Common use of Termination of Lease Clause in Contracts

Termination of Lease. Notwithstanding the foregoing to the contrary, in lieu of performing the restoration work, Landlord may elect to terminate this Lease by notifying Tenant in writing of such termination within sixty (60) days after the date of damage (such termination notice to include a termination date providing at least thirty (30) days for Tenant to vacate the Premises), if the Property shall be damaged by fire or other casualty or cause such that: (a) more than twenty-five percent (25%) of the Premises is affected by the damage and fewer than twenty-four (24) months remain in the Term, or any material damage occurs to the Premises during the last twelve (12) months of the Term, (b) any Lender shall require that the insurance proceeds or any portion thereof be used to retire the Mortgage debt (or shall terminate the ground lease, as the case may be), or the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies, or (c) the cost of the repairs, alterations, restoration or improvement work would exceed twenty-five percent (25%) of the replacement value of the Building (whether or not the Premises are affected by the damage). Tenant agrees that the abatement of Rent provided herein shall be Tenant’s sole recourse in the event of such damage, and waives any other rights Tenant may have under any applicable Law to perform repairs or terminate the Lease by reason of damage to the Premises or Property. In addition, if a substantial portion of the Building is destroyed such that the Premises become untenantable, then Landlord will select a registered architect licensed to do business in Oregon to estimate the time for completion. If such architect should certify that such work to the Premises cannot be accomplished by using standard working methods and procedures so as to make the Premises tenantable within 180 days from the date the rehabilitation is started or within 3 months from such date if the

Appears in 2 contracts

Samples: Lease (New Relic Inc), Office Lease (New Relic Inc)

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Termination of Lease. Notwithstanding If the foregoing to the contrary, in lieu of performing the restoration work, Landlord may elect to terminate this Lease by notifying Tenant in writing of such termination within sixty (60) days after the date of damage (such termination notice to include a termination date providing at least thirty (30) days for Tenant to vacate Property or the Premises), if the Property shall be or any part thereof, is damaged by fire or other casualty before the Commencement Date or cause such that: during the term of this Lease and (a) more than twenty-five percent (25%) of the Premises is affected by the damage and fewer than twenty-four (24) months remain in the Term, such fire or any material damage other casualty occurs to the Premises during the last twelve (12) months of the Termterm of this Lease and the repair and restoration work to be performed by Landlord in accordance with section 11.1 hereof cannot, as reasonably estimated by Landlord, be completed within two (2) months after the occurrence of such fire or other casualty, or (b) the insurance proceeds received by Landlord in respect of such damage are not adequate to pay the entire cost, as reasonably estimated by Landlord, of the repair and restoration work to be performed by Landlord in accordance with section 11.1 hereof (including inadequacy resulting from the requirement of the holder of any Lender shall require indebtedness secured by a mortgage or deed of trust covering the Premises that the insurance proceeds or any portion thereof be used applied to retire the Mortgage debt (or shall terminate the ground lease, as the case may besuch indebtedness), or the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies, or (c) the cost repair and restoration work to be performed by Landlord in accordance with section 11.1 hereof cannot, as reasonably estimated by Landlord, be completed within four (4) months after the occurrence of such fire or other casualty, then, in any such event, Landlord shall have the right, by giving written notice to Tenant within sixty (60) days after the occurrence of such fire or other casualty, to terminate this Lease as of the repairsdate of such notice. If Landlord does not exercise the right to terminate this Lease in accordance with this section 11.2, alterationsLandlord shall repair such damage and restore the Property and the Premises in accordance with section 11.1 hereof and this Lease shall, restoration or improvement work would exceed twenty-five percent (25%) subject to section 11.1 hereof, remain in full force and effect. A total destruction of the replacement value Property shall automatically terminate this Lease effective as of the Building (whether or not the Premises are affected by the damage). Tenant agrees that the abatement of Rent provided herein shall be Tenant’s sole recourse in the event date of such damage, and waives any other rights Tenant may have under any applicable Law to perform repairs or terminate the Lease by reason of damage to the Premises or Property. In addition, if a substantial portion of the Building is destroyed such that the Premises become untenantable, then Landlord will select a registered architect licensed to do business in Oregon to estimate the time for completion. If such architect should certify that such work to the Premises cannot be accomplished by using standard working methods and procedures so as to make the Premises tenantable within 180 days from the date the rehabilitation is started or within 3 months from such date if thetotal destruction.

Appears in 2 contracts

Samples: Lease (Sanfilippo John B & Son Inc), Industrial Lease (Foster L B Co)

Termination of Lease. Notwithstanding If the foregoing Premises should be damaged or destroyed by fire or other peril, Tenant immediately shall give written notice to Landlord. If: (i) the contraryBuilding should be totally destroyed by any peril not covered by the insurance to be provided by Landlord under Paragraph 13A above; or if (ii) the Premises should be so damaged thereby that, in lieu of performing the restoration workLandlord's estimation, Landlord may elect to terminate this Lease by notifying Tenant in writing of such termination rebuilding or repairs cannot be completed within sixty one hundred eighty (60180) days after the date of damage such damage; or if (such termination notice iii) the Premises should be so damaged thereby that, in Landlord's estimation, rebuilding or repairs of the portion thereof required to include a termination date providing at least thirty be insured by Landlord can be substantially completed within one hundred eighty (30180) days for Tenant to vacate after the Premises), if the Property shall be damaged by fire or other casualty or cause such that: (a) more than twenty-five percent (25%) of the Premises is affected by the damage and fewer than twenty-four (24) months remain in the Term, or any material damage occurs to the Premises during the last twelve (12) months of the Term, (b) any Lender shall require that the insurance proceeds or any portion thereof be used to retire the Mortgage debt (or shall terminate the ground lease, as the case may be), or the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies, or (c) the cost of the repairs, alterations, restoration or improvement work would exceed twenty-five percent (25%) of the replacement value of the Building (whether or not the Premises are affected by the damage). Tenant agrees that the abatement of Rent provided herein shall be Tenant’s sole recourse in the event date of such damage, but the insurance proceeds available to Landlord will not, in Landlord's estimation, be sufficient to complete such rebuilding or repairs (due to such insurance proceeds being applied to mortgage debt or otherwise) and waives Landlord is either unable or unwilling to advance sufficient funds to complete such rebuilding or repairs; then in any other rights Tenant may have under any applicable Law to perform repairs or of such events this Lease shall cease and terminate the Lease by reason of damage as if and to the Premises or Property. In addition, if a substantial portion extent the effective date of such termination had been the date originally scheduled for the expiration of the Building is destroyed such that term of this Lease, and the Premises become untenantableRent shall be abated during the previously unexpired term of this Lease, then Landlord will select a registered architect licensed to do business in Oregon to estimate the time for completion. If such architect should certify that such work to the Premises cannot be accomplished by using standard working methods and procedures so as to make the Premises tenantable within 180 days from effective upon the date of the rehabilitation is started or occurrence of such damage. Landlord's determinations under this paragraph must be made in writing to Tenant within 3 months from such date if theforty-five (45) days after the subject casualty.

Appears in 2 contracts

Samples: Commercial Lease Agreement (Mannatech Inc), Commercial Lease Agreement (Mannatech Inc)

Termination of Lease. Notwithstanding If the foregoing to the contrary, in lieu of performing the restoration work, Landlord may elect to terminate this Lease by notifying Tenant in writing of such termination within sixty (60) days after the date of damage (such termination notice to include a termination date providing at least thirty (30) days for Tenant to vacate Building or the Premises), if the Property shall be or any part thereof, is damaged by fire or other casualty before the Commencement Date or cause such that: during the term of this Lease and (a) more than twenty-five percent (25%) of the Premises is affected by the damage and fewer than twenty-four (24) months remain in the Term, such fire or any material damage other casualty occurs to the Premises during the last twelve (12) months of the Termterm of this Lease (as it may be extended as provided in this Lease) and the repair and restoration work to be performed by Landlord in accordance with SECTION 11.1 hereof cannot, as reasonably estimated by Landlord, be completed within two (2) months after the occurrence of such fire or other casualty, or (b) the insurance proceeds received by Landlord in respect of such damage are not adequate to pay the entire cost, as reasonably estimated by Xxxxxxxx, of the repair and restoration work to be performed by Landlord in accordance with SECTION 11.1 hereof (including inadequacy resulting from the requirement of the holder of any Lender shall require indebtedness secured by a mortgage or deed of trust covering the Premises that the insurance proceeds or any portion thereof be used applied to retire such indebtedness, unless the Mortgage debt (or application of such insurance proceeds shall terminate be due to a default by Landlord under the ground lease, as the case may bedocuments and instruments relating to such indebtedness), or the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies, or (c) the cost repair and restoration work to be performed by Landlord in accordance with SECTION 11.1 hereof cannot, as reasonably estimated by Landlord, be completed within one (1) year after the occurrence of such fire or other casualty, then, in any such event, Landlord shall have the right, by giving written notice to Tenant within sixty (60) days after the occurrence of such fire or other casualty, to terminate this Lease as of the repairsdate of such notice. If Landlord does not exercise the right to terminate this Lease in accordance with this SECTION 11.2, alterationsLandlord shall repair such damage and restore the Building and the Premises in accordance with SECTION 11.1 hereof and this Lease shall, restoration or improvement work would exceed twenty-five percent (25%) of the replacement value subject to SECTION 11.1 hereof, remain in full force and effect. A total destruction of the Building (whether or not shall automatically terminate this Lease effective as of the Premises are affected by the damage). Tenant agrees that the abatement of Rent provided herein shall be Tenant’s sole recourse in the event date of such damage, and waives any other rights Tenant may have under any applicable Law to perform repairs or terminate the Lease by reason of damage to the Premises or Property. In addition, if a substantial portion of the Building is destroyed such that the Premises become untenantable, then Landlord will select a registered architect licensed to do business in Oregon to estimate the time for completion. If such architect should certify that such work to the Premises cannot be accomplished by using standard working methods and procedures so as to make the Premises tenantable within 180 days from the date the rehabilitation is started or within 3 months from such date if thetotal destruction.

Appears in 2 contracts

Samples: Lease (Wj Communications Inc), Lease (Wj Communications Inc)

Termination of Lease. Notwithstanding the foregoing to the contrary, in lieu of performing the restoration work, Landlord may elect to terminate this Lease by notifying Tenant in writing of such termination within sixty (60) days after the date of damage (such termination notice to include a termination date providing at least thirty (30) days for Tenant to vacate the Premises), if the Property shall be damaged by fire If any or other casualty or cause such that: (a) more than twenty-five percent (25%) all of the Premises and/or of that portion of the Project underlying the Premises is affected taken by the damage and fewer than twenty-four exercise of any power of eminent domain or is conveyed to or at the direction of any governmental entity under a threat of any such taking (24) months remain each of which is herein referred to as a “Condemnation”), this Lease shall terminate on the date on which the title to so much of the Premises as is the subject of such Condemnation vests in the Termcondemning authority, unless the parties hereto otherwise agree in writing. If all or any material damage occurs to the Premises during the last twelve (12) months of the Term, (b) any Lender shall require that the insurance proceeds or any portion thereof be used to retire the Mortgage debt (or shall terminate the ground lease, as the case may be), or the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies, or (c) the cost of the repairs, alterations, restoration or improvement work would exceed twenty-five percent (25%) of the replacement value of the Building (whether or not the Premises are affected by the damage). Tenant agrees that the abatement of Rent provided herein shall be Tenant’s sole recourse in the event of such damage, and waives any other rights Tenant may have under any applicable Law to perform repairs or terminate the Lease by reason of damage to the Premises or Property. In addition, if a substantial portion of the Building is destroyed such or the Project other than that portion thereof underlying the Premises become untenantableis taken or conveyed in a Condemnation, the Landlord shall be entitled, by giving written notice thereof to the Tenant, to terminate this Lease on the date on which the title to so much thereof as is the subject of such Condemnation vests in the condemning authority. The Landlord shall notify Tenant of any Condemnation promptly after the Landlord receives notice thereof. If Landlord does not elect to terminate the Lease pursuant to this Section, then Landlord will select a registered architect licensed within ten (10) days after receipt of such notice, the Tenant shall have the right to do business terminate this Lease with respect to the remainder of the Premises not so condemned as of the date title vests in Oregon to estimate such authority, but only if such Condemnation renders said remainder of the time Premises totally unusable for completiontheir intended purpose. If such architect should certify that such work this Lease is not terminated pursuant to this subsection, the Landlord shall restore any of the Premises cannot be accomplished damaged by using standard working methods and procedures so such Condemnation substantially to its condition immediately before such Condemnation, as to make soon after the Premises tenantable within 180 days from Landlord’s receipt of the date proceeds of such Condemnation as is reasonably possible under the rehabilitation is started or within 3 months from such date if thecircumstances.

Appears in 2 contracts

Samples: Office Lease (Millennial Media Inc.), Sublease (Millennial Media Inc.)

Termination of Lease. Notwithstanding 18.3.2.1. Subject to Sections 18.2 and 18.3.1 above, if more than fifty percent (50.0%) of either or both (a) the foregoing to rentable square footage of the contraryPremises and (b) the gross square footage comprising the Building is rendered untenantable as a result of any fire or other casualty (in the reasonable opinion of a reputable contractor or architect designated by Landlord) and, in lieu the case of performing (b), all or a portion of the restoration workPremises is rendered untenantable, Landlord may elect shall have the option to terminate this Lease (by notifying Tenant so advising Tenant, in writing of such termination writing) within sixty (60) days after the date of damage (such termination notice to include a termination date providing at least thirty (30) days for after said contractor or architect delivers written notice of its opinion to Landlord and Tenant. In the event that Landlord elects to exercise its right to terminate this Lease pursuant to the preceding sentence, Landlord nevertheless agrees that Tenant may continue to vacate occupy and utilize the Premises), if Manufacturing Area from the Property shall be damaged by fire or other casualty or cause such that: (a) more than twenty-five percent (25%) date of the Premises is affected by casualty until the damage first to occur of (i) the date on which any governmental authority having jurisdiction over the Building (including in this case, but not limited to, the fire department) advises, whether orally or in writing, that due to any or all of the casualty, the condition of the Building and fewer than twenty-four safety concerns, Tenant may no longer occupy and utilize the Manufacturing Area; (24ii) months remain in the Termdate on which Landlord’s property insurer advises that it will refuse to pay to, or any material damage occurs to for the Premises during the last twelve (12) months benefit of the TermLandlord, (b) any Lender shall require that the all available insurance proceeds or any portion thereof be used due to retire Tenant’s continuing occupancy of, and operation in, the Mortgage debt Manufacturing Area; and (or shall terminate the ground lease, as the case may be), or the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies, or (ciii) the cost of fifth (5th) business day after the repairsdate on which Landlord advises Tenant, alterationsin writing, restoration or improvement work would exceed twenty-five percent (25%) of the replacement value that Landlord will commence demolition of the Building (whether whichever of (i), (ii) or not (iii) applies, the Premises are affected by the damage“MA Termination Date”). During the period of time from the occurrence of the casualty through the MA Termination Date, Tenant agrees may continue to occupy and utilize the Manufacturing Area in accordance with all of the terms and provisions of this Lease except that the abatement of Rent provided herein due hereunder shall be Tenant’s sole recourse in proportionately reduced, as of the event date of such damage, and waives any other rights the casualty so that Tenant may have under any applicable Law is required to perform repairs or terminate the Lease by reason of damage pay Rent only with respect to the Premises or Property. In addition, if a substantial portion of the Building is destroyed such that the Premises become untenantable, then Landlord will select a registered architect licensed to do business in Oregon to estimate the time for completion. If such architect should certify that such work to the Premises cannot be accomplished by using standard working methods and procedures so as to make the Premises tenantable within 180 days from the date the rehabilitation is started or within 3 months from such date if theManufacturing Area.

Appears in 1 contract

Samples: Industrial Building Lease (Cyberoptics Corp)

Termination of Lease. The entire portion of the Premises located on a Floor of the Building sharing a common expiration date is a “Floor Space”. Notwithstanding the foregoing to the contrary, in lieu of performing the restoration work, Landlord may elect to terminate this Lease as to one or more Floor Space(s) by notifying Tenant in writing of such termination within sixty (60) days after the date of damage (such termination notice to include a termination date providing at least thirty (30) days for Tenant to vacate the PremisesFloor Space), if the Property shall be damaged by fire or other casualty or cause such that: (a) more than twenty-five twenty‑five percent (25%) of the Premises such Floor Space(s) is affected by the damage and fewer than twenty-four twenty‑four (24) months remain in the TermTerm as to such Floor Space, or any material damage occurs to the Premises Floor Space during the last twelve (12) months of the TermTerm as to such Floor Space, (b) any Lender shall require that the insurance proceeds or any portion thereof be used to retire the Mortgage debt (or shall terminate the ground lease, as the case may be), or the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies, or (c) the cost of the repairs, alterations, restoration or improvement work would exceed twenty-five twenty‑five percent (25%) of the replacement value of the Building (whether or not the Premises are affected by the damage). Tenant agrees that the abatement of Rent provided herein shall be Tenant’s sole recourse in the event of such damage, and waives any other rights Tenant may have under any applicable Law to perform repairs or terminate the 9 – SEVENTH AMENDMENT TO LEASE Lease by reason of damage to the Premises or Property. In addition, if a substantial portion of the Building is destroyed such that the Premises become a Floor Space becomes untenantable, then Landlord will select a registered architect licensed to do business in Oregon to estimate the time for completioncompletion of restoration of such Floor Space. If such architect should certify that such work to the Premises such Floor Space cannot be accomplished by using standard working methods and procedures so as to make the Premises such Floor Space tenantable within 180 days from the date the rehabilitation is started or within 3 months from such date if thethe Lease Term as to such Floor Space has less than 12 months remaining at the time of certification, either party will have the right to terminate this Lease as to such Floor Space by giving to the other notice of such election within 10 days after Tenant’s receipt of the architect’s certificate. If such architect certifies that such work can be completed within such 180‑day period but such work is not actually substantially completed within 240 days after the date the rehabilitation is started (subject to force majeure), then Tenant may provide written notice to Landlord specifying that this Lease will terminate as to such Floor Space if such work is not substantially completed within thirty (30) days after the date of such notice. In the event the work is not substantially completed by the end of such thirty (30) day period this Lease will automatically terminate as to such Floor Space and neither party shall have any further rights or obligations hereunder as to such Floor Space except those obligations or liabilities which have accrued on or before such termination date and except those expressly provided as surviving expiration or termination hereof. If said fire or other casualty results in the total destruction of the Building, this Lease will automatically terminate as of the date of said fire or other casualty.”

Appears in 1 contract

Samples: Lease (New Relic, Inc.)

Termination of Lease. Notwithstanding If any part of the foregoing Premises is damaged or destroyed and either (a) in the opinion of Landlord acting reasonably, the damage or destruction cannot be repaired or rebuilt within one hundred and eighty (180) days after the damage or destruction; or (b) such damage or destruction is caused by an occurrence against which Landlord is not insured or required to insure or the cost of repairs of which would be in excess of the amount which Landlord is required to insure pursuant hereto or is otherwise insured; or (c) such damage or destruction occurs within two (2) years prior to the contrary, expiry of the Term and either there are no remaining rights in lieu of performing the restoration work, Landlord may elect or Tenant to terminate extend or renew this Lease or Landlord or Tenant, having the right to renew or extend this Lease, fails to do so within fifteen (15) days after such occurrence; Landlord may, at its option to be exercised by notifying written notice given to Tenant in writing of such termination within sixty (60) days after such occurrence, terminate this Lease whereupon Tenant will immediately surrender the Premises and all its interest therein to Landlord and Basic Rent and all other payments for which Tenant is liable pursuant to this Lease shall be apportioned to the effective date of damage termination (such termination notice but subject to include a termination date providing at least thirty (30) days for Tenant any abatement to vacate which the Premises), if the Property shall be damaged by fire or other casualty or cause such that: (a) more than twenty-five percent (25%) of the Premises is affected by the damage and fewer than twenty-four (24) months remain in the Term, or any material damage occurs to the Premises during the last twelve (12) months of the Term, (b) any Lender shall require that the insurance proceeds or any portion thereof be used to retire the Mortgage debt (or shall terminate the ground lease, as the case may be), or the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies, or (c) the cost of the repairs, alterations, restoration or improvement work would exceed twenty-five percent (25%) of the replacement value of the Building (whether or not the Premises are affected by the damage). Tenant agrees that the abatement of Rent provided herein shall be Tenant’s sole recourse in the event of such damage, and waives any other rights Tenant may have be entitled under any applicable Law to perform repairs or terminate the Section 12.03 of this Lease by reason of damage the Premises having been rendered in whole or in part not reasonably capable of use or occupancy). Tenant will remain liable to Landlord for all sums accrued due under this Lease to the Premises or Property. In additiondate of termination, if a substantial portion of the Building is destroyed such that and Landlord may re-enter and repossess the Premises become untenantable, then Landlord will select a registered architect licensed to do business in Oregon to estimate the time for completion. If such architect should certify that such work to the Premises cannot be accomplished by using standard working methods and procedures so as to make the Premises tenantable within 180 days from the date the rehabilitation is started or within 3 months from such date if thedischarged of this Lease.

Appears in 1 contract

Samples: Lease (Dura Products International Inc)

Termination of Lease. Notwithstanding If the foregoing to the contrary, in lieu of performing the restoration work, Landlord may elect to terminate this Lease by notifying Tenant in writing of such termination within sixty (60) days after the date of damage (such termination notice to include a termination date providing at least thirty (30) days for Tenant to vacate Property or the Premises), if the Property shall be or any part thereof, is damaged by fire or other casualty before the Commencement Date or cause such that: during the term of this Lease and (a) more than twenty-five percent (25%) of the Premises is affected by the damage and fewer than twenty-four (24) months remain in the Term, such fire or any material damage other casualty occurs to the Premises during the last twelve (12) months of the Termterm of this Lease and the repair and restoration work to be performed by Landlord in accordance with section 11.1 hereof cannot, as reasonably estimated by Landlord, be completed within sixty (60) days after the occurrence of such fire or other casualty, or (b) the insurance proceeds received by Landlord in respect of such damage are not adequate to pay the entire cost, as reasonably estimated by Landlord, of the repair and restoration work to be performed by Landlord in accordance with section 11.1 hereof (including inadequacy resulting from the requirement of the holder of any Lender shall require indebtedness secured by a mortgage or deed of trust covering the Premises that the insurance proceeds or any portion thereof be used applied to retire the Mortgage debt (or shall terminate the ground lease, as the case may besuch indebtedness), or the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies, or (c) the cost repair and restoration work to be performed by Landlord in accordance with section 11.1 hereof cannot, as reasonably estimated by Landlord, be completed within one hundred twenty (120) days after the occurrence of such fire or other casualty, then, in any such event, Landlord or Tenant shall have the right, by giving written notice to the other party hereto within sixty (60) days after the occurrence of such fire or other casualty, to terminate this Lease as of the repairsdate of such notice. If Landlord or Tenant does not exercise the right to terminate this Lease in accordance with this section 11.2, alterations, restoration or improvement work would exceed twenty-five percent (25%) of Landlord shall repair such damage and restore the replacement value of the Building (whether or not Property and the Premises are affected by the damage). Tenant agrees that the abatement of Rent provided herein shall be Tenant’s sole recourse in the event of such damageaccordance with section 11.1 hereof and this Lease shall, subject to section 11.1 hereof, remain in full force and waives any other rights Tenant may have under any applicable Law to perform repairs or terminate the Lease by reason of damage to the Premises or Property. In addition, if a substantial portion of the Building is destroyed such that the Premises become untenantable, then Landlord will select a registered architect licensed to do business in Oregon to estimate the time for completion. If such architect should certify that such work to the Premises cannot be accomplished by using standard working methods and procedures so as to make the Premises tenantable within 180 days from the date the rehabilitation is started or within 3 months from such date if theeffect.

Appears in 1 contract

Samples: Lease (Build a Bear Workshop Inc)

Termination of Lease. Notwithstanding In the foregoing to event: (i) the contrary, closing conditions set forth in lieu Section 7.1 of performing the restoration work, Landlord may elect to terminate this Lease by notifying Tenant Purchase Agreement are not satisfied or waived (which waiver shall be in writing of such termination within sixty (60) days after the date of damage (such termination notice to include a termination date providing at least thirty (30) days for Tenant to vacate the PremisesLandlord’s sole and absolute discretion), if by March 31, 2012 or as otherwise mutually agreed to by the parties, and as a result thereof Landlord does not exercise the Option; (ii) the Property shall be is damaged by fire or other casualty or cause such that: (a) more than twenty-five percent (25%destroyed, and in accordance with Section 4.3(a) of the Premises is Purchase Agreement, Landlord exercises its right not to acquire the Property; (iii) the Existing Lease has been amended which adversely affected the Option and which has not been consented to by Landlord, and as a result thereof Landlord does not exercise the damage and fewer than twenty-four Option, (24iv) months remain eminent domain proceedings are threatened (in the Term, writing) or any material damage occurs instituted with respect to the Premises during the last twelve (12) months of the TermProperty, (b) any Lender shall require that the insurance proceeds or any portion thereof be used to retire the Mortgage debt (or shall terminate the ground lease, as the case may be), or the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies, or (c) the cost of the repairs, alterations, restoration or improvement work would exceed twenty-five percent (25%and in accordance with Section 4.3(b) of the replacement value Purchase Agreement, Landlord exercises its right not to acquire the Property; or (v) Landlord exercises the Option and the Existing Owner breaches its obligation to convey the Property to Landlord in accordance with the terms and conditions of the Building Option and neither Landlord nor Tenant (whether or not the Premises are affected by the damage). Tenant agrees that the abatement of Rent provided herein shall be in Landlord’s name at Tenant’s sole recourse cost) pursues an action against Existing Owner for specific performance; then, subject to Section 4.2(g), this Lease shall terminate effective as of the occurrence of any of the events described in subsections (i) through (v) above. Upon such termination, (x) if, and only to the extent, required under Section 1.2 of the Purchase Agreement, Tenant shall pay Landlord the Building F Option Termination Payment (as defined in the event of such damagePurchase Agreement), (y) the Security Deposit shall be promptly refunded to Tenant, and waives any other (z) all further rights Tenant may have under any applicable Law to perform repairs or terminate the Lease by reason of damage to the Premises or Property. In addition, if a substantial portion and obligations of the Building is destroyed parties under this Lease shall terminate except for those obligations of the parties that expressly survive such that the Premises become untenantable, then Landlord will select a registered architect licensed to do business in Oregon to estimate the time for completion. If such architect should certify that such work to the Premises cannot be accomplished by using standard working methods and procedures so as to make the Premises tenantable within 180 days from the date the rehabilitation is started or within 3 months from such date if thetermination.

Appears in 1 contract

Samples: Lease (Arena Pharmaceuticals Inc)

Termination of Lease. Notwithstanding the foregoing Any provisions of this Paragraph 17, or any other provision elsewhere in this Lease contained to the contrarycontrary notwithstanding, Lessor at Lessor's option, may terminate this Lease in lieu the event all or substantially all of performing the restoration workestimated cost of repair is not covered by insurance (exclusive of any deductible), Landlord may or in the event more than fifty percent (50%) of the Leased Premises (or any additional improvements hereafter made a part thereof) are totally or substantially destroyed by such fire or other casualty. Lessor shall exercise such option hereunder by written notice to the Lessee given within thirty (30) days after the event causing such loss, damage or destruction, termination to be effective as of the date of said event, and in the event of such termination, the Rent and additional rent shall cease as of the date of such destruction. In the event Lessor does not elect to terminate this Lease during such thirty (30) day period, Lessee shall have the option to terminate this Lease by notifying Tenant in writing of such termination within sixty (60) days after the date of damage (such termination written notice to include a termination date providing at least the Lessor given within thirty (30) days for Tenant following expiration of Lessor's thirty (30) day period to vacate the Premises)give such notice, if the Property shall termination to be damaged by fire or other casualty or cause such that: (a) more than twenty-five percent (25%) effective as of the Premises is affected by the damage date of said event, and fewer than twenty-four (24) months remain in the Term, or any material damage occurs to the Premises during the last twelve (12) months of the Term, (b) any Lender shall require that the insurance proceeds or any portion thereof be used to retire the Mortgage debt (or shall terminate the ground lease, as the case may be), or the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies, or (c) the cost of the repairs, alterations, restoration or improvement work would exceed twenty-five percent (25%) of the replacement value of the Building (whether or not the Premises are affected by the damage). Tenant agrees that the abatement of Rent provided herein shall be Tenant’s sole recourse in the event of such damagetermination, the Rent and waives any other rights Tenant may have under any applicable Law to perform repairs or terminate additional rent shall cease as of the Lease by reason date of damage to the Premises or Propertysuch destruction. In additionsuch event, if a substantial portion any Fire Insurance proceeds payable to Lessor shall be the sole and exclusive property of Lessor and Lessee shall have no interest in the Building is destroyed same. In the event that neither Lessor nor Lessee exercise their option to terminate this Lease as otherwise provided for under this Subparagraph 17(c), the Lessee's obligation to pay Rent (but not any item deemed to be additional rent) shall xxxxx until such that time as Lessor has completed the Premises become untenantable, then Landlord will select a registered architect licensed to do business in Oregon to estimate repairs otherwise required under the time for completion. If such architect should certify that such work to the Premises cannot be accomplished by using standard working methods and procedures so as to make the Premises tenantable within 180 days from the date the rehabilitation is started or within 3 months from such date if theprovisions of this Paragraph 17.

Appears in 1 contract

Samples: Lease Agreement (Mach One Corp)

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Termination of Lease. Notwithstanding If the foregoing Property or the -------------------- Premises, or any part thereof, is damaged by fire or other casualty during the term of this Lease and (a) such fire or other casualty occurs during the last two (2) years of the term of this Lease and the repair and restoration work to be performed by Landlord in accordance with section 11.1 hereof ------------ cannot, as reasonably estimated by Landlord, be completed within the lesser of two (2) months or ten percent (10%) of the then remaining term of the Lease, after the occurrence of such fire or other casualty, or (b) the repair and restoration work to be performed by Landlord in accordance with section 11.1 hereof cannot, as reasonably estimated by Landlord, be ------------ completed within six (6) months after the occurrence of such fire or other casualty, then, in any such event, Landlord and Tenant shall have the right, by giving written notice to the contrary, in lieu of performing the restoration work, Landlord may elect to terminate this Lease by notifying Tenant in writing of such termination other party hereto within sixty (60) days after the occurrence of such fire or other casualty, to terminate this Lease only with respect to the damaged portion of the Property or Premises as of the date of damage (such termination notice notice. Notwithstanding the foregoing to include the contrary Landlord shall not elect to terminate this Lease after a termination date providing casualty event if there are at least ten (10) years left remaining in the then current term of this Lease with respect to all portions of the Premises upon which restoration is required, or if Tenant exercises extension rights set forth herein thereby effectively extending the term hereof for no less than ten (10) years with respect to all portions of the Premises upon which restoration is required. If Landlord and Tenant do not exercise the right to terminate this Lease in accordance with this section 11.2, Landlord and ------------ Tenant respectively shall repair such damage and restore the Property and the Premises in accordance with section 11.1 hereof and this Lease shall, ------------ subject to section 11.1 hereof, remain in full force and effect. A total ------------ destruction of the Property shall automatically terminate this Lease effective as of the date of such total destruction. With respect to any partial termination, Landlord and Tenant shall in good faith execute an amendment hereto for the purpose of altering the definition of Premises, the Base Rent and Tenant's Percentage Share accordingly as well as other terms as reasonably necessary. Any complete termination of this Lease (or partial termination which terminates this Lease with respect to the Expansion Area and GG Building) resulting from Landlord's election to terminate as allowed in this section 11.2 shall trigger Tenant's rights under section 15.6(a) ------------ --------------- hereof to purchase the Expansion Area and GG Building, except that Tenant's deadline for exercising such right shall expire thirty (30) days for after Landlord's notice of election to terminate this Lease. In the event this Lease is terminated due to a casualty event and Tenant to vacate the Premises)does not exercise any purchase rights hereunder, if the Property then, all insurance proceeds paid under policies maintained by Landlord shall be damaged by fire or other casualty or cause such that: (a) more than twenty-five percent (25%) of the Premises is affected by the damage paid to Landlord, and fewer than twenty-four (24) months remain in the Term, or any material damage occurs to the Premises during the last twelve (12) months of the Term, (b) any Lender shall require that the all insurance proceeds or any portion thereof be used to retire the Mortgage debt (or shall terminate the ground lease, as the case may be), or the damage is not fully covered, except for deductible amounts, paid under policies maintained by Landlord’s insurance policies, or (c) the cost of the repairs, alterations, restoration or improvement work would exceed twenty-five percent (25%) of the replacement value of the Building (whether or not the Premises are affected by the damage). Tenant agrees that the abatement of Rent provided herein shall be paid to Tenant’s sole recourse in the event of such damage, and waives any other rights Tenant may have under any applicable Law to perform repairs or terminate the Lease by reason of damage to the Premises or Property. In addition, if a substantial portion of the Building is destroyed such that the Premises become untenantable, then Landlord will select a registered architect licensed to do business in Oregon to estimate the time for completion. If such architect should certify that such work to the Premises cannot be accomplished by using standard working methods and procedures so as to make the Premises tenantable within 180 days from the date the rehabilitation is started or within 3 months from such date if the.

Appears in 1 contract

Samples: Campus Lease (Monsanto Co /New/)

Termination of Lease. Notwithstanding the foregoing to the contrary, in lieu of performing the restoration work, Landlord may elect to terminate this Lease by notifying Tenant in writing of such termination within sixty (60) days after the date of damage (such termination notice to include a termination date providing at least thirty (30) days for Tenant to vacate If the Premises), if the Property shall be or any part thereof, is damaged by fire or other casualty or cause such that: during the Term of this Lease and (a) more than twenty-five percent (25%) of the Premises is affected by the damage and fewer than twenty-four (24) months remain in the Term, such fire or any material damage other casualty occurs to the Premises during the last twelve (12) months of the TermTerm of this Lease (and Tenant has not elected to or does not extend the Term pursuant to and within the time period set forth in Exhibit D) and the repair and restoration work to be performed by Landlord in accordance with Section 11.1 hereof cannot, as reasonably estimated by Landlord within thirty (30) days after the damage occurs, be completed within four (4) months after the occurrence of such fire or other casualty, or (b) any Lender shall require that the insurance proceeds or any portion thereof repair and restoration work to be used to retire the Mortgage debt (or shall terminate the ground leaseperformed by Landlord in accordance with Section 11.1 hereof cannot, as reasonably estimated by Landlord, be completed within one (1) year after the case may beoccurrence of such fire or other casualty (the “Completion Estimate”), or then, in any such event, both Landlord and Tenant shall have the damage is not fully coveredright, by giving written notice to the other within thirty (30) days after delivery of the Completion Estimate, to terminate this Lease as of the date of such notice. Upon any such termination of this Lease pursuant to this Section 11.2, both parties hereto shall thereafter be freed and discharged of all further obligations hereunder, except as provided for deductible amounts, in provisions of this Lease which by Landlord’s insurance policies, their terms survive the expiration or (c) the cost earlier termination of the repairsLease Term. If neither Landlord nor Tenant exercises the right to terminate this Lease in accordance with this Section 11.2, alterations, restoration or improvement work would exceed twenty-five percent (25%) of the replacement value of the Building (whether or not Landlord shall repair such damage and restore the Premises are affected by the damage). Tenant agrees that the abatement of Rent provided herein shall be Tenant’s sole recourse in the event of such damageaccordance with Section 11.1 hereof and this Lease shall, subject to Section 11.1 hereof, remain in full force and waives any other rights Tenant may have under any applicable Law to perform repairs or terminate the Lease by reason of damage to the Premises or Property. In addition, if a substantial portion of the Building is destroyed such that the Premises become untenantable, then Landlord will select a registered architect licensed to do business in Oregon to estimate the time for completion. If such architect should certify that such work to the Premises cannot be accomplished by using standard working methods and procedures so as to make the Premises tenantable within 180 days from the date the rehabilitation is started or within 3 months from such date if theeffect.

Appears in 1 contract

Samples: Lease (Electro Scientific Industries Inc)

Termination of Lease. Notwithstanding (A) If the foregoing Premises are (1) rendered wholly untenantable, or (2) damaged as a result of any cause which is not covered by Landlord's insurance, or (B) if the Building is damaged to the contraryextent of fifty percent (50%) or more of the gross leasable area thereof, or (C) if, for reasons beyond Landlord's control or by virtue of the terms of any financing of the Building, sufficient insurance proceeds are not available for the reconstruction or restoration of the Building or Premises, then, in lieu any of performing the restoration worksuch events, Landlord or Tenant may elect to terminate this Lease by notifying Tenant in writing giving the other notice of such termination election within sixty ninety (6090) days after the occurrence of such event, or after the insufficiency of such proceeds becomes known to Landlord, whichever is applicable. If such notice is given, the rights and obligations of the parties shall cease as of the date set forth in such notice, and the Annual Basic Rent and Additional Rent (but not any Additional Rent due Landlord either by reason of damage (Tenant's failure to perform any of its obligations hereunder or by reason of Landlord's having provided Tenant with additional services hereunder) shall be adjusted as of the date set forth in such termination notice to include a termination date providing at least thirty (30) days for Tenant to vacate the Premises)notice, or, if the Property shall be damaged by fire or other casualty or cause such that: (a) more than twenty-five percent (25%) Premises were rendered untenantable, as of the Premises is affected by the damage and fewer than twenty-four (24) months remain in the Term, or any material damage occurs to the Premises during the last twelve (12) months date of the TermCasualty. Notwithstanding the foregoing, (b) any Lender shall require that the insurance proceeds or any portion thereof be used to retire the Mortgage debt (or shall terminate the ground lease, as the case may be), or the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies, or (c) the cost of the repairs, alterations, restoration or improvement work would exceed twenty-five percent (25%) of the replacement value of the Building (whether or not the Premises are affected by the damage). Tenant agrees that the abatement of Rent provided herein shall be Tenant’s sole recourse in the event Landlord repairs, reconstructs or restores the Building, but proceeds of such damage, Landlord’s and waives any other rights Tenant’s insurance are insufficient to restore the Tenant may have under any applicable Law to perform repairs or terminate the Lease by reason of damage to the Premises or Property. In addition, if a substantial portion of the Building is destroyed such that the Premises become untenantableImprovements and Alterations, then Landlord will select a registered architect licensed shall not have the right to do business in Oregon terminate this Lease if Tenant provides the additional funds necessary to estimate reconstruct the time for completion. If such architect should certify that such work to the Premises cannot be accomplished by using standard working methods Tenant Improvements and procedures so as to make the Premises tenantable within 180 days from the date the rehabilitation is started or within 3 months from such date if theAlterations.

Appears in 1 contract

Samples: Office Lease (Gp Strategies Corp)

Termination of Lease. Notwithstanding the foregoing to the contrary, in lieu of performing the restoration work, Landlord may elect to terminate this Lease by notifying Tenant in writing giving notice of such termination to Tenant, (1) if Tenant is in default due to failure to pay Monthly Payment(s) or Additional Rent when due, or (2) if Tenant fails to cure any nonmonetary default within sixty (60) ten days after such notice (which ten day period shall be extended for such additional period of time as reasonably may be necessary to cure such default if by its nature such default cannot be cured within such ten day period, so long as, however, Tenant shall commence to cure such default within such ten day period and shall proceed diligently to cure same); PROVIDED, HOWEVER, that this subparagraph may not be invoked while a case under the date Bankruptcy Code is pending in which Tenant is the subject debtor, unless Tenant or its Trustee in Bankruptcy is unable to comply with the provisions of damage subparagraph 21 (such termination b)(vi), 21 (b)(vii), and 21 (b)(viii) below. Upon the giving of notice, this Lease shall terminate and Tenant shall be obligated to quit and surrender the Premises. Any other notice to include a quit or notice of Landlord's intention to re-enter is hereby expressly waived by Tenant. If Landlord elects to terminate this Lease, all covenants and agreements herein made by Landlord shall cease without prejudice to the right of Landlord to recover from Tenant all rent accrued to the time of termination date providing at least thirty (30) days for Tenant to vacate the Premises), if the Property shall be damaged by fire or other casualty or cause such that: (a) more than twenty-five percent (25%) recovery of possession of the Premises is affected by the damage and fewer than twenty-four (24) months remain in the Term, or any material damage occurs to the Premises during the last twelve (12) months of the Term, (b) any Lender shall require that the insurance proceeds or any portion thereof be used to retire the Mortgage debt (or shall terminate the ground lease, as the case may be), or the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies, whichever is later, and any other monetary damages or (c) the cost loss sustained by Landlord, including, but not limited to, loss of the repairsrent, costs of advertising, commissions, physical alterations, restoration or improvement work would exceed twenty-five percent (25%) and rent concessions of the replacement value of the Building (whether or not the Premises are affected by the damage). Tenant agrees that the abatement of Rent provided herein shall be Tenant’s sole recourse in the event of such damage, and waives any other rights Tenant may have under any applicable Law to perform repairs or terminate the Lease by reason of damage to the Premises or Property. In addition, if a substantial portion of the Building is destroyed such that the Premises become untenantable, then Landlord will select a registered architect licensed to do business in Oregon to estimate the time for completion. If such architect should certify that such work to the Premises cannot be accomplished by using standard working methods and procedures so as to make the Premises tenantable within 180 days from the date the rehabilitation is started or within 3 months from such date if thekind.

Appears in 1 contract

Samples: Exigent International Inc

Termination of Lease. Notwithstanding If the foregoing Property or the -------------------- Premises, or any part thereof, is damaged by fire or other casualty during the term of this Lease and (a) such fire or other casualty occurs during the last two (2) years of the term of this Lease and the repair and restoration work to be performed by Landlord in accordance with section 11.1 hereof ------------ cannot, as reasonably estimated by Landlord, be completed within the lesser of two (2) months or ten percent (10%) of the then remaining term of the Lease, after the occurrence of such fire or other casualty, or (b) the repair and restoration work to be performed by Landlord in accordance with section 11.1 hereof cannot, as reasonably estimated by Landlord, be ------------ completed within six (6) months after the occurrence of such fire or other casualty, then, in any such event, Landlord and Tenant shall have the right, by giving written notice to the contrary, in lieu of performing the restoration work, Landlord may elect to terminate this Lease by notifying Tenant in writing of such termination other party hereto within sixty (60) days after the occurrence of such fire or other casualty, to terminate this Lease only with respect to the damaged portion of the Property or Premises as of the date of damage (such termination notice notice. Notwithstanding the foregoing to include the contrary Landlord shall not elect to terminate this Lease after a termination date providing casualty event if there are at least ten (10) years left remaining in the then current term of this Lease with respect to all portions of the Premises upon which restoration is required, or if Tenant exercises extension rights set forth herein thereby effectively extending the term hereof for no less than ten (10) years with respect to all portions of the Premises upon which restoration is required. If Landlord and Tenant do not exercise the right to terminate this Lease in accordance with this section 11.2, Landlord and ------------ Tenant respectively shall repair such damage and restore the Property and the Premises in accordance with section 11.1 hereof and this Lease shall, ------------ subject to section 11.1 hereof, remain in full force and effect. A total ------------ destruction of the Property shall automatically terminate this Lease effective as of the date of such total destruction. With respect to any partial termination, Landlord and Tenant shall in good faith execute an amendment hereto for the purpose of altering the definition of Premises, the Base Rent and Tenant's Percentage Share accordingly as well as other terms as reasonably necessary. Any complete termination of this Lease (or partial termination which terminates this Lease with respect to the Expansion Area) resulting from Landlord's election to terminate as allowed in this section ------- 11.2 shall trigger Tenant's rights under section 15.6(a) hereof to purchase ---- --------------- the Expansion Area, except that Tenant's deadline for exercising such right shall expire thirty (30) days for after Landlord's notice of election to terminate this Lease. In the event this Lease is terminated due to a casualty event and Tenant to vacate the Premises)does not exercise any purchase rights hereunder, if the Property then, all insurance proceeds paid under policies maintained by Landlord shall be damaged by fire or other casualty or cause such that: (a) more than twenty-five percent (25%) of the Premises is affected by the damage paid to Landlord, and fewer than twenty-four (24) months remain in the Term, or any material damage occurs to the Premises during the last twelve (12) months of the Term, (b) any Lender shall require that the all insurance proceeds or any portion thereof be used to retire the Mortgage debt (or shall terminate the ground lease, as the case may be), or the damage is not fully covered, except for deductible amounts, paid under policies maintained by Landlord’s insurance policies, or (c) the cost of the repairs, alterations, restoration or improvement work would exceed twenty-five percent (25%) of the replacement value of the Building (whether or not the Premises are affected by the damage). Tenant agrees that the abatement of Rent provided herein shall be paid to Tenant’s sole recourse in the event of such damage, and waives any other rights Tenant may have under any applicable Law to perform repairs or terminate the Lease by reason of damage to the Premises or Property. In addition, if a substantial portion of the Building is destroyed such that the Premises become untenantable, then Landlord will select a registered architect licensed to do business in Oregon to estimate the time for completion. If such architect should certify that such work to the Premises cannot be accomplished by using standard working methods and procedures so as to make the Premises tenantable within 180 days from the date the rehabilitation is started or within 3 months from such date if the.

Appears in 1 contract

Samples: Campus Lease (Monsanto Co /New/)

Termination of Lease. Notwithstanding If the foregoing to the contrary, in lieu of performing the restoration work, Landlord may elect to terminate this Lease by notifying Tenant in writing of such termination within sixty (60) days after the date of damage (such termination notice to include a termination date providing at least thirty (30) days for Tenant to vacate Building or the Premises), if the Property shall be or any part -------------------- thereof, is damaged by fire or other casualty before the Commencement Date or cause such that: during the term of this Lease and (a) more than twenty-five percent (25%) of the Premises is affected by the damage and fewer than twenty-four (24) months remain in the Term, such fire or any material damage other casualty occurs to the Premises during the last twelve (12) months of the Termterm of this Lease, Tenant has not exercised an option to extend the Lease Term and the repair and restoration work to be performed by Landlord and Tenant in accordance with Section 11.1 hereof would ------------ cost, as reasonably estimated by Landlord, fifty (50%) percent or more of the cost to replace the entire Premises, or (b) any Lender shall require that the insurance proceeds or any portion thereof be used received by Landlord in respect of such damage are, together with an additional One Million Dollars ($1,000,000) not adequate to retire pay the Mortgage debt entire cost (or shall terminate excluding the ground leasedeductible amount), as the case may be), or the damage is not fully covered, except for deductible amounts, reasonably estimated by Landlord’s insurance policies, of the repair and restoration work to be performed by Landlord in accordance with Section 11.1 ------------ hereof, or (c) the cost repair and restoration work to be performed by Landlord in accordance with Section 11.1 hereof cannot, as reasonably estimated by Landlord, ------------ be completed within one (1) year after the occurrence of such fire or other casualty, then, in any such event, Landlord shall have the right, by giving written notice within sixty (60) days after the occurrence of such fire or other casualty, to terminate this Lease as of the repairs, alterations, restoration or improvement work would exceed twenty-five percent (25%) of the replacement value of the Building (whether or not the Premises are affected by the damage). Tenant agrees that the abatement of Rent provided herein shall be Tenant’s sole recourse in the event date of such damage, and waives any other rights Tenant may have under any applicable Law to perform repairs or terminate the Lease by reason of damage to the Premises or Propertynotice. In addition, if a substantial portion in each of the Building is destroyed circumstances described in clauses (a) and (c) above, Tenant shall have the right, by giving Landlord written notice to Tenant within sixty (60) days after the occurrence of such that fire or other casualty, to terminate this Lease as of the Premises become untenantabledate of such notice. In addition, then Tenant shall have the right to terminate this Lease in the circumstance described in clause (b) above when Landlord will select a registered architect licensed notifies Tenant, within sixty (60) days after the occurrence of such fire or other casualty, of Landlord's election to do business perform the restoration work to be performed by Landlord in Oregon accordance with Section 11.1 and to estimate bear the time for completioncost ------------ thereof to the extent it exceeds the insurance proceeds in respect of such fire or other casualty plus One Million Dollars ($1,000,000). If neither Landlord nor Tenant exercises its right to terminate this Lease in accordance with this Section 11.2, Landlord shall repair such architect should certify that such work damage and restore the Building and the ------------ Premises in accordance with Section 11.1 hereof, Tenant shall repair its Tenant ------------ Improvements, Alterations, movable furniture, equipment, trade fixtures and personal property and this Lease shall, subject to the Premises cannot be accomplished by using standard working methods Section 11.1 hereof, remain ------------ in full force and procedures so as to make the Premises tenantable within 180 days from the date the rehabilitation is started or within 3 months from such date if theeffect.

Appears in 1 contract

Samples: Letter Agreement (Homestore Com Inc)

Termination of Lease. Notwithstanding the foregoing Tenant will not terminate, nor seek to the contrary, in lieu of performing the restoration work, Landlord may elect to terminate this Lease by notifying Tenant in writing of such termination within sixty (60) days after the date of damage (such termination notice to include a termination date providing at least thirty (30) days for Tenant to vacate the Premises), if the Property shall be damaged by fire or other casualty or cause such that: (a) more than twenty-five percent (25%) of the Premises is affected by the damage and fewer than twenty-four (24) months remain in the Term, or any material damage occurs to the Premises during the last twelve (12) months of the Term, (b) any Lender shall require that the insurance proceeds or any portion thereof be used to retire the Mortgage debt (or shall terminate the ground lease, as the case may be), or the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies, or (c) the cost of the repairs, alterations, restoration or improvement work would exceed twenty-five percent (25%) of the replacement value of the Building (whether or not the Premises are affected by the damage). Tenant agrees that the abatement of Rent provided herein shall be Tenant’s sole recourse in the event of such damage, and waives any other rights Tenant may have under any applicable Law to perform repairs or -------------------- terminate the Lease by reason of damage a default under the Lease, or exercise any right under the Lease to make deductions from or reduction in rental payments, until Tenant shall have given written notice of such default to Lender as hereinafter provided. Tenant will allow Lender thirty (30) days from its receipt of said notice within which Lender shall have the right, but shall not be obligated, to remedy such act, omission or other default and Tenant will accept such performance by Lender; provided, however, if the act, omission or -------- ------- other default cannot with due diligence be remedied within such thirty (30) day period, then lender shall have a reasonable time in which to remedy the same provided Lender proceeds with due diligence to complete the remedy thereof. Notwithstanding the foregoing, Tenant shall have the right without prior notice to Lender to make repairs if Tenant determines in good faith that a bona fide emergency precludes the giving of such notice. In the event of such an emergency, Tenant may present to Landlord a demand for reimbursement to the Premises extent permitted under the Lease, but Tenant will not make deductions from or Property. In addition, if reductions in rental to recoup such expenses until Tenant shall give Lender notice of such repairs and such demand and a substantial portion of the Building is destroyed thirty (30)day period to cause such that the Premises become untenantable, then Landlord will select a registered architect licensed reimbursement to do business in Oregon to estimate the time for completion. If such architect should certify that such work to the Premises cannot be accomplished by using standard working methods and procedures so as to make the Premises tenantable within 180 days from the date the rehabilitation is started or within 3 months from such date if themade.

Appears in 1 contract

Samples: Lease Agreement (Seagate Software Inc)

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