, and Tenant's right to cease paying rent and terminate the Lease. Any damage to any part of the Property for which Landlord is responsible that is caused by the negligence or willful misconduct of Tenant or any agent, officer, employee, contractor, licensee or invitee of Tenant shall be repaired by Landlord at Tenant's expense, and Tenant shall pay to Landlord, immediately upon billing by Landlord, as additional rent, the cost of such repairs incurred by Landlord plus interest thereon at the Interest Rate less any amounts of insurance proceeds received by Landlord therefor.

Appears in 1 contract

Samples: Lease (Electro Scientific Industries Inc)

OBLIGATIONS OF LANDLORD. A. Landlord's Maintenance and Repair Obligations. Landlord shall not be required to make any improvements, replacements or repairs of any kind or character to the Premises or the Project during the term of this Lease except as are specifically set forth in this Section or elsewhere in this Lease. Landlord shall maintain only the roof, foundation, parking areas, and repair Common Areas, and the foundations, the roof and all other structural aspects soundness of the Premisesexterior walls and other structures within the Project, unless such repair provided, that Landlord's cost of maintaining, replacing and repairing the items set forth in this Section shall be included within the definition of Operating Expenses pursuant to Section 7 of this Lease. Landlord shall not be liable to Tenant, except as expressly provided in this Lease, for any damage or maintenance is required as a result inconvenience, and Tenant shall not be entitled to any abatement or reduction of Tenant's negligenceRent by reason of any repairs, in which case Landlord is only required to maintain and repair to the extent the costs of such maintenance and repair are covered by insurance proceeds received alterations or additions made by Landlord therefor. Tenant shall give under this Lease; provided, however, if Landlord written notice of the need for any maintenance or repair for which Landlord is responsible, after which Landlord shall have a reasonable opportunity fails to perform the maintenance or make the repair, but in no event more than twenty-four (24) hours in the event of an emergency and no more than complete its obligations within thirty (30) days in other casesafter written notice from Tenant, unless Landlord commences or a reasonable amount of time if the nature of the obligation is such maintenance or repair that it cannot be performed within such thirty-day period, and thereafter diligently prosecutes such maintenance or repair to completion. If Landlord fails to perform any maintenance or make any repairs for which Landlord is responsible within such time periodsthirty (30) days, Tenant shall have the right to perform complete such maintenance repair or make such repairs at Landlord's expense. Landlord shall reimburse Tenant within fifteen (15) days after receipt of an invoice from Tenant for all expenses incurred by Tenant in performing such maintenance or making such repair, plus interest thereon at replacement and deduct the rate of ten percent (10%) per annum ("Interest Rate") costs from the date incurred rent payable hereunder, subject to the date paid, and if Landlord fails "Maximum Offset Amount" (defined herein). Notwithstanding anything contained in this Lease to do sothe contrary, Tenant shall have the right to not deduct such expenses from the next installment(smore than fifty percent (50%) of the rent coming due hereunder. Except as expressly provided Base Rent from any monthly installment of Base Rent if there are sufficient months remaining in this Lease, Tenant waives its right under any statute to make repairs at Landlord's expense or to terminate the term of this Lease because of Landlord's failure within which to keep fully recover the Premises in good order, condition and repair. Except as expressly provided in this Lease, Tenant waives its rights under Arizona Revised Statutes Section 33-343 with respect to Landlord's obligations for tenantability of the Premises, and Tenant's right to cease paying rent and terminate the Lease. Any damage to any part of the Property for which Landlord is responsible that is caused by the negligence or willful misconduct of Tenant or any agent, officer, employee, contractor, licensee or invitee of Tenant shall be repaired amount owed by Landlord at Tenant's expense, and Tenant shall pay to Landlord, immediately upon billing by Landlord, as additional rent, (the cost of such repairs incurred by Landlord plus interest thereon at the Interest Rate less any amounts of insurance proceeds received by Landlord therefor"Maximum Offset Amount").

Appears in 1 contract

Samples: Lease Agreement (Quantech LTD /Mn/)

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