Destruction and Damage. (a) If the Building is damaged by fire or other perils, whether or not covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof. If the peril causing such damage is covered by Landlord’s insurance, Landlord shall, at Landlord’s option: (1) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the Building, elect either to commence promptly to repair and restore the Building and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date (the “Casualty Discovery Date”) Landlord obtains actual knowledge of such destruction. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the Casualty Discovery Date. (2) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Building for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two hundred seventy (270) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this Lease shall continue in full force and effect. If such repair and restoration requires longer than two hundred seventy (270) days or if insurance proceeds therefor (if any), plus any amounts Tenant may elect or is obligated to contribute, are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event this Lease shall continue in full force and effect, or not to repair or restore, in which event this Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the Casualty Discovery Date. (3) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Building occurring during the last twelve (12) months of the Term, Landlord may elect to terminate this Lease by written notice of such election given to Tenant within thirty (30) days after the Casualty Discovery Date. (b) If the Building is damaged by any peril not fully covered by insurance proceeds to be received by Landlord, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Building and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Building to Landlord, except that if the damage to the Building materially impairs Tenant’s ability to continue its business operations in the Building, then this Lease shall be deemed to have terminated as of the date such damage occurred. (c) Notwithstanding anything to the contrary in this ▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇▇ shall have the option to terminate this Lease, exercisable by notice to Tenant within sixty (60) days after the Casualty Discovery Date, in each of the following instances:
Appears in 2 contracts
Sources: Warehouse/Industrial Lease Agreement, Warehouse/Industrial Lease Agreement (Corsair Components, Inc.)
Destruction and Damage. (a) If the Building is damaged by fire or other perils, whether or not perils covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof. If the peril causing such damage is covered by Landlord’s insurance, Landlord shall, at Landlord’s option:
(1i) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the Building, elect either to commence promptly to repair and restore the Building and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date (the “Casualty Discovery Date”) Landlord obtains actual knowledge occurrence of such destruction. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the Casualty Discovery Datedate of such total destruction.
(2ii) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of or the Building for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two one hundred seventy eighty (270180) days from the Casualty Discovery Datedate of such destruction, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this the Lease shall continue in full force and effect. If such repair and restoration requires longer than two one hundred seventy eighty (270180) days or if the insurance proceeds therefor (if any), plus any amounts Tenant may elect or is obligated to contribute, ) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event this the Lease shall continue in full force and effect, or not to repair or restore, in which event this the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty Discovery Datedestruction occurs. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(3) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Building occurring during the last twelve (12) months of the Term, Landlord may elect to terminate this Lease by written notice date of such election given to Tenant within thirty (30) days after the Casualty Discovery Datepartial destruction.
(b) If the Building is damaged by any peril not fully covered by insurance proceeds to be received by Landlordspecial form insurance, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Building and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Dateoccurrence of such damage. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Building Premises to Landlord, except that if the damage to the Building Premises materially impairs Tenant’s ability to continue its business operations in the BuildingPremises, then this Lease shall be deemed to have terminated as of the date such damage occurred.
(c) Notwithstanding anything In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately in the ratio which Tenant’s use of the Premises is impaired during the period of such repair or restoration, unless the damage was caused by the negligent or willful acts of omissions of Tenant, in which event there shall be abatement of Base Rent only to the contrary extent of rental abatement insurance proceeds received by Landlord. Tenant shall not be entitled to any compensation or damages for loss of use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by such damage, repair or restoration. If the Lease is terminated by either Landlord or Tenant as permitted herein, then monthly installments of Base Rent and Additional Rent shall be abated from and after the date of the casualty.
(d) If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall repair or restore only those portions of the Building and Premises which were originally provided at Landlord’s expense, substantially to their condition existing immediately prior to the occurrence of the damage or destruction; and Tenant shall promptly repair and restore, at Tenant’s expense, Tenant’s fixtures, improvements, alterations and additions in this ▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇▇ and to the Premises or Building which were not provided at Landlord’s expense.
(e) Tenant shall have the option right to terminate this LeaseLease if the time to repair any damage or destruction to the Building is estimated to exceed, exercisable by notice or actually exceeds, one hundred fifty (150) days from the date of the casualty, or if the damage or destruction to Tenant within the Building occurs during the last twelve (12) months of Term, the time to repair the damage or destruction to the Building is estimated to exceed, or actually exceeds, sixty (60) days from the date of the casualty. Tenant shall notify Landlord of its election within thirty (30) days after notice from Landlord of the estimated time required to complete the repair of any damage or destruction to the Building or, if applicable, within thirty (30) days after the Casualty Discovery Dateexpiration of such 150-day or 60-day period; provided, however, that if Tenant notifies Landlord of Tenant’s election to terminate this Lease due to Landlord’s inability to complete the repair of any such damage or destruction within such 150-day period and Landlord actually completes such repair within fifteen (15) days after Landlord’s receipt of Tenant’s notice, then this Lease shall not terminate but shall remain in each full force and effect.
(f) Tenant hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the following instances:leased Premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of this Paragraph 22 shall govern exclusively in case of such destruction.
Appears in 2 contracts
Sources: Lease Agreement (Aerohive Networks, Inc), Lease Agreement (Aerohive Networks, Inc)
Destruction and Damage. (a) If the Building is damaged by fire or other perils, whether or not perils covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof. If the peril causing such damage is covered by Landlord’s insurance, special form insurance Landlord shall, at Landlord’s option:
(1i) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the Building, elect either to commence promptly to repair and restore the Building and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date (the “Casualty Discovery Date”) Landlord obtains actual knowledge occurrence of such destruction. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the Casualty Discovery Datedate of such total destruction.
(2ii) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of or the Building for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two one hundred seventy eighty (270180) days from the Casualty Discovery Datedate of such destruction, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this the Lease shall continue in full force and effect. If such repair and restoration requires longer than two one hundred seventy eighty (270180) days or if the insurance proceeds therefor (if any), plus any amounts Tenant may elect or is obligated to contribute, ) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event this the Lease shall continue in full force and effect, or not to repair or restore, in which event this the Lease shall terminate. Notwithstanding anything to the contrary in this Section 21, Landlord shall not have the right to terminate this Lease due to the unavailability or insufficiency of insurance proceeds if Landlord failed to maintain the special form insurance required under paragraph 13 of this Lease or the cost to repair and restore the Building is less than five percent (5%) of the replacement cost of the Building or if Landlord actually intends to restore the casualty damage in the following one hundred eighty (180) day period. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty Discovery Datedestruction occurs. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(3) date of such partial destruction. Notwithstanding anything to the contrary contained in this ParagraphLease, in if the event of damage to Premises are damaged by any peril and Landlord does not terminate the Building occurring during Lease, then Tenant shall have the last twelve (12) months of the Term, Landlord may elect option to terminate this Lease if the Premises cannot be, or are not in fact, fully restored by written notice of such election given Landlord to Tenant their prior condition within thirty one hundred eighty (30180) days after the Casualty Discovery Datedamage.
(b) If the Building is damaged by any peril not fully covered by insurance proceeds to be received by Landlordspecial form insurance, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Building and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Dateoccurrence of such damage. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Building Premises to Landlord, except that if the damage to the Building Premises materially impairs Tenant’s ability to continue its business operations in the BuildingPremises, then this Lease shall be deemed to have terminated as of the date such damage occurred.
(c) Notwithstanding anything In the event of repair and restoration as herein provided, the monthly installments of Rent shall be abated proportionately in the ratio which Tenant’s use of the Premises is impaired during the period of such repair or restoration, unless the damage was caused by the negligent or willful acts of omissions of Tenant, in which event there shall be abatement of Rent only to the contrary in this ▇▇▇▇▇▇▇▇▇ ▇▇extent of rental abatement insurance proceeds received by Landlord. Tenant shall not be entitled to any compensation or damages for loss of use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by such damage, ▇▇▇▇▇▇▇▇ repair or restoration.
(d) If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall have repair or restore the option Building, the Premises and/or the Outside Area, as applicable, substantially to terminate their condition existing immediately prior to the occurrence of the damage or destruction (excluding, however, any alterations or improvements to the Premises which were made by Tenant without Landlord’s consent where such consent is required by the terms of this Lease); and Tenant shall promptly repair and restore, exercisable by notice at Tenant’s expense, Tenant’s Property and any such non-permitted alterations or improvements which Tenant elects to repair and restore.
(e) Tenant within sixty (60hereby waives the provisions of California Civil Code Section 1932(2) days after the Casualty Discovery Date, in each and Section 1933(4) which permit termination of a lease upon destruction of the following instances:leased Premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of this Paragraph 22 shall govern exclusively in case of such destruction.
Appears in 2 contracts
Sources: Lease Agreement (Silk Road Medical Inc), Lease Agreement (Silk Road Medical Inc)
Destruction and Damage. (a) If the Building is damaged by fire or other perils, whether or not covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereofof any damage to the Premises and/or the Building. If the peril causing such damage is Premises are damaged by fire or other perils covered by insurance carried by Landlord’s insurance, Landlord shall, at Landlord’s option:
(1i) In the event of total destruction of the Premises (which shall mean destruction or damage in excess of twenty-five fifty percent (2550%) of the full insurable value thereof) of the BuildingPremises), elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention election within sixty (60) days after the date Landlord obtains actual knowledge of such destruction (the “Casualty Discovery Date”) Landlord obtains actual knowledge of such destruction). If Landlord elects not to restore the Buildingterminate this Lease, this Lease such notice shall specify a termination date, which shall be deemed to have terminated as no fewer than thirty (30) days or more than sixty (60) days after the date of the Casualty Discovery Datesuch notice.
(2ii) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five fifty percent (2550%) of the full insurable value thereof) of the Building for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction Premises), and, if in Landlord’s reasonable judgment, the damage thereto is such that to the Building may Premises can be substantially repaired or restored to its the condition existing immediately prior to such damage or destruction within two hundred seventy (270) days from after the Casualty Discovery DateDate (when such repairs are made without payment of overtime or other premiums), Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this Lease shall continue in full force and effect. If in Landlord’s reasonable judgment such repair and restoration requires longer than said two hundred seventy (270) days or day period, or, if the insurance proceeds therefor (if any), plus any amounts Tenant may elect or is obligated to contribute, be received by Landlord are not sufficient to fully cover the cost of such repair and restoration, Landlord may elect either to so repair and restorerestore the Premises, in which event this Lease shall continue in full force and effect, or not to repair or restorerestore the Premises, in which event this Lease shall terminate. In either case, Landlord shall give Tenant written notice to Tenant of its intention election within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(3) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Building occurring during the last twelve (12) months of the Term, Landlord may elect to terminate this Lease by written Lease, such notice of such election given to Tenant within shall specify a termination date, which shall be no fewer than thirty (30) days or more than sixty (60) days after the Casualty Discovery Datedate of such notice.
(b) If the Building is Premises are damaged by any peril not fully covered by insurance proceeds to be received by Landlord, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention election within sixty (60) days after the Casualty Discovery Date. If Landlord elects to terminate this Lease, such notice shall specify a termination date, which shall be no fewer than thirty (30) days or more than sixty (60) days after the date of such notice. Notwithstanding the foregoing, Landlord shall not have the right to terminate this Lease due to the unavailability of insurance proceeds (including due to an uninsured casualty or use of insurance proceeds to pay debt encumbering the Premises) unless (i) the shortfall in insurance proceeds exceeds five percent (5%) of the insurable value of the Building and (ii) Landlord does not intend to restore the Building, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of damage in a manner that allows the Building to Landlordbe used for the Permitted Use; provided, except that further, that, if Landlord seeks to terminate the damage to Lease and clause (i) of the Building materially impairs Tenant’s ability to continue its business operations preceding sentence applies, then Tenant may void such termination by paying for any shortfall in insurance proceeds in excess of five percent (5%) of the insurable value of the Building, then this Lease shall be deemed to have terminated as of the date such damage occurred.
(c) Notwithstanding anything to the contrary in this ▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇▇ shall have the option right to terminate this Lease, exercisable by notice to Tenant within sixty (60) days after the Casualty Discovery Date, in each of the following instances:
(i) If a significant portion of the Premises is damaged or destroyed during the last twelve (12) months of the Term.
(ii) Subject to the last sentence of Paragraph (b) above, any Superior Mortgagee or Superior Lessor shall require that insurance proceeds or any portion thereof be used to retire debt under any Superior Mortgage or shall terminate a Superior Lease (as all of such capitalized terms are defined in Paragraph 31).
(d) In the event of repair and restoration as herein provided, the Rent shall be abated proportionately in the ratio which Tenant’s use of the Premises is impaired during the period of such repair or restoration. Except as expressly provided in the immediately preceding sentence with respect to abatement of Rent, Tenant shall have no claim against Landlord for, and hereby releases Landlord and Landlord’s Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any damage to or destruction of the Premises, the Building or the Project or the repair or restoration thereof, including, but not limited to, any cost, loss or expense resulting from any loss of use of the whole or any part of the Premises, the Building or the Project and/or any inconvenience or annoyance occasioned by such damage, repair or restoration.
(e) If Landlord is obligated to or elects to repair or restore the Premises as provided above, Landlord shall be obligated to repair or restore only the tenant improvements, if any, constructed by Landlord or Tenant in the Premises pursuant to the Work Letter or Alterations approved by Landlord, substantially to their condition existing immediately prior to the occurrence of the damage or destruction; and Tenant shall promptly repair and restore, at Tenant’s expense, Alterations which were not approved by Landlord.
(f) Tenant shall have the right to terminate this Lease (i) in the event of total destruction of the Premises (which shall mean destruction or damage in excess of fifty percent (50%) of the Premises) or (ii) in the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding fifty percent (50%) of the Premises), and, in Landlord’s reasonable judgment, the damage to the Premises cannot be substantially repaired or restored to the condition existing immediately prior to such damage or destruction within two hundred seventy (270) days after the Casualty Discovery Date (when such repairs are made without payment of overtime or other premiums).
(g) Tenant hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of this Paragraph 21 shall govern exclusively in case of such destruction.
Appears in 2 contracts
Sources: Lease Agreement (10x Genomics, Inc.), Lease Agreement (10X Genomics, Inc.)
Destruction and Damage. (a) If The Tenant’s obligations under Article 10 are all subject to Strata Property Laws and the Building is damaged by fire or other perils, whether or not covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof. If the peril causing such damage is covered by Landlord’s insurance, Landlord shall, at Landlord’s option:
(1) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the Building, elect either to commence promptly to repair and restore the Building and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date (the “Casualty Discovery Date”) Landlord obtains actual knowledge of such destruction. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(2) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Building for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two hundred seventy (270) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this Lease shall continue in full force and effect. If such repair and restoration requires longer than two hundred seventy (270) days or if insurance proceeds therefor (if any), plus any amounts Tenant may elect or is obligated to contribute, are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event this Lease shall continue in full force and effect, or not to repair or restore, in which event this Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(3) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Building occurring during the last twelve (12) months of the Term, Landlord may elect to terminate this Lease by written notice of such election given to Tenant within thirty (30) days after the Casualty Discovery DateBylaws.
(b) If and to the Building extent that the Strata Corporation is damaged by any peril not fully covered by insurance proceeds to be received by Landlord, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Building and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not required to repair or restore rebuild any of the BuildingDamaged Premises, the Tenant shall be relieved of its obligations under Article 10 to effect the applicable repairs or rebuilding of the Damaged Premises provided that the Tenant has used diligent efforts, and provided adequate funds to cause the Strata Corporation to effect any such repairs and rebuilding (including without limitation, through exercise of governance rights), and in such event the failure of or delay by the Strata Corporation to fulfill its repair and rebuilding obligations shall not be considered a default by the Tenant of its obligations under this Lease so long as Tenant continues such diligent efforts and funding to cause Strata Corporation to timely repair and rebuild in a manner and timing consistent with this Lease for the portion of the Demised Premises not subject to [the Strata regime].
(c) If only Common Property (including Limited Common Property) is damaged or destroyed, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty whole or in part, by fire or any other occurrence (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Building to Landlord, except that if the damage to the Building materially impairs Tenant’s ability to continue its business operations in the Building“Damaged Common Property”), then this Lease shall not be deemed terminated and it shall nonetheless continue in full force and effect and there shall be no abatement of any item included in Rent, except to the extent that the Landlord receives insurance proceeds in respect thereof, either directly, or through amounts collected by the Strata Corporation and paid to Landlord (which payments Tenant shall have terminated as of the date such damage occurredno right to receive).
(cd) Notwithstanding anything The Tenant shall have no responsibility to repair or rebuild any Damaged Common Property, unless the Tenant is required to do so pursuant to Strata Property Laws or the Bylaws and if so required then Section 10.2 shall apply as if the Damaged Common Property were Damaged Premises. [Again, to the contrary in extent tenant has practical control, this ▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇▇ shall have the option to can’t be an “out” for Tenant.] .
(e) [Tenant cannot terminate this LeaseLease (or have an abatement of Rent) if the Property is rebuilt, exercisable by notice without regard to Tenant within sixty (60) days after the Casualty Discovery Date, in each time limits or severity of the following instances:destruction.]
Appears in 2 contracts
Sources: Agreement of Purchase and Sale (GTWY Holdings LTD), Agreement of Purchase and Sale (Gateway Casinos & Entertainment LTD)
Destruction and Damage. (a) a. If the Building is damaged by fire or other perils, whether or not perils covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof. If the peril causing such damage is covered by Landlord’s insurance, insurance Landlord shall, at Landlord’s 's option:
(1i) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the Building, elect either to promptly commence promptly to repair and restore restoration of the Building and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the said Building, in which event this Lease shall terminate. In either case, Landlord shall give Tenant written notice of its intention within sixty (60) days after the date (the “Casualty Discovery Date”) Landlord obtains actual knowledge occurrence of such destruction. If Landlord elects not to restore the Buildingbuilding, this Lease shall be deemed to have terminated as of the Casualty Discovery Datedate of such total destruction.
(2ii) In the event of a partial destruction (which shall mean destruction or damage of the Building to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Building for which Landlord will receive insurance proceeds sufficient to cover the cost to repair thereof and restore such partial destruction and, if the damage thereto is such that the Building may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two hundred seventy ninety (27090) days from the Casualty Discovery Datedate of such destruction and Landlord will receive insurance proceeds sufficient to cover the cost of such repairs, Landlord shall commence and proceed diligently with the work of or repair and restoration, in which event this the Lease shall continue in full force and effect. If ; or if such repair and restoration requires longer than two hundred seventy ninety (27090) days or the cost thereof exceeds twenty-five percent (25%) of the full insurable value thereof or if said insurance proceeds therefor (if any), plus any amounts Tenant may elect or is obligated to contribute, are will not be sufficient to cover the cost of such repair and restorationcosts, Landlord may elect either to so repair and restore, in which event this the Lease shall continue in full force and effect, or not to repair repair, reconstruct or restore, in which event this the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty ninety (6090) days after the Casualty Discovery Date. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(3) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Building occurring during the last twelve (12) months of the Term, Landlord may elect to terminate this Lease by written notice of such election given to Tenant within thirty (30) days after the Casualty Discovery Date.
(b) If the Building is damaged by any peril not fully covered by insurance proceeds to be received by Landlord, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Building and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Datedestruction occurs. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of such partial destruction.
b. Upon termination of this Lease under any of the Building provisions of this Article, the parties shall be released thereby without further obligation to the other from the date of the damage or destruction, except for items which have theretofore accrued and are then unpaid.
c. In the event of repair and restoration as herein provided, the Rent shall be abated proportionately in the ratio which the Tenant's use of the Premises is impaired during the period of such repair, reconstruction or restoration. Tenant shall not be entitled to any compensation or damages from loss of use of the whole or any part of said Premises and/or any inconvenience or annoyance occasioned by such damage, repair, reconstruction or restoration.
d. Tenant shall not be released from any of its obligations under this Lease except to the extent and upon the conditions expressly stated in this Article. Notwithstanding anything to the contrary contained in this Article, if Landlord has elected to repair and restore the Premises and is thereafter delayed or prevented from repairing and restoring said Premises within one (1) year after the occurrence of such damage or destruction by reason of acts of God, war, governmental restrictions, inability to procure the necessary labor or materials, or other cause beyond the control of Landlord, except that if Landlord shall be relieved of its obligation to make such repairs or restoration and, at Landlord's option, Tenant shall be released from its obligations under this Lease as of the end of said one (1) year period.
e. If damage to the Building materially impairs or the Premises is due to any cause other than fire or other peril covered by extended coverage, insurance, Landlord or Tenant may elect to terminate this Lease.
f. If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall repair or restore only those portions of said Building and Premises which were originally provided at Landlord's expense, and the repair and restoration of areas or items not provided at Landlord's expense shall be the obligation of Tenant’s ability .
g. Notwithstanding anything to continue its business operations the contrary contained in this article, Landlord shall not have any obligation to repair or restore the Premises or the Building during the last twelve (12) months of this Lease or any extension thereof. If Landlord elects not to restore the Building, then this Lease shall be deemed to have terminated as of the date of such damage occurredpartial destruction.
(c) Notwithstanding anything to the contrary in this ▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇▇ shall have the option to terminate this Lease, exercisable by notice to Tenant within sixty (60) days after the Casualty Discovery Date, in each of the following instances:
Appears in 2 contracts
Sources: Lease Agreement (Brighton Technologies Corp), Lease Agreement (Brighton Technologies Corp)
Destruction and Damage. (a) If the Building is Premises are damaged by fire or other perils, whether or not perils covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof. If the peril causing such damage is covered by Landlord’s insurance, Landlord shall, at Landlord’s 's option:
(1) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the BuildingPremises, elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date (the “Casualty Discovery Date”"CASUALTY DISCOVERY DATE") Landlord obtains actual knowledge of such destruction. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Datedate of such total destruction.
(2) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Building Premises for which Landlord will receive insurance proceeds (or amounts from Tenant as described below) sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two one hundred seventy eighty (270180) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this the Lease shall continue in full force and effect. If such repair and restoration requires longer than two one hundred seventy eighty (270180) days or if the insurance proceeds therefor (if any), plus any amounts Tenant may elect or is obligated to contribute, ) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event this the Lease shall continue in full force and effect, or not to repair or restore, in which event this the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Datedate of such partial destruction.
(3) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Building Premises occurring during the last twelve (12) months of the Term, Landlord may elect and Tenant shall each have the right to terminate this Lease by written notice of such election given to Tenant the other party within thirty (30) days after the Casualty Discovery Date; provided, however, that Tenant shall have the right to terminate this Lease pursuant to this Paragraph 21(a)(3) only if Tenant's use and occupancy of the Premises are materially interfered with as a result of such damage.
(b) If the Building is Premises are damaged by any peril not fully covered by insurance proceeds to be received by Landlordextended coverage insurance, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Building Premises to Landlord, except that if the damage to the Building Premises materially impairs Tenant’s 's ability to continue its business operations in the BuildingPremises, then this Lease shall be deemed to have terminated as of the date such damage occurred.
(c) Notwithstanding anything If the Premises is damaged or destroyed to the contrary in this ▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇▇ shall have extent that the option to terminate this Lease, exercisable Premises cannot be substantially repaired or restored by notice to Tenant Landlord within sixty two hundred seventy (60270) days after the Casualty Discovery Date, in each Tenant may terminate this Lease immediately upon notice thereof to Landlord, which notice shall be given, if at all, not later than fifteen (15) days after Landlord notifies Tenant of Landlord's estimate of the following instances:period of time required to repair such damage or destruction.
(d) In the event of repair and restoration as herein provided, the Rent shall be abated proportionately in the ratio which Tenant's use of the Premises is impaired during the period of such repair or restoration; provided, however, that Tenant shall not be entitled to such abatement to the extent that such damage or destruction resulted from the negligence or willful misconduct of Tenant or Tenant's Agents. Except as expressly provided in the immediately preceding sentence with respect to abatement of Base Rent, Tenant shall have no claim against Landlord for, and hereby releases Landlord and Landlord's Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any damage to or destruction of the Premises, the Building or the Project or the repair or restoration thereof, including, without limitation, any cost, loss or expense resulting from any loss of use of the whole or any part of the Premises, the Building or the Project and/or any inconvenience or annoyance occasioned by such damage, repair or restoration.
(e) If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall repair or restore only the initial tenant improvements, if any, constructed by Landlord in the Premises pursuant to the terms of this Lease, substantially to their condition existing immediately prior to the occurrence of the damage or destruction; and Tenant shall promptly repair and restore, at Tenant's expense, Tenant's Alterations which were not constructed by Landlord.
(f) Tenant hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of this Paragraph 21 shall govern exclusively in case of such destruction.
Appears in 1 contract
Sources: Lease Agreement (Affymetrix Inc)
Destruction and Damage. (a) If the Building is Premises are damaged by fire or other perils, whether or not perils covered by extended coverage insurance, insurance Tenant shall give Landlord immediate notice thereof. If the peril causing such damage is covered by Landlord’s insurance, thereof and Landlord shall, at Landlord’s option:
(1i) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the BuildingPremises, elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty one hundred twenty (60120) days after the date (the “Casualty Discovery Date”) Landlord obtains actual knowledge of such destruction. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Datedate of such total destruction.
(2ii) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Building Premises for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two hundred seventy (270) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this the Lease shall continue in full force and effect. If such repair and restoration requires longer than two hundred seventy (270) days or if the insurance proceeds therefor (if any), plus any amounts Tenant may elect or is obligated to contribute, ) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event this the Lease shall continue in full force and effect, or not to repair or restore, in which event this the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty one hundred twenty (60120) days after the Casualty Discovery Date. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Datedate of such partial destruction.
(3iii) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Building Premises occurring during the last twelve (12) months of the Term, Landlord may elect to terminate this Lease by written notice of such election given to Tenant within thirty sixty (3060) days after the Casualty Discovery Date.
(b) If the Building is Premises are damaged by any peril not fully covered by insurance proceeds to be received by Landlord, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty one hundred twenty (60120) days after the Casualty Discovery Date. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Building Premises to Landlord, except that if the damage to the Building Premises materially impairs Tenant’s ability to continue its business operations in the BuildingPremises, then this Lease shall be deemed to have terminated as of the date such damage occurred.
(c) Notwithstanding anything to the contrary in this ▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇▇ shall have the option to terminate this Lease, exercisable by notice to Tenant within sixty one hundred twenty (60120) days after the Casualty Discovery Date, in each of the following instances:
(i) If more than twenty-five percent (25%) of the full insurable value of the Building is damaged or destroyed, regardless of whether or not the Premises are destroyed.
(ii) If the Building or any portion thereof is damaged or destroyed and the repair and restoration of such damage requires longer than one hundred eighty (180) days from the Casualty Discovery Date, regardless of whether or not the Premises is destroyed.
(iii) If the Building or any portion thereof is damaged or destroyed and the insurance proceeds therefor are not sufficient to cover the costs of repair and restoration, regardless of whether or not the Premises is destroyed.
(iv) If the Building or any portion thereof is damaged or destroyed during the last twelve (12) months of the Term, regardless of whether or not the Premises is destroyed.
(d) In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately in the ratio which Tenant’s use of the Premises is impaired during the period of such repair or restoration; provided, however, that Tenant shall not be entitled to such abatement to the extent that such damage or destruction resulted from the acts or inaction of Tenant or Tenant’s Agents. Except as expressly provided in the immediately preceding sentence with respect to abatement of Base Rent, Tenant shall have no claim against Landlord for, and hereby releases Landlord and Landlord’s Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any damage to or destruction of the Premises or the Building or the repair or restoration thereof, including, without limitation, any cost, loss or expense resulting from any loss of use of the whole or any part of the Premises or the Building and/or any inconvenience or annoyance occasioned by such damage, repair or restoration.
(e) If Landlord is obligated to or elects to repair or restore as herein provided, Tenant shall promptly repair and restore, at Tenant’s expense, any Alterations.
(f) Tenant hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of this Paragraph 20 shall govern exclusively in case of such destruction.
(g) If the Lease is terminated pursuant to the provisions of this Paragraph 20, no event of Default exists under the Lease at the time of such termination and no event or condition which, with the passage of time or the giving of notice or both, would constitute such an event of Default exists at the time of such termination, then Landlord shall, within thirty (30) days following the effective date of such termination, refund to Tenant any Rent paid for periods after the effective date of such Termination and, subject to the provisions of Paragraph 7(c) above, return any unapplied portion of the Security Deposit to Tenant.
Appears in 1 contract
Destruction and Damage. (a) If the Building is Premises are damaged by fire or other perils, whether or not perils covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof. If insurance or any other insurance covering the peril causing such damage is covered Premises which may be maintained by Landlord’s insurance, Landlord shallor by perils for which insurance is required to be carried hereunder by Landlord, at Landlord’s optionthe following provisions shall apply:
(1) In the event of total destruction of the Premises (which shall mean destruction or damage in excess of twentyseventy-five percent (2575%) of the full insurable value thereof) of the Building, Landlord Improvements) either Landlord or Tenant may elect either to commence promptly to repair and restore the Building and prosecute the same diligently to completion, in which event terminate this Lease shall remain in full force and effect; or not to repair or restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant by giving written notice to the other party of its intention election to terminate within sixty (60) days after the date (the “Casualty Discovery Date”) Landlord obtains actual knowledge occurrence of such destruction. If Landlord elects not either party gives notice of election to restore terminate in accordance with the Buildingpreceding sentence, this Lease shall be deemed to have terminated as of the Casualty Discovery Datedate of such total destruction. In the event the Lease is not terminated in accordance with the foregoing, Landlord shall commence promptly to repair and restore the Premises and prosecute the same diligently to completion, and this Lease shall remain in full force and effect.
(2) In the event of a partial destruction of the Premises (which shall mean destruction or damage to an extent not exceeding twentyseventy-five percent (2575%) of the full insurable value thereof) of the Building Landlord Improvements) for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two hundred seventy (270) days from the Casualty Discovery Dateunder applicable laws, ordinances and regulations and under any Private Restrictions, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this the Lease shall continue in full force and effect. If such repair and restoration requires longer than two hundred seventy (270) days is not permitted under applicable laws, ordinances or if regulations or under any Private Restrictions, then this Lease shall terminate as of the date of such partial destruction. If the insurance proceeds therefor (if any), plus any amounts Tenant may elect or is obligated to contribute, Landlord will receive for such repair and restoration are not sufficient (by any amount and for any reason, including provision for a deductible in the applicable policy) to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event this the Lease shall continue in full force and effect, or not to repair or restore, in which event this the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty Discovery Datedestruction occurs. If Landlord's election is not to repair and restore the Premises, Landlord shall include in its notice Landlord's reasonable estimate of the amount (the "Deficiency Amount") by which the cost of repair and restoration will exceed the insurance proceeds which Landlord will receive for such repair and restoration. In such event, Tenant may prevent a termination of this Lease by delivering to Landlord, within ten (10) days after the date of Landlord's notice, a written agreement by Tenant to pay the Deficiency Amount, together with cash in the amount of the estimated Deficiency Amount to be used for such restoration and repair, and Landlord shall proceed to repair and restore the Premises in accordance with the foregoing. In the event the actual Deficiency Amount is less than Landlord's estimate, Landlord shall pay to Tenant the difference promptly after completion of the repair and restoration work. In the event the actual Deficiency Amount exceeds Landlord's estimate, Tenant shall pay to Landlord, on demand, cash in the amount of the excess. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Datedate of such partial destruction, unless Tenant prevents the termination in accordance with the foregoing.
(3) Notwithstanding anything to the contrary contained in this Paragraphsubparagraph 22(a)(2), in the event of damage to the Building Premises occurring during the last twelve (12) months of the Term, Landlord may elect to terminate this Lease by written notice of such election given to Tenant within thirty (30) days after the Casualty Discovery Datedamage occurs. Unless such notice is given at a time during the last 150 days of the current Term when Tenant has not exercised its option under Paragraph 47 to extend the Term for the next Option Term, such notice shall include Landlord's estimate of the Deficiency Amount, if any. If such notice is required, in accordance with the preceding sentence, to include Landlord's estimate of the Deficiency Amount, Tenant may prevent such termination by delivering to Landlord, not later than 15 days following receipt of Landlord's notice, a written agreement pursuant to which Tenant agrees to pay the Deficiency Amount, together with cash in the amount of the estimated Deficiency Amount, provided, however, that if Tenant's option as to the next Option Term has not yet been exercised, such agreement must be accompanied by notice of exercise of such option. In the event Tenant so prevents a termination of this Lease, then Landlord shall proceed to repair and restore the Premises in accordance with the provisions of subparagraph 22(a)(2). Notwithstanding the foregoing, Tenant shall have no right to prevent a termination of this Lease in the event the repair and restoration of the Premises is not permitted under applicable laws, ordinances, regulations or under any Private Restrictions.
(b) If the Building is Premises are damaged by any peril not fully covered by extended coverage insurance proceeds to or other insurance covering the Property which may be received maintained by Landlord, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Building and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Building to Landlord, except that if the damage to the Building materially impairs Tenant’s ability to continue its business operations in the Building, then this Lease shall be deemed to have terminated as of the date such damage occurred.
(c) Notwithstanding anything to the contrary in this ▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇▇ shall have the option to terminate this Lease, exercisable by notice to Tenant within sixty (60) days after the Casualty Discovery Date, in each of the following instances:
Appears in 1 contract
Destruction and Damage. (a) If the Building is damaged by fire or other perils, whether or not perils covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof. If the peril causing such damage is covered by Landlord’s insurance, Landlord shall, at Landlord’s 's option:
(1) In Subject to the provisions of Paragraph 4 of Addendum One hereof, in the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the Building, elect either to commence promptly to repair and restore the Building and prosecute the same diligently to completion, in which event this Lease lease shall remain in full force and effect; or not to repair or restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date (the “Casualty Discovery Date”) Landlord obtains actual knowledge occurrence of such destruction. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the Casualty Discovery Datedate of such total destruction.
(2) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Building for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two one hundred seventy eighty (270180) days from the Casualty Discovery Datedate of such destruction, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this the Lease shall continue in full force and effect. If such repair and restoration requires longer than two one hundred seventy eighty (270180) days or if the insurance proceeds therefor (if any), plus any amounts Tenant may elect or is obligated to contribute, ) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event this the Lease shall continue in full force and effect, or not to repair or restore, in which event this the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty Discovery Datedestruction occurs. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the Casualty Discovery Datedate of such partial destruction.
(3) Notwithstanding anything to the contrary contained in this ParagraphParagraph 22, in the event of damage to the Building or the Premises occurring during the last twelve (12) months of the Term, Landlord may elect to terminate this Lease by written notice of such election given to Tenant within thirty (30) days after the Casualty Discovery Datedamage occurs.
(b) If Subject to the provisions of Paragraph 4 of Addendum One hereon, if the Building is damaged by any peril not fully covered by insurance proceeds to be received by Landlordextended coverage insurance, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Building and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Building, in which event this Lease shall terminate. Landlord shall give given Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Dateoccurrence of such damage. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Building Premises to Landlord, except that if the damage to the Building Premises materially impairs Tenant’s 's ability to continue its business operations in the BuildingPremises, then this Lease shall be deemed to have terminated as of the date such damage occurred.
(c) Notwithstanding anything In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately in the ratio which Tenant's use of the Premises is impaired during the period of such repair or restoration, unless the damage was caused by the negligent or willful acts of omissions of Tenant, in which event there shall be abatement of Base Rent only to the contrary in this ▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇▇ extent of rental abatement insurance proceeds received by Landlord. Tenant shall have the option not be entitled to terminate this Lease, exercisable by notice to Tenant within sixty (60) days after the Casualty Discovery Date, in each any compensation or damages for loss of use of the following instances:whole or any part of the Premises and/or any inconvenience or annoyance occasioned by such damage, repair or restoration.
(d) If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall repair or restore only those portions of the Building and Premises which were originally provided at Landlord's expense, substantially to their condition existing immediately prior to the occurrence of the damage or destruction; and Tenant shall promptly repair and restore, at Tenant's expense, Tenant's fixtures, improvements, alterations and additions in and to the Premises or Building which were not provided at Landlord's expense.
(e) Tenant hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of this Paragraph 22 shall govern exclusively in case of such destruction.
Appears in 1 contract
Destruction and Damage. (a) If during the Building is damaged term of this Lease, the buildings, improvements or the equipment on, in, or appurtenant to the Premises at the commencement of such term or thereafter created thereon or therein shall be destroyed in whole or in part by fire or any other perils, whether or not covered by extended coverage insurancecause, Tenant shall give to Landlord immediate notice thereof. If , and Tenant, at its own cost and expense, shall, promptly repair, replace, and rebuild the peril causing same with a structure of substantially the same character and condition as existed immediately prior to such damage is covered by Landlord’s insuranceoccurrence, and Landlord shall, at Landlord’s option:
(1) In in no event, be called upon to repair, replace or rebuild any such buildings, improvements, or equipment, nor to pay any of the event of total destruction (which shall mean destruction cost or damage expenses thereof, beyond or in excess of twenty-five the insurance proceeds as herein provided.
(b) For the purpose of paying towards the cost of such repairs, replacements or rebuilding, Landlord shall make available and pay from time to time, all net sums received under insurance policies covering such loss or losses as provided for herein at the request of or at the direction of Tenant to the parties whom Tenant may employ to repair, replace, or rebuild the same, as such repairs, replacements or rebuilding shall progress, or to Tenant if the Tenant shall make or pay for such repairs, replacement, or rebuilding, in reimbursement for work and materials actually incorporated in the Premises. Such payment shall be made by Landlord upon written request from an officer of Tenant, or in the event that an architect has been retained to supervise said work, then said payments by Landlord shall be made upon appropriate requisition certificate of the architect in charge of such work, provided, however, that in each instance of requisition, prior to the completion of such work, said officer of Tenant or the architect, if any, shall also certify to Landlord, and at Landlord's request, to the holder of any mortgage to which this lease is subordinate, that the cost of the then remaining work necessary for completion thereof does not exceed ninety percent (2590%) of the full insurable value thereof) balance of said insurance proceeds as will remain after payment over the Buildingsum so requisitioned, elect either and that such work has been prosecuted in accordance with the plans and specifications therefor. If in the course of such work, any mechanics or other lien or order for the payment of money shall be filed against the Premises or against Landlord or Tenant or any contractor of Tenant or if Tenant shall be in default in the payment of any net rent or additional rent then due and payable or if there are any existing and unremedied defaults on the part of Tenant under the agreements, terms, covenants and conditions of this lease as to commence promptly which Landlord has served notice upon Tenant and with respect to repair and restore which Tenant has failed to cure within the Building and prosecute the same diligently to completiontime provided for herein, in which event this Lease shall remain in full force and effect; or not to repair or restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date (the “Casualty Discovery Date”) Landlord obtains actual knowledge not be obligated to make any payment of such destruction. If Landlord elects not to restore the Buildinginsurance proceeds until and unless such lien or order shall have been fully bonded, this Lease satisfied, cancelled, discharged of record, or complied with and/or until such default shall be deemed to have terminated as of the Casualty Discovery Datebeen cured.
(2c) In If the event net amount of a partial destruction (which such insurance proceeds shall mean destruction be insufficient for the proper and effective repair, replacement or damage to an extent not exceeding twenty-five percent (25%) rebuilding of such damaged or destroyed buildings, improvements or equipment, Tenant shall pay the additional sums required, and if the amount of such insurance proceeds shall be in excess of the full insurable value cost thereof) of , the Building for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two hundred seventy (270) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this Lease shall continue in full force and effect. If such repair and restoration requires longer than two hundred seventy (270) days or if insurance proceeds therefor (if any), plus any amounts Tenant may elect or is obligated to contribute, are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event this Lease shall continue in full force and effect, or not to repair or restore, in which event this Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Building, this Lease excess shall be deemed paid to have terminated as of the Casualty Discovery Dateand retained by Tenant.
(3d) Notwithstanding anything Unless the repairs, replacement or rebuilding to be performed by Tenant is delayed by Landlord's failure to make the contrary contained in this Paragraphinsurance proceeds available for such work, or unless a delay occurs by reason of Tenant's inability to adjust the amount of insurance to be paid, Tenant shall proceed to repair, replace, or rebuild the structures, improvements and equipment promptly and, in the event of damage to the Building occurring during the last twelve (12) months of the Term, Landlord may elect to terminate this Lease by written notice of that such election given to Tenant work shall not be commenced within thirty (30) days after from the Casualty Discovery Date.
(b) If date of payment to Landlord or Tenant of the Building is damaged by any peril not fully covered by insurance proceeds to by the company or companies insuring such loss or damage and shall not be received by Landlord, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Building and prosecute the same diligently expeditiously prosecuted to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Building, in which event this Lease shall terminate. Landlord shall give have the right to cancel and terminate this lease by giving to Tenant written notice of its intention within not less than sixty (60) days notice of intention to do so and, if upon the expiration of the time fixed in such notice, such work shall not have been commenced and the other agreements, terms, covenants and conditions herein complied with, or if after commencement thereof, the Casualty Discovery Date. If Landlord elects work shall not to restore have been expeditiously prosecuted as the Buildingcase may be, this Lease and the term hereof shall terminate and all such insurance proceeds shall belong to and shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Building to retained by Landlord, except that if the damage to the Building materially impairs Tenant’s ability to continue its business operations in the Building, then this Lease shall be deemed to have terminated as of the date such damage occurred.
(ce) Notwithstanding anything Such work and the performance thereof shall be subject to and shall be performed in accordance with the contrary in this ▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇▇ shall have the option to terminate this Lease, exercisable by notice to Tenant within sixty (60) days after the Casualty Discovery Date, in each provisions of the following instances:paragraph of the lease headed "ALTERATIONS AND IMPROVEMENTS".
(f) The thirty (30) day period mentioned in the foregoing subparagraph (d) shall be extended by such period as Tenant may be delayed by strikes, labor or material shortages, embargos, governmental restrictions or priorities, or other causes beyond Tenant's reasonable control, including obtaining insurance proceeds.
Appears in 1 contract
Destruction and Damage. (a) If the Building is damaged by fire or other perils, whether or not perils covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof. If the peril causing such damage is covered by Landlord’s insurance, Landlord shall, at Landlord’s 's option:
(1) In Subject to the provisions of Paragraph 5 of Addendum One hereof in the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the Building, elect either to commence promptly to repair and restore the Building and prosecute the same diligently to completion, in which event this Lease lease shall remain in full force and effect; or not to repair or restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date (the “Casualty Discovery Date”) Landlord obtains actual knowledge occurrence of such destruction. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the Casualty Discovery Datedate of such total destruction.
(2) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of or the Building for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two one hundred seventy eighty (270180) days from the Casualty Discovery Datedate of such destruction, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this the Lease shall continue in full force and effect. If such repair and restoration requires longer than two one hundred seventy eighty (270180) days or if the insurance proceeds therefor (if any), plus any amounts Tenant may elect or is obligated to contribute, ) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event this the Lease shall continue in full force and effect, or not to repair or restore, in which event this the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty Discovery Datedestruction occurs. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the Casualty Discovery Datedate of such partial destruction.
(3) Notwithstanding anything to the contrary contained in this ParagraphParagraph 22, in the event of damage to the Building or the Premises occurring during the last twelve (12) months of the Term, Landlord may elect to terminate this Lease by written notice of such election given to Tenant within thirty (30) days after the Casualty Discovery Datedamage occurs.
(b) If Subject to the provisions of Paragraph 5 of Addendum One hereon, if the Building is damaged by any peril not fully covered by insurance proceeds to be received by Landlordextended coverage insurance, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Building and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Dateoccurrence of such damage. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Building Premises to Landlord, except that if the damage to the Building Premises materially impairs Tenant’s 's ability to continue its business operations in the BuildingPremises, then this Lease shall be deemed to have terminated as of the date such damage occurred.
(c) Notwithstanding anything In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately in the ratio which Tenant's use of the Premises is impaired during the period of such repair or restoration, unless the damage was caused by the negligent or willful acts of omissions of Tenant, in which event there shall be abatement of Base Rent only to the contrary in this ▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇▇ extant of rental abatement insurance proceeds received by Landlord. Tenant shall have the option not be entitled to terminate this Lease, exercisable by notice to Tenant within sixty (60) days after the Casualty Discovery Date, in each any compensation or damages for loss of use of the following instances:whole or any part of the Premises and/or any inconvenience or annoyance occasioned by such damage, repair or restoration.
(d) If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall repair or restore only those portions of the Building and Premises which were originally provided at Landlord's expense, substantially to their condition existing immediately prior to the occurrence of the damage or destruction; and Tenant shall promptly repair and restore, at Tenant's expense, Tenant's fixtures, improvements, alterations and additions in and to the Premises or Building which were not provided at Landlord's expense.
(e) Tenant hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of this Paragraph 22 shall govern exclusively in case of such destruction. 23.
Appears in 1 contract
Sources: Sublease (MMC Networks Inc)
Destruction and Damage. (a) If the Building is Premises are damaged by fire or other perils, whether or not covered by extended coverage insuranceperils (a “Casualty”), Tenant shall give Landlord immediate prompt notice thereof. If the peril causing such damage is covered by Landlord’s insurance, thereof and Landlord shall, at Landlord’s option:
(1) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five fifty percent (2550%) of the full insurable value thereof) of the BuildingPremises, elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty thirty (6030) days after the date of the Casualty (the “Casualty Discovery Date”) Landlord obtains actual knowledge of such destruction. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Datedate of such total destruction.
(2) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five fifty percent (2550%) of the full insurable value thereof) of the Building Premises for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction (together with any applicable insurance deductibles) and, if the damage thereto is such that the Building Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two one hundred seventy twenty (270120) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this the Lease shall continue in full force and effect. If such repair and restoration requires longer than two one hundred seventy twenty (270120) days or if the insurance proceeds therefor therefore (if any), plus any amounts Tenant may elect or is obligated to contribute, including any applicable insurance deductibles) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event this the Lease shall continue in full force and effect, or not to repair or restore, in which event this the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty thirty (6030) days after the Casualty Discovery Date, failing which, Landlord shall be deemed to have elected to restore the Premises. If Landlord timely elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Datedate of such partial destruction.
(3) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Building Premises occurring during the last twelve (12) months of the Term, Landlord may elect to terminate this Lease by written notice of such election given to Tenant within thirty (30) days after the Casualty Discovery Date, provided that Tenant may nullify this right by delivering Tenant’s Extension Notice pursuant to Paragraph 61(a), if such an Option is available to Tenant pursuant thereto.
(b) If the Building is Premises are damaged by any peril not fully covered by insurance proceeds to be received by LandlordLandlord (together with any applicable insurance deductibles), and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty thirty (6030) days after the Casualty Discovery Date. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Building Premises to Landlord, except that if the damage to the Building Premises materially impairs Tenant’s ability to continue its business operations in the BuildingPremises, then this Lease shall be deemed to have terminated as of the date such damage occurreddate.
(c) Notwithstanding anything In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately in the ratio which Tenant’s use of the Premises is impaired during the period of such repair or restoration. Except as expressly provided in the immediately preceding sentence with respect to abatement of Base Rent, Tenant shall have no claim against Landlord for, and hereby releases Landlord and Landlord’s Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any damage to or destruction of the Premises or the Building or the repair or restoration thereof, including, without limitation, any cost, loss or expense resulting from any loss of use of the whole or any part of the Premises or the Building and/or any inconvenience or annoyance occasioned by such damage, repair or restoration.
(d) If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall repair or restore only the initial tenant improvements, if any, constructed by Landlord in the Premises pursuant to the contrary in this ▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇▇ shall have the option to terminate terms of this Lease, exercisable substantially to their condition existing immediately prior to the occurrence of the damage or destruction; and Tenant shall promptly repair and restore, at Tenant’s expense, Tenant’s Alterations which were not constructed by notice Landlord.
(e) If a material portion of the Premises or Common Areas is damaged by the Casualty such that Tenant is prevented from conducting its business in the Premises in a manner reasonably comparable to Tenant within sixty that conducted immediately before such Casualty, and Landlord reasonably estimates that the Restoration Period will exceed one hundred twenty (60120) days after the Casualty Discovery Date, in each date of the Casualty (the “Restoration Period”), Tenant may terminate this Lease by delivering written notice to Landlord of its election to terminate within thirty (30) days after Tenant’s receipt of Landlord’s estimate pursuant to Paragraph 21(a) (or the expiration of such period if no such estimate is delivered). Notwithstanding anything herein to the contrary, if Landlord does not complete the restoration within the Restoration Period, Tenant shall be entitled to terminate this Lease by giving Landlord written notice of intent to terminate at any time after expiration of the Restoration Period, but in any event prior to Landlord’s completion of the restoration. However, if at any time Landlord believes Landlord will be unable to complete the restoration within the Restoration Period, Landlord shall be entitled to notify Tenant in writing of Landlord’s estimated time frame for completion of the restoration, and if Tenant fails to terminate this Lease by notice of cancellation given to Landlord within thirty (30) days following instances:receipt of Landlord’s written notice, such Restoration Period shall automatically be extended to the last day of Landlord’s estimated time frame.
Appears in 1 contract
Destruction and Damage. (a) If the Building is Premises are damaged by fire or other perils, whether or not perils covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof. If the peril causing such damage is covered by Landlord’s insurance, thereof and Landlord shall, at Landlord’s option:
(1i) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the BuildingPremises, elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date Landlord obtains actual knowledge of such destruction (the “Casualty Discovery Date”) Landlord obtains actual knowledge of such destruction). If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(2ii) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Building Premises for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two hundred seventy (270) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this Lease shall continue in full force and effect. If such repair and restoration requires longer than two hundred seventy (270) days or if the insurance proceeds therefor (if any), plus any amounts Tenant may elect or is obligated to contribute, ) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event this Lease shall continue in full force and effect, or not to repair or restore, in which event this Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(3iii) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Building Premises occurring during the last twelve (12) months of the Term, Landlord may elect to terminate this Lease by written notice of such election given to Tenant within thirty (30) days after the Casualty Discovery Date.
(b) If the Building is Premises are damaged by any peril not fully covered by insurance proceeds to be received by Landlord, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Building Premises to Landlord, except that if the damage to the Building Premises materially impairs Tenant’s ability to continue its business operations in the BuildingPremises, then this Lease shall be deemed to have terminated as of the date such damage occurred.
(c) If the Premises or any portion thereof is damaged by fire or other perils, and if (i) the repair and restoration cannot be completed within two hundred seventy (270) days after the Casualty Discovery Date, or (ii) such damage occurs during the last twelve (12) months of the Term, then in either case, Tenant may elect to terminate this Lease by written notice of such election given to Landlord within thirty (30) days after the Casualty Discovery Date. In such event, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Project to Landlord.
(d) Notwithstanding anything to the contrary in this ▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇▇ shall have the option to terminate this Lease, exercisable by notice to Tenant within sixty (60) days after the Casualty Discovery Date, in each of the following instances:
(i) If more than twenty-five percent (25%) of the full insurable value of the Building or the Project is damaged or destroyed, regardless of whether or not the Premises are destroyed.
(ii) If the Building or the Project or any portion thereof is damaged or destroyed and the repair and restoration of such damage requires longer than one hundred eighty (180) days from the Casualty Discovery Date, regardless of whether or not the Premises are destroyed.
(iii) If the Building or the Project or any portion thereof is damaged or destroyed and the insurance proceeds therefor are not sufficient to cover the costs of repair and restoration, regardless of whether or not the Premises are destroyed.
(iv) If the Building or the Project or any portion thereof is damaged or destroyed during the last twelve (12) months of the Term, regardless of whether or not the Premises are destroyed.
(e) In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately in the ratio which Tenant’s use of the Premises is impaired during the period of such repair or restoration; provided, however, that Tenant shall not be entitled to such abatement to the extent that such damage or destruction resulted from the criminal acts or willful misconduct of Tenant or Tenant’s Agents. Except as expressly provided in the immediately preceding sentence with respect to abatement of Base Rent, Tenant shall have no claim against Landlord for, and hereby releases Landlord and Landlord’s Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any damage to or destruction of the Premises, the Building or the Project or the repair or restoration thereof, including, without limitation, any cost, loss or expense resulting from any loss of use of the whole or any part of the Premises, the Building or the Project and/or any inconvenience or annoyance occasioned by such damage, repair or restoration.
(f) If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall repair or restore only the initial tenant improvements, if any, constructed by Landlord in the Premises pursuant to the terms of this Lease, substantially to their condition existing immediately prior to the occurrence of the damage or destruction; and Tenant shall promptly repair and restore, at Tenant’s expense, Tenant’s Alterations which were not constructed by Landlord.
(g) Tenant hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of this Paragraph 21 shall govern exclusively in case of such destruction.
Appears in 1 contract
Destruction and Damage. (a) If the Building is Premises are damaged by fire or other perils, whether or not perils covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof. If the peril causing such damage is covered by Landlord’s insurance, Landlord shall, at Landlord’s 's option:
(1) : In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the BuildingPremises, elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention and the amount of time reasonably anticipated to repair or restore the Premises within sixty (60) days after the date (the “"Casualty Discovery Date”") Landlord obtains actual knowledge of such destruction. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(2) date of such total destruction. In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Building Premises for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two one hundred seventy eighty (270180) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this the Lease shall continue in full force and effect. If such repair and restoration requires longer than two one hundred seventy eighty (270180) days or if the insurance proceeds therefor (if any), plus any amounts Tenant may elect or is obligated to contribute, ) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event this the Lease shall continue in full force and effect, or not to repair or restore, in which event this the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention and the amount of time reasonably anticipated to repair or restore the Premises within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(3) date of such partial destruction. Notwithstanding anything to the contrary contained in this Paragraph, in the event of substantial damage to the Building Premises (i.e., damage which cannot be repaired within sixty (60) days after the Casualty Discovery Date) occurring during the last twelve (12) months of the Term, Landlord may elect and Tenant shall each have the right to terminate this Lease by written notice of such election given to Tenant the other party within thirty (30) days after the Casualty Discovery Date.
(b) date on which Landlord notifies Tenant of the projected duration of the restoration period. If the Building is Premises are damaged by any peril not fully covered by insurance proceeds to be received by Landlordextended coverage insurance, and the cost to repair such damage exceeds any amount Tenant is required or may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Building Premises to Landlord, except that if the damage to the Building Premises materially impairs Tenant’s 's ability to continue its business operations in the BuildingPremises, then this Lease shall be deemed to have terminated as of the date such damage occurred.
(c) . Notwithstanding anything to the contrary in this ▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇▇ shall have the option to terminate this Lease, exercisable by notice to Tenant within sixty (60) days after the Casualty Discovery Date, in each of the following instances:: If more than twenty-five percent (25%) of the full insurable value of the Building or the Project is damaged or destroyed, regardless of whether or not the Premises are destroyed. If the Building or the Project or any portion thereof is damaged or destroyed and the repair and restoration of such damage requires longer than one hundred eighty (180) days from the Casualty Discovery Date. If the Building or the Project or any portion thereof is damaged or destroyed and the insurance proceeds therefor plus any amount Tenant is required or may agree to contribute are not sufficient to cover the costs of repair and restoration. If the Building or the Project or any portion thereof is substantially damaged or destroyed (i.e., damage which cannot be repaired within sixty (60) days after the Casualty Discovery Date) during the last twelve (12) months of the Term. If the Premises are damaged or destroyed and the repair or restoration of the same cannot be completed within two hundred seventy (270) days after the Casualty Discovery Date, then Tenant may elect to terminate this Lease by written notice of such election given to Landlord within thirty (30) days after the date on which Landlord notifies Tenant of the projected duration of the restoration period. In such event, this Lease shall terminate effective as of the date Tenant vacates the Premises. In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately in the ratio which Tenant's use of the Premises is impaired during the period of such repair or restoration; provided, however, that Tenant shall not be entitled to such abatement to the extent that such damage or destruction resulted from the negligence or willful misconduct of Tenant or Tenant's Agents. Except as expressly provided in the immediately preceding sentence with respect to abatement of Base Rent, Tenant shall have no claim against Landlord for, and hereby releases Landlord and Landlord's Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any damage to or destruction of the Premises, the Building or the Project or the repair or restoration thereof, including, without limitation, any cost, loss or expense resulting from any loss of use of the whole or any part of the Premises, the Building or the Project and/or any inconvenience or annoyance occasioned by such damage, repair or restoration. If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall repair or restore only the initial tenant improvements, if any, constructed by Landlord in the Premises pursuant to the terms of this Lease, substantially to their condition existing immediately prior to the occurrence of the damage or destruction; and Tenant shall promptly repair and restore, at Tenant's expense, Tenant's Alterations which were not constructed by Landlord. Tenant hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of this Paragraph 22 shall govern exclusively in case of such destruction.
Appears in 1 contract
Sources: Lease Agreement (Cepheid)
Destruction and Damage. (a) If the Building is damaged or the Leased Premises should be totally destroyed by fire fire, flood or other perils, whether casualty or be so damaged that rebuilding or repair cannot covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof. If reasonably be completed within nine (9) months after the peril causing occurrence of such damage is covered by Landlord’s insurance, Landlord shall, at Landlord’s option:
(1) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the Building, elect either to commence promptly to repair and restore the Building and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date (the “Casualty Discovery Date”) Landlord obtains actual knowledge of such destruction. If Landlord elects not to restore the Building, this Lease shall terminate and rent shall be deemed to have terminated abated for the unexpired Term, effective as of the Casualty Discovery Datedate of the occurrence of such damage or destruction.
(2b) In If the event of a partial destruction (which shall mean destruction Building or damage the Leased Premises should be damaged by fire, flood or other casualty, but not to such an extent that rebuilding or repair cannot exceeding twenty-five percent reasonably be completed within nine (25%9) of the full insurable value thereof) of the Building for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two hundred seventy (270) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this Lease shall continue in full force and effect. If such repair and restoration requires longer than two hundred seventy (270) days or if insurance proceeds therefor (if any), plus any amounts Tenant may elect or is obligated to contribute, are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event this Lease shall continue in full force and effect, or not to repair or restore, in which event this Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days months after the Casualty Discovery Date. If Landlord elects not to restore the Buildingoccurrence thereof, this Lease shall be deemed not terminate but Lessor shall, at Lessor's sole cost and expense, proceed to have terminated as of rebuild or repair the Casualty Discovery Date.
(3) Notwithstanding anything Building and the Leased Premises to the contrary contained in this Paragraphsame condition which existed prior to such damage, in the event of except that, if such damage to the Building occurring during occurs within the last twelve nine (129) months of the TermLessee's renewal option, Landlord either party may elect to terminate this Lease by written notice of such election given notification to Tenant within thirty (30) days after the Casualty Discovery Date.
(b) other, whereupon all rights and obligations hereunder shall cease. If the Building is damaged Leased Premises are rendered wholly or partially untenantable by any peril not fully covered by insurance proceeds to be received by Landlordsuch damage, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore rent otherwise payable hereunder shall ▇▇▇▇▇ during the Building and prosecute the same diligently to completion, period in which event this Lease shall remain in full force and effect; or not to repair or restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Building to Landlord, except that if the damage to the Building materially impairs Tenant’s ability to continue its business operations in the Building, then this Lease shall be deemed to have terminated as of the date such damage occurredLeased Premises are untenantable.
(c) Notwithstanding anything to the contrary in this ▇▇▇▇▇▇▇▇▇ ▇▇foregoing, ▇▇▇▇▇▇▇▇ Lessee shall have the a separate option to terminate this Lease, exercisable by notice to Tenant within sixty (60) days after the Casualty Discovery Date, in each Lease if any of the following instances:events shall occur as a result of a casualty and if any damage or destruction of the Leased Premises shall not have been fully repaired, and any impairment of Lessee's use of the Leased Premises shall not have been fully restored, within three (3) months after such damage or destruction shall have first occurred: (i) any material portion of the Leased Premises is damaged or destroyed, (ii) any portion of the Building, or access to the Leased Premises or the Building is damaged or destroyed so as to materially interfere with Lessee's use of or access to the Leased Premises. For the purposes of this Section 12, a "material portion of the Leased Premises" will be deemed to have been damaged or destroyed, and any other casualty shall be deemed to "materially interfere" with Lessee's use of or access to the Leased Premises if the portion of the Leased Premises capable of being used after such damage or destruction is unsuitable in Lessee's reasonable opinion for Lessee's continued business use of the Leased Premises in the manner in which it was used prior to such taking.
Appears in 1 contract
Destruction and Damage. (a) If the Building is Premises are damaged by fire or other perils, whether or not perils covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof. If the peril causing such damage is covered by Landlord’s insurance, Landlord shall, at Landlord’s 's option:
(1) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) percent of the full insurable value thereof) of the BuildingPremises, elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date (the “"Casualty Discovery Date”") Landlord obtains actual knowledge of such destruction. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Datedate of such total destruction.
(2) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Building Premises for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two one hundred seventy eighty (270180) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this the Lease shall continue in full force and effect. If such repair and restoration requires longer than two one hundred seventy eighty (270180) days or if the insurance proceeds therefor (if any), plus any amounts Tenant may elect or is obligated to contribute, ) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event this the Lease shall continue in full force and effect, or not to repair or and restore, in which event this the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Datedate of such partial destruction.
(3) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Building Premises occurring during the last twelve (12) months of the Term, Landlord may elect to terminate this Lease by written notice of such election given to Tenant within thirty (30) days after the Casualty Discovery Date.
(b) If the Building is Premises are damaged by any peril not fully covered by insurance proceeds to be received by Landlordextended coverage insurance, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; , or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Building Premises to Landlord, except that if the damage to the Building Premises materially impairs Tenant’s 's ability to continue its business operations operation in the BuildingPremises, then this Lease shall be deemed to have terminated as of the date such damage occurred.
(c) Notwithstanding anything to the contrary in this ▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇▇ shall have the option to terminate this Lease, exercisable by notice to Tenant within sixty (60) days after the Casualty Discovery Date, in each of the following instances:
(1) If more than twenty five percent (25%) of the full insurable value of the Building or the Project is destroyed, regardless of whether or not the Premises are destroyed.
(2) If the Building or the Project or any portion thereof is damaged or destroyed and the repair and restoration of such damage requires longer than one hundred eighty (180) days from the Casualty Discovery Date.
(3) If the Building or the Project or any portion thereof is damaged or destroyed and the insurance proceeds therefor are not sufficient to cover the costs of repair and restoration.
(4) If the Building or the Project or any portion thereof is damaged or destroyed during the last twelve (12) months of the Term.
(d) In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately in the ratio which Tenant's use of the Premises is impaired during the period of such repair or restoration, but only to the extent of rental abatement insurance proceeds received by Landlord; provided, however, that Tenant shall not be entitled to such abatement to the extent that such damage or destruction resulted from the acts or inaction of Tenant or Tenant's Agents. Except as expressly provided in the immediately preceding sentence with respect to abatement of Base Rent, Tenant shall have no claim against Landlord for, and hereby releases Landlord and Landlord's Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any damage to or destruction of the Premises, the Building or the Project or the repair or restoration thereof, including, without limitation, any cost, loss or expense resulting from any loss of use of the whole or any part of the Premises, the Building or the Project and/or any inconvenience or annoyance occasioned by such damage, repair or restoration.
(e) If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall repair or restore only the initial tenant improvements, if any, constructed by landlord in the Premises pursuant to the terms of this Lease, substantially to their condition existing immediately prior to the occurrence of the damage or destruction; and Tenant shall promptly repair and restore, at Tenant's expense, Tenant's Alterations which were not constructed by Landlord.
(f) Tenant hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of Paragraph 22 shall govern exclusively in case of such destruction.
Appears in 1 contract
Destruction and Damage. (a) If the Building is Premises are damaged by fire or other perils, whether or not perils covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof. If the peril causing such damage is covered by Landlord’s insurance, Landlord shall, at Landlord’s 's option:
(1) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the BuildingPremises, elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date (the “Casualty Discovery Date”) Landlord obtains actual knowledge occurrence of such destruction. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Datedate of such total destruction.
(2) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Building Premises for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two one hundred seventy eighty (270180) days from the Casualty Discovery Datedate of such destruction, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this the Lease shall continue in full force and effect. If such repair and restoration requires longer than two hundred seventy (270) days or if insurance proceeds therefor (if any), plus any amounts Tenant may elect or is obligated to contribute, are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event this Lease shall continue in full force and effect, or not to repair or restore, in which event this Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(3) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Building occurring during the last twelve (12) months of the Term, Landlord may elect to terminate this Lease by written notice of such election given to Tenant within thirty (30) days after the Casualty Discovery Date.
(b) If the Building is damaged by any peril not fully covered by insurance proceeds to be received by Landlord, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Building and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Building to Landlord, except that if the damage to the Building materially impairs Tenant’s ability to continue its business operations in the Building, then this Lease shall be deemed to have terminated as of the date such damage occurred.
(c) Notwithstanding anything to the contrary in this ▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇▇ shall have the option to terminate this Lease, exercisable by notice to Tenant within sixty (60) days after the Casualty Discovery Date, in each of the following instances:
Appears in 1 contract
Sources: Lease Agreement (PLX Technology Inc)
Destruction and Damage. (a) If the Building is Premises are damaged by fire or other perils, whether or not perils covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof. If the peril causing such damage is covered by Landlord’s insurance, thereof and Landlord shall, at Landlord’s 's option:
(1) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the BuildingPremises, elect either to commence promptly to repair and restore the Building and prosecute the same diligently to completionLandlord may elect, in which event this Lease shall remain in full force and effect; or not to repair or restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant by written notice of its intention to Tenant within sixty forty-five (6045) days after the date of casualty: (A) to terminate this Lease as of the “Casualty Discovery Date”) Landlord obtains actual knowledge date when the Premises or the Building are so destroyed or made unfit for occupancy, if the amount of insurance proceeds is inadequate to cover the costs of repair or restoration of the Premises, or if the duration of such destructionwork of repairs or restoration is reasonably estimated by Landlord to exceed six (6) months after Landlord is able to take possession of the damaged Premises to make such repairs or undertake such restoration pursuant to a good faith estimate from a third-party general contractor reasonably qualified to perform such work; or (B) to repair, restore or rehabilitate the Premises or the Building at Landlord's expense within six (6) months after Landlord is enabled to take possession of the damaged Premises or the Building and undertake reconstruction or repairs; and if Landlord elects to so repair, restore or rehabilitate the Premises or the Building, this Lease shall not terminate, Landlord in good faith shall attempt to complete its work as promptly as reasonably possible, and Rent shall be abated on a per diem basis proportionate to the extent and for the period during which the Premises are unfit for occupancy (but only to the extent of rental abatement insurance proceeds received by Landlord and subject to Landlord's obligation to diligently and reasonably attempt to recover all proceeds and awards available to cover such costs). Landlord's failure to elect to terminate this Lease in a timely fashion shall constitute its election to proceed to repair the Premises. In the event Landlord shall proceed pursuant to the provisions of this paragraph 21(a)(1), and shall not substantially complete the work within said six (6) months period (excluding from said period loss of time (not to exceed twelve (12) additional months in the aggregate) resulting from adjustment of insurance, labor difficulties or other Acts of God) either Landlord or Tenant may then terminate this Lease, as of the date when the Premises or the Building were made unfit for occupancy, by written notice to the other not later than thirty (30) days after the expiration of said six (6) month period, computed as herein provided. In the event of termination of this Lease pursuant to this Paragraph 21(a)(1), Rent shall be apportioned on a per diem basis to and including the effective date of such termination, and Tenant shall promptly vacate the Premises and surrender the same to Landlord. In the event Landlord elects to terminate this Lease pursuant to clause (A) above, Tenant may elect to preserve this Lease without modification or amendment by timely notification thereof to Landlord given within ten (10) business days following Landlord's termination notice, whereby Tenant agrees to either, (1) if termination is based on the duration of repairs, pay such excess costs (such as overtime or additional personnel) as Landlord and Tenant may reasonably determine are required in order to cause completion of such work of repairs to occur within such six (6) month period, or (2) if termination is based on the cost of repairs exceeding the proceeds of insurance, timely undertake such reconstruction or repairs at Tenant's sole cost and expense (except, and only to the extent insurance is available to Landlord for such reconstruction or repairs, such insurance proceeds shall be made available to Tenant for such purpose), all such reconstruction or repairs shall be performed by Tenant as "Alterations" in accordance with Section 12, with the cost of such reconstruction or repairs, in excess of the insurance proceeds received from Landlord, paid by Tenant (and Tenant shall provide Landlord with security satisfaction to Landlord assuring such payment). If Tenant gives such notice, then Tenant shall not have any further right to terminate this Lease as a result of such casualty. If neither Landlord nor Tenant elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Datedate of such total destruction.
(2) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Building Premises for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within the earlier of (A) six (6) months after Landlord is enabled to take possession of the damaged Premises or the Building, or (B) two hundred seventy (270) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this the Lease shall continue in full force and effect. If such repair and restoration requires longer than six (6) months after Landlord is enabled to take possession of the damaged Premises or the Building or two hundred seventy (270) days or if the insurance proceeds therefor (if any), plus any amounts Tenant may elect or is obligated to contribute, ) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event this the Lease shall continue in full force and effect, and Rent shall be abated on a per diem basis proportionate to the extent and for the period during which the Premises are unfit for occupancy (but only to the extent of rental abatement insurance proceeds received by Landlord), or Landlord may elect not to repair or restore, in which event this the Lease shall terminateterminate except as provided below. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Datedate of such partial destruction. Landlord's failure to elect to terminate this Lease in a timely fashion shall constitute its election to proceed to repair the Premises. In the event Landlord shall proceed pursuant to the provisions of this subparagraph 21(a)(2), and shall not substantially complete the work within said six (6) months period (excluding from said period loss or time resulting from adjustment of insurance, labor difficulties or other Acts of God) either Landlord or Tenant may then terminate this Lease, as of the date when the Premises or the Building were made unfit for occupancy, by written notice to the other not later than thirty (30) days after the expiration of said six (6) month period, computed as herein provided. In the event of termination of this Lease pursuant to this paragraph 21(a)(2), Rent shall be apportioned on a per diem basis to and including the effective date of such termination, and Tenant shall promptly vacate the Premises and surrender the same to Landlord. In the event Landlord elects to terminate this Lease pursuant to this paragraph 21(a)(2), Tenant may elect to preserve this Lease without modification or amendment by timely notification thereof to Landlord given within ten (10) business days following Landlord's termination notice, whereby Tenant agrees to either, (1) if termination is based on the duration of repairs, pay such excess costs (such as overtime or additional personnel) as Landlord and Tenant may reasonably determine are required in order to cause completion of such work of repairs to occur within such six (6) month period, or (2) if termination is based on the cost of repairs exceeding the proceeds of insurance, timely undertake such reconstruction or repairs at Tenant's sole cost and expense (except, and only to the extent insurance is available to Landlord for such reconstruction or repairs, such insurance proceeds shall be made available to Tenant for such purpose), all such reconstruction or repairs shall be performed by Tenant as "Alterations" in accordance with Section 12, with the cost of such reconstruction or repairs, in excess of the insurance proceeds received from Landlord, paid by Tenant (and Tenant shall provide Landlord with security satisfactory to Landlord assuring such payment). If Tenant gives such notice, then Tenant shall not have any further right to terminate this Lease as a result of such casualty. If neither Landlord nor Tenant elects to restore the Premises, this Lease shall be deemed to have terminated as of the date of such total destruction.
(3) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Building Premises occurring during the last twelve (12) months of the Term, either Landlord or Tenant may elect to terminate this Lease by written notice of such election given to Tenant the other party within thirty (30) days after the Casualty Discovery Date.
(b) If the Building is Premises are damaged by any peril not fully covered by insurance proceeds to be received by Landlord, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Building Premises to Landlord, except that if the damage to the Building Premises materially impairs Tenant’s 's ability to continue its business operations in the BuildingPremises, then this Lease shall be deemed to have terminated as of the date such damage occurred.
(c) Notwithstanding anything to the contrary in this Paragraph 21, Landlord shall have the option to terminate this Lease, ▇▇▇▇▇▇▇▇▇▇▇ ▇▇, ▇ ▇▇▇▇▇▇▇▇ shall have the option to terminate this Lease, exercisable by notice e to Tenant within sixty (60) days after the Casualty Discovery Date, in each of the following instances:
(1) If the Building or the Project or any portion thereof is damaged or destroyed and the insurance proceeds therefor are not sufficient to cover the costs of repair and restoration, regardless of whether or not the Premises is destroyed, unless Tenant elects to contribute any shortfall, or to restore or repair the Premises as provided above; or
(2) If the Building or the Project or any substantial portion thereof is damaged or destroyed during the last twelve (12) months of the Term, regardless of whether or not the Premises is destroyed.
(d) In the event of repair and restoration as herein provided, the monthly Rent shall be abated proportionately in the ratio which Tenant's use of the Premises is impaired during the period of such repair or restoration, but only to the extent of rental abatement insurance proceeds received by Landlord; provided, however, that Tenant shall not be entitled to such abatement to the extent that such damage or destruction resulted from the wrongful acts or negligent inaction of Tenant or Tenant's Agents, unless, and to the extent, rental abatement insurance proceeds are available for such period of repair or restoration. Except as expressly provided in this Section 21, Tenant shall have no claim against Landlord for, and hereby releases Landlord and Landlord's Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any damage to or destruction of the Premises, the Building or the Project or the repair or restoration thereof, including, without limitation, any cost, loss or expense resulting from any loss of use of the whole or any part of the Premises, the Building or the Project and/or any inconvenience or annoyance occasioned by such damage, repair or restoration.
(e) If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall repair or restore only the initial tenant improvements, if any, constructed by Landlord in the Premises pursuant to the terms of this Lease, substantially to their condition existing immediately prior to the occurrence of the damage or destruction; and Tenant shall promptly repair and restore, at Tenant's expense, Tenant's Alterations which were not constructed by Landlord.
(f) Tenant hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of this Paragraph 21 shall govern exclusively in case of such destruction.
(g) Notwithstanding anything to the contrary contained in this Lease, in the event Tenant pays to Landlord as Additional Rent an amount allocable to the premium for rent insurance and Landlord intentionally fails to obtain the rent insurance for which such payment was made by Tenant, then in the event of a casualty, Tenant shall not be required to pay Rent to the extent Tenant would have been entitled to an abatement of such Rent pursuant to this Section 21 had Landlord obtained the rent insurance for which Tenant had paid such premium.
Appears in 1 contract
Sources: Lease Agreement (Broadcom Corp)
Destruction and Damage. (a) If the Building is Premises are damaged by fire or other perils, whether or not perils covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof. If the peril causing such damage is covered by Landlord’s insurance, Landlord shall, at Landlord’s option:
(1i) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the BuildingPremises, elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty forty-five (6045) days after the date (the “Casualty Discovery Date”) Landlord obtains actual knowledge of such destruction. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Datedate of such total destruction.
(2ii) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Building Premises for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two one hundred seventy eighty (270180) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this the Lease shall continue in full force and effect. If such repair and restoration requires longer than two one hundred seventy eighty (270180) days or if the insurance proceeds therefor (if any), plus any amounts Tenant may elect or is obligated to contribute, ) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event this the Lease shall continue in full force and effect, or not to repair or restore, in which event this the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty forty-five (6045) days after the Casualty Discovery Date. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Datedate of such partial destruction.
(3iii) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Building Premises occurring during the last twelve (12) months of the Term, Landlord and Tenant may each elect to terminate this Lease by written notice of such election given to Tenant the other party within thirty (30) days after the Casualty Discovery Date; provided, however, that Tenant shall have the right to terminate this Lease under this Paragraph 22(a)(iii) only if Tenant’s use of the Premises is materially and adversely interfered with as a result of such damage.
(b) If the Building is Premises are damaged by any peril not fully covered by insurance proceeds to be received by Landlordextended coverage insurance, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty forty-five (6045) days after the Casualty Discovery Date. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Building Premises to Landlord, except that if the damage to the Building Premises materially impairs Tenant’s ability to continue its business operations in the BuildingPremises, then this Lease shall be deemed to have terminated as of the date such damage occurred.
(c) Notwithstanding anything to the contrary in this ▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇▇ shall have the option to terminate this Lease, exercisable by notice to Tenant within sixty forty-five (6045) days after the Casualty Discovery Date, in each of the following instances:
(i) If more than twenty-five percent (25%) of the full insurable value of the Building or the Project is damaged or destroyed, regardless of whether or not the Premises are destroyed.
(ii) If the Building or the Project or any portion thereof is damaged or destroyed and the repair and restoration of such damage requires longer than one hundred eighty (180) days from the Casualty Discovery Date.
(iii) If the Building or the Project or any portion thereof is damaged or destroyed and the insurance proceeds therefor are not sufficient to cover the costs of repair and restoration.
(iv) If the Building or the Project or any portion thereof is damaged or destroyed during the last twelve (12) months of the Term.
(d) If the Premises is damaged or destroyed to the extent that the Premises cannot be substantially repaired or restored by Landlord within three hundred sixty (360) days after the Casualty Discovery Date, Tenant may terminate this Lease immediately upon notice thereof to Landlord, which shall be given, if at all, not later than fifteen (15) days after Landlord notifies Tenant of Landlord’s estimate of the period of time required to repair such damage or destruction.
(e) In the event of a casualty as herein provided, the monthly installments of Rent shall be abated proportionately in the ratio which Tenant’s use of the Premises is impaired and continuing through the period of such impairment; provided, however, that Tenant shall not be entitled to such abatement to the extent that such damage or destruction resulted from the negligence or willful misconduct of Tenant or Tenant’s Agents. Except as expressly provided in the immediately preceding sentence with respect to abatement of Rent, Tenant shall have no claim against Landlord for, and hereby releases Landlord and Landlord’s Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any damage to or destruction of the Premises, the Building or the Project or the repair or restoration thereof, including, without limitation, any cost, loss or expense resulting from any loss of use of the whole or any part of the Premises, the Building or the Project and/or any inconvenience or annoyance occasioned by such damage, repair or restoration.
(f) If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall repair or restore only the initial tenant improvements, if any, constructed by Landlord in the Premises pursuant to the terms of this Lease, substantially to their condition existing immediately prior to the occurrence of the damage or destruction; and Tenant shall promptly repair and restore, at Tenant’s expense, Tenant’s Alterations which were not constructed by Landlord.
(g) Tenant hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of this Paragraph 22 shall govern exclusively in case of such destruction.
Appears in 1 contract
Destruction and Damage. (a) If the Building is Premises are damaged by fire or other perils, whether or not perils covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof. If the peril causing such damage is covered by Landlord’s insurance, Landlord shall, at Landlord’s 's option:
(1i) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the BuildingPremises, elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date (the “"Casualty Discovery Date”") Landlord obtains actual knowledge of such destruction. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Datedate of such total destruction.
(2ii) In I n the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Building Premises for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two one hundred seventy eighty (270180) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this the Lease shall continue in full force and effect. If such repair and restoration requires longer than two one hundred seventy eighty (270180) days or if the insurance proceeds therefor (if any), plus any amounts Tenant may elect or is obligated to contribute, ) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event this the Lease shall continue in full force and effect, or not to repair or restore, in which event this the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Datedate of such partial destruction.
(3iii) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Building Premises occurring during the last twelve (12) months of the Term, Landlord may elect and Tenant shall each have the right to terminate this Lease by written notice of such election given to Tenant the other party within thirty (30) days after the Casualty Discovery Date, provided, however, that Tenant shall have the right to terminate this Lease pursuant to this Paragraph 22(a)(iii) only if Tenant's use and occupancy of the Premises are materially interfered with as a result of such damage.
(b) If the Building is Premises are damaged by any peril not fully covered by insurance proceeds to be received by Landlordextended coverage insurance, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Building Premises to Landlord, except that if the damage to the Building Premises materially impairs Tenant’s 's ability to continue its business operations in the BuildingPremises, then this Lease shall be deemed to have terminated as of the date such damage occurred.
(c) Notwithstanding anything to the contrary in this ▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇▇ shall have the option to terminate this Lease, exercisable by notice to Tenant within sixty (60) days after the Casualty Discovery Date, Date in each of the following instances:
(i) If more than twenty-five percent (25%) of the full insurable value of the Building or the Project is damaged or destroyed, regardless of whether or not the Premises are destroyed.
(ii) If the Building or the Projector any portion thereof is damaged or destroyed and the repair and restoration of such damage requires longer than one hundred eighty (180) days from the Casualty Discovery Date.
(iii) If the Building or the Project or any portion thereof is damaged or destroyed and the insurance proceeds therefor are not sufficient to cover the costs of repair and restoration.
(iv) If the Building or the Project or any portion thereof is damaged or destroyed during the last twelve (12) months of the Term.
(d) If the Premises is damaged or destroyed to the extent that the Premises cannot be substantially repaired or restored by Landlord within two hundred seventy (270) days after the Casualty Discovery Date, Tenant may terminate this Lease immediately upon notice thereof to Landlord, which notice shall be given, if at all, not later than fifteen (15) days after Landlord notifies Tenant of Landlord's estimate of the period of time required to repair such damage or destruction.
(e) In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately in the ratio which Tenant's use of the Premises is impaired during the period of such repair or restoration; provided, however, that Tenant shall not be entitled to such abatement to the extent that such damage or destruction resulted from the acts or inaction of Tenant or Tenant's Agents. Except as expressly provided in the immediately preceding sentence with respect to abatement of Base Rent, Tenant shall have no claim against Landlord for, and hereby releases Landlord and Landlord's Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any damage to or destruction of the Premises, the Building or the Project or the repair or restoration thereof, including, without limitation, any cost, loss or expense resulting from any loss of use of the whole or any part of the Premises, the Building or the Project and/or any inconvenience or annoyance occasioned by such damage, repair or restoration.
(f) Tenant shall promptly repair and restore, at Tenant's expense, Tenant's Alterations which were not constructed by Landlord.
(g) Tenant hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of this Paragraph 22 shall govern exclusively in case of such destruction.
Appears in 1 contract
Sources: Lease Agreement (Paypal Inc)
Destruction and Damage. (a) If the Building is damaged by fire or other perils, whether or not perils covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof. If the peril causing such damage is covered by Landlord’s insurance, Landlord shall, at Landlord’s option:
(1i) In the event of total destruction of the Building (which shall mean destruction or damage in excess of twenty-five fifty percent (2550%) of the full insurable value thereof) of the Building), to elect either to commence promptly to repair and restore the Building and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date (the “Casualty Discovery Date”) Landlord obtains actual knowledge occurrence of such destruction. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the Casualty Discovery Datedate of such total destruction.
(2ii) In the event of a partial destruction of the Building (which shall mean destruction or damage to an extent not exceeding twenty-five fifty percent (2550%) of the full insurable value thereof) of the Building for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction (subject to any applicable deductible) and, if the damage thereto is such that the Building may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two one hundred seventy eighty (270180) days from the Casualty Discovery Datedate of such destruction, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this the Lease shall continue in full force and effect. If such repair and restoration requires longer than two one hundred seventy eighty (270180) days or if the insurance proceeds therefor (if any), plus the amount of any applicable deductible and any amounts Tenant may elect or is may be obligated to contribute, ) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event this the Lease shall continue in full force and effect, or not to repair or restore, in which event this the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty Discovery Datedestruction occurs. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(3) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Building occurring during the last twelve (12) months of the Term, Landlord may elect to terminate this Lease by written notice date of such election given to Tenant within thirty (30) days after the Casualty Discovery Datepartial destruction.
(b) If the Building is damaged by any peril not fully covered by insurance proceeds to be received by Landlordextended coverage insurance, and the cost to repair such damage exceeds any amount Tenant may agree to contributecontribute (at its sole election and without any obligation to do so), Landlord may elect either to commence promptly to repair and restore the Building and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Dateoccurrence of such damage. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Building Premises to Landlord, except that if the damage to the Building Premises materially impairs Tenant’s ability to continue its business operations in the BuildingPremises, then this Lease shall be deemed to have terminated as of the date such damage occurred.
(c) In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately in the ratio which Tenant’s use of the Premises is impaired during the period of such repair or restoration, unless the damage was caused by the negligent or willful acts of omissions of Tenant, in which event there shall be abatement of Base Rent only to the extent of rental abatement insurance proceeds received by Landlord. Tenant shall not be entitled to any compensation or damages for loss of use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by such damage, repair or restoration.
(d) If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall promptly repair or restore only those portions of the Building and Premises which were originally provided at Landlord’s expense, substantially to their condition existing immediately prior to the occurrence of the damage or destruction; and Tenant shall promptly repair and restore, at Tenant’s expense, Tenant’s fixtures, improvements, alterations and additions in and to the Premises or Building which were not provided at Landlord’s expense.
(e) Notwithstanding anything to the contrary contained in this ▇▇▇▇▇▇▇▇▇ ▇▇Paragraph 21, ▇▇▇▇▇▇▇▇ Tenant shall have the option right, at its sole option, to terminate this LeaseLease upon a total destruction of the Building as described in Paragraph 21(a)(i), exercisable if the Premises cannot be restored within two hundred ten (210) days from the date of such destruction, by delivering written notice of such election to Tenant Landlord within sixty (60) days after the Casualty Discovery Date, in each of the following instances:occurrence of such total destruction. Subject to the foregoing, Tenant hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of this Paragraph 21 shall govern exclusively in case of such destruction.
Appears in 1 contract
Destruction and Damage. (a) If the Building is Premises are damaged by fire or other perils, whether or not perils covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof. If the peril causing such damage is covered by Landlord’s insurance, Landlord shall, at Landlord’s 's option:
(1i) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) [*] of the full insurable value thereof) of the BuildingPremises, elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date (the “Casualty Discovery "CASUALTY DISCOVERY Date”") Landlord obtains actual knowledge of such destruction. If Landlord elects not to restore - - - - - - - - Confidential Treatment Requested. the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Datedate of such total destruction.
(2ii) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) [*] of the full insurable value thereof) of the Building Premises for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two one hundred seventy eighty (270180) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this the Lease shall continue in full force and effect. If such repair and restoration requires longer than two one hundred seventy eighty (270180) days or if the insurance proceeds therefor (if any), plus any amounts Tenant may elect or is obligated to contribute, ) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event this the Lease shall continue in full force and effect, or not to repair or restore, in which event this the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(3) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Building occurring during the last twelve (12) months of the Term, Landlord may elect to terminate this Lease by written notice date of such election given to Tenant within thirty (30) days after the Casualty Discovery Datepartial destruction.
(b) If the Building is Premises are damaged by any peril not fully covered by insurance proceeds to be received by Landlordextended coverage insurance, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Building Premises to Landlord, except that if the damage to the Building Premises materially impairs Tenant’s 's ability to continue its business operations in the BuildingPremises, then this Lease shall be deemed to have terminated as of the date such damage occurred.
(c) Notwithstanding anything to the contrary in this Paragraph 21, Landlord shall have the option to terminate this Lease, ▇▇▇▇▇▇▇▇▇▇▇ ▇▇, ▇ ▇▇▇▇▇▇▇▇ shall have the option to terminate this Lease, exercisable by notice e to Tenant within sixty (60) days after the Casualty Discovery Date, in each of the following instances:
(i) If more than [*] of the full insurable value of the Building is damaged or destroyed, regardless of whether or not the Premises are destroyed.
(ii) If the Building or the Project or any portion thereof is damaged or destroyed and the repair and restoration of such damage requires longer than one hundred eighty (180) days from the Casualty Discovery Date.
(iii) If the Building or the Project or any portion thereof is damaged or destroyed and the insurance proceeds therefor are not sufficient to cover the costs of repair and restoration.
(iv) If the Building or the Project or any portion thereof is damaged or destroyed during the last twelve (12) months of the Term. - - - - - - - - Confidential Treatment Requested.
(d) In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately in the ratio which Tenant's use of the Premises is impaired during the period of such repair or restoration, but only to the extent of rental abatement insurance proceeds received by Landlord; provided, however, that Tenant shall not be entitled to such abatement to the extent that such damage or destruction was caused by the acts or inaction of Tenant or Tenant's Agents. The number of parking spaces allocated to Tenant hereunder shall be reduced on a proportionate basis in the event any of the parking spaces in the Parking Areas are eliminated as a result of such damage or destruction affecting such Parking Areas. Except as expressly provided in the immediately preceding sentence with respect to abatement of Base Rent, Tenant shall have no claim against Landlord for, and hereby releases Landlord and Landlord's Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any damage to or destruction of the Premises, the Building or the Project or the repair or restoration thereof, including, without limitation, any cost, loss or expense resulting from any loss of use of the whole or any part of the Premises, the Building or the Project and/or any inconvenience or annoyance occasioned by such damage, repair or restoration unless caused by the gross negligence or willful misconduct of Landlord.
(e) If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall repair or restore only the initial Tenant Improvements constructed in the Premises pursuant to the terms of this Lease, substantially to their condition existing immediately prior to the occurrence of the damage or destruction; and Tenant may, but shall not be obligated to, promptly repair and restore, at Tenant's expense, Tenant's Alterations which were not constructed by Landlord.
(f) Tenant hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of this Paragraph 21 shall govern exclusively in case of such destruction.
(g) If Landlord elects to repair or restore the Premises in accordance with the terms and conditions set forth in this Paragraph 21 but fails to substantially complete such repair or restoration within two hundred and seventy (270) days after the Casualty Discovery Date (the "Repair Period") and such damage to the Premises materially and adversely affects Tenant in the conduct of its business operations, Tenant shall have the right to terminate this Lease by providing written notice to Landlord within five (5) business days after the end of the Repair Period, in which event this Lease shall terminate as of the date of such casualty.
Appears in 1 contract
Sources: Lease Agreement (Corixa Corp)
Destruction and Damage. (a) Tenant shall give Landlord prompt notice of any damage to the Premises and/or the Building. If the Building is Premises are damaged by fire or other perils, whether or not perils covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof. If the peril causing such damage is covered insurance carried by Landlord’s insurance, Landlord shall, at Landlord’s option:
(1) In the event of total destruction of the Premises (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the Building), elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention election within sixty (60) days after the date Landlord obtains actual knowledge of such destruction (the “Casualty Discovery Date”) Landlord obtains actual knowledge of such destruction). If Landlord elects not to restore the Buildingterminate this Lease, this Lease such notice shall specify a termination date, which shall be deemed to have terminated as no fewer than thirty (30) days or more than sixty (60) days after the date of the Casualty Discovery Datesuch notice.
(2) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the Premises of the full insurable value thereof) of the Building for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction destruction, and, if in Landlord’s reasonable judgment, the damage thereto is such that to the Building may Premises can be substantially repaired or restored to its the condition existing immediately prior to such damage or destruction within two hundred seventy (270) days from after the Casualty Discovery DateDate (when such repairs are made without payment of overtime or other premiums), Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this Lease shall continue in full force and effect. If in Landlord’s reasonable judgment such repair and restoration requires longer than said two hundred seventy (270) days or day period, or, if the insurance proceeds therefor (if any), plus any amounts Tenant may elect or is obligated to contribute, be received by Landlord are not sufficient to fully cover the cost of such repair and restoration, Landlord may elect either to so repair and restorerestore the Premises, in which event this Lease shall continue in full force and effect, or not to repair or restorerestore the Premises, in which event this Lease shall terminate. In either case, Landlord shall give Tenant written notice to Tenant of its intention election within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(3) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Building occurring during the last twelve (12) months of the Term, Landlord may elect to terminate this Lease by written Lease, such notice of such election given to Tenant within shall specify a termination date, which shall be no fewer than thirty (30) days or more than sixty (60) days after the Casualty Discovery Datedate of such notice.
(b) If the Building is Premises are damaged by any peril not fully covered by insurance proceeds to be received by Landlord, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention election within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Buildingterminate this Lease, this Lease such notice shall specify a termination date, which shall be deemed to have terminated as of no fewer than thirty (30) days or more than sixty (60) days after the date on which Tenant surrenders possession of the Building to Landlord, except that if the damage to the Building materially impairs Tenant’s ability to continue its business operations in the Building, then this Lease shall be deemed to have terminated as of the date such damage occurrednotice.
(c) Notwithstanding anything to the contrary in this ▇▇▇▇▇▇▇▇▇ ▇▇Paragraph 21, ▇▇▇▇▇▇▇▇ Landlord shall have the option right to terminate this Lease, exercisable by notice to Tenant within sixty (60) days after the Casualty Discovery Date, in each of the following instances:
(1) If more than fifteen percent (15%) of the full insurable value of the Building or the Project is damaged or destroyed, whether or not the Premises are damaged.
(2) In Landlord’s reasonable judgment, repair and restoration of damage to portions of the Building or the Project necessary for Tenant’s access to or use and occupancy of the Premises cannot reasonably be completed within two hundred seventy (270) days from the Casualty Discovery Date (when such repairs are made without payment of overtime or other premiums), whether or not the Premises are damaged.
(3) If the Building or the Project or any portion thereof necessary for Tenant’s access to or use and occupancy of the Premises is damaged or destroyed and the insurance proceeds therefor are not sufficient to cover the costs of repair and restoration, whether or not the Premises are damaged.
(4) If the Premises, the Building or the Project or any portion thereof is damaged or destroyed during the last twelve (12) months of the Term.
(5) Any Superior Mortgagee or Superior Lessor shall require that insurance proceeds or any portion thereof be used to retire debt under any Superior Mortgage or shall terminate a Superior Lease (as all of such capitalized terms are defined in Paragraph 31).
(d) Upon any destruction hereunder, Rent shall be abated proportionately in the ratio which ▇▇▇▇▇▇’s use of the Premises is impaired during the period of such repair or restoration until the date that is the earlier of ninety (90) days after Landlord has substantially completed the repair and restoration work in the Premises or the previously damaged Premises are ready for occupancy for the Permitted Use; provided, however, that Tenant will, in any case, diligently prosecute such repair or restoration to completion. Except as expressly provided in the immediately preceding sentence with respect to abatement of Base Rent, Tenant shall have no claim against Landlord for, and hereby releases Landlord and Landlord’s Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any damage to or destruction of the Premises, the Building or the Project or the repair or restoration thereof, including, but not limited to, any cost, loss or expense resulting from any loss of use of the whole or any part of the Premises, the Building or the Project and/or any inconvenience or annoyance occasioned by such damage, repair or restoration.
(e) If Landlord is obligated to or elects to repair or restore the Premises as provided above, Landlord shall be obligated to repair or restore only the tenant improvements existing as of the date of this Lease plus any of the Landlord Work constructed by Landlord or Tenant in the Premises pursuant to the Work Letter or Alterations approved by Landlord, substantially to their condition existing immediately prior to the occurrence of the damage or destruction; and Tenant shall promptly repair and restore, at Tenant’s expense, Alterations which were not approved by Landlord.
(f) Notwithstanding anything contained herein to the contrary, Landlord may not terminate this Lease pursuant to this Paragraph unless Landlord also terminates all other similarly situated leases in the Building.
Appears in 1 contract
Sources: Lease Agreement (Zynex Inc)
Destruction and Damage. (a) If the Building is Premises are damaged by fire or other perils, whether or not perils covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof. If the peril causing such damage is covered by Landlord’s insurance, Landlord shall, at Landlord’s 's option:
(1) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the BuildingPremises, elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date (the “"Casualty Discovery Date”") Landlord obtains actual knowledge of such destruction. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Datedate of such total destruction.
(2) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Building Premises for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two one hundred seventy eighty (270180) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this the Lease shall continue in full force and effect. If such repair and restoration requires longer than two one hundred seventy eighty (270180) days or if the insurance proceeds therefor (if any), plus any amounts Tenant may elect or is obligated to contribute, ) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event this Lease shall continue in full force and effect, or not to repair or restore, in which event this Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(3) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Building occurring during the last twelve (12) months of the Term, Landlord may elect to terminate this Lease by written notice of such election given to Tenant within thirty (30) days after the Casualty Discovery Date.
(b) If the Building is damaged by any peril not fully covered by insurance proceeds to be received by Landlord, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Building and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Building to Landlord, except that if the damage to the Building materially impairs Tenant’s ability to continue its business operations in the Building, then this Lease shall be deemed to have terminated as of the date such damage occurred.
(c) Notwithstanding anything to the contrary in this ▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇▇ shall have the option to terminate this Lease, exercisable by notice to Tenant within sixty (60) days after the Casualty Discovery Date, in each of the following instances:,
Appears in 1 contract
Sources: Lease Agreement (Vixel Corp)
Destruction and Damage. (a) If the Building is Premises are damaged by fire or other perils, whether or not perils covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof. If the peril causing such damage is covered by Landlord’s insurance, thereof and Landlord shall, at Landlord’s option:
(1) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the BuildingPremises, elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date Landlord obtains actual knowledge of such destruction (the “Casualty Discovery Date”) Landlord obtains actual knowledge of such destruction). If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(2) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Building Premises for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two hundred seventy forty (270240) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this the Lease shall continue in full force and effect. If such repair and restoration requires longer than two hundred seventy forty (270240) days or if the insurance proceeds therefor (if any), plus any amounts Tenant may elect or is obligated to contribute, ) are not sufficient to cover the cost of such repair and restoration, Landlord either party may elect either to so repair and restore, in which event terminate this Lease shall continue in full force and effect, or not to repair or restore, in which event this Lease shall terminateLease. In either case, Landlord shall give written notice to Tenant of its intention estimate of the repair time within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Buildingeither party terminates, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(3) Notwithstanding anything to the contrary contained in this Paragraph, in the event of material damage to the Building Premises occurring during the last twelve (12) months of the Term, either Landlord or Tenant may elect to terminate this Lease by written notice of such election given to Tenant the other within thirty (30) days after the Casualty Discovery Date.
(b) If the Building is Premises are damaged by any peril not fully covered by insurance proceeds to be received by Landlord, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Building Premises to Landlord, except that if the damage to the Building Premises materially impairs Tenant’s ability to continue its business operations in the BuildingPremises, then this Lease shall be deemed to have terminated as of the date such damage occurred.
(c) Notwithstanding anything to the contrary in this ▇P▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇▇ shall have the option to terminate this Lease, exercisable by notice to Tenant within sixty (60) days after the Casualty Discovery Date, in each of the following instances:
(1) If more than twenty-five percent (25%) of the full insurable value of the Building or the Project is damaged or destroyed, regardless of whether or not the Premises is destroyed.
(2) If the Building or the Project or any portion thereof is damaged or destroyed and the repair and restoration of such damage requires longer than one hundred eighty (180) days from the Casualty Discovery Date, regardless of whether or not the Premises is destroyed.
(3) If the Building or the Project or any portion thereof is damaged or destroyed and the insurance proceeds therefor are not sufficient to cover the costs of repair and restoration, regardless of whether or not the Premises is destroyed.
(4) If the Building or the Project or any portion thereof is damaged or destroyed during the last twelve (12) months of the Term, regardless of whether or not the Premises is destroyed.
(d) In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately in the ratio which Tenant’s use of the Premises is impaired during the period of such repair or restoration, but only to the extent of rental abatement insurance proceeds received by Landlord; provided, however, that Tenant shall not be entitled to such abatement to the extent that such damage or destruction resulted from the acts or inaction of Tenant or Tenant’s Agents. Except as expressly provided in the immediately preceding sentence with respect to abatement of Base Rent, Tenant shall have no claim against Landlord for, and hereby releases Landlord and Landlord’s Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any damage to or destruction of the Premises, the Building or the Project or the repair or restoration thereof, including, without limitation, any cost, loss or expense resulting from any loss of use of the whole or any part of the Premises, the Building or the Project and/or any inconvenience or annoyance occasioned by such damage, repair or restoration.
(e) If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall repair or restore only the initial tenant improvements, if any, constructed by Landlord in the Premises pursuant to the terms of this Lease, substantially to their condition existing immediately prior to the occurrence of the damage or destruction; and Tenant shall promptly repair and restore, at Tenant’s expense, Tenant’s Alterations which were not constructed by Landlord.
Appears in 1 contract
Destruction and Damage. (a) If the Building is Premises are damaged by fire or other perils, whether or not perils covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof. If the peril causing such damage is covered by Landlord’s insurance, Landlord shall, at Landlord’s 's option:
(1i) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the BuildingPremises, elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date (the “Casualty Discovery "CASUALTY DISCOVERY Date”") Landlord obtains actual knowledge of such destruction. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Datedate of such total destruction.
(2ii) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Building Premises for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two one hundred seventy eighty (270180) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this the Lease shall continue in full force and effect. If such repair and restoration requires longer than two one hundred seventy eighty (270180) days or if the insurance proceeds therefor (if any), plus any amounts Tenant may elect or is obligated to contribute, ) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event this the Lease shall continue in full force and effect, or not to repair or restore, in which event this the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Datedate of such partial destruction.
(3iii) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Building Premises occurring during the last twelve (12) months of the Term, Landlord may elect to terminate this Lease by written notice of such election given to Tenant within thirty (30) days after the Casualty Discovery Date.
(b) If the Building is Premises are damaged by any peril not fully covered by insurance proceeds to be received by Landlordextended coverage insurance, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full flaIl force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Building Premises to Landlord, except that if the damage to the Building Premises materially impairs Tenant’s 's ability to continue its business operations in the BuildingPremises, then this Lease shall be deemed to have terminated as of the date such damage occurred.
(c) Notwithstanding anything to the contrary in this Paragraph 21, Landlord shall have the option to terminate this Lease, ▇▇▇▇▇▇▇▇▇▇▇ ▇▇, ▇ ▇▇▇▇▇▇▇▇ shall have the option to terminate this Lease, exercisable by notice e to Tenant within sixty (60) days after the Casualty Discovery Date, in each of the following instances:
(i) If more than twenty-five percent (25%) of the full insurable value of the Building or the Project is damaged or destroyed, regardless of whether or not the Premises are destroyed.
(ii) If the Building or the Project or any portion thereof is damaged or destroyed and the repair and restoration of such damage requires longer than one hundred eighty (180) days from the Casualty Discovery Date.
(iii) If the Building or the Project or any portion thereof is damaged or destroyed and the insurance proceeds therefor are not sufficient to cover the costs of repair and restoration.
(iv) If the Building or the Project or any portion thereof is damaged or destroyed during the last twelve (12) months of the Term.
(d) If the Premises is damaged or destroyed such that the Premises cannot be substantially repaired or restored by Landlord within one hundred fifty (150) days after the Casualty Discovery Date, then Tenant may terminate this Lease immediately upon notice thereof to Landlord, which notice shall be given, if at all, not later than fifteen (15) days after Landlord notifies Tenant of Landlord's estimate of the period of time required to repair such damage or destruction.
(e) In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately in the ratio which Tenant's use of the Premises is impaired during the period of such repair or restoration, but only to the extent of rental abatement insurance proceeds received by Landlord; provided, however, that Tenant shall not be entitled to such abatement to the extent that such damage or destruction resulted from the acts or inaction of Tenant or Tenant's Agents. Except as expressly provided in the immediately preceding sentence with respect to abatement of Base Rent, Tenant shall have no claim against Landlord for, and hereby releases Landlord and Landlord's Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any damage to or destruction of the Premises, the Building or the Project or the repair or restoration thereof, including, without limitation, any cost, loss or expense resulting from any loss of use of the whole or any part of the Premises, the Building or the Project and/or any inconvenience or annoyance occasioned by such damage, repair or restoration.
Appears in 1 contract
Destruction and Damage. 6.01 If during the term of this Lease, the buildings, and improvements erected thereon or therein, shall be destroyed or damaged in whole or in part by fire or any other cause, Tenant shall give to Landlord prompt notice thereof, and Tenant, at its own cost and expense, shall, promptly repair, replace and rebuild the same with a structure of substantially the same character and condition as existed immediately prior to such occurrence, and Landlord shall, in no event, be called upon to repair, replace or rebuild any such buildings, improvements or equipment, nor to pay any of the cost or expenses thereof, and the Tenant shall not be entitled to an abatement of rent by reason of the damage or destruction to The Premises.
6.02 For the purpose of paying towards the cost of such repairs, replacement or rebuilding, in the event of a loss in excess of $25,000.00, Landlord and Tenant shall deposit the proceeds of insurance with the Landlord as trustee and such trustee shall make available and pay from time to time, but in no event more frequently than once in each month, all net sums received under insurance policies covering such loss or losses as provided for herein, at the request of or at the direction of Tenant to the parties whom Tenant may employ to repair, replace or rebuild the same, as such repairs, replacements or rebuildings shall progress or to Tenant, if Tenant shall make or pay for such repairs, re- placement or rebuilding, in reimbursement for work and materials actually incorporated in The Premises. Such payment shall be made by such trustee upon written request from an officer of Tenant, or in the event that an architect has been retained to supervise said work, then said payments by said trustee shall be made upon appropriate requisition certificates of the architect in charge of such work; provided, however, that in each instance of requisition prior to the completion of such work, said officer of Tenant or the architect, if any, shall also certify to the trustee and Landlord, and, at Landlord's request, to the holder of any mortgage to which this lease is subordinate, that the cost of the then remaining work necessary for completion thereof does not exceed ninety (a90%) percent of the balance of said insurance proceeds as will remain after payment over the sum so requisitioned, and that such work has been prosecuted in accordance with the plans and specifications therefor.
6.03 If in the course of such work any mechanic's, construction, or other lien, or order for the payment of money, shall be filed against The Premises or against Landlord or Tenant or any contractor of Tenant, or if Tenant shall be in default in the payment of any rent or additional rent then due and payable, or if there is any existing and unremedied default on the part of Tenant under the agreements, terms, covenants and conditions of this lease as to which Landlord has served notice upon Tenant and with respect to which Tenant has failed to cure within the time provided for herein, such trustee shall not make any payment of such insurance proceeds until and unless such lien or order shall have been fully bonded, satisfied, canceled, discharged of record or complied with, and/or until such default shall have been cured. In the event of a loss less than $25,000.00, such proceeds of insurance shall be assigned or paid directly to Tenant, to be applied by it in accordance with the provisions of this Article headed "DESTRUCTION AND DAMAGE".
6.04 If the Building is net amount of such insurance proceeds shall be insufficient for the proper and effective repair, replacement or rebuilding of such damaged or destroyed buildings, improvements or equipment, Tenant shall pay the additional sums required, and if the amount of such insurance proceeds shall be in excess of the cost thereof, the excess shall be paid to and retained by Tenant.
6.05 The repairs, replacement or rebuilding to be performed by Tenant shall not be delayed by Tenant because of failure to receive the insurance proceeds or by reason of Tenant's inability to adjust the amount of insurance to be paid. Tenant shall proceed to repair, replace or rebuild the structures, improvements and equipment promptly, and, in the event that such work shall not be commenced within ten (10) days from the date of loss and shall not be expeditiously prosecuted to completion, Landlord shall have the right to cancel and terminate this lease by giving to Tenant not less than fifteen (15) days notice of intention to do so, and, if upon the expiration of the time fixed in such notice, such work shall not have been commenced and the other agreements, terms, covenants and conditions herein complied with, or, if after commencement thereof, the work shall not have been expeditiously prosecuted, as the case may be, this lease and the term hereof may be terminated by the Landlord, and all such insurance proceeds shall belong to and shall be retained by Landlord, and Tenant shall remain liable for all of its obligations under this Lease.
6.06 Such work and the performance thereof shall be subject to and shall be performed in accordance with the provisions of the Article of this Lease headed "ALTERATIONS, IMPROVEMENTS AND ADDITIONS".
6.07 The fifteen (15) day period mentioned in Article 6 shall be extended by such period as Tenant may be delayed by strikes, labor or material shortages, embargoes, governmental restrictions or priorities, or other causes beyond Tenant's reasonable control; provided, however, that lack of required monetary funds shall not be deemed to be a cause beyond Tenant's reasonable control.
6.08 If, at any time during the last one (1) year of the original term, or during the last one (1) year of any renewal term, of this Lease, the buildings and improvements on The Premises shall be so destroyed or damaged by fire or any other perils, whether or not covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof. If cause that the peril causing such damage is covered by Landlord’s insurance, Landlord shall, at Landlord’s option:
cost of the restoration exceeds fifty (1) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (2550%) percent of the full insurable value thereof) replacement cost of such buildings, improvements or equipment immediately prior to such destruction or damage, either party may, within the Building, elect either to commence promptly to repair and restore the Building and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice period of its intention within sixty ten (6010) days after the date (on which such destruction or damage occurs, give notice to the “Casualty Discovery Date”) Landlord obtains actual knowledge other of such destruction. If Landlord elects not its election to restore terminate this lease, and this lease and the Building, term of this Lease shall be deemed to have terminated as cease and expire on the date of expiration of the Casualty Discovery Date.
period of ten (2) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Building for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two hundred seventy (270) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this Lease shall continue in full force and effect. If such repair and restoration requires longer than two hundred seventy (270) days or if insurance proceeds therefor (if any), plus any amounts Tenant may elect or is obligated to contribute, are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event this Lease shall continue in full force and effect, or not to repair or restore, in which event this Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (6010) days after the Casualty Discovery Date. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(3) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Building occurring during the last twelve (12) months of the Term, Landlord may elect to terminate this Lease by written notice of such election given to Tenant within thirty (30) days after the Casualty Discovery Date.
(b) If the Building is damaged by any peril not fully covered by insurance proceeds to be received by Landlord, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Building and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession such notice is given with the same force and effect as if such date were the date originally set forth in this lease for the expiration of the Building to Landlord, except that if the damage to the Building materially impairs Tenant’s ability to continue its business operations in the Building, then this Lease shall be deemed to have terminated as and the term of the date such damage occurred.
(c) Notwithstanding anything to the contrary in this ▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇▇ shall have the option to terminate this Lease, exercisable by notice to Tenant within sixty (60) days after the Casualty Discovery Dateand, in each such event, Tenant shall have no obligation to repair, replace or rebuild such buildings, improvements or equipment and the proceeds of the following instances:insurance referred to in Article 6 shall be paid to and belong to Landlord.
Appears in 1 contract
Destruction and Damage. (a) If the Building is damaged by fire or other perils, whether or not perils covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof. If the peril causing such damage is covered by Landlord’s insurance, Landlord shall, at Landlord’s 's option:
(1) In Subject to the provisions of Paragraph 4 of Addendum One hereof, in the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the Building, elect either to commence promptly to repair and restore the Building and prosecute the same diligently to completion, in which event this Lease lease shall remain in full force and effect; or not to repair or restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date (the “Casualty Discovery Date”) Landlord obtains actual knowledge occurrence of such destruction. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the Casualty Discovery Datedate of such total destruction.
(2) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Building for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two one hundred seventy eighty (270180) days from the Casualty Discovery Datedate of such destruction, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this the Lease shall continue in full force and effect. If such repair and restoration requires longer than two one hundred seventy eighty (270180) days or if the insurance proceeds therefor (if any), plus any amounts Tenant may elect or is obligated to contribute, ) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event this the Lease shall continue in full force and effect, or not to repair or restore, in which event this the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty Discovery Datedestruction occurs. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the Casualty Discovery Datedate of such partial destruction.
(3) Notwithstanding anything to the contrary contained in this ParagraphParagraph 22, in the event of damage to the Building or the Premises occurring during the last twelve (12) months of the Term, Landlord may elect to terminate this Lease by written notice of such election given to Tenant within thirty (30) days after the Casualty Discovery Datedamage occurs.
(b) If Subject to the provisions of Paragraph 4 of Addendum One hereon, if the Building is damaged by any peril not fully covered by insurance proceeds to be received by Landlordextended coverage insurance, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Building and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Dateoccurrence of such damage. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Building Premises to Landlord, except that if the damage to the Building Premises materially impairs Tenant’s 's ability to continue its business operations in the BuildingPremises, then this Lease shall be deemed to have terminated as of the date such damage occurred.
(c) Notwithstanding anything In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately in the ratio which Tenant's use of the Premises is impaired during the period of such repair or restoration, unless the damage was caused by the negligent or willful acts of omissions of Tenant, in which event there shall be abatement of Base Rent only to the contrary in this ▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇▇ extent of rental abatement insurance proceeds received by Landlord. Tenant shall have the option not be entitled to terminate this Lease, exercisable by notice to Tenant within sixty (60) days after the Casualty Discovery Date, in each any compensation or damages for loss of use of the following instances:whole or any part of the Premises and/or any inconvenience or annoyance occasioned by such damage, repair or restoration.
(d) If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall repair or restore only those portions of the Building and Premises which were originally provided at Landlord's expense, substantially to their condition existing immediately prior to the occurrence of the damage or destruction; and Tenant shall promptly repair and restore, at Tenant's expense, Tenant's fixtures, improvements, alterations and additions in and to the Premises or Building which were not provided at Landlord's expense.
(e) Tenant hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of this Paragraph 22 shall govern exclusively in case of such destruction.
Appears in 1 contract
Destruction and Damage. (a) If the Building is Premises are damaged by fire or other perils, whether or not perils covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof. If the peril causing such damage is covered by Landlord’s insurance, Landlord shall, at Landlord’s option:
(1i) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the BuildingPremises, elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date (the “Casualty Discovery Date”) Landlord obtains actual knowledge of such destruction. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Datedate of such total destruction.
(2ii) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Building Premises for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two one hundred seventy eighty (270180) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this Lease shall continue in full force and effect. If such repair and restoration requires longer than two one hundred seventy eighty (270180) days or if the insurance proceeds therefor (if any), plus any amounts Tenant may elect or is obligated to contribute, ) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event this Lease shall continue in full force and effect, or not to repair or restore, in which event this Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Datedate of such partial destruction.
(3iii) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Building Premises occurring during the last twelve (12) months of the Term, Landlord or Tenant may elect to terminate this Lease by written notice of such election given to Tenant the other within thirty (30) days after the Casualty Discovery Date.
(b) If the Building is Premises are damaged by any peril not fully covered by insurance proceeds to be received by Landlordextended coverage insurance, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Building Premises to Landlord, except that if the damage to the Building Premises materially impairs Tenant’s ability to continue its business operations in the BuildingPremises, then this Lease shall be deemed to have terminated as of the date such damage occurred.
(c) Notwithstanding anything to the contrary in this ▇P▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇▇ shall have the option to terminate this Lease, exercisable by notice to Tenant within sixty (60) days after the Casualty Discovery Date, in each of the following instances:
(i) If more than twenty-five percent (25%) of the full insurable value of the Building or the Project is damaged or destroyed, regardless of whether or not the Premises are destroyed.
(ii) If the Building or the Project or any portion thereof is damaged or destroyed and the repair and restoration of such damage requires longer than one hundred eighty (180) days from the Casualty Discovery Date.
(iii) If the Building or the Project or any portion thereof is damaged or destroyed and the insurance proceeds therefor are not sufficient to cover the costs of repair and restoration.
(iv) If the Building or the Project or any portion thereof is damaged or destroyed during the last twelve (12) months of the Term.
(d) In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately in the ratio which Tenant’s use of the Premises is impaired during the period of such repair or restoration; provided, however, that Tenant shall not be entitled to such abatement to the extent that such damage or destruction resulted from the criminal acts or willful misconduct of Tenant or Tenant’s Agents. Except as expressly provided in the immediately preceding sentence with respect to abatement of Base Rent, Tenant shall have no claim against Landlord for, and hereby releases Landlord and Landlord’s Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any damage to or destruction of the Premises, the Building or the Project or the repair or restoration thereof, including, without limitation, any cost, loss or expense resulting from any loss of use of the whole or any part of the Premises, the Building or the Project and/or any inconvenience or annoyance occasioned by such damage, repair or restoration.
(e) If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall repair or restore only the initial tenant improvements, if any, constructed by Landlord in the Premises pursuant to the terms of this Lease, substantially to their condition existing immediately prior to the occurrence of the damage or destruction; and Tenant shall promptly repair and restore, at Tenant’s expense, Tenant’s Alterations which were not constructed by Landlord.
(f) Tenant hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of this Paragraph 21 shall govern exclusively in case of such destruction.
Appears in 1 contract
Destruction and Damage. (a) If the Building is damaged by fire or other perils, whether or not perils covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof. If the peril causing such damage is covered by Landlord’s insurance, Landlord shall, at Landlord’s 's option:
(1) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the BuildingPremises, elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date (the “"Casualty Discovery Date”") Landlord obtains actual knowledge of such destruction. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Datedate of such total destruction.
(2) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Building Premises for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two one hundred seventy eighty (270180) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this the Lease shall continue in full force and effect. If such repair and restoration requires longer than two one hundred seventy eighty (270180) days or if the insurance proceeds therefor (if any), plus any amounts Tenant may elect or is obligated to contribute, ) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event this the Lease shall continue in full force and effect, or not to repair or restore, in which event this the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty Discovery Datepursuant to the provisions of this Lease, and (2) the rent and any additional rent payable by the assignee or sublessee to Tenant, after deducting the costs incurred by Tenant in connection with any such assignment or sublease. If The assignment or sublease agreement, as the case may be, after approval by Landlord, shall not be amended without Landlord's prior written consent, and shall contain a provision directing the assignee or subtenant to pay the rent and other sums due thereunder directly to Landlord elects not to restore the Building, upon receiving written notice from Landlord that Tenant is in default under this Lease with respect to the payment of Rent. Landlord's collection of such rent and other sums shall not constitute an acceptance by Landlord of attornment by such assignee or subtenant. A consent to one assignment, subletting, occupation or use shall not be deemed to have terminated as be a consent to any other or subsequent assignment, subletting, occupation or use, and consent to any assignment or subletting shall in no way relieve Tenant of any liability under this Lease. Any assignment or subletting without Landlord's consent shall be void, and shall, at the Casualty Discovery Date.
(3) Notwithstanding anything to the contrary contained in this Paragraph, in the event option of damage to the Building occurring during the last twelve (12) months of the Term, Landlord may elect to terminate this Lease by written notice of such election given to Tenant within thirty (30) days after the Casualty Discovery Date.
(b) If the Building is damaged by any peril not fully covered by insurance proceeds to be received by Landlord, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Building and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Building to Landlord, except that if the damage to the Building materially impairs Tenant’s ability to continue its business operations in the Building, then this Lease shall be deemed to have terminated as of the date such damage occurred.
(c) Notwithstanding anything to the contrary in this ▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇▇ shall have the option to terminate constitute a Default under this Lease, exercisable by notice to Tenant within sixty (60) days after the Casualty Discovery Date, in each of the following instances:.
Appears in 1 contract
Destruction and Damage. (a) If the Building is Premises are damaged by fire or other perils, whether or not perils covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof. If the peril causing such damage is covered by Landlord’s insurance, Landlord shall, at Landlord’s option:
(1i) In the event of total destruction (which shall mean destruction or damage in excess of twentythirty-five three percent (2533%) of the full insurable value thereof) of the BuildingPremises, elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty forty-five (6045) days after the date (the “Casualty Discovery Date”) Landlord obtains actual knowledge of such destruction. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Datedate of such total destruction.
(2ii) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twentythirty-five three percent (2533%) of the full insurable value thereof) of the Building Premises for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two one hundred seventy eighty (270180) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this Lease shall continue in full force and effect. If such repair and restoration requires longer than two one hundred seventy eighty (270180) days or if the insurance proceeds therefor (if any), plus any amounts Tenant may elect or is obligated to contribute, ) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event this Lease shall continue in full force and effect, or not to repair or restore, in which event this Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty forty-five (6045) days after the Casualty Discovery Date. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Datedate of such partial destruction.
(3iii) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Building Premises occurring during the last twelve (12) months of the Term, either Landlord or, if such damage to the Premises materially impairs Tenant’s ability to continue its business operations therein, then Tenant may elect to terminate this Lease by written notice of such election given to Tenant the other party within thirty (30) days after the Casualty Discovery Date.
(b) If the Building is Premises are damaged by any peril not fully covered by insurance proceeds to be received by Landlordextended coverage insurance, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Building Premises to Landlord, except that if the damage to the Building Premises materially impairs Tenant’s ability to continue its business operations in the BuildingPremises, then this Lease shall be deemed to have terminated as of the date such damage occurred.
(c) Notwithstanding anything In the event of repair and restoration as herein provided, the monthly installments of Base Rent and Additional Rent shall be abated proportionately in the ratio which Tenant’s use of the Premises is impaired during the period of such repair or restoration; provided, however, that if such damage or destruction resulted from the acts or inaction of Tenant or Tenant’s Agents, then such abatement shall be limited to the contrary extent of rental abatement insurance proceeds received by Landlord. Except as expressly provided in this ▇▇▇▇▇▇▇▇▇ ▇▇the immediately preceding sentence with respect to abatement of Base Rent, ▇▇▇▇▇▇▇▇ Tenant shall have no claim against Landlord for, and hereby releases Landlord and Landlord’s Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any damage to or destruction of the option Premises, the Building or the Project or the repair or restoration thereof, including, without limitation, any cost, loss or expense resulting from any loss of use of the whole or any part of the Premises, the Building or the Project and/or any inconvenience or annoyance occasioned by such damage, repair or restoration.
(d) If the Premises is damaged or destroyed to terminate this Lease, exercisable the extent that the Premises cannot be substantially repaired or restored by notice to Tenant Landlord within sixty two hundred ten (60210) days after the Casualty Discovery Date, in each Tenant may terminate this Lease immediately upon notice thereof to Landlord, which shall be given, if at all, not later than fifteen (15) days after Landlord notifies Tenant of Landlord’s estimate of the following instances:period of time required to repair such damage or destruction.
(e) If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall repair or restore only the initial tenant improvements, if any, constructed by Landlord in the Premises pursuant to the terms of this Lease, substantially to their condition existing immediately prior to the occurrence of the damage or destruction; and Tenant may promptly repair and restore, at Tenant’s expense, Tenant’s Alterations which were not constructed by Landlord.
(f) Tenant hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of this Paragraph 21 shall govern exclusively in case of such destruction.
Appears in 1 contract
Sources: Lease Agreement (Alliance Fiber Optic Products Inc)
Destruction and Damage. (a) a. If all or part of the Building is damaged by fire fire, earthquake, flood, explosion, the elements, riot, the release or existence of Hazardous Substances (as defined in Section 49 below) or by any other perilscause whatsoever (hereinafter collectively referred to as "Damages"), whether or but the Damages are not covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof"Material" (as defined in Section 11.b. If the peril causing such damage is covered by Landlord’s insurancebelow), Landlord shall, at Landlord’s option:
(1) In shall repair the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the Building, elect either Damages to commence promptly to repair and restore the Building as soon as is reasonably possible, and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; . If all or not part of the Building is destroyed or Materially Damaged, Landlord shall have the right, in its sole and complete discretion, to repair or restore to rebuild the Building or to terminate this Lease, provided Landlord terminates all other leases of all other spaces similarly affected in the Building, in which event this Lease shall terminate. Landlord shall give within ninety (90) days after the discovery of such Material Damage or destruction notify Tenant written notice in writing of its Landlord's intention to repair or to rebuild or to terminate this Lease. Tenant shall in no event be entitled to compensation or damages on account of annoyance or inconvenience in making any repairs, or on account of construction, or on account of Landlord's election to terminate this Lease. Notwithstanding the foregoing, if Landlord shall elect to rebuild or repair the Building after Material Damage or destruction, but in good faith determines that the Premises cannot be substantially repaired within sixty two hundred ten (60210) days after the date (the “Casualty Discovery Date”) Landlord obtains actual knowledge of such destruction. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(2) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) discovery of the full insurable value thereof) Material Damage or destruction, without payment of overtime or other premiums, and the Damage to the Building for which Landlord will receive insurance proceeds sufficient to cover render the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building may be entire Premises substantially repaired or restored to its condition existing immediately prior to such damage or destruction within unusable during said two hundred seventy ten (270210) days from the Casualty Discovery Dateday period, Landlord shall commence notify Tenant thereof in writing at the time of Landlord's election to rebuild or repair, and proceed diligently with the work Tenant shall thereafter have a period of repair and restoration, in which event this Lease shall continue in full force and effect. If such repair and restoration requires longer than two hundred seventy fifteen (27015) days or if insurance proceeds therefor (if any), plus any amounts within which Tenant may elect or is obligated to contribute, are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event this Lease shall continue in full force and effect, or not to repair or restore, in which event this Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(3) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Building occurring during the last twelve (12) months of the Term, Landlord may elect to terminate this Lease by written notice of such election given to Tenant within Lease, upon thirty (30) days after days' advance written notice to Landlord. Tenant's termination right described in the Casualty Discovery Date.
preceding sentence shall not apply if the Damage was caused by the negligent or intentional acts of Tenant or its employees, agents, contractors. Failure of Tenant to exercise said election within said fifteen (b15) If day period shall constitute Tenant's agreement to accept delivery of the Building is damaged by any peril not fully covered by insurance proceeds to be received Premises under this Lease whenever tendered by Landlord, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, provided Landlord may elect either to commence promptly to repair and restore the Building and prosecute the same thereafter pursues reconstruction or restoration diligently to completion, in which event this Lease shall remain in full force and effect; or not subject to repair or restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Datedelays caused by Force Majeure Events. If Landlord elects not is unable to restore repair the BuildingDamage to the Premises or the Building during such two hundred ten (210) day period due to Force Majeure Events, the two hundred ten (210) day period shall be extended by the period of delay caused by the Force Majeure Events. Subject to Section 11.c. below, if Landlord or Tenant terminates this Lease in accordance with this Section 11.a., Tenant shall be deemed continue to have terminated as pay all Rent and other amounts due hereunder which arise prior to the date of the date on which Tenant surrenders possession occurrence of the Building to Landlord, except that if the damage to the Building materially impairs Tenant’s ability to continue its business operations in the Building, then this Lease shall be deemed to have terminated as of the date such damage occurredDamage.
(c) Notwithstanding anything to the contrary in this ▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇▇ shall have the option to terminate this Lease, exercisable by notice to Tenant within sixty (60) days after the Casualty Discovery Date, in each of the following instances:
Appears in 1 contract
Sources: Lease Agreement (Equinix Inc)
Destruction and Damage. (a) If the Building is Premises are damaged by fire or other perils, whether or not perils covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof. If the peril causing such damage is covered by Landlord’s insurance, Landlord shall, at Landlord’s 's option:
(1) In the event of total destruction (which shall mean destruction or damage in excess of twentythirty-five three percent (2533%) of the full insurable value thereof) of the BuildingPremises, elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force forte and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date (the “Casualty Discovery Date”) Landlord obtains actual knowledge occurrence of such destruction. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Datedate of such total destruction.
(2) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twentythirty-five three percent (2533%) of the full insurable value thereof) of the Building Premises for which Landlord will actually receive insurance proceeds sufficient to covet the cost to repair and restore such partial destruction (or for which Landlord would have actually received insurance proceeds sufficient to cover the cost to repair and restore such partial destruction but for Landlord's intentional failure to maintain the insurance required to be carried pursuant to Paragraph 13 above) and, if the damage thereto is such that the Building Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two one hundred seventy eighty (270180) days from the Casualty Discovery Datedate of such destruction, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this the Lease shall continue in full force and effect. If such repair and restoration requires longer than two one hundred seventy eighty (270180) days or if the insurance proceeds therefor (if any), plus any amounts Tenant may elect or is obligated to contribute, ) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event this the Lease shall continue in full force and effect, or not to repair or restore, in which event this the Lease shall terminate; provided, however, that if the insurance proceeds actually collected by Landlord, if any, are not sufficient to cover the cost of repair and restoration solely due to the intentional failure of Landlord to maintain the insurance required to be carried under Paragraph 13 above, and if Landlord would have actually collected sufficient insurance proceeds to cover such repair and restoration if Landlord had maintained such insurance in accordance with Paragraph 13, then for purposes of this Paragraph 22(a)(2), Landlord shall be deemed to have received sufficient insurance proceeds to cover the cost of repair and restoration. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty Discovery Datedestruction occurs. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Datedate of such partial destruction.
(3) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Building Premises occurring during the last twelve (12) months of the Term, Landlord may elect to terminate this Lease by written notice of such election given to Tenant within thirty (30) days after the Casualty Discovery Datedamage occurs.
(b) If the Building is Premises are damaged by any peril not fully covered by insurance proceeds to be received by Landlordextended coverage insurance, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Dateoccurrence of such damage. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Building Premises to Landlord, except that if the damage to the Building Premises materially impairs Tenant’s ability 's ability, in Tenant's reasonable opinion, to continue its business operations in the BuildingPremises, then this Lease shall be deemed to have terminated as of the date such damage occurred.
(c) In the event of repair and restoration as herein provided, the monthly installments of Base Rent and Additional Rent shall be abated proportionately in the ratio which Tenant's use of the Premises is impaired during the period of such repair or restoration, to the extent of rental abatement insurance proceeds received by Landlord. Tenant shall not be entitled to any compensation or damages for loss of use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by such damage, repair or restoration.
(d) If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall repair or restore only those portions of the Premises which were originally provided at Landlord's expense, substantially to their condition existing immediately prior to the occurrence of the damage or destruction; and Tenant shall promptly repair and restore, at Tenant's expense, Tenant's fixtures, improvements, alterations and additions in and to the Premises which were not provided at Landlord's expense.
(e) Notwithstanding anything to the contrary contained in this ▇▇▇▇▇▇▇▇▇ ▇▇Section 22, ▇▇▇▇▇▇▇▇ if the Premises are damaged by any peril and Landlord does not elect to terminate this Lease or is not entitled to terminate this Lease pursuant to its terms, then as soon as reasonably practicable, Landlord shall furnish Tenant with a written opinion of Landlords architect or construction consultant as to when the restoration work required of Landlord may be completed. Tenant shall have the option to terminate this Leasethe Lease in the event any of the following occurs, exercisable which option may be exercised by delivery to Landlord of a written notice of election to terminate within ten (10) days after Tenant receives from Landlord the estimate of the time needed to complete such restoration: (i) the Premises, with reasonable diligence, cannot be substantially repaired by Landlord within sixty two hundred seventy (60270) days after the Casualty Discovery Datedamage or destruction, in each or (ii) if the Premises are damaged by any peril within the last twelve (12) months of the following instances:Term.
(f) Tenant hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of this Paragraph 22 shall govern exclusively in case of such destruction.
Appears in 1 contract
Destruction and Damage. (a) If the Building is Premises are damaged by fire or other perils, whether or not perils covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof. If the peril causing such damage is covered by Landlord’s insurance, thereof and Landlord shall, at Landlord’s 's option:
(1) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the BuildingPremises, elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date (the “"Casualty Discovery Date”") Landlord obtains actual knowledge of such destruction. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(2) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Building Premises for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two hundred seventy forty (270240) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this the Lease shall continue in full force and effect. If such repair and restoration requires longer than two hundred seventy forty (270240) days or if the insurance proceeds therefor (if any), plus any amounts Tenant may elect or is obligated to contribute, ) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event this the Lease shall continue in full force and effect, or not to repair or restore, in which event this the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(3) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage (other than de minimis damage) to the Building Premises occurring during the last twelve (12) months of the Term, either Tenant or Landlord may elect to terminate this Lease by written notice of such election given to Tenant the other within thirty (30) days after the Casualty Discovery Date.
(b) If the Building is Premises are damaged by any peril not fully covered by insurance proceeds to be received by Landlord, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Building Premises to Landlord, except that if the damage to the Building Premises materially impairs Tenant’s 's ability to continue its business operations in the BuildingPremises, then this Lease shall be deemed to have terminated as of the date such damage occurred.
(c) Notwithstanding anything to the contrary in this ▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇▇ shall have the option to terminate this Lease, exercisable by notice to Tenant within sixty (60) days after the Casualty Discovery Date, in each of the following instances:
(1) If more than twenty-five percent (25%) of the full insurable value of the Building or the Project is damaged or destroyed, regardless of whether or not the Premises is destroyed.
(2) If the Building or the Project or any portion thereof is damaged or destroyed and the repair and restoration of such damage requires longer than two hundred forty (240) days from the Casualty Discovery Date, regardless of whether or not the Premises is destroyed.
(3) If the Building or the Project or any portion thereof is damaged (other than de minimis damage) or destroyed and the insurance proceeds therefor are not sufficient to cover the costs of repair and restoration, regardless of whether or not the Premises is destroyed.
(4) If the Building or the Project or any portion thereof is damaged (other than de minimis damage) or destroyed during the last twelve (12) months of the Term regardless of whether or not the Premises is destroyed.
(d) In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately in the ratio which Tenant's use of the Premises is impaired during the period of such repair or restoration; provided, however, that Tenant shall not be entitled to such abatement to the extent that such damage or destruction resulted from the acts or inaction of Tenant or Tenant's Agents. Except as expressly provided in the immediately preceding sentence with respect to abatement of Base Rent, Tenant shall have no claim against Landlord for, and hereby releases Landlord and Landlord's Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any damage to or destruction of the Premises, the Building or the Project or the repair or restoration thereof, including, without limitation, any cost, loss or expense resulting from any loss of use of the whole or any part of the Premises, the Building or the Project and/or any inconvenience or annoyance occasioned by such damage, repair or restoration.
(e) If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall repair or restore only the initial tenant improvements, if any, constructed by Landlord in the Premises pursuant to the terms of this Lease, substantially to their condition existing immediately prior to the occurrence of the damage or destruction; and Tenant shall promptly repair and restore, at Tenant's expense, Tenant's Alterations which were not constructed by Landlord.
Appears in 1 contract
Destruction and Damage. (a) If the Building Project or any portion thereof is damaged by fire or other perils, whether or not perils covered by extended coverage insurance, Tenant shall give the insurance carried or required to be carried by Landlord immediate notice thereof. If the peril causing such damage is covered by pursuant to Paragraph 14 above (“Landlord’s insuranceInsurance”), Landlord shall, at Landlord’s option:
(1A) In the event of total damage or destruction for which the insurance proceeds, when added to Landlord’s Contribution (which as hereinafter defined), shall mean destruction or damage in excess of twenty-five percent (25%) of be sufficient to cover the full insurable value thereof) of the Building, elect either to commence promptly cost to repair and restore the Building damaged portions of the Project (including the Tenant Improvements) and, if the damage thereto is such that the damaged portions of the Project (including the Tenant Improvements) may be substantially repaired or restored to their condition existing immediately prior to such damage or destruction within two hundred seventy (270) days from the Casualty Discovery Date (or such longer period as may be provided under Paragraph 21(a)(i)(B) below), Landlord shall, subject to the terms of Paragraph 21(e) below, commence and prosecute proceed diligently with the same diligently to completionwork of repair and restoration, in which event this Lease shall remain continue in full force and effect; . If such repair and restoration requires longer than two hundred seventy (270) days (or such longer period as may be provided under Paragraph 21(a)(i)(B) below) or if the insurance proceeds collected by Landlord (plus Landlord’s Contribution and any amounts Tenant may elect to contribute) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore in accordance with Paragraph 21(e) below, in which event this Lease shall continue in full force and effect, or not to repair or restore the Buildingrestore, in which event this Lease shall terminate. In either case, Landlord shall give Tenant written notice of its intention within sixty (60) days after the date (the “Casualty Discovery Date”) Landlord obtains actual knowledge of such destruction. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as damaged portions of the Casualty Discovery Date.
(2) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Building for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two hundred seventy (270) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this Lease shall continue in full force and effect. If such repair and restoration requires longer than two hundred seventy (270) days or if insurance proceeds therefor (if any), plus any amounts Tenant may elect or is obligated to contribute, are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event this Lease shall continue in full force and effect, or not to repair or restore, in which event this Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(3) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Building occurring during the last twelve (12) months of the Term, Landlord may elect to terminate this Lease by written notice of such election given to Tenant within thirty (30) days after the Casualty Discovery Date.
(b) If the Building is damaged by any peril not fully covered by insurance proceeds to be received by Landlord, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Building and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the BuildingProject, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Building Project to Landlord, except that if the damage to the Building Project materially impairs Tenant’s ability to continue its business operations in the Buildingtherein, then this Lease shall be deemed to have terminated as of the date such damage occurred.
. For purposes of calculating the insurance proceeds received by Landlord under this subparagraph (c) Notwithstanding anything i), Landlord shall be deemed to have received, in addition to the contrary in this ▇▇▇▇▇▇▇▇▇ ▇▇proceeds actually received, ▇▇▇▇▇▇▇▇ shall have an amount equal to the option deductible under Landlord’s policy of Casualty Insurance which responds to terminate this Leasethe applicable loss. As used herein, exercisable by notice “Landlord’s Contribution” means the sum of Five Hundred Thousand Dollars ($500,000.00), which amount Landlord agrees to contribute toward the repair and restoration of any damage to the Project to the extent that insurance proceeds are not available to cover the full costs thereof (subject to any obligations of Tenant within sixty (60) days after the Casualty Discovery Date, in each of the following instances:hereunder).
Appears in 1 contract
Sources: Lease Agreement (Kyphon Inc)
Destruction and Damage. (a) If the Building is damaged by fire or other perils, whether or not perils covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof. If the peril causing such damage is covered by Landlord’s special form insurance, Landlord shall, at Landlord’s option:
(1i) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the Building, elect either to commence promptly to repair and restore the Building and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date (the “Casualty Discovery Date”) Landlord obtains actual knowledge occurrence of such destruction. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the Casualty Discovery Datedate of such total destruction.
(2ii) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of or the Building for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two one hundred seventy eighty (270180) days from the Casualty Discovery Datedate of such destruction, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this the Lease shall continue in full force and effect. If such repair and restoration requires longer than two one hundred seventy eighty (270180) days or if the insurance proceeds therefor (if any), plus any amounts Tenant may elect or is obligated to contribute, ) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event this the Lease shall continue in full force and effect, or not to repair or restore, in which event this the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty Discovery Datedestruction occurs. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(3) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Building occurring during the last twelve (12) months of the Term, Landlord may elect to terminate this Lease by written notice date of such election given to Tenant within thirty (30) days after the Casualty Discovery Datepartial destruction.
(b) If the Building is damaged by any peril not fully covered by insurance proceeds to be received by Landlordspecial form insurance, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Building and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Dateoccurrence of such damage. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Building Premises to Landlord, except that if the damage to the Building Premises materially impairs Tenant’s ability to continue its business operations in the BuildingPremises, then this Lease shall be deemed to have terminated as of the date such damage occurred.
(c) Notwithstanding anything In the event of any damage or destruction to the contrary in this ▇▇▇▇▇▇▇▇▇ ▇▇Premises, ▇▇▇▇▇▇▇▇ the monthly installments of Base Rent shall have be abated proportionately from the option date of such damage or destruction until the Premises are repaired based upon the extent to terminate this Leasewhich Tenant’s use of the Premises is impaired during the period of such repair or restoration, exercisable unless the damage was caused by notice to Tenant within sixty (60) days after the Casualty Discovery Datenegligent or willful acts of omissions of Tenant, in each which event there shall be abatement of Base Rent only to the extent of rental abatement insurance proceeds received by Landlord. Tenant shall not be entitled to any compensation or damages for loss of use of the following instances:whole or any part of the Premises and/or any inconvenience or annoyance occasioned by such damage, repair or restoration.
(d) If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall repair or restore only those portions of the Building and Premises which were originally provided at Landlord’s expense, substantially to their condition existing immediately prior to the occurrence of the damage or destruction; and Tenant shall promptly repair and restore, at Tenant’s expense, Tenant’s fixtures, improvements, alterations and additions in and to the Premises or Building which were not provided at Landlord’s expense.
(e) Tenant hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased Premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of this Paragraph 22 shall govern exclusively in case of such destruction.
Appears in 1 contract
Sources: Lease Agreement (Silicon Image Inc)
Destruction and Damage. (a) If the Building is Premises are damaged by fire or other perils, whether or not perils covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof. If the peril causing such damage is covered by Landlord’s insurance, Landlord shall, at Landlord’s option:
(1i) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the BuildingPremises, elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention and the estimated time to complete such work within sixty (60) days after the date (the “Casualty Discovery Date”) Landlord obtains actual knowledge of such destruction. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Datedate of such total destruction.
(2ii) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Building Premises for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two one hundred seventy eighty (270180) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this the Lease shall continue in full force and effect. If such repair and restoration requires longer than two one hundred seventy eighty (270180) days or if the insurance proceeds therefor (if any), plus any amounts Tenant may elect or is obligated to contribute, ) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event this the Lease shall continue in full force and effect, or not to repair or restore, in which event this the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention and the estimated time to complete such work within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Datedate of such partial destruction.
(3iii) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Building Premises occurring during the last twelve (12) months of the Term, Landlord may elect and Tenant shall each have the right to terminate this Lease by written notice of such election given to Tenant the other party within thirty (30) days after the Casualty Discovery Date, provided, however, that Tenant shall have the right to terminate this Lease pursuant to this Paragraph 22(a)(iii) only if Tenant’s use and occupancy of the Premises are materially interfered with as a result of such damage.
(b) If the Building is Premises are damaged by any peril not fully covered by insurance proceeds to be received by Landlordextended coverage insurance, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention and the estimated time to complete such work within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Building Premises to Landlord, except that if the damage to the Building Premises materially impairs Tenant’s ability to continue its business operations in the BuildingPremises, then this Lease shall be deemed to have terminated as of the date such damage occurred.
(c) Notwithstanding anything to the contrary in this ▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇▇ shall have the option to terminate this Lease, exercisable by notice to Tenant within sixty (60) days after the Casualty Discovery Date, in each of the following instances:
(i) If more than twenty-five percent (25%) of the full insurable value of the Building or the Project is damaged or destroyed, regardless of whether or not the Premises are destroyed.
(ii) If the Building or the Project or any portion thereof is damaged or destroyed and the repair and restoration of such damage requires longer than one hundred eighty (180) days from the Casualty Discovery Date.
(iii) If the Building or the Project or any portion thereof is damaged or destroyed and the insurance proceeds therefor are not sufficient to cover the costs of repair and restoration.
(iv) If the Building or the Project or any portion thereof is damaged or destroyed during the last twelve (12) months of the Term.
(d) If the Premises is damaged or destroyed to the extent that the Premises cannot be substantially repaired or restored by Landlord within two hundred ten (210) days after the Casualty Discovery Date, Tenant may terminate this Lease immediately upon notice thereof to Landlord, which notice shall be given, if at all, not later than fifteen (15) days after Landlord notifies Tenant of Landlord’s estimate of the period of time required to repair such damage or destruction.
(e) In the event of repair and restoration as herein provided, the monthly installments of Rent shall be abated proportionately in the ratio which Tenant’s use of the Premises is impaired during the period of such repair or restoration; provided, however, that Tenant shall not be entitled to such abatement to the extent that such damage or destruction resulted from the acts or inaction of Tenant or Tenant’s Agents. Except as expressly provided in the immediately preceding sentence with respect to abatement of Rent, Tenant shall have no claim against Landlord for, and hereby releases Landlord and Landlord’s Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any damage to or destruction of the Premises, the Building or the Project or the repair or restoration thereof, including, without limitation, any cost, loss or expense resulting from any loss of use of the whole or any part of the Premises, the Building or the Project and/or any inconvenience or annoyance occasioned by such damage, repair or restoration.
(f) If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall repair or restore only the initial tenant improvements, if any, constructed by Landlord in the Premises pursuant to the terms of this Lease, substantially to their condition existing immediately prior to the occurrence of the damage or destruction; and Tenant shall promptly repair and restore, at Tenant’s expense, Tenant’s Alterations which were not constructed by Landlord.
(g) Tenant hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of this Paragraph 22 shall govern exclusively in case of such destruction.
Appears in 1 contract
Destruction and Damage. (a) If the Building is damaged by fire or other perils, whether or not perils covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof. If the peril causing such damage is covered by Landlord’s insurance, Landlord shall, at Landlord’s 's option:
(1) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the Building, elect either to commence promptly to repair and restore the Building and prosecute the same diligently to completion, in which event this Lease lease shall remain in full force and effect; or not to repair or restore the Building, in which event this Lease shall terminate. , Landlord shall give Tenant written notice of its intention within sixty (60) days after the date (the “Casualty Discovery Date”) Landlord obtains actual knowledge occurrence of such destruction. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the Casualty Discovery Datedate of such total destruction.
(2) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Building for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two one hundred seventy eighty (270180) days from the Casualty Discovery Datedate of such destruction, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this the Lease shall continue in full force and effect. If such repair and restoration requires longer than two one hundred seventy eighty (270180) days or if the insurance proceeds therefor (if any), plus any amounts Tenant may elect or is obligated to contribute, ) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event this the Lease shall continue in full force and effect, or not to repair or restore, in which event this the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty Discovery Datedestruction occurs. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the Casualty Discovery Datedate of such partial destruction.
(3) Notwithstanding anything to the contrary contained in this ParagraphParagraph 22, in the event of damage to the Building or the Premises occurring during the last twelve (12) months of the Term, Landlord may elect to terminate this Lease by written notice of such election given to Tenant within thirty (30) days after the Casualty Discovery Datedamage occurs.
(b) If the Building is damaged by any peril not fully covered by insurance proceeds to be received by Landlordextended coverage insurance, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Building and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Dateoccurrence of such damage. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Building Premises to Landlord, except that if the damage to the Building Premises materially impairs Tenant’s 's ability to continue its business 11 operations in the BuildingPremises, then this Lease shall be deemed to have terminated as of the date such damage occurred.
(c) Notwithstanding anything In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately in the ratio which Tenant's use of the Premises is impaired during the period of such repair or restoration, unless the damage was caused by the negligent or willful acts of omissions of Tenant, in which event there shall be abatement of Base Rent only to the contrary extent of rental abatement insurance proceeds received by Landlord. Tenant shall not be entitled to any compensation or damages for loss of use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by such damage, repair or restoration.
(d) If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall repair or restore only those portions of the Building and Premises which were originally provided at Landlord's expense, substantially to their condition existing immediately prior to the occurrence of the damage or destruction; and Tenant shall promptly repair and restore, at Tenant's expense, Tenant's fixtures, improvements, alterations and additions in and to the Premises or Building which were not provided at Landlord's expense.
(e) Tenant hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of this ▇▇▇▇▇▇▇▇▇ ▇▇Paragraph 22 shall govern exclusively in case of such destruction.
(f) Notwithstanding the provisions of Paragraph 22 of the Lease to the contrary, ▇▇▇▇▇▇▇▇ in the event Landlord elects to repair or restore the Premises and such repair or restoration is reasonably estimated by Landlord to require more than one hundred eighty (180) days from the date of destruction, Landlord shall notify Tenant and Tenant shall have the option to terminate this Lease, exercisable by notice to Tenant within sixty ten (6010) days after receipt of such notice to elect to terminate the Casualty Discovery DateLease by giving written notice of such election to Landlord. If Tenant so elects to terminate the Lease, such termination shall be effective as of (i) if Tenant is in each possession of the Premises following instances:such damage or destruction the date Tenant surrenders possession of the Premises to Landlord following Tenant's election to terminate the Lease or (ii) if Tenant is unable to occupy the Premises following such damage and destruction, the date on which the damage or destruction occurred.
Appears in 1 contract
Sources: Lease Agreement (MMC Networks Inc)
Destruction and Damage. (a) If the Building is Premises are damaged by fire or other perils, whether or not perils covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof. If the peril causing such damage is covered by Landlord’s insurance, Landlord shall, at Landlord’s 's option:
(1) In the event of total destruction (which shall mean destruction or damage in excess of twentythirty-five three percent (2533%) of the full insurable value thereof) of the BuildingPremises, elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date (the “Casualty Discovery Date”"CASUALTY DISCOVERY DATE") Landlord obtains actual knowledge of such destruction. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Datedate of such total destruction.
(2) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twentythirty-five three percent (2533%) of the full insurable value thereof) of the Building Premises for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two one hundred seventy eighty (270180) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this the Lease shall continue in full force and effect. If such repair and restoration requires longer than two one hundred seventy eighty (270180) days or if the insurance proceeds therefor (if any), plus any amounts Tenant may elect or is obligated to contribute, ) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event this the Lease shall continue in full force and effect, or not to repair or restore, in which event this the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Datedate of such partial destruction.
(3) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Building Premises occurring during the last twelve (12) months of the Term, Landlord may elect and Tenant shall each have the right to terminate this Lease by written notice of such election given to Tenant the other party within thirty (30) days after the Casualty Discovery Date; provided, however, that Tenant shall have the right to terminate this Lease pursuant to this Paragraph 21(a)(3) only if Tenant's use and occupancy of the Premises are materially interfered with as a result of such damage.
(b) If the Building is Premises are damaged by any peril not fully covered by insurance proceeds to be received by Landlordextended coverage insurance, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Building Premises to Landlord, except that if the damage to the Building Premises materially impairs Tenant’s 's ability to continue its business operations in the BuildingPremises, then this Lease shall be deemed to have terminated as of the date such damage occurred.
(c) Notwithstanding anything to the contrary in this ▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇▇ shall have the option to terminate this Lease, exercisable by notice to Tenant within sixty (60) days after the Casualty Discovery Date, in each of the following instances:
(1) If more than thirty-three percent (33%) of the full insurable value of the Building or the Project is damaged or destroyed, regardless of whether or not the Premises are destroyed.
(2) If the Building or the Project or any portion thereof is damaged or destroyed and the repair and restoration of such damage requires longer than one hundred eighty (180) days from the Casualty Discovery Date.
(3) If the Building or the Project or any portion thereof is damaged or destroyed and the insurance proceeds therefor are not sufficient to cover the costs of repair and restoration.
(4) If the Building or the Project or any portion thereof is damaged or destroyed during the last twelve (12) months of the Term.
(d) If the Premises is damaged or destroyed to the extent that the Premises cannot be substantially repaired or restored by Landlord within one hundred eighty (180) days after the Casualty Discovery Date, Tenant may terminate this Lease immediately upon notice thereof to Landlord, which notice shall be given, if at all, not later than fifteen (15) days after Landlord notifies Tenant of Landlord's estimate of the period of time required to repair such damage or destruction.
(e) In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately in the ratio which Tenant's use of the Premises is impaired during the period of such repair or restoration, but only to the extent of rental abatement insurance proceeds received by Landlord; provided, however, that Tenant shall not be entitled to such abatement to the extent that such damage or destruction resulted from the acts or inaction of Tenant or Tenant's Agents. Except as expressly provided in the immediately preceding sentence with respect to abatement of Base Rent, Tenant shall have no claim against Landlord for, and hereby releases Landlord and Landlord's Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any damage to or destruction of the Premises, the Building or the Project or the repair or restoration thereof, including, without limitation, any cost, loss or expense resulting from any loss of use of the whole or any part of the Premises, the Building or the Project and/or any inconvenience or annoyance occasioned by such damage, repair or restoration.
(f) If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall repair or restore only the initial tenant improvements, if any, constructed by Landlord in the Premises pursuant to the terms of this Lease, substantially to their condition existing immediately prior to the occurrence of the damage or destruction; and Tenant shall promptly repair and restore, at Tenant's expense, Tenant's Alterations which were not constructed by Landlord.
(g) Tenant hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of this Paragraph 22 shall govern exclusively in case of such destruction.
Appears in 1 contract
Sources: Lease Agreement (Finisar Corp)
Destruction and Damage. (a) If the Building is damaged by fire or other perils, whether or not perils covered by extended coverage insurancethe insurance required by Paragraph 13, Tenant the following shall give Landlord immediate notice thereof. If the peril causing such damage is covered by Landlord’s insurance, Landlord shall, at Landlord’s optionapply:
(1) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five fifty percent (2550%) of the full insurable value thereof) of the Building, elect either to commence promptly to repair and restore the Building and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date (the “Casualty Discovery Date”) Landlord obtains actual knowledge of such destruction. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(2) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Building for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two hundred seventy (270) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this Lease shall continue in full force and effect. If such repair and restoration requires longer than two hundred seventy (270) days or if insurance proceeds therefor (if any), plus any amounts Tenant may elect or is obligated to contribute, are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event this Lease shall continue in full force and effect, or not to repair or restore, in which event this Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(3) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Building occurring during the last twelve (12) months of the Term, Landlord may elect to terminate this the Lease by giving Landlord written notice of such election given to Tenant termination within thirty (30) days after the Casualty Discovery Date.
(b) occurrence of such destruction. If Tenant does not elect to terminate the Building is damaged by any peril not fully covered by insurance proceeds to be received by Landlord, and the cost to repair such damage exceeds any amount Tenant may agree to contributeLease, Landlord may elect either to commence promptly to repair and restore the Building and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Dateoccurrence of such destruction. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the date on of such total destruction.
(2) In the event of a partial destruction (which Tenant surrenders possession shall mean destruction or damage to an extent not exceeding fifty percent (50%) of the full insurable value thereof) of the Building for which Landlord will receive insurance proceeds sufficient to Landlordcover the cost to repair and restore such partial destruction and, except that if the damage thereto is such that the Building may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within one hundred eighty (180) days from the date of such destruction, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event the Lease shall continue in full force and effect. If such repair and restoration is reasonably estimated to require more than one hundred eighty (180) days, Tenant may within thirty (30) days of receipt from Landlord of notice of the time required for repair terminate this Lease by giving Landlord written notice. If such repair and restoration requires longer than one hundred eighty (180) days and Tenant has not elected to terminate this Lease or if the insurance proceeds therefor (plus any amounts Tenant may elect or is obligated to contribute) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event the Lease shall continue in full force and effect, or not to repair or restore, in which event the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention and of the estimated time required for repair within sixty (60) days after the destruction occurs. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the date of such partial destruction.
(3) Nothwithstanding anything to the contrary contained in this Paragraph 22, in the event of damage to the Building materially impairs Tenant’s ability occurring during the last twelve (12) months of the Term, Landlord may elect to continue terminate this Lease by written notice of such election given to Tenant within thirty (30) days after the damage occurs. If Landlord does not terminate this Lease as provided in the immediately preceding sentence, and if the repair and restoration of such damage is reasonably estimated to require more than ninety (90) days, Tenant may elect to terminate this Lease by written notice of such election given to Landlord within ten (10) days of receipt from Landlord of notice of the time required for repair and restoration.
(b) If the Building is damaged by any peril not covered by the insurance required by Paragraph 13, and the cost to repair such damage exceeds any amount Tenant may voluntarily agree to contribute, Landlord may elect to commence promptly to repair and restore the Building and prosecute the same diligently to completion if such repairs and restoration can be completed within two hundred and ten (210) days after the date such damage occurs, in which event this Lease shall remain in full force and effect. If such repairs and restoration cannot be completed within two hundred and ten (210) days after the date of the casualty or if Landlord elects not to repair or restore the Building, this Lease shall terminate. Landlord shall give Tenant written notice of its business operations in intention within sixty (60) days after the occurrence of such damage. If Landlord elects not to restore the Building, then this Lease shall be deemed to have terminated as of the date such damage occurredoccured.
(c) Notwithstanding anything In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately in the ratio which Tenant's use of the Building is impaired during the period of such repair or restoration. Tenant shall not be entitled to any compensation or damages from Landlord for loss of use of the whole or any part of the Building and/or any inconvenience or annoyance occasioned by such damage, repair or restoration.
(d) If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall repair or restore only those portions of the Building which were originally provided at Landlord's expense substantially to their condition existing immediately prior to the contrary in this ▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇▇ shall have the option to terminate this Lease, exercisable by notice to Tenant within sixty (60) days after the Casualty Discovery Date, in each occurrence of the following instances:damage or destruction; and Tenant shall promptly repair and restore, at Tenant's expense, Tenant's fixtures, improvements, alterations and additions in and to the Building which were not provided at Landlord's expense.
(e) Tenant hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of this Paragraph 22 shall govern exclusively in case of such destruction.
Appears in 1 contract
Sources: Sublease Agreement (Scios Inc)
Destruction and Damage. (a) If the Building is Premises are damaged by fire or other perils, whether or not perils covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof. If the peril causing such damage is covered by Landlord’s insurance, thereof and Landlord shall, at Landlord’s 's option:
(1) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the BuildingPremises, elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date (the “Casualty Discovery Date”) Landlord obtains actual knowledge of such destructiondestruction (the "CASUALTY DISCOVERY DATE"). If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(2) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Building Premises for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two hundred seventy (270) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this the Lease shall continue in full force and effect. If such repair and restoration requires longer than two hundred seventy (270) days or if the insurance proceeds therefor (if any), plus any amounts Tenant may elect or is obligated to contribute, ) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event this the Lease shall continue in full force and effect, or not to repair or restore, in which event this the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(3) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Building Premises occurring during the last twelve (12) months of the Term, Landlord or Tenant may elect to terminate this Lease by written notice of such election given to Tenant the other party within thirty (30) days after the Casualty Discovery Date.
(b) If the Building is Premises are damaged by any peril not fully covered by insurance proceeds to be received by Landlord, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Building Premises to Landlord, except that if the damage to the Building Premises materially impairs Tenant’s 's ability to continue its business operations in the BuildingPremises, then this Lease shall be deemed to have terminated as of the date such damage occurred.
(c) Notwithstanding anything to the contrary in this ▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇▇ shall have the option to terminate this Lease, exercisable by notice to Tenant within sixty (60) days after the Casualty Discovery Date, in each of the following instances:
(1) If more than twenty-five percent (25%) of the full insurable value of the Building or the Project is damaged or destroyed, regardless of whether or not the Premises is destroyed.
(2) If the Building or the Project or any portion thereof is damaged or destroyed and the repair and restoration of such damage requires longer than one hundred eighty (180) days from the Casualty Discovery Date, regardless of whether or not the Premises is destroyed.
(3) If the Building or the Project or any portion thereof is damaged or destroyed and the insurance proceeds therefor are not sufficient to cover the costs of repair and restoration, regardless of whether or not the Premises is destroyed.
(4) If the Building or the Project or any portion thereof is damaged or destroyed during the last twelve (12) months of the Term, regardless of whether or not the Premises is destroyed.
(d) In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately in the ratio which Tenant's use of the Premises is impaired during the period of such repair or restoration, but only to the extent of rental abatement insurance proceeds received by Landlord; provided, however, that Tenant shall not be entitled to such abatement to the extent that such damage or destruction resulted from the acts or inaction of Tenant or Tenant's Agents. Except as expressly provided in the immediately preceding sentence with respect to abatement of Base Rent, Tenant shall have no claim against Landlord for, and hereby releases Landlord and Landlord's Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any damage to or destruction of the Premises, the Building or the Project or the repair or restoration thereof, including, without limitation, any cost, loss or expense resulting from any loss of use of the whole or any part of the Premises, the Building or the Project and/or any inconvenience or annoyance occasioned by such damage, repair or restoration.
(e) If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall repair or restore only the initial tenant improvements, if any, constructed by Landlord in the Premises pursuant to the terms of this Lease, substantially to their condition existing immediately prior to the occurrence of the damage or destruction; and Tenant shall promptly repair and restore, at Tenant's expense, Tenant's Alterations which were not constructed by Landlord.
(f) This Lease sets forth the terms and conditions upon which this Lease may terminate in the event of any damage or destruction. Accordingly, the parties hereby waive the provisions of California Civil Code Section 1932, Subsection 2, and Section 1933, Subsection 4 (and any successor statutes thereof permitting the parties to terminate this Lease as a result of any damage or destruction).
Appears in 1 contract
Sources: Office Lease Agreement (Performance Capital Management LLC)
Destruction and Damage. (a) If the Building is Premises are damaged by fire or other perils, whether or not perils covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof. If the peril causing such damage is covered by Landlord’s insurance, Landlord shall, at Landlord’s option:
(1i) In the event of total destruction (which shall mean means destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the BuildingPremises, elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date Landlord obtains actual knowledge of such destruction (the “Casualty Discovery Date”) Landlord obtains actual knowledge of such destruction). If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(2ii) In the event of a partial destruction (which shall mean means destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Building Premises for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two hundred seventy (270) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this the Lease shall continue in full force and effect. If such repair and restoration requires longer than two hundred seventy (270) days or if the insurance proceeds therefor (if any), plus any amounts Tenant may elect or is obligated to contribute, ) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event this the Lease shall continue in full force and effect, or not to repair or restore, in which event this the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(3iii) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Building Premises which costs in excess of One Hundred Thousand Dollars ($100,000) to repair occurring during the last twelve (12) months of the Term, either Landlord or, if such damage to the Premises materially impairs Tenant’s ability to continue its business operations therein, then Tenant may elect to terminate this Lease by written notice of such election given to Tenant the other party within thirty (30) days after the Casualty Discovery Date.
(b) If the Building is Premises are damaged by any peril not fully covered by insurance proceeds to be received by Landlordextended coverage insurance, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Building Premises to Landlord, except that if the damage to the Building Premises materially impairs Tenant’s ability to continue its business operations in the BuildingPremises, then this Lease shall be deemed to have terminated as of the date such damage occurred.
(c) Notwithstanding anything In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately in the ratio which Tenant’s use of the Premises is impaired during the period from the Casualty Discovery Date until substantial completion of such repair or restoration; provided, however, that if such damage or destruction resulted from the negligent acts of Tenant or Tenant’s Agents, then such abatement shall be limited to the contrary extent of rental abatement insurance proceeds received by Landlord. Except as expressly provided in this ▇▇▇▇▇▇▇▇▇ ▇▇the immediately preceding sentence with respect to abatement of Base Rent, ▇▇▇▇▇▇▇▇ Tenant shall have no claim against Landlord for, and hereby releases Landlord and Landlord’s Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any damage to or destruction of the option Premises, the Building or the Project or the repair or restoration thereof, including, without limitation, any cost, loss or expense resulting from any loss of use of the whole or any part of the Premises, the Building or the Project and/or any inconvenience or annoyance occasioned by such damage, repair or restoration.
(d) If the Premises is damaged or destroyed to terminate this Lease, exercisable the extent that the Premises cannot be substantially repaired or restored by notice to Tenant Landlord within sixty two hundred seventy (60270) days after the Casualty Discovery Date, in each Tenant may terminate this Lease immediately upon notice thereof to Landlord, which shall be given, if at all, not later than fifteen (15) days after Landlord notifies Tenant of Landlord’s estimate of the following instances:period of time required to repair such damage or destruction.
(e) If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall repair or restore only the initial tenant improvements, if any, constructed by Landlord in the Premises pursuant to the terms of this Lease, substantially to their condition existing immediately prior to the occurrence of the damage or destruction; and Tenant shall promptly repair and restore, at Tenant’s expense, Tenant’s Alterations which were not constructed by Landlord.
(f) Tenant hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of this Paragraph 21 shall govern exclusively in case of such destruction.
Appears in 1 contract
Destruction and Damage. (a) If the Building is Premises are damaged by fire or other perils, whether or not perils covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof. If the peril causing such damage is covered by Landlord’s insurance, Landlord shall, at Landlord’s 's option:
(1) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the BuildingPremises, elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date (the “Casualty Discovery Date”"CASUALTY DISCOVERY DATE") Landlord obtains actual knowledge of such destruction. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Datedate of such total destruction.
(2) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Building Premises for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two one hundred seventy eighty (270180) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this the Lease shall continue in full force and effect. If such repair and restoration requires longer than two one hundred seventy eighty (270180) days or if the insurance proceeds therefor (if any), plus any amounts Tenant may elect or is obligated to contribute, ) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event this the Lease shall continue in full force and effect, or not to repair or restore, in which event this the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Datedate of such partial destruction.
(3) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Building Premises occurring during the last twelve (12) months of the Term, Landlord and Tenant may each elect to terminate this Lease by written notice of such election given to Tenant the other within thirty (30) days after the Casualty Discovery Date; provided, however, that Tenant shall have the right to terminate this Lease under this Paragraph 22(a)(3) only if its use of the Premises is materially disrupted as a result of such damage.
(b) If the Building is Premises are damaged by any peril not fully covered by insurance proceeds to be received by Landlordextended coverage insurance, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Building Premises to Landlord, except that if the damage to the Building Premises materially impairs Tenant’s 's ability to continue its business operations in the BuildingPremises, then this Lease shall be deemed to have terminated as of the date such damage occurred.
(c) Notwithstanding anything to the contrary in this ▇▇▇▇Para▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇▇ shall ▇▇▇ll have the option to terminate this Lease, exercisable by notice to Tenant within sixty (60) days after the Casualty Discovery Date, in each of the following instances:
(1) If more than twenty-five percent (25%) of the full insurable value of the Building or the Project is damaged or destroyed, regardless of whether or not the Premises are destroyed.
(2) If the Building or the Project or any portion thereof is damaged or destroyed and the repair and restoration of such damage requires longer than one hundred eighty (180) days from the Casualty Discovery Date.
(3) If the Building or the Project or any portion thereof is damaged or destroyed and the insurance proceeds therefor are not sufficient to cover the costs of repair and restoration.
(4) If the Building or the Project or any portion thereof is damaged or destroyed during the last twelve (12) months of the Term.
(d) If the Premises is damaged or destroyed to the extent that the Premises cannot be fully repaired or restored by Landlord within one hundred eighty (180) days after the Casualty Discovery Date, Tenant may terminate this Lease immediately upon notice thereof to Landlord, which notice shall be given, if at all, not later than fifteen (15) days after Landlord notifies Tenant of Landlord's estimate of the period of time required to repair such damage or destruction.
(e) In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately in the ratio which Tenant's use of the Premises is impaired during the period of such repair or restoration; provided, however, that Tenant shall not be entitled to such abatement to the extent that such damage or destruction resulted from the wrongful or grossly negligent acts of Tenant or Tenant's Agents. Except as expressly provided in the immediately preceding sentence with respect to abatement of Base Rent, Tenant shall have no claim against Landlord for, and hereby releases Landlord and Landlord's Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any damage to or destruction of the Premises, the Building or the Project or the repair or restoration thereof, including, without limitation, any cost, loss or expense resulting from any loss of use of the whole or any part of the Premises, the
Appears in 1 contract
Sources: Lease Agreement (General Magic Inc)
Destruction and Damage. (a) If the Building is Premises are damaged by fire or other perils, whether or not perils covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof. If the peril causing such damage is covered by Landlord’s insurance, Landlord shall, at Landlord’s 's option:
(1) In the event of total destruction (which shall mean destruction or damage in excess of twentythirty-five three percent (2533%) of the full insurable value thereof) of the BuildingPremises, elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date (the “"Casualty Discovery Date”") Landlord obtains actual knowledge of such destruction. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Datedate of such total destruction.
(2) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twentythirty-five three percent (2533%) of the full insurable value thereof) of the Building Premises for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two one hundred seventy eighty (270180) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this the Lease shall continue in full force and effect. If such repair and restoration requires longer than two one hundred seventy eighty (270180) days or if the insurance proceeds therefor (if any), plus any amounts Tenant may elect or is obligated to contribute, ) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event this the Lease shall continue in full force and effect, or not to repair or restore, in which event this the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Datedate of such partial destruction.
(3) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Building Premises occurring during the last twelve (12) months of the Term, Landlord may elect to terminate this Lease by written notice of such election given to Tenant within thirty (30) days after the Casualty Discovery Date.
(b) If the Building is Premises are damaged by any peril not fully covered by insurance proceeds to be received by Landlordextended coverage insurance, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Building Premises to Landlord, except that if the damage to the Building Premises materially impairs Tenant’s 's ability to continue its business operations in the BuildingPremises, then this Lease shall be deemed to have terminated as of the date such damage occurred.
(c) Notwithstanding anything to the contrary in this ▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇▇ shall have the option to terminate this Lease, exercisable by notice to Tenant within sixty (60) days after the Casualty Discovery Date, in each of the following instances:
(1) If more than thirty-three percent (33%) of the full insurable value of the Building or the Project is damaged or destroyed, regardless of whether or not the Premises are destroyed.
(2) If the Building or the Project or any portion thereof is damaged or destroyed and the repair and restoration of such damage requires longer than one hundred eighty (180) days from the Casualty Discovery Date.
(3) If the Building or the Project or any portion thereof is damaged or destroyed and the insurance proceeds therefor are not sufficient to cover the costs of repair and restoration.
(4) If the Building or the Project or any portion thereof is damaged or destroyed during the last twelve (12) months of the Term.
(d) In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately as reasonably determined by Landlord in the ratio which Tenant's use of the Premises is impaired during the period of such repair or restoration; provided, however, that Tenant shall not be entitled to such abatement to the extent that such damage or destruction resulted from the acts of Tenant or Tenant's Agents. Except as expressly provided in the immediately preceding sentence with respect to abatement of Base Rent, Tenant shall have no claim against Landlord for, and hereby releases Landlord and Landlord's Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any damage to or destruction of the Premises, the Building or the Project or the repair or restoration thereof, including, without limitation, any cost, loss or expense resulting from any loss of use of the whole or any part of the Premises, the Building or the Project and/or any inconvenience or annoyance occasioned by such damage, repair or restoration.
(e) If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall repair or restore only the initial tenant improvements, if any, constructed by Landlord in the Premises pursuant to the terms of this Lease, substantially to their condition existing immediately prior to the occurrence of the damage or destruction; and Tenant shall promptly repair and restore, at Tenant's expense, Tenant's Alterations which were not constructed by Landlord.
(f) Notwithstanding anything to the contrary in this Paragraph 21, (i) Landlord shall notify Tenant within forty- five (45) days following the Casualty Discovery Date of the length of time Landlord reasonably estimates to be necessary for repair or restoration of any damage or destruction; and (ii) Tenant shall have the right to terminate the Lease within fifteen (15) days following receipt of such notice if restoration or repair of the Premises is estimated by Landlord to take more than one hundred eighty (180) days.
(g) Tenant hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of this Paragraph 22 shall govern exclusively in case of such destruction.
Appears in 1 contract
Sources: Lease Agreement (Arthrocare Corp)
Destruction and Damage. (a) If the Building is Premises are damaged by fire or other perils, whether or not perils covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof. If the peril causing such damage is covered by Landlord’s insurance, Landlord shall, at Landlord’s 's option:
(1) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the BuildingPremises, elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date (the “"Casualty Discovery Date”") Landlord obtains actual knowledge of such destruction. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Datedate of such total destruction.
(2) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Building Premises for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two one hundred seventy eighty (270180) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this the Lease shall continue in full force and effect. If such repair and restoration requires longer than two one hundred seventy eighty (270180) days or if the insurance proceeds therefor therefore (if any), plus any amounts Tenant may elect or is obligated to contribute, ) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event this the Lease shall continue in full force and effect, or not to repair or restore, in which event this the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(3) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Building occurring during the last twelve (12) months of the Term, Landlord may elect to terminate this Lease by written notice date of such election given to Tenant within thirty (30) days after the Casualty Discovery Datepartial destruction.
(b) If the Building is Premises are damaged by any peril not fully covered by insurance proceeds to be received by Landlordextended coverage insurance, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Building Premises to Landlord, except that if the damage to the Building Premises materially impairs Tenant’s 's ability to continue its business operations in the BuildingPremises, then this Lease shall be deemed to have terminated as of the date such damage occurred.
(c) Notwithstanding anything to the contrary in this ▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇▇ shall have the option to terminate this Lease, exercisable by notice to Tenant within sixty (60) days after the Casualty Discovery Date, in each of the following instances:
(1) If more than twenty-five percent (25%) of the full insurable value of the Building is damaged or destroyed, regardless of whether or not the Premises are destroyed.
(2) If the Building or the Project or any portion thereof is damaged or destroyed and the repair and restoration of such damage requires longer than one hundred eighty (180) days from the Casualty Discovery Date.
(3) If the Building or the Project or any portion thereof is damaged or destroyed and the insurance proceeds therefore are not sufficient to cover the costs of repair and restoration.
(4) If the Building or the Project or any portion thereof is damaged or destroyed during the last twelve (12) months of the Term.
(d) In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately in the ration which Tenant's use of the Premises is impaired during the period of such repair or restoration, but only to the extent of rental abatement insurance proceeds received by Landlord, provided, however, that Tenant shall not be entitled to such abatement to the extent that such damage or destruction was caused by the acts or inaction of Tenant or Tenant's Agents. The number of parking spaces allocated to Tenant hereunder shall be reduced on a proportionate basis in the event any of the parking spaces in the Parking Areas are eliminated as a result of such damage or destruction affecting such Parking Areas. Except as expressly provided in the immediately preceding sentence with respect to abatement of Base Rent, Tenant shall have no claim against Landlord for, and hereby releases Landlord and Landlord's Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any damage to or destruction of the Premises, the building or the Project or the repair or restoration thereof, including, without limitation, any cost, loss or expense resulting from any loss of use of the whole or any part of the Premises, the Building or the Project and/or any inconvenience or annoyance occasioned by such damage, repair or restoration unless caused by the gross negligence or the willful misconduct of Landlord.
(e) If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall repair or restore only the initial Tenant Improvements constructed in the Premises pursuant to the terms of this Lease, substantially to their condition existing immediately prior to the occurrence of the damage or destruction; and Tenant may, but shall not be obligated to, promptly repair and restore, at Tenant's expense, Tenant's Alterations which were not constructed by Landlord.
(f) Tenant hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of this Paragraph 21 shall govern exclusively in case of such destruction.
(g) If Landlord elects to repair or restore the Premises in accordance with the terms and conditions set forth in this Paragraph 21 but fails to substantially complete such repair or restoration within two hundred and seventy (270) days after the Casualty Discovery Date (the "Repair Period") and such damage to the Premises materially and adversely affects Tenant in the conduct of its business operations, Tenant shall have the right to terminate this Lease by providing written notice to Landlord within five (5) business days after the end of the Repair Period, in which event this Lease shall terminate as of the date of such casualty.
Appears in 1 contract
Sources: Lease Agreement (Corgentech Inc)
Destruction and Damage. (a) If the Building is Premises are damaged by fire or other perils, whether or not covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof. If thereof and, to the peril causing such damage is covered extent insurance proceeds actually received by Landlord’s insuranceLandlord are sufficient to perform all necessary repairs and restoration, Landlord shall, at Landlord’s option:
(1) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the Building, elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completioncompletion within twelve (12) months after Landlord has received all permits and approvals required to commence such repair and restoration, in which event but no later than eighteen (18) months from the date of the casualty, and this Lease shall remain in full force and effect; or not to repair or restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date (the “Casualty Discovery Date”) Landlord obtains actual knowledge of such destruction. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(2) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Building for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two hundred seventy (270) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this Lease shall continue in full force and effect. If such repair and restoration requires longer than two hundred seventy (270) days or if insurance proceeds therefor (if any), plus any amounts Tenant may elect or is obligated to contribute, are not sufficient to cover completed by the cost end of such repair and restorationtwelve (12) or eighteen (18) month period, Landlord may elect either as applicable, then Tenant shall have the right to so repair and restore, in which event terminate this Lease shall continue in full force and effect, or not to repair or restore, in which event this Lease shall terminate. In either case, Landlord shall give by written notice to Tenant of its intention Landlord given within sixty fifteen (6015) days after the Casualty Discovery Date. If Landlord elects not to restore the Buildingend of such twelve (12) month or eighteen (18) month period, this Lease shall be deemed to have terminated as of the Casualty Discovery Dateapplicable.
(3b) Notwithstanding anything to the contrary contained in this Paragraph, in the event (i) insurance proceeds actually received by Landlord are insufficient to perform all necessary repairs and restoration, then Landlord may elect to terminate this Lease by written notice to Tenant within thirty (30) days after delivery of such notice, or (ii) damage to the Building occurring occurs during the last twelve (12) months of the TermTerm and exceeds twenty-five (25%) percent of the full insurable value thereof, then either Landlord or Tenant may elect to terminate this Lease by written notice of such election given to Tenant the other within thirty (30) days after the Casualty Discovery Date.
(b) If the Building is damaged by any peril not fully covered by insurance proceeds to be received by Landlord, and the cost to repair date Landlord obtains actual knowledge of such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Building and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Building to Landlord, except that if the damage to the Building materially impairs Tenant’s ability to continue its business operations in the Building, then this Lease shall be deemed to have terminated as of the date such damage occurreddestruction.
(c) Notwithstanding anything In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately in the ratio which Tenant’s use of the Building is impaired during the period of such repair or restoration; provided, however, that Tenant shall not be entitled to such abatement to the contrary extent that such damage or destruction resulted from the acts or inaction of Tenant or Tenant’s Agents. Except as expressly provided in this ▇▇▇▇▇▇▇▇▇ ▇▇the immediately preceding sentence with respect to abatement of Base Rent, ▇▇▇▇▇▇▇▇ Tenant shall have no claim against Landlord for, and hereby releases Landlord and Landlord’s Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any damage to or destruction of the option Premises or the repair or restoration thereof, including, without limitation, any cost, loss or expense resulting from any loss of use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by such damage, repair or restoration.
(d) If Landlord is obligated to terminate or elects to repair or restore as herein provided, Landlord shall repair or restore only the initial Landlord Improvements constructed by Landlord in the Premises pursuant to the terms of this Lease, exercisable by notice substantially to Tenant within sixty (60) days after their condition existing immediately prior to the Casualty Discovery Date, in each occurrence of the following instances:damage or destruction; and Tenant shall promptly repair and restore, at Tenant’s expense, Tenant’s Alterations which were not constructed by Landlord. Landlord shall have no obligation to restore any improvements constructed by Tenant or which were not part of the Landlord Improvements.
(e) Tenant hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of this Paragraph 20 shall govern exclusively in case of such destruction.
Appears in 1 contract
Sources: Lease Agreement (OMNICELL, Inc)
Destruction and Damage. (a) If the Building is Premises are damaged by fire or other perils, whether or not perils covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof. If the peril causing such damage is covered by Landlord’s insurance, Landlord shall, at Landlord’s option:
(1) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the BuildingPremises, elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date (the “Casualty Discovery Date”) Landlord obtains actual knowledge of such destruction. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Datedate of such total destruction.
(2) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Building Premises for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two one hundred seventy eighty (270180) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this the Lease shall continue in full force and effect. If such repair and restoration requires longer than two one hundred seventy eighty (270180) days or if the insurance proceeds therefor (if any), plus any amounts Tenant may elect or is obligated to contribute, ) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event this the Lease shall continue in full force and effect, or not to repair or restore, in which event this the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Datedate of such partial destruction.
(3) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Building Premises occurring during the last twelve (12) months of the Term, Landlord may elect to terminate this Lease by written notice of such election given to Tenant within thirty (30) days after the Casualty Discovery Date.
(b) If the Building is Premises are damaged by any peril not fully covered by insurance proceeds to be received by Landlordextended coverage insurance, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Building Premises to Landlord, except that if the damage to the Building Premises materially impairs Tenant’s ability to continue its business operations in the BuildingPremises, then this Lease shall be deemed to have terminated as of the date such damage occurred.
(c) Notwithstanding anything to the contrary in this ▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇▇ shall have the option to terminate this Lease, exercisable by notice to Tenant within sixty (60) days after the Casualty Discovery Date, in each of the following instances:
(1) If more than twenty-five percent (25%) of the full insurable value of the Building or the Project is damaged or destroyed, regardless of whether or not the Premises are destroyed.
(2) If the Building or the Project or any portion thereof is damaged or destroyed and the repair and restoration of such damage requires longer than one hundred eighty (180) days from the Casualty Discovery Date.
(3) If the Building or the Project or any portion thereof is damaged or destroyed and the insurance proceeds therefor are not sufficient to cover the costs of repair and restoration.
(4) If the Building or the Project or any portion thereof is damaged or destroyed during the last twelve (12) months of the Term.
(d) In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately in the ratio which Tenant’s use of the Premises is impaired during the period of such repair or restoration, but only to the extent of rental abatement insurance proceeds received by Landlord; provided, however, that Tenant shall not be entitled to such abatement to the extent that such damage or destruction resulted from the acts or inaction of Tenant or Tenant’s Agents. Except as expressly provided in the immediately preceding sentence with respect to abatement of Base Rent, Tenant shall have no claim against Landlord for, and hereby releases Landlord and Landlord’s Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any damage to or destruction of the Premises, the Building or the Project or the repair or restoration thereof, including, without limitation, any cost, loss or expense resulting from any loss of use of the whole or any part of the Premises, the Building or the Project and/or any inconvenience or annoyance occasioned by such damage, repair or restoration.
(e) If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall repair or restore only the initial tenant improvements, if any, constructed by Landlord in the Premises pursuant to the terms of this Lease, substantially to their condition existing immediately prior to the occurrence of the damage or destruction; and Tenant shall promptly repair and restore, at Tenant’s expense, Tenant’s Alterations which were not constructed by Landlord.
(f) Tenant hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of this Paragraph 22 shall govern exclusively in case of such destruction.
Appears in 1 contract
Destruction and Damage. (a) If the Building is damaged or the Leased Premises should be totally destroyed by fire fire, flood or other perils, whether casualty or be so damaged that rebuilding or repair cannot covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof. If reasonably be completed within nine (9) months after the peril causing occurrence of such damage is covered by Landlord’s insurance, Landlord shall, at Landlord’s option:
(1) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the Building, elect either to commence promptly to repair and restore the Building and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date (the “Casualty Discovery Date”) Landlord obtains actual knowledge of such destruction. If Landlord elects not to restore the Building, this Lease shall terminate and rent shall be deemed to have terminated abated for the unexpired Term, effective as of the Casualty Discovery Datedate of the occurrence of such damage or destruction.
(2b) In If the event of a partial destruction (which shall mean destruction Building or damage the Leased Premises should be damaged by fire, flood to other casualty, but not to such an extent that rebuilding or repair cannot exceeding twenty-five percent reasonably be completed within nine (25%9) of the full insurable value thereof) of the Building for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two hundred seventy (270) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this Lease shall continue in full force and effect. If such repair and restoration requires longer than two hundred seventy (270) days or if insurance proceeds therefor (if any), plus any amounts Tenant may elect or is obligated to contribute, are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event this Lease shall continue in full force and effect, or not to repair or restore, in which event this Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days months after the Casualty Discovery Date. If Landlord elects not to restore the Buildingoccurrence thereof, this Lease shall be deemed not terminate but Lessor shall, at Lessor's sole cost and expense, proceed to have terminated as of rebuild or repair the Casualty Discovery Date.
(3) Notwithstanding anything Building and the Leased Premises to the contrary contained in this Paragraphsame condition which existed prior to such damage, in the event of except that, if such damage to the Building occurring during occurs within the last twelve nine (129) months of the TermLessee's renewal option, Landlord either party may elect to terminate this Lease by written notice of such election given notification to Tenant within thirty (30) days after the Casualty Discovery Date.
(b) other, whereupon all rights and obligations hereunder shall cease. If the Building is damaged Leased Premises are rendered wholly or partially untenantable by any peril not fully covered by insurance proceeds to be received by Landlordsuch damage, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore rent otherwise payable hereunder shall ▇▇▇▇▇ during the Building and prosecute the same diligently to completion, period in which event this Lease shall remain in full force and effect; or not to repair or restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Building to Landlord, except that if the damage to the Building materially impairs Tenant’s ability to continue its business operations in the Building, then this Lease shall be deemed to have terminated as of the date such damage occurredLeased Premises are untenantable.
(c) Notwithstanding anything to the contrary in this ▇▇▇▇▇▇▇▇▇ ▇▇foregoing, ▇▇▇▇▇▇▇▇ Lessee shall have the a separate option to terminate this Lease, exercisable by notice to Tenant within sixty (60) days after the Casualty Discovery Date, in each Lease if any of the following instances:events shall occur as a result of a casualty and if any damage or destruction of the Leased Premises shall not have been fully repaired, and any impairment of Lessee's use of the Leased Premises shall not have been fully restored, within three (3) months after such damage or destruction shall have first occurred: (a) any material portion of the Leased Premises is damaged or destroyed, (b) any portion of the Building, or access to the Leased Premises or the Building is damaged or destroyed so as to materially interfere with Lessee's use of or access to the Leased Premises. For the purposes of this Section 12, a "material portion of the Leased Premises" will be deemed to have been damaged or destroyed, and any other casualty shall be deemed to "materially interfere" with Lessee's use of or access to the Leased Premises if the portion of the Leased Premises capable of being used after such damage or destruction is unsuitable in Lessee's reasonable opinion for Lessee's continued business use of the Leased Premises in the manner in which it was used prior to such taking.
Appears in 1 contract
Destruction and Damage. (a) 21.1 If the Building is Premises are damaged by fire or other perils, whether or not perils covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof. If the peril causing such damage is covered by Landlord’s insurance, Landlord shall, at Landlord’s option:
(1) 21.1.1 In the event of total destruction (which shall mean means destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the BuildingPremises, elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date Landlord obtains actual knowledge of such destruction (the “Casualty Discovery Date”) Landlord obtains actual knowledge of such destruction). If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(2) 21.1.2 In the event of a partial destruction (which shall mean means destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Building Premises for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two hundred seventy (270) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this the Lease shall continue in full force and effect. If such repair and restoration requires longer than two hundred seventy (270) days or if the insurance proceeds therefor (if any), plus any amounts Tenant may elect or is obligated to contribute, ) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event this the Lease shall continue in full force and effect, or not to repair or restore, in which event this the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(3) 21.1.3 Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Building Premises occurring during the last twelve (12) months of the TermTerm which will take more than one hundred twenty (120) days to repair, Landlord or Tenant may elect to terminate this Lease by written notice of such election given to Tenant the other party within thirty (30) days after the Casualty Discovery Date.
(b) 21.2 If the Building is Premises are damaged by any peril not fully covered by insurance proceeds to be received by Landlordextended coverage insurance, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Building Premises to Landlord, except that if the damage to the Building Premises materially impairs Tenant’s ability to continue its business operations in the BuildingPremises, then this Lease shall be deemed to have terminated as of the date such damage occurred.
(c) 21.3 Notwithstanding anything to the contrary in this ▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇▇ shall have the option to terminate this Lease, exercisable by notice to Tenant within sixty (60) days after the Casualty Discovery Date, in each of the following instances:
21.3.1 If more than twenty-five percent (25%) of the full insurable value of the Building or the Project is damaged or destroyed, regardless of whether or not the Premises are destroyed.
21.3.2 If the Building or the Project or any portion thereof is damaged or destroyed and the repair and restoration of such damage requires longer than two hundred seventy (270) days from the Casualty Discovery Date.
21.3.3 If the Building or the Project or any portion thereof is damaged or destroyed and the insurance proceeds therefor are not sufficient to cover the costs of repair and restoration.
21.3.4 If the Building or the Project or any portion thereof is damaged or destroyed during the last twelve (12) months of the Term.
21.4 In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately from and after the casualty in the ratio which Tenant’s use of the Premises is impaired during the period of such repair or restoration, but only to the extent of rental abatement insurance proceeds received by Landlord; provided, however, that Tenant shall not be entitled to such abatement to the extent that such damage or destruction resulted from the active negligence or willful misconduct of Tenant or
Appears in 1 contract
Sources: Warehouse/Industrial Lease Agreement (Zeltiq Aesthetics Inc)
Destruction and Damage. (a) 22.01 If the Building is Demised Premises and/or access thereto shall be partially or totally damaged or destroyed by fire or other perilscasualty, whether or not covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof. If the peril causing such damage is covered by Landlord’s insurancethen, Landlord shall, at Landlord’s option:
(1) In subject to its rights under Section 22.03 hereof, repair the event of total destruction (which shall mean destruction damage and restore and rebuild the Demised Premises and/or access thereto as nearly as may be reasonably practical to its condition and character immediately prior to such damage or damage in excess of twenty-five percent (25%) destruction, with reasonable diligence after notice to it of the full insurable value thereof) damage or destruction.
22.02 If the Demised Premises and/or access thereto shall be partially or totally damaged or destroyed by fire or other casualty, the rents payable hereunder shall be abated to the extent that the Demised Premises shall have been rendered untenantable from the date of such damage or destruction to the date the damage shall be substantially repaired or restored or rebuilt. Should Tenant reoccupy a portion of the BuildingDemised Premises during the period that the repair, elect either restoration, or rebuilding is in progress and prior to commence promptly the date that the same are made completely tenantable, rents allocable to repair such portion shall be payable by Tenant from the date of such occupancy to the date the Demised Premises are made tenantable.
22.03 In case of substantial damage or destruction of the Demised Premises, Tenant may terminate this Lease by notice to Landlord, if Landlord has not completed the making of required repairs and restore restored and rebuilt the Demised Premises and/or access thereto within 12 months from the date of such damage or destruction, and such additional time after such date (but in no event exceed 9 months) as shall equal the aggregate period Landlord may have been delayed in doing so by adjustment of insurance or Unavoidable Delays. In case the Building and prosecute shall be so damaged by such fire or other casualty that substantial renovation, reconstruction or demolition of the same diligently to completionBuilding shall, in which event Landlord's opinion, be required (whether or not the Demised Premises shall have been damaged by such fire or other casualty), then Landlord may, at its option, terminate this Lease shall remain in full force and effect; or not to repair or restore the BuildingTerm and estate hereby granted, in which event this Lease shall terminate. Landlord shall give by notifying Tenant written notice of its intention such termination, within sixty (60) days after the date (the “Casualty Discovery Date”) Landlord obtains actual knowledge of such destructiondamage. If at any time prior to Landlord elects not giving tenant the aforesaid notice of termination or commencing the repair and restoration pursuant to restore Section 22.01, the Building, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(2) In the event holder of a partial destruction (which shall mean destruction superior mortgage or damage to an extent not exceeding twenty-five percent (25%) the lessor of a superior lease or any person claiming under or through the full insurable value thereof) holder of such superior mortgage or the lessor of such superior lease takes possession of the Building for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore through foreclosure or otherwise, such partial destruction andholder, if the damage thereto is such that the Building may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two hundred seventy (270) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this Lease shall continue in full force and effect. If such repair and restoration requires longer than two hundred seventy (270) days or if insurance proceeds therefor (if any), plus any amounts Tenant may elect or is obligated to contribute, are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event this Lease shall continue in full force and effectlessor, or not to repair or restore, in which event this Lease person shall terminate. In either case, Landlord shall give written notice to Tenant have a further period of its intention within sixty (60) days after from the Casualty Discovery Date. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as date of the Casualty Discovery Date.
(3) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Building occurring during the last twelve (12) months of the Term, Landlord may elect so taking possession to terminate this Lease by appropriate written notice of to Tenant. In the event that such election given to Tenant within thirty (30) days after the Casualty Discovery Date.
(b) If the Building is damaged by any peril not fully covered by insurance proceeds to be received by Landlord, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Building and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written a notice of its intention within sixty (60) days after termination shall be given pursuant to either of the Casualty Discovery Date. If Landlord elects not to restore the Buildingnext two preceding sentences, this Lease and the Term and estate hereby granted shall be deemed to have terminated expire as of the date on which of such termination with the same effect as if that were the date hereinabove set for the expiration of the Term, and the Fixed Rent and additional rent due and to become due hereunder shall be apportioned as of such date if not earlier abated pursuant to Section 22.02. Nothing contained in this Section 22.03 shall relieve Tenant surrenders possession from any liability to Landlord or to its insurers in connection with any damage to the Demised Premises or the Building by fire or other casualty if Tenant shall be legally liable in such respect.
22.04 No damages, compensation or claim shall be payable by Landlord for inconvenience, loss of business or annoyance arising from any repair or restoration of any portion of the Demised Premises or of the Building pursuant to Landlordthis Article. Landlord shall use its best efforts to effect such repair or restoration promptly and in such manner as not unreasonably to interfere with Tenant's use and occupancy.
22.05 Landlord will not carry insurance of any kind on Tenant's Property, and, except that as provided by law or its breach of any of its obligations hereunder, shall not be obligated to repair any damage thereto or replace the same.
22.06 The provisions of this Article shall be considered an express agreement governing any case of damage or destruction of the Demised Premises by fire or other casualty, and any statute or regulation providing for such a contingency in the absence of, an express agreement, now or hereafter in force, shall have no application in such case.
22.07 Notwithstanding any of the foregoing provisions of this Lease if Landlord or the lessor of any superior lease or the holder of any superior mortgage shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Demised Premises or the Building by fire or other cause, by reason of some action or inaction on the part of Tenant or any of its employees, agents or contractors, then, without prejudice to any other remedies which may be available against Tenant, the abatement of Tenant's rents provided for in this Article shall not be effective to the Building materially impairs Tenant’s ability to continue its business operations in the Building, then this Lease shall be deemed to have terminated as extent of the date such damage occurreduncollected insurance proceeds.
(c) Notwithstanding anything to the contrary in this ▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇▇ shall have the option to terminate this Lease, exercisable by notice to Tenant within sixty (60) days after the Casualty Discovery Date, in each of the following instances:
Appears in 1 contract
Destruction and Damage. (a) If the Building is Premises are damaged by fire or other perils, whether or not perils covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof. If the peril causing such damage is covered by Landlord’s insurance, thereof and Landlord shall, at Landlord’s 's option:
(1) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the BuildingPremises, elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date (the “Casualty Discovery Date”"CASUALTY DISCOVERY DATE") Landlord obtains actual knowledge of such destruction. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(2) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Building Premises for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction (less deductibles) and, if the damage thereto is such that the Building Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two hundred seventy (270) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this the Lease shall continue in full force and effect. If such repair and restoration requires longer than two hundred seventy (270) days or if the insurance proceeds therefor (if any), plus any amounts Tenant may elect or is obligated to contribute, ) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event this the Lease shall continue in full force and effect, or not to repair or restore, in which event this the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(3) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Building Premises occurring during the last twelve (12) months of the Term, Landlord may elect to terminate this Lease by written notice of such election given to Tenant within thirty (30) days after the Casualty Discovery Date.
(b) If the Building is Premises are damaged by any peril not fully covered by fire and extended coverage insurance, or if the Premises are damaged by earthquake and Landlord either does not maintain earthquake insurance proceeds to be received or the dollar amount of the deductible on any earthquake insurance maintained by LandlordLandlord exceeds $250,000, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, then Landlord may elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the BuildingPremises, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Building Premises to Landlord, except that if the damage to the Building Premises materially impairs Tenant’s 's ability to continue its business operations in the BuildingPremises, then this Lease shall be deemed to have terminated as of the date such damage occurred.
(c) Notwithstanding anything to the contrary in this ▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇▇ shall have the option to terminate this Lease, exercisable by notice to Tenant within sixty (60) days after the Casualty Discovery Date, in each of the following instances:
(1) If more than twenty-five percent (25%) of the full insurable value of the Building or the Project is damaged or destroyed, regardless of whether or not the Premises is destroyed.
(2) If the Building or the Project or any portion thereof is damaged or destroyed and the repair and restoration of such damage requires longer than one hundred eighty (180) days from the Casualty Discovery Date, regardless of whether or not the Premises is destroyed.
(3) If the Building or the Project or any portion thereof is damaged or destroyed and the insurance proceeds therefor are not sufficient to cover the costs of repair and restoration, regardless of whether or not the Premises is destroyed.
(4) If the Building or the Project or any portion thereof is damaged or destroyed during the last twelve (12) months of the Term regardless of whether or not the Premises is destroyed.
(d) In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately in the ratio which Tenant's use of the Premises is impaired during the period of such repair or restoration, but only to the extent of rental abatement insurance proceeds received by Landlord; provided, however, that Tenant shall not be entitled to such abatement to the extent that such damage or destruction resulted from the acts or inaction of Tenant or Tenant's Agents. Except as expressly provided in the immediately preceding sentence with respect to abatement of Base Rent, Tenant shall have no claim against Landlord for, and hereby releases Landlord and Landlord's Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any damage to or destruction of the Premises, the Building or the Project or the repair or restoration thereof, including, without limitation, any cost, loss or expense resulting from any loss of use of the whole or any part of the Premises, the Building or the Project and/or any inconvenience or annoyance occasioned by such damage, repair or restoration.
(e) If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall repair or restore only the initial tenant improvements, if any, constructed by Landlord in the Premises pursuant to the terms of this Lease, substantially: to their condition existing immediately prior to the occurrence of the damage or destruction; and Tenant shall promptly repair and restore, at Tenant's expense, Tenant's Alterations which were not constructed by Landlord.
Appears in 1 contract
Destruction and Damage. (a) If the Building is damaged by fire or other perils, whether or not covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereofof any damage to the Premises and/or the Building. If the peril causing such damage is Premises are damaged by fire or other perils covered by insurance carried by Landlord’s insurance, Landlord shall, at Landlord’s option:
(1i) In the event of total destruction of the Premises (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the Building), elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice (the “Casualty Election Notice”) of its intention election within sixty (60) days after the date Landlord obtains actual knowledge of such destruction (the “Casualty Discovery Date”) Landlord obtains actual knowledge ), which Casualty Election Notice shall also include Landlord’s reasonable categorization of such destructiondamage for purposes of this Paragraph 21 and Landlord’s reasonable estimate of the time period necessary to fully repair the damage and restore the Premises as required by this Paragraph 21. If Landlord elects not to restore the Buildingterminate this Lease, this Lease such Casualty Election Notice shall specify a termination date, which shall be deemed to have terminated as no fewer than thirty (30) days or more than sixty (60) days after the date of the such Casualty Discovery DateElection Notice.
(2ii) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the Premises of the full insurable value thereof) of the Building for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction destruction, and, if in Landlord’s reasonable judgment, the damage thereto is such that to the Building may Premises can be substantially repaired or restored to its the condition existing immediately prior to such damage or destruction within two one hundred seventy eighty (270180) days from after the Casualty Discovery DateDate (when such repairs are made without payment of overtime or other premiums), Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this Lease shall continue in full force and effect. If in Landlord’s reasonable judgment such repair and restoration requires longer than two said one hundred seventy eighty (270180) days or day period, or, if the insurance proceeds therefor (if any), plus any amounts Tenant may elect or is obligated to contribute, be received by Landlord are not sufficient to fully cover the cost of such repair and restoration, Landlord may elect either to so repair and restorerestore the Premises, in which event this Lease shall continue in full force and effect, or not to repair or restorerestore the Premises, in which event this Lease shall terminate. In either case, Landlord shall give Tenant written notice to Tenant of its intention election within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(3) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Building occurring during the last twelve (12) months of the Term, Landlord may elect to terminate this Lease by written Lease, such notice of such election given to Tenant within shall specify a termination date, which shall be no fewer than thirty (30) days or more than sixty (60) days after the date of the Casualty Discovery DateElection Notice.
(b) If the Building is Premises are damaged by any peril not fully covered by insurance proceeds to be received by Landlord, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Building Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; , or not to repair or restore the BuildingPremises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention election within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Buildingterminate this Lease, this Lease such notice shall specify a termination date, which shall be deemed to have terminated as no fewer than thirty (30) days or more than sixty (60) days after the date of the date on which Tenant surrenders possession of the Building to Landlord, except that if the damage to the Building materially impairs Tenant’s ability to continue its business operations in the Building, then this Lease shall be deemed to have terminated as of the date such damage occurredCasualty Election Notice.
(c) Notwithstanding anything to the contrary in this ▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇▇ shall have the option right to terminate this Lease, exercisable by notice to Tenant within sixty (60) days after the Casualty Discovery Date, in each of the following instances:
(i) If more than twenty-five percent (25%) of the full insurable value of the Building is destroyed, or if more than twenty-five percent (25%) of the full insurable value of the Project is damaged or destroyed, whether or not the Premises are damaged.
(ii) In Landlord’s reasonable judgment, repair and restoration of damage to portions of the Building or the Project necessary for Tenant’s access to or use and occupancy of the Premises cannot reasonably be completed within one hundred eighty (180) days from the Casualty Discovery Date (when such repairs are made without payment of overtime or other premiums), whether or not the Premises are damaged.
(iii) If the Building or the Project or any portion thereof necessary for Tenant’s access to or use and occupancy of the Premises is damaged or destroyed and the insurance proceeds therefor are not sufficient to cover the costs of repair and restoration, whether or not the Premises are damaged.
(iv) If the Premises, the Building or the Project or any portion thereof is damaged or destroyed during the last twelve (12) months of the Term.
Appears in 1 contract