Termination Options. (i) Anything in Subsection A of this Article to the contrary notwithstanding, if the Building shall be so damaged by fire or other casualty that: (a) Landlord is terminating leases affecting at least forty (40%) percent of the rentable square foot area of the office portion of the Building; or (b) in Landlord’s opinion either: (x) substantial alteration, demolition or reconstruction of the Building shall be required (whether or not the Premises shall have been damaged or rendered untenantable) or (y) the Building, after its repair, alteration or restoration shall not be economically viable as an office building, then in any of such events, Landlord, at Landlord’s option, may, not later than ninety (90) days following the settlement of the insurance claim (the “Determination Date”), but in no event, more than one hundred eighty (180) days after the date of the damage, give Tenant a notice in writing terminating this Lease. If Landlord elects to terminate this Lease, the Term shall expire upon the tenth (10th) day after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord. Upon the termination of this Lease under the conditions provided for in the next preceding sentence, Tenant’s liability for Rent shall cease as of the day following such damage. (ii) In the case of any fire or other casualty which affects the Premises to such a degree that Tenant is compelled to vacate the Premises, within forty-five (45) days from the Determination Date Landlord shall deliver to Tenant a statement prepared by a reputable contractor setting forth such contractor’s good faith estimate as to the time required to repair such damage. If such estimated time exceeds twelve (12) months from the date of the casualty, Tenant may elect to terminate this Lease by giving notice to Landlord not later than thirty (30) days following Tenant’s receipt of such statement. If Tenant makes such election, the Term shall expire on the thirtieth (30th) day after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord. If Tenant does not elect to terminate this Lease pursuant to this Subsection B(ii) (or is not entitled to terminate this Lease pursuant to this Subsection B(ii)), Landlord shall be obligated to perform such repairs. If such repairs are not completed within sixty (60) days after the expiration of the period estimated for effecting such repairs, Tenant may elect to terminate this Lease by giving notice to Landlord not later than fifteen (15) days following the expiration of such sixty (60) day period. If Tenant makes such election, the term of this Lease shall expire on the thirtieth (30th) day after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord, unless Landlord shall have substantially completed the required repairs and restored the Premises prior to the expiration of such thirty (30) day period in which case Tenant’s termination notice shall be null and void.
Appears in 2 contracts
Sources: Lease Agreement (Compass, Inc.), Lease Agreement (Urban Compass, Inc.)
Termination Options. (i) Anything in Subsection A of this Article to If the contrary notwithstanding, if the Building shall be so Improvements are damaged by fire or other casualty that: (a) Landlord is terminating leases affecting at least forty (40%) percent will, within 45 days after learning of such damage, notify Tenant in writing of the rentable square foot area time necessary to repair or restore such damage, as estimated by Landlord's architect, engineer or contractor. If such damage occurred during the 12-month period that ends on the Expiration Date, and if such estimate states that repair or restoration of all of such damage that was caused to the Improvements cannot be completed within the lesser of (i) 180 days from the date of the office portion of the Buildingdamage; or (b) in Landlord’s opinion either: (x) substantial alteration, demolition or reconstruction of the Building shall be required (whether or not the Premises shall have been damaged or rendered untenantable) or (yii) the Buildingnumber of days then remaining in the Term, after its repairthen Tenant or Landlord will have the option to terminate this Lease. If such damage occurred prior to the 12-month period that ends on the Expiration Date, alteration and if such estimate states that repair or restoration shall of all of such damage that was caused to the Improvements cannot be economically viable as an office building, then in any of such events, Landlord, at Landlord’s option, may, not later than ninety (90) completed within 270 days following the settlement of the insurance claim (the “Determination Date”), but in no event, more than one hundred eighty (180) days after from the date of the damage, give then Tenant a notice in writing terminating or Landlord will have the option to terminate this Lease. If such damage is not insured against by the insurance policies required to be maintained by Landlord elects according to Section 8.1, then Landlord will have the option to terminate this Lease (unless Tenant notifies Landlord, within 15 days after receipt of Landlord's notice of termination, as provided below, that Tenant will pay for all costs of repairing and restoring the damage that are in excess of any available insurance proceeds, in which case Landlord's exercise of such right of termination will be deemed void and Tenant will be obligated to pay for such costs as they are incurred and to provide such reasonable assurance of payment as may be required by Landlord's contractor). Any option to terminate granted above must be exercised by written notice to the other party given within 10 days after Landlord delivers to Tenant the notice of estimated repair time. If either party exercises its option to terminate this Lease, the Term shall will expire upon the tenth (10th) day after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord. Upon the termination of this Lease under will terminate 10 days after notice of termination is delivered; provided, however, that Rent for the conditions provided for in the next preceding sentence, Tenant’s liability for Rent shall cease as of the day following such damage.
(ii) In the case of any fire or other casualty which affects the Premises to such a degree that Tenant is compelled to vacate the Premises, within forty-five (45) days from the Determination Date Landlord shall deliver to Tenant a statement prepared by a reputable contractor setting forth such contractor’s good faith estimate as to the time required to repair such damage. If such estimated time exceeds twelve (12) months from period commencing on the date of such damage until the casualty, Tenant may elect to terminate date this Lease by giving notice terminates will be reduced to Landlord not later than thirty (30) days following Tenant’s receipt the reasonable value of such statement. If Tenant makes such election, the Term shall expire on the thirtieth (30th) day after such notice is given, and Tenant shall vacate any use or occupation of the Premises by Tenant during such period and surrender the same to Landlord. If Tenant does not elect to terminate this Lease pursuant to this Subsection B(ii) (or is not Landlord will be entitled to terminate this Lease pursuant to this Subsection B(ii)), Landlord shall be obligated to perform such repairs. If such repairs are not completed within sixty (60) days after the expiration all proceeds of the period estimated for effecting such repairs, Tenant may elect insurance policy described in Section 8.2(b) applicable to terminate this Lease by giving notice to Landlord not later than fifteen (15) days following any damaged alterations in the expiration of such sixty (60) day period. If Tenant makes such election, the term of this Lease shall expire on the thirtieth (30th) day after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord, unless Landlord shall have substantially completed the required repairs and restored the Premises prior to the expiration of such thirty (30) day period in which case Tenant’s termination notice shall be null and voidPremises.
Appears in 1 contract
Termination Options. (i) Anything in Subsection A of this Article to If the contrary notwithstanding, if Premises or the Building shall be so is damaged by fire or other casualty that: Landlord will, promptly after learning of such damage, notify Tenant in writing within thirty (a30) Landlord is terminating leases affecting at least forty (40%) percent days after the date of the rentable square foot area damage of the office time necessary to repair or restore such damage, as estimated by Landlord's architect, engineer or contractor. If such estimate states that repair or restoration of all of such damage that was caused to the Premises or to any other portion of the Building; or (b) Building necessary for Tenant's occupancy in Landlord’s opinion either: (x) substantial alteration, demolition or reconstruction accordance with similar quality and standards as the specifications attached hereto as Exhibits B and B-1 and the requirements of the Building shall be required (whether or not the Premises shall have been damaged or rendered untenantable) or (y) the Building, after its repair, alteration or restoration shall this Lease cannot be economically viable as an office building, then in any of such events, Landlord, at Landlord’s option, may, not later than ninety (90) days following the settlement of the insurance claim (the “Determination Date”), but in no event, more than completed within one hundred eighty (180) days after from the date of such damage (or within sixty (60) days from the damagedate of such damage if such damage occurred within the last twelve (12) months of the Term), give then Tenant a notice in writing terminating will have the option to terminate this Lease. If such estimate states that repair or restoration of all such damage that was caused to the Building cannot be completed within one hundred eighty (180) days from the date of such damage, or if such damage occurred within the last twelve (12) months of the Term and such estimate states that repair or restoration of all such damage that was caused to the Premises or to any other portion of the Building necessary for Tenant's occupancy cannot be completed within sixty (60) days from the date of such damage, or if such damage is not insured against by the insurance policies required to be maintained by Landlord elects according to Section 11.1, then Landlord will have the option to terminate this Lease. Any option to terminate granted above must be exercised by written notice to the other party given within thirty (30) days after Landlord delivers to Tenant the notice of estimated repair time. If either party exercises its option to terminate this Lease, the Term shall will expire upon and this Lease will terminate ten (10) days after notice of termination is delivered; provided, however, that Rent for the tenth (10th) day after period commencing on the date of such notice is given, and Tenant shall vacate damage until the date this Lease terminates will fully abat▇ ▇▇▇h respect to such portions of the Premises and surrender the same to Landlord. Upon the termination that are Untentantable as a result of this Lease under the conditions provided for in the next preceding sentence, Tenant’s liability for Rent shall cease as of the day following such damage.
(ii) In the case of any fire or other casualty which affects the Premises to such a degree that Tenant is compelled to vacate the Premises, within forty-five (45) days from the Determination Date Landlord shall deliver to Tenant a statement prepared by a reputable contractor setting forth such contractor’s good faith estimate as to the time required to repair such damage. If such estimated time exceeds twelve (12) months from the date Landlord will be entitled to all proceeds of the casualty, Tenant may elect insurance policy applicable to terminate this Lease by giving notice to Landlord not later than thirty (30) days following Tenant’s receipt of such statement. If Tenant makes such election, any damaged leasehold improvements in the Term shall expire on the thirtieth (30th) day after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord. If Tenant does not elect to terminate this Lease pursuant to this Subsection B(ii) (or is not entitled to terminate this Lease pursuant to this Subsection B(ii)), Landlord shall be obligated to perform such repairs. If such repairs are not completed within sixty (60) days after the expiration of the period estimated for effecting such repairs, Tenant may elect to terminate this Lease by giving notice to Landlord not later than fifteen (15) days following the expiration of such sixty (60) day period. If Tenant makes such election, the term of this Lease shall expire on the thirtieth (30th) day after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord, unless Landlord shall have substantially completed the required repairs and restored the Premises prior to the expiration of such thirty (30) day period in which case Tenant’s termination notice shall be null and voidPremises.
Appears in 1 contract
Termination Options. Notwithstanding the terms of Section 11.1 of this Lease, Landlord may elect not to rebuild and/or restore the Premises, Building and/or Project, and instead terminate this Lease, by notifying Tenant in writing of such termination within thirty (30) days after the date of the Landlord Repair Notice, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises, but Landlord may so elect only if the Building or Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, and one or more of the following conditions is present: (i) Anything in Subsection A Landlord’s reasonable judgment, repairs cannot reasonably be completed within ninety (90) days after the date of the Landlord Repair Notice (when such repairs are made without the payment of overtime or other premiums); (ii) the holder of any mortgage on the Building or Project or ground lessor with respect to the Building or Project shall require that the insurance proceeds or any portion thereof be used to retire the mortgage debt, or shall terminate the ground lease, as the case may be; (iii) the damage is not fully covered by Landlord’s insurance policies (unless Landlord has failed to maintain the policies required by this Lease); or (iv) the damage occurs during the last twelve (12) months of the Lease Term. Notwithstanding the terms of Section 11.1 of this Article Lease, Tenant may terminate this Lease, by notifying Landlord in writing of such termination within thirty (30) days after the date of Landlord’s notice required in the preceding paragraph, such notice to include a termination date giving Tenant sixty (60) days to vacate the contrary notwithstandingPremises, if the Building shall be so damaged by fire or other casualty thator cause, and one or more of the following conditions is present: (a) Landlord is terminating leases affecting at least forty (40%) percent of the rentable square foot area of the office portion of the Building; or (biv) in Landlord’s opinion either: reasonable judgment, repairs cannot reasonably be completed within one (x1) substantial alteration, demolition or reconstruction year after the date of the Building shall be required Landlord Repair Notice (whether when such repairs are made without the payment of overtime or not other premiums); or (v) the Premises damage occurs during the last twelve (12) months of the Lease Term. In addition, Tenant may terminate the Lease by giving written notice to Landlord if Landlord shall have been damaged or rendered untenantable) or (y) failed to complete the Building, after its repair, alteration or restoration shall not be economically viable as an office building, then in any of such events, Landlord, at Landlord’s option, may, not later than required above within ninety (90) days following the settlement of the insurance claim (the “Determination Date”), but in no event, more than one hundred eighty (180) days after the estimated restoration date of the damage, give Tenant a notice in writing terminating this Lease. If Landlord elects to terminate this Lease, the Term shall expire upon the tenth (10th) day after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord. Upon the termination of this Lease under the conditions provided for set forth in the next preceding sentence, Tenant’s liability for Rent shall cease as of the day following such damageLandlord Repair Notice.
(ii) In the case of any fire or other casualty which affects the Premises to such a degree that Tenant is compelled to vacate the Premises, within forty-five (45) days from the Determination Date Landlord shall deliver to Tenant a statement prepared by a reputable contractor setting forth such contractor’s good faith estimate as to the time required to repair such damage. If such estimated time exceeds twelve (12) months from the date of the casualty, Tenant may elect to terminate this Lease by giving notice to Landlord not later than thirty (30) days following Tenant’s receipt of such statement. If Tenant makes such election, the Term shall expire on the thirtieth (30th) day after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord. If Tenant does not elect to terminate this Lease pursuant to this Subsection B(ii) (or is not entitled to terminate this Lease pursuant to this Subsection B(ii)), Landlord shall be obligated to perform such repairs. If such repairs are not completed within sixty (60) days after the expiration of the period estimated for effecting such repairs, Tenant may elect to terminate this Lease by giving notice to Landlord not later than fifteen (15) days following the expiration of such sixty (60) day period. If Tenant makes such election, the term of this Lease shall expire on the thirtieth (30th) day after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord, unless Landlord shall have substantially completed the required repairs and restored the Premises prior to the expiration of such thirty (30) day period in which case Tenant’s termination notice shall be null and void.
Appears in 1 contract
Termination Options. (i) Anything in Subsection A 13.1.1 If the Premises or any other portion of this Article to the contrary notwithstanding, if the Building necessary for Tenant's occupancy of the Premises shall be so damaged by fire or other casualty that: casualty, Landlord shall, promptly after learning of such damage, notify Tenant in writing of the time necessary to demolish all damaged portions of the Premises and repair or restore the Premises and such portions of the Building as are necessary for Tenant's occupancy of the Premises as nearly as practicable to the condition existing prior to such fire or other casualty, excluding the repair and restoration of any and all leasehold improvements, Alterations, trade fixtures, furnishings, equipment and personal property of Tenant in the Premises (such demolition, repair and restoration work being hereinafter referred to as "Landlord's Restoration Work"), as estimated by a reputable architect, engineer or contractor selected by Landlord (the "Estimate").
13.1.2 If the Estimate shall state that Landlord's Restoration Work cannot be completed within one (1) year from the date of such damage (or within 60 days from the date of such damage if such damage shall have occurred within the last 12 months of the Term), then Tenant shall have the option to terminate this Lease by giving Landlord notice thereof within ten (10) days after Landlord shall have given Tenant the Estimate.
13.1.3 If all or any part of the Premises or the Building is damaged or destroyed by fire or other casualty, and (a) Landlord is terminating leases affecting at least forty (40%) percent of the rentable square foot area of the office portion of the Building; or (b) in Landlord’s opinion either: (x) substantial alteration, demolition or reconstruction of the Building shall be required is so damaged (whether or not the Premises shall have been damaged damaged) that Landlord shall elect not to restore or rendered untenantable) or (y) repair such damage to the Building, or (b) such damage is not insured against by the insurance policies required to be maintained' by Landlord according to Section 12.1, or (c) the Estimate shall state that Landlord's Restoration Work cannot be completed within one (I) year after its repairthe date of such damage, alteration or (d) such damage shall have occurred within the last twelve (12) months of the Term and the Estimate shall state that the repair or restoration shall of the damage to the Premises or to any other portion of the Building necessary for Tenant's occupancy cannot be economically viable as an office buildingcompleted within sixty (60) days from the date of such damage, then then, in any of such events, LandlordLandlord shall have the right, at Landlord’s its option, may, not later than ninety (90) days following the settlement of the insurance claim (the “Determination Date”), but in no event, more than one hundred eighty (180) days after the date of the damage, give Tenant a notice in writing terminating this Lease. If Landlord elects to terminate this Lease, the Term shall expire upon the tenth (10th) day after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord. Upon the termination of this Lease under the conditions provided for in the next preceding sentence, Tenant’s liability for Rent shall cease as of the day following such damage.
(ii) In the case of any fire or other casualty which affects the Premises to such a degree that Tenant is compelled to vacate the Premises, within forty-five (45) days from the Determination Date Landlord shall deliver to Tenant a statement prepared by a reputable contractor setting forth such contractor’s good faith estimate as to the time required to repair such damage. If such estimated time exceeds twelve (12) months from the date of the casualty, Tenant may elect to terminate this Lease by giving notice thereof to Landlord not later than thirty Tenant within ninety (30) days following Tenant’s receipt of such statement. If Tenant makes such election, the Term shall expire on the thirtieth (30th) day after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord. If Tenant does not elect to terminate this Lease pursuant to this Subsection B(ii) (or is not entitled to terminate this Lease pursuant to this Subsection B(ii)), Landlord shall be obligated to perform such repairs. If such repairs are not completed within sixty (6090) days after the expiration of the period estimated for effecting date on which such repairs, Tenant may elect to terminate this Lease by giving notice to Landlord not later than fifteen (15) days following the expiration of such sixty (60) day period. If Tenant makes such election, the term of this Lease shall expire on the thirtieth (30th) day after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord, unless Landlord fire or other casualty shall have substantially completed the required repairs and restored the Premises prior to the expiration of such thirty (30) day period in which case Tenant’s termination notice shall be null and voidoccurred.
Appears in 1 contract
Termination Options. (i) Anything in Subsection A 48.1. Any written request by Tenant to expand the Premises during the Term of this Article to the contrary notwithstanding, if the Building shall be so damaged by fire or other casualty that: Lease through either (a) Landlord is terminating leases affecting at least forty (40%) percent the exercise of the rentable square foot area of the office portion of the Building; its ROFO with respect to any Available ROFO Premises by providing a Tenant’s Offer in accordance with Article 43 or (b) by delivery of an Additional Expansion Request for any Additional Expansion Space in Landlord’s opinion either: (x) substantial alteration, demolition or reconstruction of the Building accordance with Section 45.6 shall be required referred to as an “Expansion Opportunity Request.”
(whether or not a) Any Expansion Opportunity Request seeking to expand the Premises shall have been damaged by Rentable Area equal to or rendered untenantablegreater than the lesser of (i) or ten thousand (y10,000) the Building, after its repair, alteration or restoration shall not be economically viable as an office building, then in any square feet of such events, Landlord, at Landlord’s option, may, not later than ninety (90) days following the settlement of the insurance claim (the “Determination Date”), but in no event, more than one hundred eighty (180) days after the date of the damage, give Tenant a notice in writing terminating this Lease. If Landlord elects to terminate this Lease, the Term shall expire upon the tenth (10th) day after such notice is given, Rentable Area and Tenant shall vacate the Premises and surrender the same to Landlord. Upon the termination of this Lease under the conditions provided for in the next preceding sentence, Tenant’s liability for Rent shall cease as of the day following such damage.
(ii) In the case Rentable Area equal to twenty percent (20%) of Tenant’s then-current Rentable Area leased pursuant to this Lease shall be referred to as an “Expansion Requirement.”
(b) Landlord shall, within ten (10) business days after receipt from Tenant of any fire or other casualty Expansion Opportunity Request for an Expansion Requirement, notify Tenant in writing whether Landlord can accommodate the Expansion Requirement by delivering expansion space in the Building to Tenant that satisfies the Expansion Requirement, with delivery of such space occurring within nine (9) months (subject to extension for Excusable Delays) after full execution and delivery of an amendment to this Lease adding such Expansion Requirement (as set forth in Subsection 48.1(b)(ii)), which affects notification from Landlord shall include the Premises location of the proposed space, the proposed delivery date and the proposed rental rate for such space. If, in response to such a degree an Expansion Requirement, (i) Landlord notifies Tenant that it can accommodate the Expansion Requirement in accordance with the requirements of this Section 48.1 and (ii) Landlord and Tenant is compelled to vacate agree upon the Premisesterms for the Expansion Requirement, then the parties shall, within forty-five (45) days from following Landlord’s receipt of the Determination Date Landlord shall deliver Expansion Opportunity Request, enter into an amendment to Tenant a statement prepared by a reputable contractor setting forth this Lease adding such contractor’s good faith estimate as Expansion Requirement to the time required Premises.
(c) If (i) Landlord is unable to repair accommodate an Expansion Requirement in accordance with the requirements of this Article or (ii) the parties fail to execute an amendment to this Lease adding such damage. If such estimated time exceeds Expansion Requirement to the Premises within the forty-five (45) day period referenced in Section 48.1(b), then, beginning on the date that is sixty (60) months after the Term Commencement Date, Tenant may terminate this Lease (except for those provisions that, by their express terms, survive the expiration or earlier termination hereof) by providing twelve (12) months from the date of the casualty, Tenant may elect to terminate this Lease by giving months’ prior written notice to Landlord not later than thirty (30) days following Tenant’s receipt “Notice of Termination for Failure to Accommodate Expansion”); provided, however, that in order for Tenant to exercise such statement. If termination option, Tenant makes such election, must deliver the Term shall expire on the thirtieth (30th) day after such notice is given, and Tenant shall vacate the Premises and surrender the same Notice of Termination for Failure to Landlord. If Tenant does not elect to terminate this Lease pursuant to this Subsection B(ii) (or is not entitled to terminate this Lease pursuant to this Subsection B(ii)), Landlord shall be obligated to perform such repairs. If such repairs are not completed Accommodate Expansion within sixty (60) days after (A) Landlord has delivered notice to Tenant that it is unable to accommodate an Expansion Requirement or (B) the expiration of the forty-five (45) day period estimated referenced in Section 48.1(b) regarding the failure to execute an amendment to this Lease adding such Expansion Requirement to the Premises. For purposes of clarity, the earliest that Tenant could provide a Notice of Termination for effecting Failure to Accommodate Expansion under this Section is the date that is forty-eight (48) months after the Term Commencement Date.
(d) For purposes of Section 48.1(c), Landlord shall be deemed to be unable to accommodate an Expansion Requirement if the Expansion Requirement exceeds the difference between (i) the square footage of the then-available Rentable Area (i.e., not leased by Tenant or any other party and otherwise available for lease, and exclusive of all Common Areas) in the Building and (ii) the sum of all Rentable Area that Tenant sought to lease in all prior Expansion Opportunity Requests that did not result in any amendment(s) to this Lease adding such repairsRentable Area (excluding any such Rentable Area that was subsequently leased by another tenant and that remains leased by another tenant as of the date of the Expansion Requirement).
(e) Following any Notice of Termination for Failure to Accommodate Expansion, Tenant may elect and Landlord shall undertake negotiations to enter into a build-to-suit lease in accordance with Article 47. Notwithstanding the foregoing, if Tenant exercises any termination right under Section 48.1(c), Tenant shall have the right to rescind its exercise of such termination right by providing written notice to Landlord within ninety (90) days after Landlord’s receipt of the Notice of Termination for Failure to Accommodate Expansion, and if Tenant so rescinds its exercise of the termination, then this Lease shall continue in full force and effect as if Tenant had not exercised such right of termination.
(f) In the event that Tenant terminates the Lease pursuant to Section 48.1(c), Tenant shall not be required to pay any termination fee or penalty other than a termination fee equal to one hundred percent (100%) of the unamortized portion of the Cash Incentive (with the Cash Incentive accruing interest at an annual interest rate of three percent (3%) over the period commencing as of the date that the Cash Incentive is paid to Tenant through the last day of the twelfth (12th) month of the Term, and then amortized over the remainder of the initial Term at an annual interest rate of three percent (3%)). Such termination fee shall be paid simultaneously with Tenant’s final scheduled payment of monthly Base Rent.
48.2. Tenant shall have an additional right to terminate this Lease at any time and for any reason beginning on the date that is ninety-six (96) months after the Term Commencement Date by giving providing Landlord with twelve (12) months’ prior written notice (for the sake of clarity, the earliest that Tenant could provide notice to Landlord not later than fifteen terminate under this Section is the date that is eighty-four (1584) days following months after the expiration Term Commencement Date). In the event that Tenant terminates this Lease pursuant to this Section, Tenant shall be required to pay a termination fee as set forth in the chart below. Such termination fee shall be paid simultaneously with Tenant’s final scheduled payment of such sixty monthly Base Rent. Months 96 – 120 The sum of (60a) day period. If Tenant makes such electionthe applicable amount set forth in the chart below (the “Initial Termination Fee”) and (b) thirty percent (30%) of the unamortized portion of the actual cost of any Expansion Space tenant improvements* * For purposes of calculating the termination fee above, the term cost of this Lease shall expire on the thirtieth (30th) day after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord, unless Landlord shall have substantially completed the required repairs and restored the Premises prior to the expiration of such thirty (30) day period in which case Tenant’s termination notice any Expansion Space tenant improvements shall be null and void.amortized over the initial Term at an annual interest rate of eight percent (8%). 96 $4,671,669 97 $4,626,593 98 $4,581,301 99 $4,535,792 100 $4,490,064 101 $4,444,116 102 $4,397,946 103 $4,351,554 104 $4,304,938 105 $4,258,098 106 $4,211,031 107 $4,163,736 108 $4,116,213 109 $4,068,459 110 $4,020,475 111 $3,972,257 112 $3,923,805 113 $3,875,119 114 $3,826,195 115 $3,777,034 116 $3,727,633 117 $3,677,991 118 $3,628,108 119 $3,577,981 120 $3,527,609 121 $2,735,321 122 $2,694,831 123 $2,654,159 124 $2,613,303 125 $2,572,264 126 $2,531,039 127 $2,489,628 128 $2,448,030 129 $2,406,244 130 $2,364,268 131 $2,322,103 132 $2,279,746 133 $2,237,197 134 $2,194,454 135 $2,151,518 136 $2,108,385 137 $2,065,057 138 $2,021,531 139 $1,977,806 140 $1,933,882 141 $1,889,757 142 $1,845,430 143 $1,800,900 144 $1,756,167 145 $1,711,228 146 $1,666,082 147 $1,620,730 148 $1,575,169 149 $1,529,398 150 $1,483,417 151 $1,437,223 152 $1,390,817 153 $1,344,196 154 $1,297,360 155 $1,250,307 156 $1,203,037 157 $1,155,547 158 $1,107,837 159 $1,059,906 160 $1,011,753 161 $ 963,375 162 $ 914,773 163 $ 865,944 164 $ 816,888 165 $ 767,602 166 $ 718,087 167 $ 668,341 168 $ 618,362 169 $ 568,149 170 $ 517,701 171 $ 467,017 172 $ 416,095 173 $ 364,933 174 $ 313,532 175 $ 261,889 176 $ 210,002 177 $ 157,872 178 $ 105,495 179 $ 52,872 180 $ 0.00
Appears in 1 contract
Sources: Lease (Omeros Corp)
Termination Options. (i) Anything in Subsection A of this Article to If the contrary notwithstanding, if the Building shall be so Premises is damaged by fire or other casualty that: (a) casualty, Landlord is terminating leases affecting may, at least forty (40%) percent of the rentable square foot area of the office portion of the Building; or (b) in Landlord’s opinion either: (x) substantial alterationits option, demolition or reconstruction of the Building shall be required (whether or not restore the Premises shall have been damaged or rendered untenantable) or (y) the Building, after to as near its repair, alteration or restoration shall not be economically viable previous condition as an office building, then in any of such events, is reasonably possible. Unless Landlord, at Landlord’s option, may, not later than within ninety (90) days following after the settlement happening of any such casualty, shall notify Tenant of its election to so restore, this Lease shall thereupon terminate and end; provided that if Landlord reasonably estimates that such damage can be repaired within 180 days from the date of such casualty and there are insurance proceeds sufficient to repair such damage, then Landlord shall be obligated to repair such damage and the Lease shall not terminate. If Landlord elects to or is required to restore the Premises, Landlord will notify Tenant in writing of the insurance claim time necessary to repair or restore such damage, as estimated by Landlord’s architect, engineer or contractor (the “Determination DateRepair Notice”), but in no event, more than one hundred eighty (180) . If such Repair Notice states that repair or restoration of all of such damage that was caused to the Building cannot be completed within 180 days after from the date of the such damage, give Tenant a notice in writing terminating or if such damage occurred within the last 12 months of the Term and such Repair Notice states that repair or restoration of all such damage that was caused to the Premises or any other portion of the Building necessary for Tenant’s occupancy cannot be completed within 30 days from the date of such damage, or if such damage renders more than 50% of the rentable area of the Building untenantable, or if such damage is not insured against by the insurance policies required to be maintained by Landlord according to Section 9, then Landlord will have the option to terminate this Lease. If Landlord elects exercises its option to terminate this Lease, the Term shall will expire upon and this Lease will terminate as set forth in Landlord’s notice of termination to Tenant; provided, however, that Rent for the tenth (10th) day after period commencing on the date of such notice is givendamage until the date this Lease terminates will be reduced as set forth in Section 10.3. Additionally, and Tenant shall vacate if a material portion of the Premises and surrender the same to Landlord. Upon the termination of this Lease under the conditions provided for in the next preceding sentence, Tenant’s liability for Rent shall cease as of the day following is damaged by a casualty such damage.
(ii) In the case of any fire or other casualty which affects the Premises to such a degree that Tenant is compelled prevented from conducting its business in the Premises in a manner reasonably comparable to vacate the Premises, within forty-five (45) days from the Determination Date Landlord shall deliver to Tenant a statement prepared by a reputable contractor setting forth such contractor’s good faith estimate as to the time required to repair that conducted immediately before such damage. If such estimated time exceeds twelve (12) months from , and Landlord estimates that the damage caused thereby cannot be repaired within 180 days after the date of the casualtysuch damage, then Tenant may elect to terminate this Lease by giving delivering written notice to Landlord not later than thirty (30) days following Tenant’s receipt of such statement. If Tenant makes such election, the Term shall expire on the thirtieth (30th) day after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord. If Tenant does not elect its election to terminate this Lease pursuant to this Subsection B(ii) (or is not entitled to terminate this Lease pursuant to this Subsection B(ii)), Landlord shall be obligated to perform such repairs. If such repairs are not completed within sixty (60) 30 days after the expiration of the period estimated for effecting such repairs, Tenant may elect Repair Notice has been delivered to terminate this Lease by giving notice to Landlord not later than fifteen (15) days following the expiration of such sixty (60) day period. If Tenant makes such election, the term of this Lease shall expire on the thirtieth (30th) day after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord, unless Landlord shall have substantially completed the required repairs and restored the Premises prior to the expiration of such thirty (30) day period in which case Tenant’s termination notice shall be null and void.
Appears in 1 contract
Sources: Lease Agreement (Solid Power, Inc.)
Termination Options. (i) Anything in Subsection A of this Article to If the contrary notwithstanding, if Premises or the Building shall be so are damaged by fire or other casualty that: (a) Landlord is terminating leases affecting at least forty (40%) percent will, promptly after learning of such damage, notify Tenant in writing of the rentable square foot area time necessary to repair or restore such damage, as estimated by Landlord's architect, engineer or contractor. If such estimate states that repair or restoration of all of such damage that was caused to the office Premises or to any other portion of the Building; or (b) in Landlord’s opinion either: (x) substantial alteration, demolition or reconstruction of the Building shall be required (whether or not the Premises shall have been damaged or rendered untenantable) or (y) the Building, after its repair, alteration or restoration shall necessary for Tenant's occupancy cannot be economically viable as an office building, then in any of such events, Landlord, at Landlord’s option, may, not later than ninety (90) days following the settlement of the insurance claim (the “Determination Date”), but in no event, more than completed within one hundred eighty (180) days after from the date of such damage (or within thirty (30) days from the damagedate of such 12 20 damage if such damage occurred within the last twelve(12) months of the Term), give then Tenant a notice in writing terminating will have the option to terminate this Lease. If such estimate states that repair or restoration of all of such damage that was caused to the Building cannot be completed within one hundred eighty (180) days from the date of such damage, or if such damage occurred within the last twelve (12) months of the Term and such estimate states that repair or restoration of all such damage that was caused to the Premises or to any other portion of the Building necessary for Tenant's occupancy cannot be completed within thirty (30) days from the date of such damage, or if such damage is not insured against by the insurance policies required to be maintained by Landlord elects according to Section 9.1, then Landlord will have the option to terminate this Lease. Any option to terminate granted above must be exercised by written notice to the other party given within ten (10) days after Landlord delivers to Tenant the notice of estimated repair time. If either party exercises its option to terminate this Lease, the Term shall will expire upon the tenth (10th) day after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord. Upon the termination of this Lease under the conditions provided for in the next preceding sentence, Tenant’s liability for Rent shall cease as of the day following such damage.
will terminate ten (ii) In the case of any fire or other casualty which affects the Premises to such a degree that Tenant is compelled to vacate the Premises, within forty-five (4510) days from after notice of termination is delivered; provided, however, that Rent for the Determination Date Landlord shall deliver to Tenant a statement prepared by a reputable contractor setting forth such contractor’s good faith estimate as to the time required to repair such damage. If such estimated time exceeds twelve (12) months from period commencing on the date of such damage until the casualty, Tenant may elect to terminate date this Lease by giving notice terminates will be reduced to Landlord not later than thirty (30) days following Tenant’s receipt the reasonable value of such statement. If Tenant makes such election, the Term shall expire on the thirtieth (30th) day after such notice is given, and Tenant shall vacate any use or occupation of the Premises by Tenant during such period and surrender the same to Landlord. If Tenant does not elect to terminate this Lease pursuant to this Subsection B(ii) (or is not Landlord will be entitled to terminate this Lease pursuant to this Subsection B(ii)), Landlord shall be obligated to perform such repairs. If such repairs are not completed within sixty (60) days after the expiration all proceeds of the period estimated for effecting such repairs, Tenant may elect insurance policy described in Section 9.2(b) applicable to terminate this Lease by giving notice to Landlord not later than fifteen (15) days following any damaged leasehold improvements in the expiration of such sixty (60) day period. If Tenant makes such election, the term of this Lease shall expire on the thirtieth (30th) day after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord, unless Landlord shall have substantially completed the required repairs and restored the Premises prior to the expiration of such thirty (30) day period in which case Tenant’s termination notice shall be null and voidPremises.
Appears in 1 contract
Sources: Lease Agreement (Glacier Corp)
Termination Options. Notwithstanding the terms of Section 11.1 of this Lease, Landlord may elect not to rebuild and/or restore the Premises, Building and/or Project, and instead terminate this Lease, by notifying Tenant in writing of such termination within thirty (30) days after the date of the Landlord Repair Notice, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises, but Landlord may so elect only if the Building or Project shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, and one or more of the following conditions is present: (i) Anything in Subsection A Landlord’s reasonable judgment, repairs cannot reasonably be completed within one (1) year after the date of the Landlord Repair Notice (when such repairs are made without the payment of overtime or other premiums); (ii) the holder of any mortgage on the Building or Project or ground lessor with respect to the Building or Project shall require that the insurance proceeds or any portion thereof be used to retire the mortgage debt, or shall terminate the ground lease, as the case may be; (iii) the damage is not fully covered by Landlord’s insurance policies (unless Landlord has failed to maintain the policies required by this Lease); or (iv) the damage occurs during the last twelve (12) months of the Lease Term. Notwithstanding the terms of Section 11.1 of this Article Lease, Tenant may terminate this Lease, by notifying Landlord in writing of such termination within thirty (30) days after the date of Landlord’s notice required in the preceding paragraph, such notice to include a termination date giving Tenant sixty (60) days to vacate the contrary notwithstandingPremises, if the Building shall be so damaged by fire or other casualty thator cause, and one or more of the following conditions is present: (a) Landlord is terminating leases affecting at least forty (40%) percent of the rentable square foot area of the office portion of the Building; or (biv) in Landlord’s opinion either: reasonable judgment, repairs cannot reasonably be completed within one (x1) substantial alteration, demolition or reconstruction year after the date of the Building shall be required Landlord Repair Notice (whether when such repairs are made without the payment of overtime or not other premiums); or (v) the Premises damage occurs during the last twelve (12) months of the Lease Term. In addition, Tenant may terminate the Lease by giving written notice to Landlord if Landlord shall have been damaged or rendered untenantable) or (y) failed to complete the Building, after its repair, alteration or restoration shall not be economically viable as an office building, then in any of such events, Landlord, at Landlord’s option, may, not later than required above within ninety (90) days following the settlement of the insurance claim (the “Determination Date”), but in no event, more than one hundred eighty (180) days after the estimated restoration date of the damage, give Tenant a notice in writing terminating this Lease. If Landlord elects to terminate this Lease, the Term shall expire upon the tenth (10th) day after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord. Upon the termination of this Lease under the conditions provided for set forth in the next preceding sentence, Tenant’s liability for Rent shall cease as of the day following such damageLandlord Repair Notice.
(ii) In the case of any fire or other casualty which affects the Premises to such a degree that Tenant is compelled to vacate the Premises, within forty-five (45) days from the Determination Date Landlord shall deliver to Tenant a statement prepared by a reputable contractor setting forth such contractor’s good faith estimate as to the time required to repair such damage. If such estimated time exceeds twelve (12) months from the date of the casualty, Tenant may elect to terminate this Lease by giving notice to Landlord not later than thirty (30) days following Tenant’s receipt of such statement. If Tenant makes such election, the Term shall expire on the thirtieth (30th) day after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord. If Tenant does not elect to terminate this Lease pursuant to this Subsection B(ii) (or is not entitled to terminate this Lease pursuant to this Subsection B(ii)), Landlord shall be obligated to perform such repairs. If such repairs are not completed within sixty (60) days after the expiration of the period estimated for effecting such repairs, Tenant may elect to terminate this Lease by giving notice to Landlord not later than fifteen (15) days following the expiration of such sixty (60) day period. If Tenant makes such election, the term of this Lease shall expire on the thirtieth (30th) day after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord, unless Landlord shall have substantially completed the required repairs and restored the Premises prior to the expiration of such thirty (30) day period in which case Tenant’s termination notice shall be null and void.
Appears in 1 contract
Termination Options. (i) Anything in Subsection subsection A of this Article 10 to the contrary notwithstanding, if the Premises are totally damaged or are rendered wholly untenantable, or if the Building shall be so damaged by fire or other casualty that: (a) Landlord is terminating leases affecting at least forty (40%) percent of the rentable square foot area of the office portion of the Building; or (b) , in Landlord’s opinion either: (x) 's reasonable opinion, either substantial alteration, demolition or reconstruction of the Building shall be required (whether or not the Premises shall have been damaged or rendered untenantable) , or (y) if the Building, after its proposed repair, alteration or restoration restoration, shall not be economically viable as an office buildingfor its current use, then in any of such events, . Landlord, at Landlord’s 's option, may, not later than ninety sixty (9060) days following the settlement of the insurance claim (the “Determination Date”), but in no event, more than one hundred eighty (180) days after the date of the damage, give Tenant a notice in writing terminating this Lease. In addition, (i) if any material damage shall occur to the Premises or the Building during the last eighteen (18) months of the Term, Landlord and Tenant shall each have the option to terminate this Lease by thirty (30) days prior written notice to Tenant or Landlord, as applicable and (ii) Landlord shall not be obligated to repair or restore the Premises or the Building if a holder of a mortgage or underlying leasehold applies proceeds of insurance to the loan or lease payment balance, and the remaining proceeds, if any, available to Landlord are insufficient to pay for such repair or restoration. If Landlord or Tenant elects to terminate this Lease, the Term shall expire upon the tenth (10th) day after such date set forth in the notice is givenof termination rendered to the other party, and Tenant shall vacate the Premises and surrender the same to Landlord without prejudice however, to Landlord's rights and remedies against Tenant under this Lease in effect prior to such termination and any Rent owing shall be paid up to such date and any payments of Rent made by Tenant which were on account of any period subsequent to such date shall be returned to Tenant. Upon the termination of this Lease under the conditions provided for in the next preceding sentence, Tenant’s 's liability for Rent and additional rent thereafter accruing shall cease as of the day following such damage.
(ii) In If twenty-five (25%) percent or more of the case rentable area of any the Premises is damaged by fire or other casualty which affects the Premises or are rendered wholly untenantable thereby, and If Landlord shall elect to such a degree that Tenant is compelled to vacate restore the Premises, Landlord shall, within forty-five the aforesaid sixty (4560) days from day period following the Determination Date damage, cause an Independent contractor or architect selected by Landlord shall deliver to give notice to Tenant a statement prepared of the date by a reputable which such contractor setting forth such contractor’s good faith estimate as to or architect believes the time required to repair such damagerestoration of the Premises shall be substantially completed (the "Restoration Date"). If such estimated time exceeds notice shall indicate that the Restoration Date shall not occur within twelve (12) months from the date of the casualty, Tenant may elect to terminate this Lease by giving notice to Landlord not later than thirty (30) days following Tenant’s receipt of such statement. If Tenant makes such election, the Term shall expire on the thirtieth (30th) day after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord. If Tenant does not elect to terminate this Lease pursuant to this Subsection B(ii) (or is not entitled to terminate this Lease pursuant to this Subsection B(ii)), Landlord shall be obligated to perform such repairs. If such repairs are not completed within initial sixty (60) days after day estimate period, then Tenant shall have the expiration of the period estimated for effecting such repairs, Tenant may elect right to terminate this Lease by giving notice to Landlord not later than fifteen (15) days following after receiving such notice and in such event this Lease shall terminate on the expiration later of such sixty (60) day period. If Tenant makes such election, the term date specified in Tenant's notice for the termination of this Lease (which date shall expire on the thirtieth (30th) day after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord, unless Landlord shall have substantially completed the required repairs and restored the Premises prior to the expiration of such not be more than thirty (30) day period in which case days after the giving of such notice by Tenant’s termination notice shall be null ) or the date Tenant vacates the Premises and voidremoves all its property therefrom.
Appears in 1 contract
Termination Options. (i) Anything Provided Tenant is not in Subsection A default both as of the date Tenant exercises the applicable Termination Option described herein and as of the termination of this Article Lease with respect to the contrary notwithstandingapplicable Building and Tenant Improvements therein, if Tenant shall have the right to terminate this Lease with respect to a single Building shall be so damaged designated by fire or other casualty that: Tenant (athe "Termination Options") Landlord is terminating leases affecting at least forty (40%) percent as of the rentable square foot area last day of the office portion first, second and third quarters of the Building; or (b) in Landlord’s opinion either: (x) substantial alteration, demolition or reconstruction last twelve months of the initial Lease Term (the "Termination Dates") by giving written notice to Landlord of the applicable Building shall be required (whether or not the Premises shall have been damaged or rendered untenantable) or (y) the Building, after its repair, alteration or restoration shall not be economically viable as an office building, then in any of such events, Landlord, at Landlord’s option, may, not and termination no later than ninety (90) days following prior to the settlement applicable Termination Date and by vacating and surrendering possession of the insurance claim (applicable Building and Tenant Improvements therein in accordance with the “Determination Date”)provisions of Paragraph 34 below; provided, however, if Tenant exercises its Termination Option as to either Building A or Building C under the Adjacent Lease prior to the exercise of any Termination Option as to Building B or Building D hereunder , then Tenant shall not have the right to exercise the Termination Option as to Building B or Building D until Tenant has exercised the Termination Option under the Adjacent Lease as to both Building A and Building C. Tenant further agrees that under no circumstances shall it be permitted to exercise the Termination Option under this Lease and under the Adjacent Lease concurrently. If Tenant timely exercises a Termination Option with respect to Building B or Building D and the Tenant Improvements located therein, 5 then such termination as to such applicable Building and Tenant Improvements located therein shall be effective as of the date Tenant vacates and surrenders possession of the applicable Building and Tenant Improvements in accordance with the provisions of Paragraph 34 below, but in no eventevent earlier than the applicable Termination Date. In the event this Lease is terminated by Tenant as to any Building, more than one hundred eighty (180) days after Tenant shall be excused from obligations under this Lease with respect to such Building which would have otherwise accrued following the effective date of the damage, give Tenant a notice in writing terminating this Lease. If Landlord elects to terminate this Lease, the Term shall expire upon the tenth (10th) day after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlordtermination. Upon the effective date of each early termination of this Lease under the conditions provided for in the next preceding sentencewith respect to a Building, Tenant’s liability for Rent 's Proportionate Share (defined in Subparagraph 8(e)(ii) below) shall cease as be appropriately reduced in accordance with Subparagraph 8(e)(ii). Anything in this Lease to the contrary notwithstanding, the parties hereto agree that if Tenant exercises any Termination Option under this Subparagraph 4(c), Tenant shall have no right to extend the Lease Term pursuant to the terms of the day following such damage.
(iiSubparagraph 4(d) In the case of any fire or other casualty which affects the Premises to such a degree that Tenant is compelled to vacate the Premises, within forty-five (45) days from the Determination Date Landlord shall deliver to Tenant a statement prepared by a reputable contractor setting forth such contractor’s good faith estimate below as to either Building B or Building D, or both Buildings, and any exercise of an Extension Option by Tenant hereunder after any exercise of a Termination Option hereunder shall be deemed void and of no force or effect. In addition, anything in this Lease to the time required to repair such damage. If such estimated time exceeds twelve (12) months from the date of the casualtycontrary notwithstanding, if Tenant may elect exercises any Extension Option described below, then Tenant shall have no right to terminate this Lease early as to Building B or Building D or the Tenant Improvements therein as provided in this Subparagraph 4(c) and any exercise of a Termination Option hereunder by giving notice to Landlord not later than thirty (30) days following Tenant’s receipt Tenant after any exercise of such statement. If Tenant makes such election, the Term shall expire on the thirtieth (30th) day after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord. If Tenant does not elect to terminate this Lease pursuant to this Subsection B(ii) (or is not entitled to terminate this Lease pursuant to this Subsection B(ii)), Landlord an Extension Option hereunder shall be obligated to perform such repairs. If such repairs are deemed void and of not completed within sixty (60) days after the expiration of the period estimated for effecting such repairs, Tenant may elect to terminate this Lease by giving notice to Landlord not later than fifteen (15) days following the expiration of such sixty (60) day period. If Tenant makes such election, the term of this Lease shall expire on the thirtieth (30th) day after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord, unless Landlord shall have substantially completed the required repairs and restored the Premises prior to the expiration of such thirty (30) day period in which case Tenant’s termination notice shall be null and voidforce or effect.
Appears in 1 contract
Sources: Lease Agreement (Cisco Systems Inc)
Termination Options. (i) Anything in Subsection A of this Article to If the contrary notwithstanding, if Premises or the Building shall be so are damaged by fire or other casualty that: (a) Landlord is terminating leases affecting at least forty (40%) percent will, promptly after learning of such damage, notify Tenant in writing of the rentable square foot area time necessary to repair or restore such damage, as estimated by Landlord's architect, engineer or contractor. If such estimate states that repair or restoration of all of such damage that was caused to the office Premises or to any other portion of the Building; Building necessary for Tenant's occupancy cannot be completed within 180 days from the date of such damage (or (b) in Landlord’s opinion either: (x) substantial alterationwithin 30 days from the date of such damage if such damage occurred within the last 12 months of the Term), demolition then Tenant will have the option to terminate this Lease, If such estimate states that repair or reconstruction restoration of all of such damage that was caused to the Building cannot be completed within 180 days from the date of such damage, or if such damage occurred within the last 12 months of the Term and such estimate states that repair or restoration of all such damage that was caused to the Premises or to any other portion of the Building shall be required (whether or not the Premises shall have been damaged or rendered untenantable) or (y) the Building, after its repair, alteration or restoration shall necessary for Tenant's occupancy cannot be economically viable as an office building, then in any of such events, Landlord, at Landlord’s option, may, not later than ninety (90) completed within 30 days following the settlement of the insurance claim (the “Determination Date”), but in no event, more than one hundred eighty (180) days after from the date of the such damage, give Tenant a notice in writing terminating or if such damage is not insured against by the insurance policies required to be maintained by Landlord according to Section 9.1, then Landlord will have the option to terminate this Lease. Any option to terminate granted above must be exercised by written notice to the other party given within 10 days after Landlord delivers to Tenant the notice of estimated repair time. If Landlord elects either party exercises its option to terminate this Lease, the Term shall will expire upon the tenth (10th) day after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord. Upon the termination of this Lease under will terminate 10 days after notice of termination is delivered; provided, however, that Rent for the conditions provided for in the next preceding sentence, Tenant’s liability for Rent shall cease as of the day following such damage.
(ii) In the case of any fire or other casualty which affects the Premises to such a degree that Tenant is compelled to vacate the Premises, within forty-five (45) days from the Determination Date Landlord shall deliver to Tenant a statement prepared by a reputable contractor setting forth such contractor’s good faith estimate as to the time required to repair such damage. If such estimated time exceeds twelve (12) months from period commencing on the date of such damage until the casualty, Tenant may elect to terminate date this Lease by giving notice terminates will be reduced to Landlord not later than thirty (30) days following Tenant’s receipt the reasonable value of such statement. If Tenant makes such election, the Term shall expire on the thirtieth (30th) day after such notice is given, and Tenant shall vacate any use or occupation of the Premises and surrender the same to Landlord. If by Tenant does not elect to terminate this Lease pursuant to this Subsection B(ii) (or is not entitled to terminate this Lease pursuant to this Subsection B(ii)), Landlord shall be obligated to perform during such repairs. If such repairs are not completed within sixty (60) days after the expiration of the period estimated for effecting such repairs, Tenant may elect to terminate this Lease by giving notice to Landlord not later than fifteen (15) days following the expiration of such sixty (60) day period. If Tenant makes such election, the term of this Lease shall expire on the thirtieth (30th) day after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord, unless Landlord shall have substantially completed the required repairs and restored the Premises prior to the expiration of such thirty (30) day period in which case Tenant’s termination notice shall be null and void.
Appears in 1 contract
Termination Options. (i) Anything in Subsection A 13.1.1 If the Premises or any other portion of this Article to the contrary notwithstanding, if the Building necessary for Tenant’s occupancy of the Premises shall be so damaged by fire or other casualty that: casualty, Landlord shall, promptly after learning of such damage, notify Tenant in writing of the time necessary to demolish all damaged portions of the Premises and repair or restore the Premises and such other portions of the Building as are necessary for Tenant’s occupancy of the Premises as nearly as practicable to the condition existing prior to such fire or other casualty, excluding the repair and restoration of any and all leasehold improvements, Alterations, trade fixtures, furnishings, equipment and personal property of Tenant in the Premises (such demolition, repair and restoration work being hereinafter referred to as “Landlord’s Restoration Work”), as estimated by a reputable architect, engineer or contractor selected by Landlord (the “Estimate”).
13.1.2 If the Estimate shall state that Landlord’s Restoration Work cannot be completed within one (1) year from the date of such damage (or within 60 days from the date of such damage if such damage shall have occurred within the last 18 months of the Term), then Tenant shall have the option to terminate this Lease by giving Landlord notice thereof within twenty (20) days after Landlord shall have given Tenant the Estimate.
13.1.3 If all or any part of the Premises or the Building is damaged or destroyed by fire or other casualty, and (a) Landlord is terminating leases affecting at least forty (40%) percent of the rentable square foot area of the office portion of the Building; or (b) in Landlord’s opinion either: (x) substantial alteration, demolition or reconstruction of the Building shall be required is so damaged (whether or not the Premises shall have been damaged damaged) that Landlord shall elect not to restore or rendered untenantable) or (y) repair such damage to the Building, or (b) such damage is not insured against by Landlord’s insurance policies, or (c) the Estimate shall state that Landlord’s Restoration Work cannot be completed within one (1) year after its repairthe date of such damage, alteration or (d) such damage shall have occurred within the last eighteen (18) months of the Term and the Estimate shall state that the repair or restoration shall of the damage to the Premises or to any other portion of the Building necessary for Tenant’s occupancy cannot be economically viable as an office buildingcompleted within sixty (60) days from the date of such damage, then then, in any of such events, LandlordLandlord shall have the right, at Landlord’s its option, may, not later than ninety (90) days following the settlement of the insurance claim (the “Determination Date”), but in no event, more than one hundred eighty (180) days after the date of the damage, give Tenant a notice in writing terminating this Lease. If Landlord elects to terminate this Lease, the Term shall expire upon the tenth (10th) day after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord. Upon the termination of this Lease under the conditions provided for in the next preceding sentence, Tenant’s liability for Rent shall cease as of the day following such damage.
(ii) In the case of any fire or other casualty which affects the Premises to such a degree that Tenant is compelled to vacate the Premises, within forty-five (45) days from the Determination Date Landlord shall deliver to Tenant a statement prepared by a reputable contractor setting forth such contractor’s good faith estimate as to the time required to repair such damage. If such estimated time exceeds twelve (12) months from the date of the casualty, Tenant may elect to terminate this Lease by giving notice thereof to Landlord not later than thirty Tenant within ninety (30) days following Tenant’s receipt of such statement. If Tenant makes such election, the Term shall expire on the thirtieth (30th) day after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord. If Tenant does not elect to terminate this Lease pursuant to this Subsection B(ii) (or is not entitled to terminate this Lease pursuant to this Subsection B(ii)), Landlord shall be obligated to perform such repairs. If such repairs are not completed within sixty (6090) days after the expiration date on which such fire or other casualty shall have occurred, provided that Landlord shall also terminate the leases of tenants representing at least 80% of the period estimated for effecting such repairs, Tenant may elect to terminate this Lease by giving notice to Landlord not later than fifteen (15) days following rentable area of the expiration of such sixty (60) day period. If Tenant makes such election, Building above the term of this Lease shall expire floor on the thirtieth (30th) day after such notice is given, and Tenant shall vacate which the Premises and surrender the same to Landlord, unless Landlord shall have substantially completed the required repairs and restored the Premises prior to the expiration of such thirty (30) day period in which case Tenant’s termination notice shall be null and voidis located.
Appears in 1 contract
Termination Options. (i) Anything in Subsection A of this Article to the contrary notwithstanding, if the Premises are totally damaged or are rendered wholly untenantable, and if Landlord shall decide not to restore the Premises, or if the Building shall be so damaged by fire or other casualty that: (a) Landlord is terminating leases affecting at least forty (40%) percent of the rentable square foot area of the office portion of the Building; or (b) , in Landlord’s opinion either: (x) opinion, either substantial alteration, demolition or reconstruction of the Building shall be required (whether or not the Premises shall have been damaged or rendered untenantable) or (y) the Building, after its repair, alteration or restoration shall not be economically viable as an office building, then in any of such events, Landlord, at Landlord’s option, may, not later than ninety (90) days following the settlement of the insurance claim (the “Determination Date”), but in no event, more than one hundred eighty (180) days after the date of the damage, give Tenant a notice in writing terminating this Lease. If Landlord elects to terminate this Lease, the Term shall expire upon the tenth (10th) day after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord. Upon the termination of this Lease under the conditions provided for in the next preceding sentence, Tenant’s liability for Rent shall cease as of the day following such damage.
(ii) In the case of any fire or other casualty which affects the Premises to such a degree that Tenant is compelled to vacate the Premises, within forty-five (45) days from the Determination Date if Landlord shall deliver to Tenant a statement prepared by a reputable contractor setting forth such contractornot have substantially completed the making of the required repairs and restored and rebuilt the Premises (exclusive of Tenant’s good faith estimate as to Alterations and Tenant’s property which shall be the time required to repair such damage. If such estimated time exceeds sole obligation of Tenant) within twelve (12) months from the date Determination Date, then provided no Event of the casualtyDefault exists, Tenant may elect to terminate this Lease by giving notice to Landlord not later than thirty (30) days’ written notice of termination within ten (10) days following Tenant’s receipt after the expiration of such statement. If Tenant makes twelve (12) month period, and if such electionnotice is given, the Term term of this Lease shall expire terminate on the thirtieth (30th) day after Landlord’s receipt of such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord. If Tenant does not elect to terminate this Lease pursuant to this Subsection B(ii) (or is not entitled to terminate this Lease pursuant to this Subsection B(ii)), Landlord shall be obligated to perform such repairs. If such repairs are not completed within sixty (60) days after the expiration of the period estimated for effecting such repairs, Tenant may elect to terminate this Lease by giving notice to Landlord not later than fifteen (15) days following the expiration of such sixty (60) day period. If Tenant makes such election, the term of this Lease shall expire on the thirtieth (30th) day after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord, unless Landlord shall have substantially completed the required repairs and restored the Premises prior to the expiration of such thirty (30) day period in which case Tenant’s termination notice shall be null and void.
Appears in 1 contract
Termination Options. (ia) Anything in Subsection subsection A of this Article 10 to the contrary notwithstanding, if the Premises are totally damaged or are rendered wholly untenantable, or if the Building shall be so damaged by fire or other casualty that: (a) Landlord is terminating leases affecting at least forty (40%) percent of the rentable square foot area of the office portion of the Building; or (b) , in Landlord’s opinion either: (x) opinion, either substantial alteration, demolition or reconstruction of the Building shall be required (whether or not the Premises shall have been damaged or rendered untenantable) ), or (y) if the Building, after its proposed repair, alteration or restoration restoration, shall not be economically viable as an office building, then in any of such events, Landlord, at Landlord’s option, may, not later than ninety (90) days following the settlement of the insurance claim (the “Determination Date”), but in no event, more than one hundred eighty (180) days after the date of the damage, give Tenant a notice in writing terminating this Lease. In addition, (i) if any damage shall occur to the Premises or the Building during the last two (2) years of the Term, Landlord shall have the option to terminate this Lease upon not less than sixty (60) days prior written notice to Tenant and (ii) Landlord shall not be obligated to repair or restore the Premises or the Building if a holder of a mortgage or underlying leasehold applies proceeds of insurance to the loan or lease payment balance, and the remaining proceeds, if any, available to Landlord are insufficient to pay for such repair or restoration. If Landlord elects to terminate this Lease, the Term shall expire upon the tenth (10th) day after date set forth in such notice is givennotice, and Tenant shall vacate the Premises and surrender the same to Landlord without prejudice however, to Landlord’s rights and remedies against Tenant under this Lease in effect prior to such termination and any Rent owing shall be paid up to such date and any payments of Rent made by Tenant which were on account of any period subsequent to such date shall be returned to Tenant. Upon the termination of this Lease under the conditions provided for in the next preceding sentence, Tenant’s liability for Rent thereafter accruing shall cease as of the day following such damage.
(iib) In Notwithstanding anything to the case contrary contained in this Article 10, in the event that: (i) a material portion of any the Premises is rendered wholly untenantable or inaccessible due to fire or other casualty which affects and (ii) Tenant is unable and in fact does not use or occupy any portion of the Premises as a result of such fire or casualty, and (iii) Landlord does not elect to such a degree that Tenant is compelled terminate the Lease pursuant to vacate Landlord’s termination right as provided above, and (iv) in Landlord’s sole determination Landlord elects to rebuild and restore same and does not elect to termination this Lease in accordance with the Premisesprovisions of this Article 10, then Landlord shall notify Tenant, within forty-five sixty (4560) days from of the Determination Date Landlord shall deliver to Tenant a statement prepared by a reputable contractor setting forth such contractorcasualty, of Landlord’s good faith estimate as of the period necessary for Landlord to restore the core and shell of the Premises (the “Casualty Estimate Notice”). In the event that the time required estimated by Landlord to repair substantially restore the core and shell of the Premises set forth in the Casualty Estimate Notice is greater than two hundred and seventy (270) days after the occurrence of such damage. If fire or casualty (or such estimated time exceeds twelve longer period if Landlord is delayed through Force Majeure Causes or other similar causes beyond Landlord’s control) and provided that such casualty was in no way the fault or in no way caused by Tenant, Tenant shall have the option, which must be exercised within thirty (1230) months from days of the date the Casualty Estimate Notice is delivered to Tenant, to elect by written notice to Landlord to terminate this Lease on a date not less than fifteen (15) nor more than thirty (30) days after the date the Casualty Estimate Notice is delivered to Tenant, time being of the casualtyessence. Provided that Tenant has not timely and property exercised its right to terminate this Lease as set forth in this Subsection 1O(B)(b) of this Article 10, in the event Landlord has not Substantially Completed the restoration of the core and shell of the Premises within the two hundred and seventy (270) day period as set forth above (or such longer period if Landlord is delayed through Force Majeure Causes or other similar causes beyond Landlord’s control), then, and in such event, Tenant may elect to terminate this Lease by upon giving written notice to Landlord not later than within thirty (30) days following Tenant’s receipt after the end of such statement. If two hundred and seventy (270) day period, and if Landlord has not delivered Tenant makes possession of the Premises restored as required hereunder on the expiration of such electionthirty (30) day period, the Term of this Lease shall expire on the thirtieth (30th) day after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord, however, any and all Rent and additional Rent due and owing under the Lease up to and including the date which Tenant actually vacates and surrenders the Premises shall be immediately paid to Landlord upon such vacating of the Premises and shall be a condition to such termination, and any payments of Rent which were made by Tenant which were on account of any period subsequent to the date of such casualty shall be returned to Tenant. If Notwithstanding anything contained herein to the contrary, in the event that all or substantially all of the Premises are rendered wholly untenantable or inaccessible due to fire or other casualty during the last twelve (12) months of the Term and Tenant cannot and does not use or occupy the entire Premises as a result of such fire or casualty, and provided that Landlord does not elect to terminate this Lease pursuant to in accordance with the provisions of this Subsection B(ii) (or is not entitled to terminate this Lease pursuant to this Subsection B(ii))Article 10, Landlord shall be obligated to perform such repairs. If such repairs are not completed within sixty (60) days after the expiration of the period estimated for effecting such repairs, then Tenant may elect to terminate this Lease by giving upon written notice to Landlord not later than fifteen within thirty (1530) days following the expiration of after such sixty (60) day period. If Tenant makes such electionfire or other casualty, and the term of this Lease shall expire on the thirtieth date set forth in such notice which shall be not less than ten (30th10) day or greater than thirty (30) days after the date such notice is given, and provided that Tenant shall vacate vacates the Premises and surrender the same surrenders to Landlord, unless Landlord shall have substantially completed the required repairs and restored possession of the Premises prior to on or before such date in the expiration of condition required by this Lease as if such thirty (30) day period date were the Expiration Date in which case Tenant’s termination notice event Tenant shall be null remain liable for any and voidall obligations under this lease through the date Tenant actually vacates and surrenders the Premises to Landlord and the representations, covenants and warranties of this Lease, which, by their terms, survive termination, shall survive such termination.
Appears in 1 contract
Termination Options. (i) Anything in Subsection A of this Article Section 7.2 to the contrary notwithstanding, if the Premises are totally damaged or are rendered wholly untenantable, or if the Building shall be so damaged by fire or other casualty that: (a) Landlord is terminating leases affecting at least forty (40%) percent of the rentable square foot area of the office portion of the Building; or (b) , in Landlord’s opinion either: (x) 's independent contractor's or architect's opinion, substantial alteration, demolition or reconstruction of a material portion of the Building shall be required such that the Building cannot be reasonably restored within twelve (whether 12) months, or not the Premises shall have been damaged or rendered untenantable) or (y) if in Landlord's opinion the Building, after its proposed repair, alteration or restoration restoration, shall not be economically viable as an office buildinga commercial building or if Landlord is advised by any mortgagee that any insurance proceeds will not be made available to Landlord to cover the cost of Landlord's obligations under this Article 7, then in any of such events, Landlord, at Landlord’s 's option, may, not later than ninety sixty (9060) days following the settlement of the insurance claim (the “Determination Date”), but in no event, more than one hundred eighty (180) days after the date of the damage, give Tenant a notice in writing terminating this Lease. In addition, if more than twenty percent (20%) of the Building shall be damaged by fire or other casualty during the last two (2) years of the Term, Landlord and Tenant each shall have the option to terminate this Lease by thirty (30) days prior written notice to the other party. If Landlord or Tenant elects to terminate this LeaseLease as hereinabove provided, the Term shall expire upon the tenth (10th) day after date set forth in such notice is givennotice, and Tenant shall vacate the Premises and surrender the same to Landlord without prejudice however, to Landlord's or Tenant's rights and remedies against the other under this Lease in effect prior to such termination and any Rent owing shall be paid up to such date and any payments of Rent made by Tenant which were on account of any period subsequent to such date shall be returned to Tenant. Upon the termination of this Lease under the conditions provided for in the next preceding sentence, Tenant’s 's liability for Rent thereafter accruing shall cease as of the day following such damage. If neither Landlord nor Tenant elects to terminate this Lease pursuant to this paragraph, Landlord and Tenant shall diligently perform their respective restoration obligations as provided in Section 7.2 above.
(ii) In If the case of any Premises are totally damaged by fire or other casualty which affects or are rendered wholly untenantable thereby, or if the Premises are partially damaged by fire or other casualty and the balance of the Premises is unsuitable for the conduct of Tenant's business therein, or if Tenant shall have no means of access to such the Premises as a degree that Tenant is compelled result of a fire or other casualty, and if Landlord shall elect to vacate restore the Premises, Landlord shall, within forty-five the aforesaid sixty (4560) days from day period following the Determination Date damage, cause an independent contractor or architect selected by Landlord shall deliver to give notice to Tenant a statement prepared of the date by a reputable which such contractor setting forth such contractor’s good faith estimate as to or architect believes the time required to repair such damagerestoration of the Premises which is Landlord's obligation shall be substantially completed (the "Restoration Date"). If (a) such estimated time exceeds notice shall indicate that the Restoration Date shall not occur within twelve (12) months from following the casualty or (b) the restoration of the Premises which is Landlord's obligation shall not be substantially completed by the date that is twelve (12) months following the casualty (such twelve (12) month period to be extended to the extent of any of those delays which are described in Section 7.4 below), then Tenant shall have the casualty, Tenant may elect right to terminate this Lease by giving notice to Landlord not later than thirty (30) days after receiving such notice (or thirty (30) days after the expiration of the twelve (12) month period (as the same may be extended as hereinabove provided in the event of those delays described in Section 7.4 below) following the casualty, as the case may be) and in such event this Lease shall terminate on the later of the date specified in Tenant’s receipt 's notice for the termination of this Lease (which date shall not be more than thirty (30) days after the giving of such statement. If notice) or the date Tenant makes such election, the Term shall expire on the thirtieth (30th) day after such notice is given, and Tenant shall vacate vacates the Premises and surrender and, to the same to Landlordextent feasible or safe in light of the condition of the Building, removes all its property therefrom. If Tenant does not elect to terminate this Lease pursuant to subsection (a) of this Subsection B(ii) (or is not entitled to terminate this Lease pursuant to this Subsection B(ii))paragraph, Landlord shall be obligated to perform such repairs. If such repairs are not completed within sixty (60) days after the expiration of the period estimated for effecting such repairs, Tenant may elect to terminate this Lease by giving notice to Landlord not later than fifteen (15) days following the expiration of such sixty (60) day period. If Tenant makes such election, the term of this Lease shall expire on the thirtieth (30th) day after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord, unless Landlord shall have substantially completed the required repairs and restored the Premises prior to the expiration of such thirty (30) day period diligently perform their respective restoration obligations as provided in which case Tenant’s termination notice shall be null and voidSection 7.2 above.
Appears in 1 contract
Termination Options. (i) Anything in Subsection A of this Article to If the contrary notwithstanding, if Premises or the Building shall be so are damaged by fire or other casualty that: Landlord will (ai) Landlord is terminating leases affecting at least forty (40%) percent promptly after learning of such damage, notify Tenant in writing of the rentable square foot area time necessary to repair or restore such damage, as reasonably estimated by Landlord’s architect, engineer or contractor, and (ii) if Landlord learns that the insurance proceeds expected to be available to Landlord will not be sufficient for such repair and restoration, promptly notify Tenant of such in writing. If such estimate states that repair or restoration of all of such damage that was caused to the office Premises or to any other portion of the Building; or (b) in LandlordBuilding necessary for Tenant’s opinion either: (x) substantial alteration, demolition or reconstruction of the Building shall be required (whether or not the Premises shall have been damaged or rendered untenantable) or (y) the Building, after its repair, alteration or restoration shall occupancy cannot be economically viable as an office building, then in any of such events, Landlord, at Landlord’s option, may, not later than ninety (90) completed within 180 days following the settlement of the insurance claim (the “Determination Date”), but in no event, more than one hundred eighty (180) days after from the date of such damage (or within 30 days from the damagedate of such damage if such damage occurred within the last 12 months of the Term) or if Landlord notifies Tenant that the proceeds expected to be available to Landlord will not be sufficient for such repair and restoration, give then Tenant a notice in writing terminating will have the option to terminate this Lease. If such estimate states that repair or restoration of all of such damage that was caused to the Building cannot be completed within 180 days from the date of such damage, or if such damage occurred within the last 12 months of the Term and such estimate states that repair or restoration of all such damage that was caused to the Premises or to any other portion of the Building necessary for Tenant’s occupancy cannot be completed within 30 days from the date of such damage, or if such damage is not insured against by the insurance policies required to be maintained by Landlord elects according to Section 9.1, then Landlord will have the option to terminate this Lease. Any option to terminate granted above must be exercised by written notice to the other party given within 15 business days after Landlord delivers to Tenant the notice of estimated repair time. If either party exercises its option to terminate this Lease, the Term shall will expire upon the tenth (10th) day after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord. Upon the termination of this Lease under will terminate 10 business days after notice of termination is delivered; provided, however, that Rent for the conditions provided for in the next preceding sentence, Tenant’s liability for Rent shall cease as of the day following such damage.
(ii) In the case of any fire or other casualty which affects the Premises to such a degree that Tenant is compelled to vacate the Premises, within forty-five (45) days from the Determination Date Landlord shall deliver to Tenant a statement prepared by a reputable contractor setting forth such contractor’s good faith estimate as to the time required to repair such damage. If such estimated time exceeds twelve (12) months from period commencing on the date of such damage until the casualty, Tenant may elect to terminate date this Lease by giving notice terminates will be reduced to Landlord not later than thirty (30) days following Tenant’s receipt the reasonable value of such statement. If Tenant makes such election, the Term shall expire on the thirtieth (30th) day after such notice is given, and Tenant shall vacate any use or occupation of the Premises and surrender the same to Landlord. If by Tenant does not elect to terminate this Lease pursuant to this Subsection B(ii) (or is not entitled to terminate this Lease pursuant to this Subsection B(ii)), Landlord shall be obligated to perform during such repairs. If such repairs are not completed within sixty (60) days after the expiration of the period estimated for effecting such repairs, Tenant may elect to terminate this Lease by giving notice to Landlord not later than fifteen (15) days following the expiration of such sixty (60) day period. If Tenant makes such election, the term of this Lease shall expire on the thirtieth (30th) day after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord, unless Landlord shall have substantially completed the required repairs and restored the Premises prior to the expiration of such thirty (30) day period in which case Tenant’s termination notice shall be null and void.
Appears in 1 contract
Termination Options. (i) Anything in Subsection A 13.1.1 If the Premises or any other portion of this Article to the contrary notwithstanding, if the Building necessary for Tenant’s occupancy of the Premises shall be so damaged by fire or other casualty that: casualty, Landlord shall, promptly after learning of such damage, notify Tenant in writing of the time necessary to demolish all damaged portions of the Premises and repair or restore the Premises and such portions of the Building as are necessary for Tenant’s occupancy of the Premises as nearly as practicable to the condition existing prior to such fire or other casualty, excluding the repair and restoration of any and all leasehold improvements, Alterations, trade fixtures, furnishings, equipment and personal property of Tenant in the Premises (such demolition, repair and restoration work being hereinafter referred to as “Landlord’s Restoration Work”), as estimated by a reputable architect, engineer or contractor selected by Landlord (the “Estimate”).
13.1.2 If the Estimate shall state that Landlord’s Restoration Work cannot be completed within nine (9) months after the date of such damage (or within 60 days after the date of such damage if such damage shall have occurred within the last 12 months of the Term), then Tenant shall have the option to terminate this Lease by giving Landlord notice thereof within thirty (30) days after Landlord shall have given Tenant the Estimate. In addition, if Landlord’s Restoration Work is not substantially complete within nine (9) months following the date of such damage, Tenant shall have the option to terminate this Lease by giving Landlord notice thereof within ten (10) days after the expiration of such nine (9) month period.
13.1.3 If all or any part of the Premises or the Building is damaged or destroyed by fire or other casualty, and (a) Landlord is terminating leases affecting at least forty (40%) percent of the rentable square foot area of the office portion of the Building; or (b) in Landlord’s opinion either: (x) substantial alteration, demolition or reconstruction of the Building shall be required is so damaged (whether or not the Premises shall have been damaged damaged) that Landlord shall elect not to restore or rendered untenantable) repair such damage to the Building or (yb) such damage shall have occurred within the Building, after its repair, alteration last eighteen (18) months of the Term and the Estimate shall state that the repair or restoration shall of the damage to the Premises or to any other portion of the Building necessary for Tenant’s occupancy cannot be economically viable as an office buildingcompleted within sixty (60) days from the date of such damage, then then, in any of such events, Landlord, at Landlord’s option, may, not later than ninety (90) days following the settlement of the insurance claim (the “Determination Date”), but in no event, more than one hundred eighty (180) days after the date of the damage, give Tenant a notice in writing terminating this Lease. If Landlord elects to terminate this Lease, the Term shall expire upon the tenth (10th) day after such notice is given, and Tenant shall vacate each have the Premises and surrender the same to Landlord. Upon the termination of this Lease under the conditions provided for in the next preceding sentenceright, Tenant’s liability for Rent shall cease as of the day following such damage.
(ii) In the case of any fire or other casualty which affects the Premises to such a degree that Tenant is compelled to vacate the Premisesat its option, within forty-five (45) days from the Determination Date Landlord shall deliver to Tenant a statement prepared by a reputable contractor setting forth such contractor’s good faith estimate as to the time required to repair such damage. If such estimated time exceeds twelve (12) months from the date of the casualty, Tenant may elect to terminate this Lease by giving notice thereof to Landlord not later than thirty the other party within ninety (30) days following Tenant’s receipt of such statement. If Tenant makes such election, the Term shall expire on the thirtieth (30th) day after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord. If Tenant does not elect to terminate this Lease pursuant to this Subsection B(ii) (or is not entitled to terminate this Lease pursuant to this Subsection B(ii)), Landlord shall be obligated to perform such repairs. If such repairs are not completed within sixty (6090) days after the expiration date on which such fire or other casualty shall have occurred. If all or any part of the period estimated for effecting Premises or the Building is damaged or destroyed by fire or other casualty, and the Estimate shall state that Landlord’s Restoration Work cannot be completed within nine (9) months after the date of such repairsdamage, Tenant may elect then Landlord shall have the right, at its option, to terminate this Lease by giving notice thereof to Landlord not later than fifteen Tenant within ninety (1590) days following after the expiration date on which such fire or other casualty shall have occurred.
13.1.4 If either party shall exercise its option to terminate this Lease pursuant to the provisions of such sixty (60) day period. If Tenant makes such electionthis Section 13.1, the term of Term shall expire and this Lease shall expire on the thirtieth (30th) day after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord, unless Landlord shall have substantially completed the required repairs and restored the Premises prior to the expiration of such terminate thirty (30) day days (except as otherwise expressly provided in 13.1.2) after Landlord or Tenant, as the case may be, shall have given the other party such notice of termination, as if such date were the Expiration Date (provided, however, that Rent payable for the period in commencing on the date of such damage and ending on the date on which case Tenant’s termination notice this Lease shall terminate shall be null subject to any abatement provided for in Section 13.3 below) and voidLandlord shall be entitled to all proceeds of the insurance policy described in Section 12.1(b) applicable to any damaged leasehold improvements or Alterations in the Premises to the extent paid for by Landlord.
Appears in 1 contract
Sources: Office Lease (GrubHub Inc.)
Termination Options. (i) Anything in Subsection A of this Article to the contrary notwithstanding, if If the Building shall be so is damaged by fire or other casualty that: (a) Landlord is terminating leases affecting at least forty (40%) percent will, promptly after learning of such damage, notify Tenant in writing of the rentable square foot area of the office portion of the Building; time necessary to repair or (b) in restore such damage, as estimated by Landlord’s opinion either: architect, engineer or contractor (x) substantial alteration, demolition the “Repair Notice”). If the damage renders the Premises or reconstruction a material part of the Building shall be required (whether untenantable and such Repair Notice states that repair or not restoration of all of such damage that was caused to the Building or the Premises shall have been damaged or rendered untenantable) or (y) the Building, after its repair, alteration or restoration shall cannot be economically viable as an office building, then in any of such events, Landlord, at Landlord’s option, may, not later than ninety (90) completed within 180 days following the settlement of the insurance claim (the “Determination Date”), but in no event, more than one hundred eighty (180) days after from the date of such damage (or within 90 days from the date of such damage if such damage occurs within the last 12 months of the Term), then Tenant will have the option to terminate this Lease; provided, however, that if such damage is the result of Tenant’s or its subtenant’s, licensee’s, or any of their agent’s, employee’s or invitee’s negligent acts or omissions or willful misconduct, then Tenant shall not have the right to terminate the Lease pursuant to this Section 14.1 or Section 14.2. If such Repair Notice states that repair or restoration of all of such damage that was caused to the Building or the Premises cannot be completed within 180 days from the date of such damage, give Tenant a notice in writing terminating or if such damage occurred within the last 12 months of the Term and such Repair Notice states that repair or restoration of all such damage that was caused to the Building or the Premises cannot be completed within 90 days from the date of such damage, or if such damage renders more than 50% of the Rentable Area of the Building or the Premises untenantable, or if such damage is not insured against by the insurance policies required to be maintained by Landlord according to Section 13.1, then Landlord will have the option to terminate this Lease. Any option to terminate granted above must be exercised by written notice to the other party given within 10 days after Landlord delivers to Tenant the Repair Notice. If Landlord elects either party exercises its option to terminate this Lease, the Term shall will expire upon the tenth (10th) day after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord. Upon the termination of this Lease under will terminate 10 days after notice of termination is delivered; provided, however, that Rent for the conditions provided for in the next preceding sentence, Tenant’s liability for Rent shall cease as of the day following such damage.
(ii) In the case of any fire or other casualty which affects the Premises to such a degree that Tenant is compelled to vacate the Premises, within forty-five (45) days from the Determination Date Landlord shall deliver to Tenant a statement prepared by a reputable contractor setting forth such contractor’s good faith estimate as to the time required to repair such damage. If such estimated time exceeds twelve (12) months from period commencing on the date of such damage until the casualty, Tenant may elect to terminate date this Lease by giving notice terminates will be reduced to Landlord not later than thirty (30) days following Tenant’s receipt the reasonable value of such statement. If Tenant makes such election, the Term shall expire on the thirtieth (30th) day after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord. If Tenant does not elect to terminate this Lease pursuant to this Subsection B(ii) (any use or is not entitled to terminate this Lease pursuant to this Subsection B(ii)), Landlord shall be obligated to perform such repairs. If such repairs are not completed within sixty (60) days after the expiration occupation of the period estimated for effecting Building by Tenant during such repairs, Tenant may elect to terminate this Lease by giving notice to Landlord not later than fifteen (15) days following the expiration of such sixty (60) day period. If Tenant makes such election, the term of this Lease shall expire on the thirtieth (30th) day after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord, unless Landlord shall have substantially completed the required repairs and restored the Premises prior to the expiration of such thirty (30) day period in which case Tenant’s termination notice shall be null and void.
Appears in 1 contract
Sources: Lease Agreement (Encision Inc)