DAMAGE TO PREMISES. Tenant shall immediately notify Landlord of any damage to the Building which affects the Premises. If all or any portion of the Premises are damaged or destroyed by any casualty against which Tenant is required to be insured under Section 12.01 of the General Lease Provisions, and if, in Landlord's reasonable opinion, (i) the Premises cannot be rebuilt or made fit for Tenant's purposes within two hundred seventy (270) days of the damage or destruction, or (ii) the proceeds from Tenant's insurance required to be maintained by Tenant pursuant to PART 12 are insufficient to repair or restore the damage or destruction, then Landlord (with respect to the events in (i) or (ii) above) or Tenant (with respect to (i) above only) shall have the right to terminate this Lease by giving the other, within sixty (60) days after such damage or destruction, written notice of termination, and thereupon Rent and any other payments for which Tenant is liable under this Lease shall be apportioned and paid to the date of such damage, and Tenant shall immediately vacate the Premises; provided, however, that those provisions of this Lease which are designated to cover matters of termination and the period thereafter shall survive the termination hereof. Notwithstanding the foregoing, in no event shall Tenant have the right to terminate this Lease if the damage or destruction of the Premises is a result of (i) a default by Tenant or (ii) the negligence or willful act of Tenant, or Tenant's agents, employees, representatives, contractors, successors or assigns, licensees or invitees.
Appears in 3 contracts
Sources: Office Lease Agreement (Pec Solutions Inc), Office Lease Agreement (Pec Solutions Inc), Office Lease Agreement (Pec Solutions Inc)
DAMAGE TO PREMISES. (a) If the Premises shall be destroyed or rendered untenantable, either wholly or in part, by fire or other casualty (“Casualty”), Tenant shall immediately notify Landlord in writing upon the occurrence of such Casualty. In the event of any damage Casualty, Landlord may elect either to the Building which affects the Premises. If all or any portion of the Premises are damaged or destroyed by any casualty against which Tenant is required to be insured under Section 12.01 of the General Lease Provisions, and if, in Landlord's reasonable opinion, (i) the Premises cannot be rebuilt or made fit for Tenant's purposes within two hundred seventy (270) days of repair the damage or destructioncaused by such casualty as soon as reasonably possible, in which case this Lease shall remain in full force and effect, or (ii) terminate this Lease as of the proceeds from Tenant's insurance required to be maintained by date the casualty occurred. Landlord shall notify Tenant pursuant to PART 12 are insufficient within thirty (30) days after receipt of notice of the occurrence of the casualty whether Landlord elects to repair or restore the damage or destructionterminate this Lease. If Landlord shall elect to repair the damage, then Tenant shall pay Landlord the portion of the “deductible amount” (with respect if any) under Landlord’s insurance allocable to the events in (i) or (ii) above) or Tenant (with respect to (i) above only) shall have the right to terminate this Lease by giving the other, within sixty (60) days after such damage or destruction, written notice of termination, and thereupon Rent and any other payments for which Tenant is liable under this Lease shall be apportioned and paid to the date of such damagePremises and, and Tenant shall immediately vacate the Premises; provided, however, that those provisions of this Lease which are designated to cover matters of termination and the period thereafter shall survive the termination hereof. Notwithstanding the foregoing, in no event shall Tenant have the right to terminate this Lease if the damage shall have been due to an act or destruction of the Premises is a result of (i) a default by Tenant or (ii) the negligence or willful act omission of Tenant, or Tenant's ’s employees, agents, employees, representatives, contractors, successors or assigns, licensees contractors or invitees, the difference between the actual cost of repair and any insurance proceeds received by Landlord.
(b) If the casualty to the Premises shall occur during the last six (6) months of the Lease Term and the damage shall be estimated by Landlord to require more than thirty (30) days to repair, either Landlord or Tenant may elect to terminate this Lease as of the date the casualty shall have occurred, regardless of the sufficiency of any insurance proceeds. The party electing to terminate this Lease shall give written notification to the other party of such election within ten (10) days after Tenant’s notice to Landlord of the occurrence of the casualty.
Appears in 3 contracts
Sources: Industrial Real Estate Lease (LENSAR, Inc.), Industrial Real Estate Lease (LENSAR, Inc.), Industrial Real Estate Lease (Spinal Elements Holdings, Inc.)
DAMAGE TO PREMISES. (a) If the Premises are destroyed or rendered untenantable, either wholly or in part, by fire or other casualty (“Casualty”), Tenant shall will immediately notify Landlord in writing upon the occurrence of any damage such Casualty. Landlord may elect either to the Building which affects the Premises. If all or any portion of the Premises are damaged or destroyed by any casualty against which Tenant is required to be insured under Section 12.01 of the General Lease Provisions, and if, in Landlord's reasonable opinion, (i) the Premises cannot be rebuilt or made fit for Tenant's purposes within two hundred seventy (270) days of repair the damage or destructioncaused by such casualty as soon as reasonably possible, in which case this Lease will remain in full force and effect, or (ii) terminate the proceeds from Tenant's insurance required Lease Term as of the date the Casualty occurred in which event this Lease shall terminate and neither party shall have further liability hereunder (except that each party shall continue to be maintained liable for all obligations which are expressly indicated in this Lease to survive the termination of this Lease). Landlord will notify Tenant within thirty (30) days after receipt of notice of the Casualty whether Landlord elects to repair the damage or terminate the Lease Term.
(b) If the Property is destroyed or damaged by Tenant pursuant to PART 12 are insufficient Casualty and Landlord elects to repair or restore the damage or destruction, then Landlord (with respect Property pursuant to the events in (i) or (ii) above) or Tenant (with respect to (i) above only) shall have provisions of this Article 11, any Rent payable during the right to terminate this Lease by giving the other, within sixty (60) days after such damage or destruction, written notice of termination, and thereupon Rent and any other payments for which Tenant is liable under this Lease shall be apportioned and paid to the date period of such damage, and Tenant shall immediately vacate repair and/or restoration will be reduced according to the Premises; provideddegree, howeverif any, that those to which ▇▇▇▇▇▇’s use of the Premises is impaired.
(c) The provisions of this Lease which are designated to cover matters Article 11 will govern the rights and obligations of termination Landlord and Tenant in the period thereafter shall survive the termination hereof. Notwithstanding the foregoing, in no event shall Tenant have the right to terminate this Lease if the of any damage or destruction of or to the Premises is a result of (i) a default by Tenant Property or (ii) the negligence or willful act of Tenant, or Tenant's agents, employees, representatives, contractors, successors or assigns, licensees or inviteesPremises.
Appears in 3 contracts
Sources: Lease Agreement, Office Lease, Lease Agreement
DAMAGE TO PREMISES. Tenant shall immediately notify Landlord of any damage Subject to the Building which affects provisions of Section 14.2 hereof, in the Premises. If all or any portion of event the Premises are at any time during the Term destroyed or damaged by fire or destroyed by any casualty against which Tenant is required to be insured under Section 12.01 other casualty, then:
14.1.1 if in the opinion of the General Lease ProvisionsArchitect, the damage or destruction is such that the Premises are rendered wholly unfit for occupancy or it is impossible or unsafe to use and occupy them, and if, if in Landlord's reasonable opinion, (i) the Premises cannot be rebuilt or made fit for Tenant's purposes within two hundred seventy (270) days of either event the damage or destruction, or in the opinion of the Architect, cannot be repaired with reasonable diligence within one hundred and eighty (ii180) days from the proceeds from Tenant's insurance required to be maintained by Tenant pursuant to PART 12 are insufficient to repair or restore the happening of such damage or destruction, then the Landlord (with respect shall give notice to this effect to the events in (i) or (ii) above) or Tenant (with respect to (i) above only) shall have the right to terminate this Lease by giving the other, within sixty (60) days after of the happening of such damage or destruction, to which notice shall be attached the written opinion of the Architect. The Tenant or the Landlord may, within thirty (30) days next succeeding the giving of the aforesaid notice terminate the Lease by giving notice to the other party of such termination, in which event the Term of this Lease shall cease and thereupon be at an end as of the date of such destruction or damage, the Rent and any all other payments for which the Tenant is liable under the terms of this Lease shall be apportioned and be paid in full to the date of such damage, destruction or damage and the Tenant shall immediately forthwith surrender and yield up possession of the Premises and within ninety (90) days of receipt of notice from the Landlord, the Tenant shall vacate the Premises; providedPremises unless the destruction or damage is such as to require that the Tenant vacate immediately the Premises upon short notice from the Landlord, howeverwithout the Landlord being responsible for damages of any kind whatsoever, contractual or extra-contractual or for any claim arising from such termination or cancellation. In the event that those the Landlord does not terminate this Lease in accordance with the provisions of this Lease which Subsection 14.1.1, the Landlord shall, with reasonable due diligence, repair the Premises (excluding the Leasehold Improvements, the Tenant’s Work and any property belonging to the Tenant) after having received the proceeds of the applicable insurance policies and Rent shall wholly ▇▇▇▇▇, from the date of the happening of the damage or destruction until the Premises are designated repaired by the Landlord to cover matters of termination and the period thereafter shall survive the termination hereof. Notwithstanding the foregoing, in no event shall Tenant have the right extent required pursuant to terminate this Lease Subsection 14.1.1; or
14.1.2 if the damage or destruction be such that the Premises are wholly unfit for occupancy or if it is impossible or unsafe to occupy them, but if in either event that damage or destruction, in the opinion of the Architect, can be repaired with reasonable due diligence within one hundred and eighty (180) days from the happening of such damage or destruction, then the Landlord shall give notice to this effect to the Tenant within sixty (60) days from the happening of such damage or destruction, to which notice shall be attached the written opinion of the Architect, and the Landlord shall repair the Premises (excluding Leasehold Improvements, the Tenant’s Work and any property belonging to the Tenant) with reasonable due diligence and, subject to Unavoidable Delay, at the latest within one hundred and eighty (180) days from the happening of such damage or destruction and Rent shall ▇▇▇▇▇ from the date of the happening of such damage or destruction until the Premises are repaired by the Landlord to the extent required pursuant to this Subsection 14.1.2;
14.1.3 if, in the opinion of the Architect, the damage or destruction can be made good as aforesaid within one hundred and eighty (180) days of the happening of such damage or destruction and if the damage or destruction is such in the opinion of the Architect that the Premises are capable of being partially used for the Purposes for which they are leased until such damage has been repaired the Landlord shall repair the balance of the Premises (excluding Leasehold Improvement, the Tenant’s Work and any property belonging to the Tenant) with reasonable due diligence and, subject to Unavoidable Delay, at the latest within one hundred and eighty (180) days from the happening of such damage or destruction after having received the proceeds of the applicable insurance policies, and Rent shall ▇▇▇▇▇, from the date of the happening of such damage or destruction until the Premises are repaired by the Landlord to the extent required pursuant to this this Subsection 14.1.3, in the proportion that the part of the Premises rendered unfit for occupancy bears to the whole of the Premises as determined by the Landlord; or
14.1.4 if in the opinion of the Architect, the damage cannot be made good as aforesaid within one hundred and eighty (180) days of the happening of such damage or destruction and if the damage or deletion is a result such in the opinion of the Architect, that the Premises are capable of being partially used for the purposes which they are leased, then the Landlord shall give notice to this effect to the Tenant within sixty (i60) a default days of the happening of such damage or destruction. The Landlord may, notwithstanding that the Premises are capable of being so partially used, within thirty (30) days next succeeding the giving of the aforesaid notice, terminate this Lease by giving notice to the Tenant of such termination, in which event the Term of this Lease shall cease and be at an end as of the date of such damage or destruction, the Rent and all other payments for which the Tenant is liable under the Terms of this Lease shall be apportioned and be paid in full to the date of such damage or destruction and Tenant shall forthwith surrender and yield up possession of the Premises, without the Landlord being responsible for damages of any land whatsoever, contractual or extra-contractual or any claim arising from such termination or cancellation. In the event that the Landlord does not terminate this Lease in accordance with the provisions of Subsection 14.1.4, the Landlord shall, with reasonable due diligence, repair the Premises (iiexcluding Leasehold Improvements, the Tenant’s Work and any property belonging to the Tenant) and Rent shall ▇▇▇▇▇ from the negligence date of the happening of such damage or willful act destruction until the Premises are repaired by the Landlord to the extent required pursuant to this Subsection 14.1.4, in the proportion that the part of the Premises rendered unfit for occupancy bears to the whole of the Premises as determined by the Landlord. Upon the Tenant being notified in writing by the Landlord of the Landlord’s obligations pursuant to this Section 14.1 being substantially completed, the Tenant shall forthwith complete all its Leasehold Improvements, the Tenant, ’s Work (which shall be made by either the Landlord’s contractors or the Tenant's agents, employees, representatives, ’s contractors, successors or assignsthe choice of contractor to be determined by the Landlord) and all work required to fully restore the Premises for business fully fixtured, licensees or inviteesstocked and staffed.
Appears in 2 contracts
Sources: Sub Sublease Agreement, Sub Sublease Agreement (Clementia Pharmaceuticals Inc.)
DAMAGE TO PREMISES. (a) If the Premises shall be destroyed or rendered untenantable, either wholly or in part, by fire or other casualty ("Casualty"). Tenant shall immediately notify Landlord in writing upon the occurrence of such Casualty. In the event of any damage Casualty, Landlord may elect either to the Building which affects the Premises. If all or any portion of the Premises are damaged or destroyed by any casualty against which Tenant is required to be insured under Section 12.01 of the General Lease Provisions, and if, in Landlord's reasonable opinion, (i) the Premises cannot be rebuilt or made fit for Tenant's purposes within two hundred seventy (270) days of repair the damage or destructioncaused by such casualty as soon as reasonably possible, in which case this Lease shall remain in full force and effect, or (ii) terminate this Lease as of the proceeds from Tenant's insurance required to be maintained by date the casualty occurred. Landlord shall notify Tenant pursuant to PART 12 are insufficient within thirty (30) days after receipt of notice of the occurrence of the casualty whether Landlord elects to repair or restore the damage or destructionterminate this Lease. If Landlord shall elect to repair the damage, then Tenant shall pay Landlord the portion of the "deductible amount" (with respect if any) under Landlord's insurance allocable to the events in (i) or (ii) above) or Tenant (with respect to (i) above only) shall have the right to terminate this Lease by giving the other, within sixty (60) days after such damage or destruction, written notice of termination, and thereupon Rent and any other payments for which Tenant is liable under this Lease shall be apportioned and paid to the date of such damagePremises and, and Tenant shall immediately vacate the Premises; provided, however, that those provisions of this Lease which are designated to cover matters of termination and the period thereafter shall survive the termination hereof. Notwithstanding the foregoing, in no event shall Tenant have the right to terminate this Lease if the damage shall have been due to an act or destruction of the Premises is a result of (i) a default by Tenant or (ii) the negligence or willful act omission of Tenant, or Tenant's employees, agents, employeescontractors or Invitees, representativesthe difference between the actual cost of repair and any insurance proceeds received by Landlord.
(b) If the casualty to the Premises shall occur during the last six (6) months of the Lease Term and the damage shall be estimated by Landlord to require more than thirty (30) days to repair, contractorseither Landlord or Tenant may elect to terminate this Lease as of the date the casualty shall have occurred, successors or assigns, licensees or inviteesregardless of the sufficiency of any insurance proceeds. The party electing to terminate this lease shall give written notification to the other Party of such election within ten (10) days after Tenant's notice to Landlord of the occurrence of the casualty.
Appears in 1 contract
Sources: Industrial Real Estate Lease (Petco Animal Supplies Inc)
DAMAGE TO PREMISES. In case the Premises, the Site or the Building are damaged by fire or other cause as to be rendered inaccessible or untenantable, or if the Premises or the Building are destroyed or damaged and either the holder of any mortgage does not make the proceeds of insurance maintained by Landlord available to Landlord for reconstruction, restoration and repair, or available insurance proceeds are insufficient to pay for (exclusive of architectural and engineering fees, excavations, footings and foundations) the reconstruction, restoration and repair, Landlord and Tenant shall immediately notify Landlord of any damage to each have the Building which affects the Premises. If all or any portion of the Premises are damaged or destroyed by any casualty against which Tenant is required to be insured under Section 12.01 of the General Lease Provisionsright, and ifat their respective option, in Landlord's reasonable opinion, within one hundred eighty (i) the Premises cannot be rebuilt or made fit for Tenant's purposes within two hundred seventy (270180) days of the such damage or destructionto terminate this Lease. If neither opts to terminate, or (ii) the proceeds from Tenant's insurance required to be maintained by Tenant pursuant to PART 12 are insufficient to Landlord shall diligently repair or and restore the damage Building and the Premises, including interior walls, carpet and molding therein, to a tenantable condition and the Rent shall ▇▇▇▇▇ during the period said Premises (or destruction, then Landlord (with respect to the events in (iany substantial portion thereof) or Building are untenantable or inaccessible. Should said Premises or the Building not be restored within one hundred eighty (ii180) above) days from the date of the fire or other cause rendering them untenantable or inaccessible, the Tenant (with respect to (i) above only) shall have the right further option to terminate this Lease by giving the other, within sixty thirty (6030) days after such damage or destruction, days’ written notice of terminationits intent to do so (with the notice period beginning on the one hundred eightieth (180th) day, and thereupon Rent and any other payments for which Tenant is liable under this the Lease shall be apportioned and paid terminated on the two hundred tenth (210th) day. Where the use of or access to the date of such damage, and Tenant shall immediately vacate the Premises; provided, however, that those provisions of this Lease which are designated to cover matters of termination and the period thereafter shall survive the termination hereof. Notwithstanding the foregoing, in no event shall Tenant have the right to terminate this Lease if the damage or destruction of the Premises is a result of (i) a default affected by Tenant any damages thereto or (ii) to the negligence Building there shall be an abatement or willful act of Tenant, an equitable reduction in Rent depending on the period for which and the extent to which the Premises are not usable or Tenant's agents, employees, representatives, contractors, successors or assigns, licensees or inviteesaccessible for the purposes for which they are leased hereunder.
Appears in 1 contract
DAMAGE TO PREMISES. Tenant shall immediately notify Landlord of any damage to 11.1 In the Building which affects the Premises. If all or any portion of event the Premises are damaged or shall be totally destroyed by any fire or other casualty against which Tenant or so badly damaged that it is required not feasible to be insured under Section 12.01 of the General Lease Provisionsrestore, and if, in Landlord's reasonable opinion, (i) the Premises cannot be rebuilt or made fit for Tenant's purposes within two hundred seventy (270) days of the damage or destruction, or (ii) the proceeds from Tenant's insurance required to be maintained by Tenant pursuant to PART 12 are insufficient to repair or restore the damage or destruction, then Landlord (with respect to the events in (i) or (ii) above) or Tenant (with respect to (i) above only) either party shall have the right to terminate this Lease by giving upon written notice to the other.
11.2 Unless caused by Lessee's negligence, within sixty (60) days after such damage if the Premises or destruction, written notice of termination, and thereupon Rent and any other payments for which Tenant is liable under this Lease Building shall be apportioned partially damaged by fire or other casualty but not rendered untenatable, as determined by Lessor, Lessor shall, if it determines to do so, restore the Premises or Building to substantially the same condition as immediately before the destruction and paid the rent shall be reduced in proportion (proportion being determined by the ratio which the number of square feet damaged or destroyed in the subject Premises bears to the date of such damage, and Tenant shall immediately vacate total square feet in the Premises; provided) to the loss of use of the Premises until restoration shall be substantially completed, howeveras reasonably determined by Lessor.
11.3 Unless caused by Lessee's negligence, that those provisions of this Lease which if the Premises are designated to cover matters of termination and the period thereafter shall survive the termination hereof. Notwithstanding the foregoingrendered untenatable by fire or other casualty, in no event shall Tenant have the right to Lessee may, at its election, terminate this Lease if on the damage or destruction day of the damage. If Lessee elects not to terminate the Lease, the rent shall be reduced in proportion to the loss of use of the Premises is a result by Lessee during such untenatability.
11.4 Lessor shall not be liable for any damage to the property of (i) a default Lessee or of other property located on the Premises nor for the loss of or damage to any property of Lessee or others by Tenant theft or (ii) otherwise.
11.5 Lessee shall indemnify Lessor and save Lessor harmless from and against any claims, actions, damages and liability in connection with loss of life, personal injury or damage to property arising from or out of any occurrence on the negligence or willful act of TenantPremises, or Tenant's from the occupancy or use of the Premises by Lessee, its agents, contractors, employees, representatives, contractors, successors servants or assigns, licensees of any other person entering upon the Premises under express or invitees.implied invitation of Lessee. In the event of any proceeding at law or in equity wherein Lessor shall be named
Appears in 1 contract
DAMAGE TO PREMISES. Tenant shall immediately notify Landlord of any damage to the Building which affects the Premises. If all or any portion of the Premises are damaged or destroyed by any casualty against which Tenant is required to be insured under Section 12.01 of the General Lease Provisions, and if, in Landlord's reasonable opinion, (i) the Premises cannot be rebuilt or made fit for Tenant's purposes within two one hundred seventy eighty (270180) days of the damage or destruction, or (ii) the proceeds from Tenant's insurance required to be maintained by Tenant pursuant to PART Part 12 are insufficient to repair or restore the damage or destruction, then either Landlord (with respect to the events in (i) or (ii) above) or Tenant (with respect to (i) above only) shall have the right right, at the option of either party, to terminate this Lease by giving the other, within sixty (60) days after such damage or destruction, written notice of termination, and thereupon Rent and any other payments for which Tenant is liable under this Lease shall be apportioned and paid to the date of such damage, and Tenant shall immediately vacate the Premises; provided, however, that those provisions of this Lease which are designated to cover matters of termination and the period thereafter shall survive the termination hereof. Notwithstanding the foregoing, in no event shall Tenant have the right to terminate this Lease if the damage or destruction of the Premises is a result of (i) a default by Tenant or (ii) the negligence or willful act of Tenant, or Tenant's agents, employees, representatives, contractors, successors or assigns, licensees or invitees.
Appears in 1 contract
DAMAGE TO PREMISES. Tenant shall immediately notify Landlord of any damage to 16.1 If the Building which affects the Premises. If all or any portion of the Premises demised premises are damaged by fire or destroyed other casualty insured against by any casualty against which Tenant is required the Landlord so as to be insured under Section 12.01 of render the General Lease Provisions, and demised premises partially or wholly unfit for occupancy:
(a) if, in the opinion of the Landlord's reasonable opinion, (i) the Premises damage cannot be rebuilt or made fit for Tenant's purposes reasonably be repaired within two hundred seventy (270) 180 days after the date thereof, the Landlord may terminate this lease as of the damage or destruction, or (ii) the proceeds from Tenant's insurance required to be maintained said date by Tenant pursuant to PART 12 are insufficient to repair or restore the damage or destruction, then Landlord (with respect notice to the events in (i) or (ii) above) or Tenant (with respect to (i) above only) shall have the right to terminate this Lease by giving the other, given within sixty (60) 45 days after such damage or destruction, written notice of termination, and thereupon Rent and any other payments for which Tenant is liable under this Lease shall be apportioned and paid to the date of such damage, and in that case the Tenant shall immediately vacate surrender the Premisesdemised premises to the Landlord and shall pay all rent accrued to the date and damage occurred, but shall not be entitled to any damages or compensation; providedor,
(b) if, howeverin the opinion of the Landlord, that those the damage can reasonably be repaired within 180 days after the date thereof, or if the Landlord shall not have given notice of termination pursuant to the provisions of Clause (a), the Landlord shall forthwith commence and carry out with due diligence the repair thereof, and this Lease which are designated lease shall continue in full force and effect save that the rent hereby reserved shall ▇▇▇▇▇ proportionately, having regard to cover matters such part of termination and the demised premises as has been rendered unfit for occupancy until the repairs have been completed.
(c) in the event that the Tenant is unable to occupy the premises because of fire or other casualty, the term of the lease will be extended for the period thereafter shall survive in which the termination hereof. Notwithstanding Tenant has been unable to occupy the foregoing, in no event shall Tenant have the right to terminate this Lease if the damage or destruction of the Premises is a result of (i) a default by Tenant or (ii) the negligence or willful act of Tenant, or Tenant's agents, employees, representatives, contractors, successors or assigns, licensees or inviteespremises.
Appears in 1 contract
DAMAGE TO PREMISES. (a) Tenant shall immediately notify Landlord in writing immediately upon the occurrence of any damage to the Building which affects the Premises. If all or any portion of the Premises are shall be only partially damaged (i.e., the restoration shall be estimated by Landlord to require less than six (6) months from the date of such damage) and if the proceeds received by Landlord from the insurance policies described in Section 7.06 shall be sufficient to pay for the necessary repairs, this Lease shall remain in effect and Landlord shall repair the damage as soon as reasonably possible. Landlord may elect (but shall not be required) to repair any damage to Tenant's fixtures, equipment, or destroyed improvements at Tenant's expense.
11.01 (b) If the insurance proceeds received by any casualty against Landlord shall not be sufficient to pay the entire cost of repair, or if the damage shall not be covered by the insurance policies which Tenant is required to be insured Landlord shall maintain under Section 12.01 of the General Lease Provisions7.06, and if, in Landlord's reasonable opinion, Landlord may elect either to (i) the Premises cannot be rebuilt or made fit for Tenant's purposes within two hundred seventy (270) days of repair the damage or destructionas soon as reasonably possible, in which case this Lease shall remain in full force and effect, or (ii) terminate this Lease as of the proceeds from Tenant's insurance required to be maintained by date the damage occurred. Landlord shall notify Tenant pursuant to PART 12 are insufficient within thirty (30) days after receipt of notice of the occurrence of the damage whether Landlord elects to repair or restore the damage or destructionterminate this Lease. If Landlord shall elect to repair the damage, then Tenant shall pay Landlord (with respect the portion of the "deductible amount" under Landlord's insurance allocable to the events in (i) or (ii) above) or Tenant (with respect to (i) above only) shall have the right to terminate this Lease by giving the other, within sixty (60) days after such damage or destruction, written notice of termination, and thereupon Rent and any other payments for which Tenant is liable under this Lease shall be apportioned and paid to the date of such damagePremises and, and Tenant shall immediately vacate the Premises; provided, however, that those provisions of this Lease which are designated to cover matters of termination and the period thereafter shall survive the termination hereof. Notwithstanding the foregoing, in no event shall Tenant have the right to terminate this Lease if the damage shall have been due to an act or destruction of the Premises is a result of (i) a default by Tenant or (ii) the negligence or willful act omission of Tenant, or Tenant's employees, agents, employees, representatives, contractors, successors or assigns, licensees contractors or invitees, the difference between the actual cost of repair and any insurance proceeds received by Landlord.
Appears in 1 contract
DAMAGE TO PREMISES. (a) If the Premises shall be destroyed or rendered untenantable, either wholly or in part, by fire or other casualty ("Casualty"). Tenant shall immediately notify Landlord in writing upon the occurrence of such Casualty. In the event of any damage Casualty, Landlord may elect either to the Building which affects the Premises. If all or any portion of the Premises are damaged or destroyed by any casualty against which Tenant is required to be insured under Section 12.01 of the General Lease Provisions, and if, in Landlord's reasonable opinion, (i) the Premises cannot be rebuilt or made fit for Tenant's purposes within two hundred seventy (270) days of repair the damage or destructioncaused by such casualty as soon as reasonably possible, in which case this Lease shall remain in full force and effect, or (ii) terminate this Lease as of the proceeds from Tenant's insurance required to be maintained by date the casualty occurred. Landlord shall notify Tenant pursuant to PART 12 are insufficient within thirty (30) days after receipt of notice of the occurrence of the casualty whether Landlord elects to repair or restore the damage or destructionterminate this Lease. If Landlord shall elect to repair the damage, then Tenant shall pay Landlord the portion of the "deductible amount" (with respect if any) under Landlord's insurance allocable to the events in (i) or (ii) above) or Tenant (with respect to (i) above only) shall have the right to terminate this Lease by giving the other, within sixty (60) days after such damage or destruction, written notice of termination, and thereupon Rent and any other payments for which Tenant is liable under this Lease shall be apportioned and paid to the date of such damagePremises and, and Tenant shall immediately vacate the Premises; provided, however, that those provisions of this Lease which are designated to cover matters of termination and the period thereafter shall survive the termination hereof. Notwithstanding the foregoing, in no event shall Tenant have the right to terminate this Lease if the damage shall have been due to an act or destruction of the Premises is a result of (i) a default by Tenant or (ii) the negligence or willful act omission of Tenant, or Tenant's employees, agents, employeescontractors or Invitees, representativesthe difference between the actual cost of repair and any insurance proceeds received by Landlord.
(b) If the casualty to the Premises shall occur during the last six (6) months of the Lease Term and the damage shall be estimated by Landlord to require more than thirty (30) days to repair, contractorseither Landlord or Tenant may elect to terminate this Lease as of the date the casualty shall have occurred, successors or assigns, licensees or inviteesregardless of the sufficiency of any insurance proceeds. The party electing to terminate this lease shall give written notification to the other Party of such election within ten (1O) days after Tenant's notice to Landlord of the occurrence of the casualty.
Appears in 1 contract
DAMAGE TO PREMISES. (a) If the Premises shall be destroyed or rendered untenantable, either wholly or in part, by fire or other casualty (“Casualty”), Tenant shall immediately notify Landlord in writing upon the occurrence of such Casualty. In the event of any damage Casualty, Landlord may elect either to the Building which affects the Premises. If all or any portion of the Premises are damaged or destroyed by any casualty against which Tenant is required to be insured under Section 12.01 of the General Lease Provisions, and if, in Landlord's reasonable opinion, (i) the Premises cannot be rebuilt or made fit for Tenant's purposes within two hundred seventy (270) days of repair the damage or destructioncaused by such casualty as soon as reasonably possible, in which case this Lease shall remain in full force and effect, or (ii) terminate this Lease as of the proceeds from Tenant's insurance required to be maintained by date the casualty occurred. Landlord shall notify Tenant pursuant to PART 12 are insufficient within thirty (30) days after receipt of notice of the occurrence of the casualty whether Landlord elects to repair or restore the damage or destructionterminate this Lease. If Landlord shall elect to repair the damage, then Tenant shall pay Landlord the portion of the “deductible amount” (with respect if any) under Landlord’s insurance allocable to the events in (i) or (ii) above) or Tenant (with respect to (i) above only) shall have the right to terminate this Lease by giving the other, within sixty (60) days after such damage or destruction, written notice of termination, and thereupon Rent and any other payments for which Tenant is liable under this Lease shall be apportioned and paid to the date of such damagePremises and, and Tenant shall immediately vacate the Premises; provided, however, that those provisions of this Lease which are designated to cover matters of termination and the period thereafter shall survive the termination hereof. Notwithstanding the foregoing, in no event shall Tenant have the right to terminate this Lease if the damage shall have been due to an act or destruction of the Premises is a result of (i) a default by Tenant or (ii) the negligence or willful act omission of Tenant, or Tenant's ’s employees, agents, employees, representatives, contractors, successors or assigns, licensees contractors or invitees, the difference between the actual cost of repair and any insurance proceeds received by Landlord.
(b) If the casualty to the Premises shall occur during the last six (6) months of the Lease Term and the damage shall be estimated by Landlord to require more than thirty (30) days to repair, either Landlord or Tenant may elect to terminate this Lease as of the date the casualty shall have occurred, regardless of the sufficiency of any insurance proceeds. The party electing to terminate this Lease shall give written notification to the other party of such election within ten (10) days after ▇▇▇▇▇▇’s notice to Landlord of the occurrence of the casualty.
Appears in 1 contract
DAMAGE TO PREMISES. Tenant If the Premises shall immediately notify Landlord of any be damaged by fire, the elements or other casualty not due to Tenant's negligence or willful acts or omissions, but are not thereby rendered untenable or the damage to the Building which affects does not exceed fifty percent (50%) of the Premises. If all or any portion of the Premises are damaged or destroyed by any casualty against , Landlord shall, cause such damage, excluding damage to Tenant's property, fixtures and improvements for which Tenant is required to insure under this Lease, to be insured under Section 12.01 repaired; and the rent shall not be abated. If by reason of such occurrence, the Premises shall be rendered untenable or the damage exceeds fifty percent (50%) of the General Lease ProvisionsPremises, and ifthe Landlord shall, in Landlord's reasonable opinioncause such damage to be repaired, (i) the Premises cannot be rebuilt or made fit for excluding damage to Tenant's purposes within two hundred seventy (270) days of the damage or destructionproperty, or (ii) the proceeds from Tenant's insurance required to be maintained by Tenant pursuant to PART 12 are insufficient to repair or restore the damage or destruction, then Landlord (with respect to the events in (i) or (ii) above) or Tenant (with respect to (i) above only) shall have the right to terminate this Lease by giving the other, within sixty (60) days after such damage or destruction, written notice of termination, fixtures and thereupon Rent and any other payments improvements for which Tenant is liable required to insure under this Lease Lease, and the Rent meanwhile shall be apportioned and paid to the date of such damage, and Tenant shall immediately vacate the Premisesabated in whole; provided, however, that those provisions of Landlord shall have the right, to be exercised by notice in writing, to elect not to reconstruct the destroyed Premises, and in such event this Lease which are designated to cover matters of termination and the period thereafter tenancy hereby created shall survive cease as of the termination hereofdate of the giving of said notice with the Rent to be abated as of such date; said notice may be given within SIXTY (60) days of said occurrence. Notwithstanding the foregoing, Nothing contained in no event shall Tenant have the right to terminate this Lease if the damage shall require, or destruction be deemed or construed to require, Landlord to make any repairs to those elements of the Premises is a result of (i) a default other than those initially provided by Tenant or (ii) the negligence or willful act of Landlord to Tenant, or Tenant's agents, employees, representatives, contractors, successors or assigns, licensees or invitees.
Appears in 1 contract
DAMAGE TO PREMISES. Tenant shall immediately notify Landlord of any damage to 22.01 In the Building which affects event that the Premises. If all or any portion of the Demised Premises are damaged by fire or destroyed other casualty insured against by any casualty against which Tenant is required the Landlord so as to be insured under Section 12.01 of render the General Lease Provisions, and Demised Premises partially or wholly unfit for occupancy:
a. if, in the opinion of the Landlord's reasonable opinion, (i) the Premises damage cannot reasonably be rebuilt or made fit for Tenant's purposes repaired within two one hundred seventy eighty (270180) days of after the damage or destructiondate thereof, or (ii) the proceeds from Tenant's insurance required to be maintained by Tenant pursuant to PART 12 are insufficient to repair or restore the damage or destruction, then Landlord (with respect to the events in (i) or (ii) above) or Tenant (with respect to (i) above only) shall have the right to may terminate this Lease as of the said date by giving notice to the other, Tenant given within sixty (60forty-five(45) days after such damage or destruction, written notice of terminationdamage, and thereupon in that case the Tenant shall immediately surrender the Demised Premises to the Landlord and shall pay all Rent and any other payments for which Tenant is liable under this Lease shall be apportioned and paid accrued to the date the damage occurred, but shall not be entitled to any damages or compensation; or
b. if, in the opinion of such damagethe Landlord the damage can reasonably be repaired within one hundred eighty (180) days after the date thereof, or if the Landlord shall not have given notice of termination pursuant to the provisions of clause (a), the Landlord shall forthwith commence and carry out with due diligence the repair thereof, and Tenant this lease shall immediately vacate continue in full force and effect save that the Premises; providedRent hereby reserved shall ▇▇▇▇▇ proportionately, however, that having regard to such part of the Demised Premises as has been rendered unfit for occupancy until those provisions of this Lease repairs which are designated to cover matters of termination and the period thereafter shall survive the termination hereof. Notwithstanding the foregoing, in no event shall Tenant have the right to terminate this Lease if the damage or destruction responsibility of the Premises is a result of (i) a default by Tenant or (ii) the negligence or willful act of TenantLandlord, or Tenant's agents, employees, representatives, contractors, successors or assigns, licensees or inviteeshave been completed.
Appears in 1 contract