Partial Damage. If, during the Lease Term, the Premises are damaged or destroyed by fire or other casualty, or if the Building is damaged or destroyed by fire or other casualty and such damage or destruction affects Tenant’s use of the Premises (collectively, ‘Premises Damage”), Landlord shall perform the necessary repairs (other than to Tenant’s Alterations, trade fixtures, equipment, and personal property, the repair of which Tenant shall be solely responsible), and this Lease shall continue in full force and effect. Provided, however, that Landlord may, at its option. elect to terminate this Lease if (i) Landlord’s repairs cannot reasonably be completed within sixty (60) days after the date of the Premises Damage in accordance with applicable laws and regulations, or (ii) the Replacement Cost (defined below) exceeds six (6) months’ Minimum Monthly Rent, or (iii) Landlord does not receive sufficient insurance proceeds to pay the full Replacement Cost and the shortfall exceeds one (1) month’s Minimum Monthly Rent. As used herein, “Replacement Cost” shall mean the cost to repair or rebuild the Premises, Building or Center (other than Tenant’s Alterations, equipment, trade fixtures, and personal property) at the time of the damage or destruction to their condition existing immediately prior thereto, including without limitation all costs of demolition, debris removal, permits, fees and other governmental requirements, and upgrading the Premises, Building or Center as required by law or other requirements, without deduction for depreciation. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of Premises Damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. If Landlord does not elect to terminate this Lease pursuant to Landlords termination right as provided herein, and the Damage Repair Estimate indicates that repairs cannot be completed within one hundred twenty (120) days after being commenced, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date of Tenant’s notice.
Appears in 2 contracts
Sources: Standard Industrial Net Lease (Mabvax Therapeutics Holdings, Inc.), Standard Industrial Net Lease (Mabvax Therapeutics Holdings, Inc.)
Partial Damage. If, during In the Lease Term, event improvements on the Leased Premises are damaged or destroyed by fire or other casualtyany casualty which is covered under an insurance policy required to be maintained pursuant to the preceding Section, or if the Building is damaged or destroyed by fire or other casualty and then Landlord shall repair such damage or destruction affects Tenant’s use of the Premises (collectively, ‘Premises Damage”), Landlord shall perform the necessary repairs (other than to Tenant’s Alterations, trade fixtures, equipment, and personal property, the repair of which Tenant shall be solely responsible), as soon as reasonably possible and this Lease shall continue in full force and effect. ProvidedIn the event the improvements on the Leased Premises are damaged by any casualty not covered under an insurance policy required to be maintained pursuant to the preceding section, however, that then Landlord may, at its Landlord’s option. elect to terminate , either (a) repair such damage as soon as reasonably possible at Landlord’s expense, in which event this Lease if shall continue in full force and effect, or (ib) Landlord’s repairs cannot reasonably be completed give written notice to Tenant, within sixty (60) days after the date of the Premises Damage in accordance with applicable laws and regulationsoccurrence of such damage, or (ii) the Replacement Cost (defined below) exceeds six (6) months’ Minimum Monthly Rent, or (iii) Landlord does not receive sufficient insurance proceeds to pay the full Replacement Cost and the shortfall exceeds one (1) month’s Minimum Monthly Rent. As used herein, “Replacement Cost” shall mean the cost to repair or rebuild the Premises, Building or Center (other than Tenant’s Alterations, equipment, trade fixtures, and personal property) at the time of the damage or destruction to their condition existing immediately prior thereto, including without limitation all costs of demolition, debris removal, permits, fees and other governmental requirements, and upgrading the Premises, Building or Center as required by law or other requirements, without deduction for depreciation. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of Premises Damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment intention to cancel and terminate this lease as of the period date of time in which the repairs will be completedoccurrence of the damage; provided, however, that if such damage is caused by an act or omission to act of Tenant, its agents, employees, contractors, licensees, customers, or invitees, then Tenant shall repair such damage promptly at its sole cost and expense. If In the event Landlord does not elect elects to terminate this Lease pursuant to Landlords termination hereto. Tenant shall have the right as provided herein, and the Damage Repair Estimate indicates that repairs cannot be completed within one hundred twenty ten (12010) days after being commenced, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimaterequired notice to notify Landlord in writing of Tenant’s intention to repair such damage at Tenant’s expense, to terminate without reimbursement from Landlord, in which event this Lease by written shall continue in full force and effect and Tenant shall proceed to make such repairs as soon as reasonably possible. If Tenant does not give such notice to Landlord effective within the ten (10) day period, this Lease shall be canceled and terminated as of the date of the occurrence of such damage. Landlord shall not be required to repair any injury or damage by fire or other cause, or to make any restoration or replacement of any paneling, decorations, office fixtures, partitions, railings, ceilings, floor covering, equipment, machinery, or fixtures or any other improvements or property installed in the Leased Premises by Tenant or at the direct or indirect expense of Tenant. Tenant shall be required to restore or replace same in the event of damage. Tenant’s noticeremedies in the event of destruction of the Leased Premises shall be as provided in the following subsections.
Appears in 2 contracts
Partial Damage. If, during In the Lease Term, event improvements on the Premises are damaged or destroyed by fire or other casualtyany casualty which is covered under an insurance policy required to be maintained pursuant to Article 15.2, or if the Building is damaged or destroyed by fire or other casualty and then Landlord shall repair such damage or destruction affects Tenant’s use of the Premises (collectively, ‘Premises Damage”), Landlord shall perform the necessary repairs (other than to Tenant’s Alterations, trade fixtures, equipment, and personal property, the repair of which Tenant shall be solely responsible), as soon as reasonably possible and this Lease shall continue in full force and effect. ProvidedIn the event the improvements on the Premises are damaged by any casualty not covered under an insurance policy required to be maintained pursuant to Article 15.2, however, that then Landlord may, at its Landlord’s option. elect to terminate , either (a) repair such damage as soon as reasonably possible at Landlord’s expense, in which event this Lease if shall continue in full force and effect, or (ib) Landlord’s repairs cannot reasonably be completed give written notice to Tenant within sixty thirty (6030) days after the date of the Premises Damage in accordance with applicable laws occurrence of such damage of landlord’s intention to cancel and regulations, or (ii) the Replacement Cost (defined below) exceeds six (6) months’ Minimum Monthly Rent, or (iii) Landlord does not receive sufficient insurance proceeds to pay the full Replacement Cost and the shortfall exceeds one (1) month’s Minimum Monthly Rent. As used herein, “Replacement Cost” shall mean the cost to repair or rebuild the Premises, Building or Center (other than Tenant’s Alterations, equipment, trade fixtures, and personal property) at the time of the damage or destruction to their condition existing immediately prior thereto, including without limitation all costs of demolition, debris removal, permits, fees and other governmental requirements, and upgrading the Premises, Building or Center as required by law or other requirements, without deduction for depreciation. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of Premises Damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. If Landlord does not elect to terminate this Lease pursuant to Landlords termination right as provided herein, and the Damage Repair Estimate indicates that repairs cannot be completed within one hundred twenty (120) days after being commenced, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date of the occurrence of the damage. In the event Landlord elects to terminate this lease pursuant hereto, Tenant shall have the right within ten (10) days after receipt of the required notice to notify Landlord in writing of Tenant’s noticeintention to repair such damage at Tenant’s expense, without reimbursement from Landlord, in which event this Lease shall continue in full force and effect and Tenant shall proceed to make such repairs as soon as reasonably possible. If Tenant does not give such notice within the ten (10) day period, this Lease shall be canceled and terminated as of the date of the occurrence of such damage. Landlord shall not be required to repair any injury or damage by fire or other cause, or to make any restoration or replacement of any paneling, decorations, office fixtures, partitions, railings, ceilings, floor covering, equipment, machinery, or fixtures or any other improvements or property installed in the Premises by Tenant or at the direct or indirect expense of Tenant. Tenant at his discretion may restore or replace same in the event of damage.
Appears in 2 contracts
Partial Damage. If, during If the Lease Term, building or other improvements situated on the Demised Premises are damaged or destroyed by fire fire, tornado, or other casualty, casually but not to such an extent that rebuilding or if the Building is damaged or destroyed by fire or other casualty and such damage or destruction affects Tenant’s use of the Premises (collectively, ‘Premises Damage”), Landlord shall perform the necessary repairs (other than to Tenant’s Alterations, trade fixtures, equipment, and personal property, the repair of which Tenant shall be solely responsible), and this Lease shall continue in full force and effect. Provided, however, that Landlord may, at its option. elect to terminate this Lease if (i) Landlord’s repairs cannot reasonably be completed within sixty one hundred eighty (60180) days from the date Landlord receives written notification by Tenant of the occurrence of the damage, this Lease shall not terminate, but Landlord shall proceed with reasonable diligence to rebuild or repair the building and other improvements on the Demised Premises (other than leasehold improvements made by Tenant or any assignee, subtenant or other occupant of the Demised Premises) to substantially the condition in which they existed prior to the damage. Within thirty (30) days after receipt of notice by Tenant, Landlord shall obtain from a third party written verification of the damage and the time required to repair or rebuild, and provide Tenant with said information. If the casualty occurs during the final eighteen (18) months of the Lease Term, Landlord shall not be required to rebuild or repair the damage unless Tenant exercises Tenant's renewal option (if any) within fifteen (15) days after the date of receipt by Landlord of the Premises Damage in accordance with applicable laws and regulationsnotification of the occurrence of the damage. If Tenant does not exercise its renewal option, or (ii) the Replacement Cost (defined below) exceeds six (6) months’ Minimum Monthly Rent, or (iii) Landlord does not receive sufficient insurance proceeds to pay the full Replacement Cost and the shortfall exceeds one (1) month’s Minimum Monthly Rent. As used herein, “Replacement Cost” shall mean the cost to repair or rebuild the Premises, Building or Center (other than Tenant’s Alterations, equipment, trade fixtures, and personal property) at the time of the damage or destruction to their condition existing immediately prior thereto, including without limitation all costs of demolition, debris removal, permits, fees and other governmental requirements, and upgrading the Premises, Building or Center as required by law or other requirements, without deduction for depreciation. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of Premises Damageif there is no renewal option contained in this Lease, Landlord shall notify Tenant (“Damage Repair Estimate”) of may, at Landlord’s estimated assessment of the period of time in which the repairs will be completed. If Landlord does not elect to terminate this Lease pursuant to Landlords termination right as provided herein's option, and the Damage Repair Estimate indicates that repairs cannot be completed within one hundred twenty (120) days after being commenced, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by promptly delivering a written termination notice to Landlord Tenant, in which event the Rent shall be abated for the unexpired portion of the Lease Term, effective as of from the date of Tenant’s noticereceipt by Landlord of the written notification of the damage. To the extent the Demised Premises cannot be occupied (in whole or in part) following the casualty, the Rent payable under this Lease during the period in which the Demised Premises cannot be fully occupied shall be adjusted equitably.
Appears in 2 contracts
Sources: Commercial Lease Agreement (Cheap Tickets Inc), Commercial Lease Agreement (Cheap Tickets Inc)
Partial Damage. If, during If the Lease Term, building or other improvements situated on the --------------- Leased Premises are damaged or destroyed by fire or other casualtyfire, or if the Building is damaged or destroyed by fire tornado, or other casualty and but not to such damage an extent that rebuilding or destruction affects Tenant’s use of the Premises (collectively, ‘Premises Damage”), Landlord shall perform the necessary repairs (other than to Tenant’s Alterations, trade fixtures, equipment, and personal property, the repair of which Tenant shall be solely responsible), and this Lease shall continue in full force and effect. Provided, however, that Landlord may, at its option. elect to terminate this Lease if (i) Landlord’s repairs cannot reasonably be completed within sixty (60) days after the date of the Premises Damage in accordance with applicable laws and regulations, or (ii) the Replacement Cost (defined below) exceeds six (6) months’ Minimum Monthly Rent, or (iii) Landlord does not receive sufficient insurance proceeds to pay the full Replacement Cost and the shortfall exceeds one (1) month’s Minimum Monthly Rent. As used herein, “Replacement Cost” shall mean the cost to repair or rebuild the Premises, Building or Center (other than Tenant’s Alterations, equipment, trade fixtures, and personal property) at the time of the damage or destruction to their condition existing immediately prior thereto, including without limitation all costs of demolition, debris removal, permits, fees and other governmental requirements, and upgrading the Premises, Building or Center as required by law or other requirements, without deduction for depreciation. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of Premises Damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. If Landlord does not elect to terminate this Lease pursuant to Landlords termination right as provided herein, and the Damage Repair Estimate indicates that repairs cannot be completed within one hundred and twenty days (120) days after being commenced, from the date Landlord receives written notification by Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimatehappening of the damage, to terminate this Lease Agreement shall not terminate, but Landlord shall proceed forthwith and use reasonable diligence to rebuild or repair such building and other improvements on the Leased Premises (other than leasehold improvements made by written notice Tenant or any assignee, subtenant or other occupant of the Leased Premises) to substantially the same condition in which they existed prior to such damage. Landlord's obligation under this Section 20.B to use reasonable diligence to rebuild or repair such building and other improvements on the Leased Premises shall not exceed the proceeds received by Landlord from any insurance policy maintained by Landlord or Tenant under this Lease Agreement. If the casualty occurs during the final eight (8) months of the Lease Term, Landlord may elect not to rebuild or repair such Halliburton Company Agreement and Plan of Recapitalization Appendix V-12 damage, provided the Tenant does not immediately elect to exercise its renewal option, if applicable. This Lease Agreement shall terminate upon Landlord's election and the Rent shall be abated for the remaining unused portion of this Lease Agreement, effective as of from the date of Tenant’s noticeactual receipt by Landlord of the written notification of the damage. If the building and other improvements are to be rebuilt or repairs made which cause the Leased Premises to be untenantable in whole or in part following such damage, the installments of Rent payable hereunder during the period in which they are untenantable shall be adjusted equitably.
Appears in 1 contract
Partial Damage. IfIf this Lease is not terminated pursuant to Paragraph B. above, during Landlord shall, if the casualty has occurred prior to the final eighteen (18) months of the Lease Term, at its sole cost and risk proceed forthwith to rebuild or repair the Premises are damaged building and other improvements substantially to the condition in which they existed prior to such damage, provided that Landlord shall not be obligated to expend for such rebuilding or destroyed by fire or other casualty, or if the Building is damaged or destroyed by fire or other casualty and such damage or destruction affects Tenant’s use repair an amount in excess of the Premises (collectively, ‘Premises Damage”), Landlord shall perform the necessary repairs (other than to Tenant’s Alterations, trade fixtures, equipment, and personal property, the repair of which Tenant shall be solely responsible), and this Lease shall continue in full force and effect. Provided, however, that Landlord may, at its option. elect to terminate this Lease if (i) Landlord’s repairs cannot reasonably be completed within sixty (60) days after the date of the Premises Damage in accordance with applicable laws and regulations, or (ii) the Replacement Cost (defined below) exceeds six (6) months’ Minimum Monthly Rent, or (iii) Landlord does not receive sufficient insurance proceeds to pay the full Replacement Cost and the shortfall exceeds one (1) month’s Minimum Monthly Rent. As used herein, “Replacement Cost” shall mean the cost to repair or rebuild the Premises, Building or Center (other than Tenant’s Alterations, equipment, trade fixtures, and personal property) at the time of the damage or destruction to their condition existing immediately prior thereto, including without limitation all costs of demolition, debris removal, permits, fees and other governmental requirements, and upgrading the Premises, Building or Center as required by law or other requirements, without deduction for depreciation. Within sixty (60) days after the date Landlord learns of the necessity for repairs recovered as a result of Premises Damagesuch damage and in no event shall Landlord be required to repair or replace Tenant's stock in trade, fixtures, furnishings floor coverings or equipment. If the casualty occurs during the final eighteen (18) months of the Lease Term, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. If Landlord does not elect to terminate this Lease pursuant to Landlords termination right as provided herein, and the Damage Repair Estimate indicates that repairs cannot be completed required to rebuild or repair such damage unless the Lease is Renewed Pursuant to the Renewal Term (if any is contained herein) within one hundred twenty (120) days after being commenced, Tenant may elect, not later than thirty (30) days after from the date of Tenant’s receipt 's delivery of Tenant's written notification of the Damage Repair Estimatehappening of the damage or within thirty (30) days from the date Landlord has actual knowledge of the damage, whichever comes first. Whereupon, Landlord shall, at its sole cost and risk, proceed forthwith to rebuild or repair such damage, provided that Landlord shall not be obligated to expend for such rebuilding or repair an amount in excess of the insurance proceeds recovered as a result of such damage and in no event shall Landlord be required to repair or replace Tenant's stock in trade, fixtures, furnishings floor coverings or equipment. If the casualty has occurred during the final eighteen (18) months of the Lease Term and if the Lease is not renewed pursuant to the Renewal Term (if any is contained herein), within said thirty (30) day time frame, this Lease shall terminate, at the option of Landlord, and rent shall be abated for the unexpired portion of this Lease, effective as of the date the Leased Premises becomes uninhabitable and Tenant shall be liable for all Fixed Minimum Rent and all additional rent due hereunder through such date. If the Leased Premises and other improvements are to be rebuilt or repaired and are untenantable in whole or in part following such damage, the rent payable hereunder during the period in which they are untenantable shall be adjusted equitably based on the portions of the space that are tenantable and untenantable. In the event that Landlord should fail to substantially complete such rebuilding or repairs within one hundred eighty (180) days from the date of written notification by Tenant to Landlord of the happening of the damage or one hundred eighty (180) days from the date Landlord has actual knowledge of the damage, whichever comes first, Tenant may at its option terminate this Lease by written notice notification at such time to Landlord effective as of Landlord, whereupon all rights and obligations hereunder shall cease except that Tenant shall be liable for all Fixed Minimum Rent and all additional rent due hereunder through the date of Tenant’s noticetermination. During the period when the Leased Premises are untenantable, rent shall ▇▇▇▇▇ for such period.
Appears in 1 contract
Sources: Land Lease Agreement
Partial Damage. If, during If the Lease Term, building or other improvements situated on the Leased Premises are damaged or destroyed by fire or other casualtyfire, or if the Building is damaged or destroyed by fire tornado, or other casualty and but not to such damage an extent that rebuilding or destruction affects Tenant’s use of the Premises (collectively, ‘Premises Damage”), Landlord shall perform the necessary repairs (other than to Tenant’s Alterations, trade fixtures, equipment, and personal property, the repair of which Tenant shall be solely responsible), and this Lease shall continue in full force and effect. Provided, however, that Landlord may, at its option. elect to terminate this Lease if (i) Landlord’s repairs cannot reasonably be completed within sixty (60) days after the date of the Premises Damage in accordance with applicable laws and regulations, or (ii) the Replacement Cost (defined below) exceeds six (6) months’ Minimum Monthly Rent, or (iii) Landlord does not receive sufficient insurance proceeds to pay the full Replacement Cost and the shortfall exceeds one (1) month’s Minimum Monthly Rent. As used herein, “Replacement Cost” shall mean the cost to repair or rebuild the Premises, Building or Center (other than Tenant’s Alterations, equipment, trade fixtures, and personal property) at the time of the damage or destruction to their condition existing immediately prior thereto, including without limitation all costs of demolition, debris removal, permits, fees and other governmental requirements, and upgrading the Premises, Building or Center as required by law or other requirements, without deduction for depreciation. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of Premises Damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. If Landlord does not elect to terminate this Lease pursuant to Landlords termination right as provided herein, and the Damage Repair Estimate indicates that repairs cannot be completed within one hundred and twenty days (120) days after being commenced, from the date Landlord receives written notification by Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimatehappening of the damage, to terminate this Lease Agreement shall not terminate, but Landlord shall proceed forthwith and use reasonable diligence to rebuild or repair such building and other improvements on the Leased Premises (other than leasehold improvements made by written notice Tenant or any assignee, subtenant or other occupant of the Leased Premises) to substantially the same condition in which they existed prior to such damage. Landlord's obligation under this Section 20.B to use reasonable diligence to rebuild or repair such building and other improvements on the Leased Premises shall not exceed the proceeds received by Landlord from any insurance policy maintained by Landlord or Tenant under this Lease Agreement. If the casualty occurs during the final eight (8) months of the Lease Term, Landlord may elect not to rebuild or repair such HALLIBURTON COMPANY AGREEMENT AND PLAN OF RECAPITALIZATION APPENDIX V-12 damage, provided the Tenant does not immediately elect to exercise its renewal option, if applicable. This Lease Agreement shall terminate upon Landlord's election and the Rent shall be abated for the remaining unused portion of this Lease Agreement, effective as of from the date of Tenant’s noticeactual receipt by Landlord of the written notification of the damage. If the building and other improvements are to be rebuilt or repairs made which cause the Leased Premises to be untenantable in whole or in part following such damage, the installments of Rent payable hereunder during the period in which they are untenantable shall be adjusted equitably.
Appears in 1 contract
Sources: Agreement and Plan of Recapitalization (Halliburton Co)
Partial Damage. If, (1) In the event of a particular destruction or partial destruction of the Leased Premises during the Lease Term, without the fault or neglect of Tenant, its agents, invitees or employees, causes the Leased Premises to be partially damaged, but not so as to render it wholly untenantable, the Landlord, after receiving notice in writing of the occurrence of the damage, shall repair the Leased Premises with reasonable promptness, and rent shall be abated to the extent that the Leased Premises are untenantable.
(2) If the fire or other casualty causing injury to the Leased Premises is caused by the negligence or misconduct of Tenant, its agents, servants or employees, or by any other person entering the Leased Premises under express or implied invitation of Tenant, such injury shall be repaired by Landlord at the expense of Tenant.
(3) If a portion of the Building containing the Leased Premises is so injured or damaged (even if the Leased Premises is not damaged) such that Landlord decides it is necessary to reconstruct, rebuild or raze the Leased Premises, then Landlord may terminate this Agreement upon thirty (30) days’ notice in writing to Tenant. If such notice is given, this Agreement shall terminate from the date of the occurrence of the damage, and Tenant shall pay apportioned rent up to such date, and both parties shall be discharged of all further obligations hereunder. Initials ______ / ______
(4) Except as provided in this Section, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from the making of any repairs, alterations or improvements to any portion of the Leased Premises or to fixtures and equipment therein. Tenant understands Landlord will not carry insurance of any kind on Tenant’s furnishings, fixtures, equipment or improvements or on any other property of Tenant, and that Landlord shall not have any repair or replacement obligation for such items.
(5) If the Leased Premises are damaged or destroyed by as a result of any cause other than fire or other casualty, or the Landlord shall not be required to repair the Leased Premises if the Building damage is damaged or destroyed by fire or other casualty and such damage or destruction affects Tenant’s use greater than ten percent (10%) of the Premises (collectivelyfull replacement cost relative to the Leased Premises, ‘Premises Damage”)as applicable. If the Landlord elects not to repair the Leased Premises, Landlord this Agreement shall perform the necessary repairs (other than to Tenant’s Alterations, trade fixtures, equipment, and personal property, the repair of which Tenant shall be solely responsible), and this Lease shall continue in full force and effect. Provided, however, that Landlord may, at its option. elect to terminate this Lease if (i) Landlord’s repairs cannot reasonably be completed within sixty (60) days after from the date of the Premises Damage in accordance with applicable laws and regulations, or (ii) occurrence of the Replacement Cost (defined below) exceeds six (6) months’ Minimum Monthly Rent, or (iii) Landlord does not receive sufficient insurance proceeds to pay the full Replacement Cost and the shortfall exceeds one (1) month’s Minimum Monthly Rent. As used herein, “Replacement Cost” shall mean the cost to repair or rebuild the Premises, Building or Center (other than Tenant’s Alterations, equipment, trade fixturesdamage, and personal property) at the time of the damage or destruction Tenant shall pay rent apportioned to their condition existing immediately prior thereto, including without limitation all costs of demolition, debris removal, permits, fees and other governmental requirementssuch date, and upgrading the Premises, Building or Center as required by law or other requirements, without deduction for depreciation. Within sixty (60) days after the date Landlord learns both parties shall be free and discharged of the necessity for repairs as a result of Premises Damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. If Landlord does not elect to terminate all further obligations under this Lease pursuant to Landlords termination right as provided herein, and the Damage Repair Estimate indicates that repairs cannot be completed within one hundred twenty (120) days after being commenced, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date of Tenant’s noticeAgreement.
Appears in 1 contract
Sources: Commercial Lease Agreement (Home Treasure Finders, Inc.)
Partial Damage. If, during If the Lease Term, building or other improvements situated on the Demised Premises are damaged or destroyed by fire or other casualtyfire, or if the Building is damaged or destroyed by fire tornado, or other casualty and but not to such damage an extent that rebuilding or destruction affects Tenant’s use of the Premises (collectively, ‘Premises Damage”), Landlord shall perform the necessary repairs (other than to Tenant’s Alterations, trade fixtures, equipment, and personal property, the repair of which Tenant shall be solely responsible), and this Lease shall continue in full force and effect. Provided, however, that Landlord may, at its option. elect to terminate this Lease if (i) Landlord’s repairs cannot reasonably be completed within sixty one hundred eighty (60180) days from the date Landlord receives written notification by Tenant of the occurrence of the damage, this Lease shall not terminate, but Landlord shall, to the extent of insurance proceeds available for such rebuilding and restoration, proceed with reasonable diligence to rebuild or repair the building and other improvements on the Demised Premises (other than leasehold improvements made by Tenant or any assignee, subtenant or other occupant of the Demised Premises) to substantially the condition in which they existed prior to the damage. If the casualty occurs during the final eighteen (18) months of the Lease Term, Landlord shall not be required to rebuild or repair the damage unless Tenant exercises Tenant's renewal option (if any) within fifteen (15) days after the date of receipt by Landlord of the Premises Damage in accordance with applicable laws and regulationsnotification of the occurrence of the damage. If Tenant does not exercise its renewal option, or (ii) the Replacement Cost (defined below) exceeds six (6) months’ Minimum Monthly Rent, or (iii) Landlord does not receive sufficient insurance proceeds to pay the full Replacement Cost and the shortfall exceeds one (1) month’s Minimum Monthly Rent. As used herein, “Replacement Cost” shall mean the cost to repair or rebuild the Premises, Building or Center (other than Tenant’s Alterations, equipment, trade fixtures, and personal property) at the time of the damage or destruction to their condition existing immediately prior thereto, including without limitation all costs of demolition, debris removal, permits, fees and other governmental requirements, and upgrading the Premises, Building or Center as required by law or other requirements, without deduction for depreciation. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of Premises Damageif there is no remaining renewal option, Landlord shall notify Tenant (“Damage Repair Estimate”) of may, at Landlord’s estimated assessment of the period of time in which the repairs will be completed. If Landlord does not elect to terminate this Lease pursuant to Landlords termination right as provided herein's option, and the Damage Repair Estimate indicates that repairs cannot be completed within one hundred twenty (120) days after being commenced, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by promptly delivering a written termination notice to Landlord Tenant, in which event the Rent shall be abated for the unexpired portion of the Lease Term, effective as of from the date of Tenant’s notice.receipt by Landlord of the written notification of the damage. To the extent the Demised Premises cannot be occupied (in whole or in part) following the casualty, the Rent payable under this Lease during the period in which the Demised Premises cannot be fully occupied shall be
Appears in 1 contract
Partial Damage. If, during If the Lease Term, the Premises are damaged or destroyed by fire building or other casualtyimprovements situated on the Property should be damaged by fire, or if the Building is damaged or destroyed by fire tornado or other casualty and but not to such damage an extent that rebuilding or destruction affects Tenant’s use of the Premises (collectively, ‘Premises Damage”), Landlord shall perform the necessary repairs (other than to Tenant’s Alterations, trade fixtures, equipment, and personal property, the repair of which Tenant shall be solely responsible), and this Lease shall continue in full force and effect. Provided, however, that Landlord may, at its option. elect to terminate this Lease if (i) Landlord’s repairs cannot reasonably be completed within sixty 120 days from the date Landlord receives written notification by Tenant of the happening of the damage, this Lease shall not terminate, but Landlord shall, at its sole cost and risk, proceed forthwith and use reasonable diligence to rebuild or repair such building and other improvements on the Property (60other than leasehold improvements made by Tenant or any assignee, subtenant or other occupant of the Property) to substantially the condition in which they existed prior to such damage; provided, however, if the casualty occurs during the final 18 months of the Lease Term. Landlord shall not be required to rebuild or repair such damage unless Tenant shall exercise its renewal option (if any is contained herein) within fifteen (15) days after the date of the Premises Damage in accordance with applicable laws and regulations, or (ii) the Replacement Cost (defined below) exceeds six (6) months’ Minimum Monthly Rent, or (iii) receipt by Landlord does not receive sufficient insurance proceeds to pay the full Replacement Cost and the shortfall exceeds one (1) month’s Minimum Monthly Rent. As used herein, “Replacement Cost” shall mean the cost to repair or rebuild the Premises, Building or Center (other than Tenant’s Alterations, equipment, trade fixtures, and personal property) at the time of the damage or destruction to their condition existing immediately prior thereto, including without limitation all costs of demolition, debris removal, permits, fees and other governmental requirements, and upgrading the Premises, Building or Center as required by law or other requirements, without deduction for depreciation. Within sixty (60) days after the date Landlord learns notification of the necessity for repairs as a result of Premises Damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment occurrence of the period of time in which the repairs will be completeddamage. If Landlord Tenant does not elect to terminate exercise its renewal option or if there is no renewal option contained herein or previously unexercised at such time, this Lease pursuant to Landlords termination right as provided hereinshall terminate at the option of Landlord and rent shall be abated for the unexpired portion of this Lease, and the Damage Repair Estimate indicates that repairs cannot be completed within one hundred twenty (120) days after being commenced, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of from the date of Tenant’s noticeactual receipt by Landlord of the written notification of the damage. If the building and other improvements are to be rebuilt or repaired and are untenantable in whole or in part following such damage, the rent payable hereunder during the period in which they are untenantable shall be adjusted equitably.
Appears in 1 contract
Sources: Lease Agreement (Usaradio Com Inc)
Partial Damage. If, during If the Lease Term, Building or other improvements situated on the Premises Property are damaged or destroyed by fire fire, tornado or other casualty, but not to such an extent that rebuilding or if the Building is damaged or destroyed by fire or other casualty and such damage or destruction affects Tenant’s use of the Premises (collectively, ‘Premises Damage”), Landlord shall perform the necessary repairs (other than to Tenant’s Alterations, trade fixtures, equipment, and personal property, the repair of which Tenant shall be solely responsible), and this Lease shall continue in full force and effect. Provided, however, that Landlord may, at its option. elect to terminate this Lease if (i) Landlord’s repairs cannot reasonably be completed within sixty two hundred seventy (60270) days from the date Landlord receives written notification by Tenant of the occurrence of the damage (as reasonably determined by Landlord), then this Lease will not terminate, but Landlord shall proceed with reasonable diligence to rebuild or repair the Building and other improvements on the Premises (other than leasehold improvements made by Tenant or any assignee, subtenant or other occupant of the Premises) to substantially the condition they were in before the damage; provided however, in no event shall Landlord be obligated to expend more than the insurance proceeds actually received by Landlord, plus the amount of any deductible which shall be paid by Tenant to Landlord, if required. In no event shall Landlord be required to begin any restoration until it receives the insurance proceeds and the deductible from Tenant. If the casualty occurs during the final twelve (12) months of the Term, Landlord will not be required to rebuild or repair the damage unless Tenant exercises Tenant's renewal option (if any) within fifteen (15) days after the date of receipt by Landlord of the Premises Damage in accordance with applicable laws and regulationsnotification of the occurrence of the damage. If Tenant does not exercise Tenant's renewal option, or (ii) the Replacement Cost (defined below) exceeds six (6) months’ Minimum Monthly Rent, or (iii) Landlord does not receive sufficient insurance proceeds to pay the full Replacement Cost and the shortfall exceeds one (1) month’s Minimum Monthly Rent. As used herein, “Replacement Cost” shall mean the cost to repair or rebuild the Premises, Building or Center (other than Tenant’s Alterations, equipment, trade fixtures, and personal property) at the time of the damage or destruction to their condition existing immediately prior thereto, including without limitation all costs of demolition, debris removal, permits, fees and other governmental requirements, and upgrading the Premises, Building or Center as required by law or other requirements, without deduction for depreciation. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of Premises Damageif there is no renewal option in this Lease, Landlord shall notify Tenant (“Damage Repair Estimate”) of nmy, at Landlord’s estimated assessment of the period of time in which the repairs will be completed. If Landlord does not elect to terminate this Lease pursuant to Landlords termination right as provided herein's option, and the Damage Repair Estimate indicates that repairs cannot be completed within one hundred twenty (120) days after being commenced, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by promptly delivering a written termination notice to Landlord Tenant, in which event the Rent will be abated for the unexpired portion of the Term, effective as of on the date of Tenant’s noticereceipt by Landlord of the written notification of the damage. To the extent the Premises cannot be occupied (in whole or in part) after the casualty, the Rent payable under this Lease during the period the Premises cannot be folly occupied will be adjusted equitably.
Appears in 1 contract
Sources: Earnest Money Contract (Rich Uncles NNN REIT, Inc.)
Partial Damage. If, during If the Lease Term, building or other improvements situated on the Demised Premises are damaged or destroyed by fire or other casualtyfire, or if the Building is damaged or destroyed by fire tornado, or other casualty and but not to such damage an extent that rebuilding or destruction affects Tenant’s use of the Premises (collectively, ‘Premises Damage”), Landlord shall perform the necessary repairs (other than to Tenant’s Alterations, trade fixtures, equipment, and personal property, the repair of which Tenant shall be solely responsible), and this Lease shall continue in full force and effect. Provided, however, that Landlord may, at its option. elect to terminate this Lease if (i) Landlord’s repairs cannot reasonably be completed within sixty (60) days after the date of the Premises Damage in accordance with applicable laws and regulations, or (ii) the Replacement Cost (defined below) exceeds six (6) months’ Minimum Monthly Rent, or (iii) Landlord does not receive sufficient insurance proceeds to pay the full Replacement Cost and the shortfall exceeds one (1) month’s Minimum Monthly Rent. As used herein, “Replacement Cost” shall mean the cost to repair or rebuild the Premises, Building or Center (other than Tenant’s Alterations, equipment, trade fixtures, and personal property) at the time of the damage or destruction to their condition existing immediately prior thereto, including without limitation all costs of demolition, debris removal, permits, fees and other governmental requirements, and upgrading the Premises, Building or Center as required by law or other requirements, without deduction for depreciation. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of Premises Damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. If Landlord does not elect to terminate this Lease pursuant to Landlords termination right as provided herein, and the Damage Repair Estimate indicates that repairs cannot be completed within one hundred twenty (120) days after being commencedfrom the date Landlord receives written notification by Tenant of the happening of the damage, this Lease shall not terminate, but Landlord shall, at its sole cost and risk, proceed forthwith and use reasonable diligence to rebuild or repair such building and other improvements on the Demised Premises (other than leasehold improvements made by Tenant may elector any assignee, subtenant or other occupant of the Demised Premises) to substantially the condition in which they existed prior to such damage; provided, however, if the casualty occurs during the final nine (9) months of the Lease Term. Landlord shall not later than thirty be required to rebuild or repair such damage unless Tenant shall exercise its renewal option (30if any is contained herein) within fifteen (15) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date of Tenant’s noticereceipt by Landlord of the notification of the occurrence of the damage. If Tenant does not elect to exercise its renewal option or if there is no renewal option contained herein or previously unexercised at such time, this Lease shall terminate at the option of landlord and the Rent shall be abated for the unexpired portion of this Lease, effective from the date of actual receipt by Landlord of the written notification of the damage. If the building and other improvements are to be rebuilt or repaired and are untenantable in whole or in part following such damage, the monthly installments of Rent payable hereunder during the period in which they are untenantable shall be adjusted equitably.
Appears in 1 contract
Sources: Commercial Lease Agreement (Craftmade International Inc)
Partial Damage. If, during If the Lease Term, building or other improvements situated on the Demised Premises are damaged or destroyed by fire or other casualtyfire, or if the Building is damaged or destroyed by fire tornado, or other casualty and but not to such damage an extent that rebuilding or destruction affects Tenant’s use of the Premises (collectively, ‘Premises Damage”), Landlord shall perform the necessary repairs (other than to Tenant’s Alterations, trade fixtures, equipment, and personal property, the repair of which Tenant shall be solely responsible), and this Lease shall continue in full force and effect. Provided, however, that Landlord may, at its option. elect to terminate this Lease if (i) Landlord’s repairs cannot reasonably be completed within sixty (60) days after the date of the Premises Damage in accordance with applicable laws and regulations, or (ii) the Replacement Cost (defined below) exceeds six (6) months’ Minimum Monthly Rent, or (iii) Landlord does not receive sufficient insurance proceeds to pay the full Replacement Cost and the shortfall exceeds one (1) month’s Minimum Monthly Rent. As used herein, “Replacement Cost” shall mean the cost to repair or rebuild the Premises, Building or Center (other than Tenant’s Alterations, equipment, trade fixtures, and personal property) at the time of the damage or destruction to their condition existing immediately prior thereto, including without limitation all costs of demolition, debris removal, permits, fees and other governmental requirements, and upgrading the Premises, Building or Center as required by law or other requirements, without deduction for depreciation. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of Premises Damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. If Landlord does not elect to terminate this Lease pursuant to Landlords termination right as provided herein, and the Damage Repair Estimate indicates that repairs cannot be completed within one hundred twenty (120) days after being commencedfrom the date Landlord receives written notification by Tenant of the occurrence of the damage, this Lease shall not terminate, but Landlord shall proceed with reasonable diligence to rebuild or repair the building and other improvements on the Demised Premises (other than leasehold improvements made by Tenant may elector any assignee, subtenant or other occupant of the Demised Premises) to substantially the condition in which they existed prior to the damage and complete such repairs within 120 days following the date of such casualty. If the casualty occurs during the final eighteen (18) months of the Lease Term, Landlord shall not later than thirty be required to rebuild or repair the damage unless Tenant exercises Tenant's renewal option (30if any) within fifteen (15) days after Tenant’s the date of receipt by Landlord of the Damage Repair Estimatenotification of the occurrence of the damage. If Tenant does not exercise its renewal option, to or days after the date of receipt by Landlord of the notification of the occurrence of the damage. If Tenant does not exercise its renewal option, or if there is no renewal option contained in this Lease, Landlord may, at Landlord's option, terminate this Lease by promptly delivering a written termination notice to Landlord Tenant, in which event the Rent shall be abated for the unexpired portion of the Lease Term, effective as of from the date of Tenant’s noticereceipt by Landlord of the written notification of the damage. To the extent the Demised Premises cannot by occupied (in whole or in part) following the casualty, the Rent payable under this Lease during the period in which the Demised Premises cannot by fully occupied shall by adjusted equitably.
Appears in 1 contract
Sources: Commercial Lease Agreement (Performance Printing Corp)
Partial Damage. If, during In the Lease Term, event the Demised Premises are damaged sustains damage from herein said events (excluding damage caused by Tenant or destroyed by fire any Tenant Parties) and the Demised Premises is unsafe to occupy or other casualty, or if unable to serve the Building is damaged or destroyed by fire or other casualty and such damage or destruction affects Tenant’s use day to day requirements of the Premises (collectively, ‘Premises Damage”), Landlord shall perform the necessary repairs (other than to Tenant’s Alterations, trade fixtures, equipment, and personal property, the repair of which Tenant shall be solely responsible), and this Lease shall continue in full force and effect. Provided, however, that Landlord may, at its option. elect to terminate this Lease if (i) Landlord’s repairs cannot reasonably be completed repaired within sixty (60) 120 days after the date of the Premises Damage in accordance with applicable laws and regulationsdamage, or (ii) the Replacement Cost (defined below) exceeds six (6) months’ Minimum Monthly Rent, or (iii) Tenant may at its discretion terminate this Lease by written notice to Landlord does not receive sufficient insurance proceeds to pay the full Replacement Cost and the shortfall exceeds one (1) month’s Minimum Monthly Rent. As used herein, “Replacement Cost” shall mean the cost to repair or rebuild the Premises, Building or Center (other than Tenant’s Alterations, equipment, trade fixtures, and personal property) at the time of the damage or destruction to their condition existing immediately prior thereto, including without limitation all costs of demolition, debris removal, permits, fees and other governmental requirements, and upgrading the Premises, Building or Center as required by law or other requirements, without deduction for depreciation. Within sixty (60) within 30 days after the date Landlord learns of damage in order to relocate into property which can service the day to day needs of the necessity for repairs as a result of Premises Damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completedTenant. If Landlord does the Building or other improvements situated on the Property are damaged by fire, tornado or other casualty, each a “Casualty”, but not elect to terminate this Lease pursuant to Landlords termination right as provided herein, and the Damage Repair Estimate indicates such an extent that rebuilding or repairs cannot reasonably be completed within one hundred twenty (120) days after being commencedfrom the date Landlord receives written notification by Tenant of the occurrence of the damage, this Lease shall not terminate, but Landlord shall proceed with reasonable diligence to rebuild or repair the Building and other improvements on the Property (other than leasehold improvements made by Tenant may elector any assignee, subtenant or other occupant of the Demised Premises) to substantially the condition in which they existed prior to the damage. If the casualty occurs during the final eighteen (18) months of the Lease Term, Landlord shall not later than thirty be required to rebuild or repair the damage unless Tenant exercises Tenant’s renewal option (30if any) within fifteen (15) days after Tenant’s the date of receipt by Landlord of the Damage Repair Estimatenotification of the occurrence of the damage. If Tenant does not exercise its renewal option or if there is no renewal option contained in this Lease, to Landlord may, at Landlord’s option, terminate this Lease by promptly delivering a written termination notice to Landlord Tenant in which event the Rent shall be abated for the unexpired portion of the Lease Term, effective as of from the date of Tenant’s noticereceipt by Landlord of the written notification of the damage. To the extent the Demised Premises cannot be occupied (in whole or in part) following the casualty, the Rent payable under this Lease during the period in which the Demised Premises cannot be fully occupied shall be adjusted equitably.
Appears in 1 contract
Sources: Commercial Lease Agreement (Oryon Technologies, Inc.)
Partial Damage. IfIf the Premises, during or so much of the Lease Term, Building as to cause the Premises to be uninhabitable, are damaged or destroyed by fire or other casualty, or if the Building is damaged or destroyed by any fire or other casualty covered under Lessor’s insurance, and the damage (exclusive of any property or improvements installed by the Lessee in the Premises) can be repaired within ninety (90) days without the payment of overtime, the Lessor shall, at the Lessor’s expense, promptly commence to repair such damage or destruction affects Tenant’s use (exclusive of any property of the Premises (collectively, ‘Premises Damage”), Landlord shall perform Lessee or improvements installed by the necessary repairs (other than Lessee in the Premises) following Lessor’s receipt of all permits and insurance proceeds and diligently prosecute the same to Tenant’s Alterations, trade fixtures, equipment, and personal property, the repair of which Tenant shall be solely responsible)completion, and this Lease shall continue in full force and effect. ProvidedIf the Premises, howeveror so much of the Building as to cause the Premises to be uninhabitable, that Landlord are damaged by any casualty not covered by Lessor’s insurance, or the damage (exclusive of any property of the Lessee or improvements installed by the Lessee in the Premises) cannot be repaired within ninety (90) days without the payment of overtime or other premiums, the Lessor may, at its the Lessor’s option. elect to terminate this Lease if , either (i) Landlordrepair such damage as soon as practicable at the Lessor’s repairs cannot reasonably be completed expense, in which event this Lease shall continue in full force and effect, or (i) give written notice to Lessee within sixty thirty (6030) days after the date of the Premises Damage in accordance with applicable laws and regulations, or (ii) the Replacement Cost (defined below) exceeds six (6) months’ Minimum Monthly Rent, or (iii) Landlord does not receive sufficient insurance proceeds to pay the full Replacement Cost and the shortfall exceeds one (1) month’s Minimum Monthly Rent. As used herein, “Replacement Cost” shall mean the cost to repair or rebuild the Premises, Building or Center (other than Tenant’s Alterations, equipment, trade fixtures, and personal property) at the time occurrence of such damage of the damage or destruction to their condition existing immediately prior thereto, including without limitation all costs of demolition, debris removal, permits, fees and other governmental requirements, and upgrading the Premises, Building or Center as required by law or other requirements, without deduction for depreciation. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of Premises Damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of LandlordLessor’s estimated assessment of the period of time in which the repairs will be completed. If Landlord does not elect intention to terminate this Lease, in which event this Lease pursuant shall terminate as of the date of the occurrence of such damage. Lessor shall give written notice to Landlords termination right as provided herein, and the Damage Repair Estimate indicates that repairs cannot be completed Lessee within one hundred twenty (120) days after being commenced, Tenant may elect, not later than thirty (30) days after Tenantthe date of the occurrence of such damage of whether or not Lessor elects to repair the Premises or terminate this Lease pursuant to this Section, together with a copy (“Lessor’s Contractor’s Notice”) of Lessor’s contractor’s estimate of the number of days required to repair the Premises (exclusive of any property or improvements installed by the Lessee in the Premises). If the Lessor’s contractor estimates that the Premises cannot be repaired within ninety (90) days without the payment of overtime or other premiums and Lessor elects to terminate the Lease pursuant to this Section 8.1, Lessee may nullify Lessor’s election to terminate the Lessee if Lessee delivers written notice to Lessor within fifteen (15) after Lessor’s notice that Lessee elects, at its sole cost and expense, to repair the Premises in which event (i) Lessee shall, at its sole cost, repair the Premises, and Lessor pay any insurance proceeds received from Lessor’s insurance carrier applicable to the Premises to Lessee’s contractor for work completed in repairing the Premises, subject to Lessor’s receipt of lien releases from Lessee’s contractor and its subcontractors and suppliers for all work completed, (ii) Lessee shall, at its sole cost and expense, obtain all permits required for repairing the Damage Repair EstimatePremises, (iii) Lessee shall promptly commence to terminate repair the Premises following the receipt of all permits and diligently prosecute such work to completion within the number of days set forth in Lessor’s Contractor’s Notice, and (iv) this Lease shall remain in full force and effect. Notwithstanding the foregoing, if Lessee delivers notice to Lessor that it elects to repair the Premises and keep the Lease in effect pursuant to this Section, Lessor may elect to repair the Premises (exclusive of any property or improvements installed by the Lessee in the Premises), in lieu of Lessee, upon written notice to Landlord effective as of the date of Tenant’s noticeLessee.
Appears in 1 contract
Sources: Lease Agreement (Inamed Corp)
Partial Damage. If, during If the Lease Term, the Premises are damaged or destroyed by fire building or other casualtyimprovements situated on the Property should be damaged by fire, or if the Building is damaged or destroyed by fire tornado or other casualty and but not to such damage an extent that rebuilding or destruction affects Tenant’s use of the Premises (collectively, ‘Premises Damage”), Landlord shall perform the necessary repairs (other than to Tenant’s Alterations, trade fixtures, equipment, and personal property, the repair of which Tenant shall be solely responsible), and this Lease shall continue in full force and effect. Provided, however, that Landlord may, at its option. elect to terminate this Lease if (i) Landlord’s repairs cannot reasonably be completed within sixty 120 days from the date Landlord receives written notification by Tenant of the happening of the damage, this Lease shall not terminate, but Landlord shall, at its sole cost and risk. proceed forthwith and use reasonable diligence to rebuild or repair such building and other improvements on the Property (60other than leasehold improvements made by Tenant or any assignee, subtenant or other occupant of the Property) to substantially the condition in which they existed prior to such damage: provided. however, if the casualty occurs during the final 18 months of the Lease Term, Landlord shall not be required to rebuild or repair such damage unless Tenant shall exercise its renewal option (if any is contained herein) within fifteen (15) days after the date of the Premises Damage in accordance with applicable laws and regulations, or (ii) the Replacement Cost (defined below) exceeds six (6) months’ Minimum Monthly Rent, or (iii) receipt by Landlord does not receive sufficient insurance proceeds to pay the full Replacement Cost and the shortfall exceeds one (1) month’s Minimum Monthly Rent. As used herein, “Replacement Cost” shall mean the cost to repair or rebuild the Premises, Building or Center (other than Tenant’s Alterations, equipment, trade fixtures, and personal property) at the time of the damage or destruction to their condition existing immediately prior thereto, including without limitation all costs of demolition, debris removal, permits, fees and other governmental requirements, and upgrading the Premises, Building or Center as required by law or other requirements, without deduction for depreciation. Within sixty (60) days after the date Landlord learns notification of the necessity for repairs as a result of Premises Damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment occurrence of the period of time in which the repairs will be completeddamage. If Landlord Tenant does not elect to terminate exercise its renewal option or if there is no renewal option contained herein or previously unexercised at such time, this Lease pursuant to Landlords termination right as provided hereinshall terminate at the option of Landlord and rent shall be abated for the unexpired portion of this Lease, and the Damage Repair Estimate indicates that repairs cannot be completed within one hundred twenty (120) days after being commenced, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of from the date of Tenant’s noticeactual receipt by Landlord of the written notification of the damage. If the building and other improvements are to be rebuilt or repaired and are untenantable in whole or in part following such damage, the rent payable hereunder during the period in which they are untenantable shall be adjusted equitably.
Appears in 1 contract
Partial Damage. If, during If the Lease Term, the Premises are damaged or destroyed by fire building or other casualtyimprovements situated on the property should be damaged by fire, or if the Building is damaged or destroyed by fire tornado or other casualty and but not to such damage an extent that rebuilding or destruction affects Tenant’s use of the Premises (collectively, ‘Premises Damage”), Landlord shall perform the necessary repairs (other than to Tenant’s Alterations, trade fixtures, equipment, and personal property, the repair of which Tenant shall be solely responsible), and this Lease shall continue in full force and effect. Provided, however, that Landlord may, at its option. elect to terminate this Lease if (i) Landlord’s repairs cannot reasonably be completed within sixty 120 days from the date Landlord receives written notification by Tenant of the happening of the damage, this lease shall not terminate, but Landlord shall, at its sole cost and risk, proceed forthwith and use reasonable diligence to rebuild or repair such building and other improvements on the property (60other than leasehold improvements made by Tenant or any assignee, subtenant or other occupant of the property) to substantially the condition in which they existed prior to such damage; provided, however, if the casualty occurs during the final 18 months of the lease term, Landlord shall not be required to rebuild or repair such damage unless Tenant shall exercise its renewal option (if any is contained herein) within fifteen (15) days after the date of the Premises Damage in accordance with applicable laws and regulations, or (ii) the Replacement Cost (defined below) exceeds six (6) months’ Minimum Monthly Rent, or (iii) receipt by Landlord does not receive sufficient insurance proceeds to pay the full Replacement Cost and the shortfall exceeds one (1) month’s Minimum Monthly Rent. As used herein, “Replacement Cost” shall mean the cost to repair or rebuild the Premises, Building or Center (other than Tenant’s Alterations, equipment, trade fixtures, and personal property) at the time of the damage or destruction to their condition existing immediately prior thereto, including without limitation all costs of demolition, debris removal, permits, fees and other governmental requirements, and upgrading the Premises, Building or Center as required by law or other requirements, without deduction for depreciation. Within sixty (60) days after the date Landlord learns notification of the necessity for repairs as a result of Premises Damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment occurrence of the period of time in which the repairs will be completeddamage. If Landlord Tenant does not elect to exercise its renewal option or if there is no renewal option contained herein or previously unexercised at such time, this lease shall terminate at the option of Landlord and rent shall be abated for the unexpired portion of this Lease pursuant to Landlords termination right as provided hereinlease, and the Damage Repair Estimate indicates that repairs cannot be completed within one hundred twenty (120) days after being commenced, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of from the date of Tenant’s noticeactual receipt by Landlord of the written notification of the damage. If the building and other improvements are to be rebuilt or repaired and are untenantable in whole or in part following such damage, the rent payable hereunder during the period in which they are untenantable shall be adjusted equitably.
Appears in 1 contract
Partial Damage. If, during If the Lease Term, building or other improvements situated on the Demised Premises are damaged or destroyed by fire or other casualtyfire, or if the Building is damaged or destroyed by fire tornado, or other casualty and but not to such damage an extent that rebuilding or destruction affects Tenant’s use of the Premises (collectively, ‘Premises Damage”), Landlord shall perform the necessary repairs (other than to Tenant’s Alterations, trade fixtures, equipment, and personal property, the repair of which Tenant shall be solely responsible), and this Lease shall continue in full force and effect. Provided, however, that Landlord may, at its option. elect to terminate this Lease if (i) Landlord’s repairs cannot reasonably be completed within sixty (60) days after the date of the Premises Damage in accordance with applicable laws and regulations, or (ii) the Replacement Cost (defined below) exceeds six (6) months’ Minimum Monthly Rent, or (iii) Landlord does not receive sufficient insurance proceeds to pay the full Replacement Cost and the shortfall exceeds one (1) month’s Minimum Monthly Rent. As used herein, “Replacement Cost” shall mean the cost to repair or rebuild the Premises, Building or Center (other than Tenant’s Alterations, equipment, trade fixtures, and personal property) at the time of the damage or destruction to their condition existing immediately prior thereto, including without limitation all costs of demolition, debris removal, permits, fees and other governmental requirements, and upgrading the Premises, Building or Center as required by law or other requirements, without deduction for depreciation. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of Premises Damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. If Landlord does not elect to terminate this Lease pursuant to Landlords termination right as provided herein, and the Damage Repair Estimate indicates that repairs cannot be completed within one hundred twenty (120) days from the date Landlord receives written notification by Tenant of the happening of the damage, this Lease shall not terminate, but Landlord shall, at its sole cost and risk, proceed forthwith and use reasonable diligence to rebuild or repair such building and other improvements on the Demised Premises (other than leasehold improvements made by Tenant or any assignee, subtenant or other occupant of the Demised Premises) to substantially the condition in which they existed prior to such damage; provided, however, if the casualty occurs during the final eighteen (18) months of the Lease Term, Landlord shall not be required to rebuild or repair such damage unless Tenant shall exercise its renewal option (if any is contained herein) within fifteen (15) days after being commencedthe date of receipt by Landlord of the notification of the occurrence of the damage. If Tenant does not elect to exercise its renewal option or if there is no renewal option contained herein or previously unexercised at such time, Tenant may electthis Lease shall terminate at the option of Landlord and the Rent shall be abated for the unexpired portion of this Lease, effective from the date of actual receipt by Landlord of the written notification of the damage. If the building and other improvements are to be rebuilt or repaired and arc untenantable in whole or in part following such damage, the monthly installments of Rent payable hereunder during the period in which they are untenantable shall be adjusted equitably. Should any such damage cause a materially adverse effect to Tenant's business and needed repairs are not later than started within thirty (30) days and completed within seventy-five (75) days after written notice to Landlord. at Tenant’s receipt of the Damage Repair Estimate's option, to Tenant may terminate this Lease by written notice to Landlord effective as and all rent shall be abated for the unexpired portion of the date of Tenant’s noticethis Lease.
Appears in 1 contract
Sources: Commercial Lease Agreement (MCK Communications Inc)
Partial Damage. If(a) Tenant shall notify Landlord in writing immediately upon the occurrence of any damage to the Premises. If the Building is only partially damaged (i.e., during less than 25% of the value of the Building) and if the insurance proceeds received by Landlord are sufficient to pay for the necessary repairs, this Lease Termshall remain in effect and Landlord shall repair the damage to Landlord's Work as soon as is reasonably possible, and Tenant shall repair any damage to Tenant's fixtures and equipment and any improvements installed by Tenant.
(b) If (i) the Premises insurance proceeds received by Landlord are damaged or destroyed by fire or other casualtynot sufficient to pay the entire cost of repair, or if the Building is damaged or destroyed by fire or other casualty and such damage or destruction affects Tenant’s use cause of the Premises damage is not covered by the insurance or (collectivelyii) if the damage exceeds 25% of the value of the Building, ‘Premises Damage”)then Landlord may elect either to (1) repair the damage to Landlord's Work as soon as reasonably possible, Landlord shall perform the necessary repairs (other than to Tenant’s Alterations, trade fixtures, equipment, and personal property, the repair of in which Tenant shall be solely responsible), and case this Lease shall continue remain in full force and effect, or (2) terminate this Lease. ProvidedLandlord shall notify Tenant within 60 days after receipt of notice of the occurrence of the damage whether Landlord elects to repair the damage or terminate the Lease. If Landlord elects to repair the damage, howeverTenant shall pay to Landlord Tenant's Share of the "deductible amount" (if any) under Landlord's insurance policy and, that if the damage was due to an act or omission of Tenant or Tenant's employees, agents, contractors or invitees, Tenant shall also pay to Landlord maythe difference between the actual cost of repair and any insurance proceeds received by Landlord.
(c) If the damage to the Premises occurs during the last 6 months of the Lease Term, at its option. and such damage will require more than 30 days to repair, either Landlord or Tenant may elect to terminate this Lease if (i) Landlord’s repairs cannot reasonably be completed within sixty (60) days after as of the date the damage occurred regardless of the Premises Damage in accordance with applicable laws and regulations, or (ii) the Replacement Cost (defined below) exceeds six (6) months’ Minimum Monthly Rent, or (iii) Landlord does not receive sufficient sufficiency of any insurance proceeds to pay the full Replacement Cost and the shortfall exceeds one (1) month’s Minimum Monthly Rentproceeds. As used herein, “Replacement Cost” shall mean the cost to repair or rebuild the Premises, Building or Center (other than Tenant’s Alterations, equipment, trade fixtures, and personal property) at the time of the damage or destruction to their condition existing immediately prior thereto, including without limitation all costs of demolition, debris removal, permits, fees and other governmental requirements, and upgrading the Premises, Building or Center as required by law or other requirements, without deduction for depreciation. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of Premises Damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. If Landlord does not elect The party electing to terminate this Lease pursuant shall give written notification to Landlords termination right as provided herein, and the Damage Repair Estimate indicates that repairs cannot be completed other party of such election within one hundred twenty (120) days after being commenced, Tenant may elect, not later than thirty (30) 30 days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written 's notice to Landlord effective as of the date occurrence of Tenant’s noticethe damage.
Appears in 1 contract
Partial Damage. If, during If the Lease Term, the Premises are damaged or destroyed by fire building or other casualtyimprovements situated on the Property should be damaged by fire, or if the Building is damaged or destroyed by fire tornado or other casualty and but not to such damage an extent that rebuilding or destruction affects Tenant’s use of the Premises (collectively, ‘Premises Damage”), Landlord shall perform the necessary repairs (other than to Tenant’s Alterations, trade fixtures, equipment, and personal property, the repair of which Tenant shall be solely responsible), and this Lease shall continue in full force and effect. Provided, however, that Landlord may, at its option. elect to terminate this Lease if (i) Landlord’s repairs cannot reasonably be completed within sixty 120 days from the date Landlord receives written notification by Tenant of the happening of the damage, this Lease shall not terminate, but Landlord shall, at its sole cost and risk, proceed forthwith and use reasonable diligence to rebuild or repair such building and other improvements on the Property (60other than leasehold improvements made by Tenant or any assignee, subtenant or other occupant of the Property) to substantially the condition in which they existed prior to such damage; provided, however, if the casualty occurs during the final 18 months of the Lease Term, Landlord shall not be required to rebuild or repair such damage unless Tenant shall exercise its renewal option (if any is contained herein) within fifteen (15) days after the date of the Premises Damage in accordance with applicable laws and regulations, or (ii) the Replacement Cost (defined below) exceeds six (6) months’ Minimum Monthly Rent, or (iii) receipt by Landlord does not receive sufficient insurance proceeds to pay the full Replacement Cost and the shortfall exceeds one (1) month’s Minimum Monthly Rent. As used herein, “Replacement Cost” shall mean the cost to repair or rebuild the Premises, Building or Center (other than Tenant’s Alterations, equipment, trade fixtures, and personal property) at the time of the damage or destruction to their condition existing immediately prior thereto, including without limitation all costs of demolition, debris removal, permits, fees and other governmental requirements, and upgrading the Premises, Building or Center as required by law or other requirements, without deduction for depreciation. Within sixty (60) days after the date Landlord learns notification of the necessity for repairs as a result of Premises Damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment occurrence of the period of time in which the repairs will be completeddamage. If Landlord Tenant does not elect to terminate exercise its renewal option or if there is no renewal option contained herein or previously unexercised at such time, this Lease pursuant to Landlords termination right as provided herein, and shall terminate at the Damage Repair Estimate indicates that repairs cannot be completed within one hundred twenty (120) days after being commenced, Tenant may elect, not later than thirty (30) days after Tenant’s receipt option of the Damage Repair EstimateLandlord and rent shall be abated for the unexpired portion of this Lease, to terminate this Lease by written notice to Landlord effective as of from the date of Tenant’s noticeactual receipt by Landlord of the written notification of the damage. If the building and other improvements are to be rebuilt or repaired and are untenantable in whole or in part following such damage, the rent payable hereunder during the period in which they are untenantable shall be adjusted equitably.
Appears in 1 contract
Partial Damage. If, during If the Lease Term, building or other improvements situated on the Demised Premises are damaged or destroyed by fire fire, tornado, or other casualty, but not to such an extent that rebuilding or if the Building is damaged or destroyed by fire or other casualty and such damage or destruction affects Tenant’s use of the Premises (collectively, ‘Premises Damage”), Landlord shall perform the necessary repairs (other than to Tenant’s Alterations, trade fixtures, equipment, and personal property, the repair of which Tenant shall be solely responsible), and this Lease shall continue in full force and effect. Provided, however, that Landlord may, at its option. elect to terminate this Lease if (i) Landlord’s repairs cannot reasonably be completed within sixty one hundred eighty (60180) days from the date Landlord receives written notification by Tenant of the occurrence of the damage, this Lease shall not terminate, but Landlord shall, to the extent of insurance proceeds available for such rebuilding and restoration, proceed with reasonable diligence to rebuild or repair the building and other improvements on the Demised Premises (other than leasehold improvements made by Tenant or any assignee, subtenant or other occupant of the Demised Premises) to substantially the condition in which they existed prior to the damage. If the casualty occurs during the final eighteen (18) months of the Lease Term, Landlord shall not be required to rebuild or repair the damage unless Tenant exercises Tenant's renewal option (if any) within fifteen (15) days after the date of receipt by Landlord of the Premises Damage in accordance with applicable laws and regulationsnotification of the occurrence of the damage. If Tenant does not exercise its renewal option, or (ii) the Replacement Cost (defined below) exceeds six (6) months’ Minimum Monthly Rent, or (iii) Landlord does not receive sufficient insurance proceeds to pay the full Replacement Cost and the shortfall exceeds one (1) month’s Minimum Monthly Rent. As used herein, “Replacement Cost” shall mean the cost to repair or rebuild the Premises, Building or Center (other than Tenant’s Alterations, equipment, trade fixtures, and personal property) at the time of the damage or destruction to their condition existing immediately prior thereto, including without limitation all costs of demolition, debris removal, permits, fees and other governmental requirements, and upgrading the Premises, Building or Center as required by law or other requirements, without deduction for depreciation. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of Premises Damageif there is no remaining renewal option, Landlord shall notify Tenant (“Damage Repair Estimate”) of may, at Landlord’s estimated assessment of the period of time in which the repairs will be completed. If Landlord does not elect to terminate this Lease pursuant to Landlords termination right as provided herein's option, and the Damage Repair Estimate indicates that repairs cannot be completed within one hundred twenty (120) days after being commenced, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by promptly delivering a written termination notice to Landlord Tenant, in which event the Rent shall be abated for the unexpired portion of the Lease Term, effective as of from the date of Tenant’s notice.receipt by Landlord of the written notification of the damage. To the extent the Demised Premises cannot be occupied (in whole or in part) following the casualty, the Rent payable under this Lease during the period in which the Demised Premises cannot be fully occupied shall be
Appears in 1 contract
Partial Damage. If, during the Lease Term, UNINSURED If the Premises are damaged or destroyed by fire or other casualtya risk not covered by Landlord's insurance, or if the Building is damaged or destroyed by fire or other casualty and such damage or destruction affects Tenant’s use proceeds of available insurance are less than ninety-five percent (95%) of the Premises (collectively, ‘Premises Damage”), Landlord shall perform the necessary repairs (other than to Tenant’s Alterations, trade fixtures, equipment, and personal property, the repair cost of which Tenant shall be solely responsible), and this Lease shall continue in full force and effect. Provided, however, that Landlord may, at its option. elect to terminate this Lease if (i) Landlord’s repairs cannot reasonably be completed within sixty (60) days after the date of the Premises Damage in accordance with applicable laws and regulationsrestoration, or (ii) the Replacement Cost (defined below) exceeds six (6) months’ Minimum Monthly Rent, or (iii) Landlord does not receive sufficient insurance proceeds to pay the full Replacement Cost and the shortfall exceeds one (1) month’s Minimum Monthly Rent. As used herein, “Replacement Cost” shall mean the cost to repair or rebuild the Premises, Building or Center (other than Tenant’s Alterations, equipment, trade fixtures, and personal property) at the time of the damage or destruction to their condition existing immediately prior thereto, including without limitation all costs of demolition, debris removal, permits, fees and other governmental requirements, and upgrading the Premises, Building or Center as required by law or other requirements, without deduction for depreciation. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of Premises Damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. If Landlord does not elect to terminate this Lease pursuant to Landlords termination right as provided herein, and the Damage Repair Estimate indicates that repairs restoration cannot be completed within one hundred twenty eighty (120180) days after being commencedthe commencement of work, in the reasonable opinion of the registered architect or engineer appointed by Landlord for such determination, then Landlord shall have the option either to: (i) repair or restore such damage, this Lease continuing in full force and effect, but the net Monthly Rent to be proportionately abated as provided in Paragraph 22.1; or (ii) give notice to Tenant may elect, not later than at any time within thirty (30) days after Tenant’s receipt such damage terminating this Lease as of a date to be specified in such notice, which date shall be not less than sixty (60) nor more than ninety (90) days after giving such notice. If notice of termination is given, this Lease shall expire and all interest of Tenant in the Premises shall terminate on such date so specified in such notice and the Monthly Rent, reduced by any proportionate reduction based upon the extent, if any, to which such damage interfered with the use of the Damage Repair EstimatePremises by Tenant, shall be paid to the date of such termination; provided, however, that if Landlord elects to terminate this Lease due to an insufficiency in the insurance proceeds available to complete restoration of the Premises, Tenant shall have the right to contribute the amount of any shortfall in insurance proceeds and in such event Landlord shall restore the Premises. Tenant shall notify Landlord of Tenant's election within thirty (30) days after the date that Landlord has notified Tenant of Landlord's election to terminate this Lease. If it is anticipated by Landlord that such restoration cannot be completed within one hundred eighty (180) days after commencement of work, Tenant shall have the right to terminate this Lease by written notice to Landlord effective within thirty (30) days after receipt of written notice of the estimated repair period; provided, however, this one hundred eighty (180) day period will be extended to the extent of any delay caused by Force Majeure Conditions, up to and including an additional one hundred twenty (120) days. Landlord shall provide Tenant with written notice of the estimated repair period as soon as reasonably possible following the damage or destruction. If neither Landlord nor Tenant terminate this Lease as permitted herein, Landlord shall promptly commence the process of obtaining the necessary permits and approvals and repair the Premises and the Tenant Improvements. If, however, this Lease is terminated by either party, Landlord shall refund to Tenant any Rent previously paid by Tenant which is allocable to the period after the date of Tenant’s noticedamage or destruction.
Appears in 1 contract
Sources: Standard Single Tenant Lease Triple Net (Media Arts Group Inc)
Partial Damage. If, during If the Lease Term, building or other improvements situated on the Demised Premises are damaged or destroyed by fire or other casualtyfire, or if the Building is damaged or destroyed by fire tornado, or other casualty and but not to such damage an extent that rebuilding or destruction affects Tenant’s use of the Premises (collectively, ‘Premises Damage”), Landlord shall perform the necessary repairs (other than to Tenant’s Alterations, trade fixtures, equipment, and personal property, the repair of which Tenant shall be solely responsible), and this Lease shall continue in full force and effect. Provided, however, that Landlord may, at its option. elect to terminate this Lease if (i) Landlord’s repairs cannot reasonably be completed within sixty ninety (6090) days from the date Landlord receives written notification by Tenant of the happening of the damage, this Lease shall not terminate, but Landlord shall, at its sole cost and risk, proceed forthwith and use reasonable diligence to rebuild or repair such building and other improvements on the Demised Premises (other than leasehold improvements made by Tenant or any assignee, subtenant or other occupant of the Demised Premises) to substantially the condition in which they existed prior to such damage within said ninety (90) days, provided, however, if the casualty occurs during the final eighteen (18) months of the Lease Term, Landlord shall not be required to rebuild or repair such damage unless Tenant shall exercise its renewal option (if any is contained herein) within fifteen (15) days after the date of receipt by Landlord of the Premises Damage in accordance with applicable laws and regulations, or (ii) notification of the Replacement Cost (defined below) exceeds six (6) months’ Minimum Monthly Rent, or (iii) Landlord occurrence of the damage. If Tenant does not receive sufficient insurance proceeds elect to pay exercise its renewal option or if there is no renewal option contained herein or previously unexercised at such time, this Lease shall terminate at the full Replacement Cost option of Landlord and the shortfall exceeds one (1) month’s Minimum Monthly RentRent shall be abated for the unexpired portion of this Lease, effective from the date of actual receipt by Landlord of the written notification of the damage. As used hereinIf the building and other improvements are to be rebuilt or repaired and are untenantable in whole or in part following such damage, “Replacement Cost” the monthly installments of Rent payable hereunder during the period in which they are untenantable shall mean the cost be adjusted equitably. Landlord will give written notice of whether Landlord intends to repair or rebuild the Premises, Building or Center Premises within forty-five (other than Tenant’s Alterations, equipment, trade fixtures, and personal property45) at the time of the damage or destruction to their condition existing immediately prior thereto, including without limitation all costs of demolition, debris removal, permits, fees and other governmental requirements, and upgrading the Premises, Building or Center as required by law or other requirements, without deduction for depreciation. Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of Premises Damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed. If Landlord does not elect to terminate this Lease pursuant to Landlords termination right as provided herein, and the Damage Repair Estimate indicates that repairs cannot be completed within one hundred twenty (120) days after being commenced, Tenant may elect, not later than thirty (30) days after Tenant’s receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Landlord effective as of the date of Tenant’s noticedays.
Appears in 1 contract
Sources: Commercial Lease Agreement (Network 1 Security Solutions Inc)