Total or Partial Destruction. Tenant shall give prompt notice to Landlord in case of any fire or other damage to the Demised Premises. If (a) the Demised Premises shall be damaged by fire or other occurrence to the extent of more than 25% of the aggregate cost of replacement thereof, or (b) the buildings in the Shopping Center shall be damaged by fire or other occurrence to the extent of more than 25% of the aggregate cost of replacement thereof (whether or not the Demised Premises be damaged in whole or in part), or (c) the buildings in the Shopping Center shall be damaged by fire or other occurrence and either the loss shall not be covered by insurance or the insurance proceeds shall, by reasonable anticipation, be insufficient to pay for the repair or restoration work, then in any such event Landlord may terminate the Lease by notice given within 90 days after such event, and upon the date specified in such notice, which shall not be less than 30 days nor more than 60 days after the giving of said notice, this Lease shall terminate. If any damage by fire or other casualty shall render the Demised Premises untenantable, in whole or in part, a proportionate abatement of the Fixed Rent based upon the Floor Space rendered untenantable shall be allowed from the date when the damage occurred until completion of the repair or restoration work by Landlord as hereinafter provided, or, in the event Landlord elects to terminate this Lease, until said date of termination. If this Lease shall not be terminated after damage by fire or other casualty, Landlord shall, promptly after receipt of the insurance proceeds for such damage, or as soon as practicable in the event that insurance proceeds shall not be available, proceed with the restoration of the Demised Premises and the Shopping Center to substantially the condition in which the same existed prior to the damage with such changes as Landlord may desire or be required by any Requirements to make, except for tenant's stock in trade, fixtures, furniture, furnishings, removable floor coverings, equipment, signs and all other property, and Tenant shall promptly proceed with the restoration or replacement of its stock in trade, fixtures, furniture, furnishings, removable floor coverings, equipment, signs and all other property of Tenant and decorations in and around the Demised Premises. If Landlord shall not complete such restoration or repair of the Demised Premises within 180 days after such damage (such date to be extended for an additional 30 days for reasons beyond Landlord's reasonable control), Tenant shall have the right by notice to Landlord given on or before 30 days thereafter to terminate this Lease. Such right of termination shall be nullified if such repair or restoration shall be completed prior to the effective date of Tenant's notice. Such right of termination shall be Tenant's sole remedy and if not timely elected, the right to terminate this Lease hereunder shall be deemed waived and of no further force and
Appears in 1 contract
Sources: Lease (Dm Management Co /De/)
Total or Partial Destruction. Tenant shall give prompt notice to Landlord in case of any fire In the event that Premises or other damage to parts of the Demised Premises. If (a) the Demised Premises Building shall be destroyed or so damaged by fire or other occurrence to the extent of more than 25% of the aggregate cost of replacement thereoffire, or (b) the buildings in the Shopping Center shall be damaged by fire or other occurrence to the extent of more than 25% of the aggregate cost of replacement thereof (whether or not the Demised Premises be damaged in whole or in part)explosion, or (c) the buildings in the Shopping Center shall be damaged by fire or other occurrence and either the loss shall not be covered by insurance or the insurance proceeds shall, by reasonable anticipation, be insufficient to pay for the repair or restoration work, then in any such event Landlord may terminate the Lease by notice given within 90 days after such event, and upon the date specified in such notice, which shall not be less than 30 days nor more than 60 days after the giving of said notice, this Lease shall terminate. If any damage by fire windstorm or other casualty shall render the Demised Premises ("Casualty") so as to be:
a) rendered untenantable, in whole or in partLandlord may, a proportionate abatement at its election, either:
i) terminate this Lease as of the Fixed Rent based upon date of Casualty by written notice thereof to Tenant within sixty (60) days following the Floor Space rendered untenantable date of Casualty, in which event all rent shall be allowed from apportioned on a per diem basis and paid by Tenant to the date when of Casualty; or
ii) proceed with all due diligence to repair, restore or rehabilitate the damage occurred until completion Premises or the Building, as the case may be, to the condition existing immediately prior to Casualty ("Restoration Work") and to complete within 150 days of the repair or restoration work by Landlord as hereinafter provided, ordate of the Casualty, in the which event Landlord elects to terminate this Lease, until said date of termination. If this Lease shall not terminate, and rent shall equitably a▇▇▇▇ on a per diem basis during the period of Restoration Work to the extent that Tenant is denied use of the Premises by reasons of Restoration Work; Landlord shall proceed with all due diligence to perform or cause Restoration Work to be terminated after damage by fire or other casualtyperformed and completed within (90) days of the date of the Casualty, in which event rent shall a▇▇▇▇ in proportion to the non-useability of the Premises during the period of Restoration Work;
b) partially damaged but not (IN TENANT'S REASONABLE JUDGMENT AS SET FORTH IN A LETTER TO LANDLORD EXPLAINING TENANT'S REASON FOR CONSIDERING PREMISES UNTENANTABLE) rendered untenantable, Landlord shall, promptly after receipt shall proceed with all due diligence to perform or cause Restoration Work to be performed and complete within 150 days of the insurance proceeds for such damage, or as soon as practicable in the event that insurance proceeds shall not be available, proceed with the restoration date of the Demised Premises and the Shopping Center to substantially the condition Casualty, in which the same existed prior event rent shall a▇▇▇▇ in proportion to the damage with such changes as Landlord may desire or be required by any Requirements to make, except for tenant's stock in trade, fixtures, furniture, furnishings, removable floor coverings, equipment, signs and all other property, and Tenant shall promptly proceed with the restoration or replacement of its stock in trade, fixtures, furniture, furnishings, removable floor coverings, equipment, signs and all other property of Tenant and decorations in and around the Demised Premises. If Landlord shall not complete such restoration or repair non-useability of the Demised Premises within 180 days after such damage (such date to be extended for an additional 30 days for reasons beyond Landlord's reasonable control)during the period of Restoration Work; PROVIDED, HOWEVER, that if Casualty shall occur at any time during the last year of the term of this Lease, Landlord or Tenant shall have the right by notice to Landlord given on or before 30 days thereafter to terminate this Lease. Such right of termination shall be nullified if such repair or restoration shall be completed prior to the effective date of Tenant's notice. Such right of termination shall be Tenant's sole remedy and if not timely electedright, the right at its election, to terminate this Lease hereunder as of the date of Casualty, by written notice thereof to the other within thirty (30) days following the date of Casualty. Notwithstanding the foregoing, in no event shall be deemed waived Landlord be:
a) responsible for any loss or damage incurred by Tenant or any other person, firm or corporation by reason of goods, wares, merchandise, furniture, fixtures and equipment situated within Premises and damaged by reason of no further force andCasualty;
b) liable or responsible for any other damage incurred by Tenant by reason of Casualty; or
c) for any delays in Restoration Work caused by labor controversies, riots, acts of God, national emergencies, acts of a public enemy, governmental laws or regulations, inability to procure materials or labor, or both, or any other cause beyond the control of Landlord, IT BEING AGREED THAT INABILITY TO PAY SHALL NEVER EXCUSE LANDLORD'S PERFORMANCE UNDER THIS PARAGRAPH.
Appears in 1 contract
Sources: Lease Agreement (Hemoxymed Inc)
Total or Partial Destruction. Tenant shall give prompt notice to Landlord in case of any fire or other damage to If the Demised Premises. If (a) the Demised Leased Premises shall be damaged by fire partially or other occurrence to the extent of more than 25% of the aggregate cost of replacement thereof, or (b) the buildings in the Shopping Center shall be damaged by fire or other occurrence to the extent of more than 25% of the aggregate cost of replacement thereof (whether or not the Demised Premises be damaged in whole or in part), or (c) the buildings in the Shopping Center shall be damaged by fire or other occurrence and either the loss shall not be covered by insurance or the insurance proceeds shall, by reasonable anticipation, be insufficient to pay for the repair or restoration work, then in any such event Landlord may terminate the Lease by notice given within 90 days after such event, and upon the date specified in such notice, which shall not be less than 30 days nor more than 60 days after the giving of said notice, this Lease shall terminate. If any damage totally destroyed by fire or other casualty shall render the Demised Premises insurable under full standard fire and extended risk insurance, so as to become partially or totally untenantable, in whole or in part, a proportionate abatement of the Fixed Rent based upon the Floor Space rendered untenantable same (unless Landlord shall be allowed from the date when the damage occurred until completion of the repair or restoration work by Landlord elect not to rebuild as hereinafter provided) shall be repaired and restored by and at the cost of Landlord, orand a just and proportionate part of the rent, in as provided for hereinafter and as is reasonably acceptable to Tenant, shall be abated until the event Landlord elects to terminate this Lease, until said date of terminationLeased Premises are so restored. If this Lease more than one-third (1/3) of the building in which the Leased Premises are located shall not be terminated after damage destroyed or damaged by fire or other casualty, Landlord shall, promptly after receipt and if the unexpired portion of the insurance proceeds for such term of this Lease shall be two (2) years or less at the date of the damage, or as soon as practicable in the event that insurance proceeds shall not be available, proceed with the restoration of the Demised Premises and the Shopping Center to substantially the condition in which the same existed prior to the damage with such changes as then Landlord may desire elect not to repair or be required rebuild by any Requirements to make, except for tenant's stock in trade, fixtures, furniture, furnishings, removable floor coverings, equipment, signs and all other property, and Tenant shall promptly proceed with the restoration or replacement of its stock in trade, fixtures, furniture, furnishings, removable floor coverings, equipment, signs and all other property of Tenant and decorations in and around the Demised Premises. If Landlord shall not complete such restoration or repair of the Demised Premises giving written notice within 180 thirty (30) days after such damage (such date to be extended for an additional 30 days for reasons beyond Landlord's reasonable control), Tenant shall have the right by notice to Landlord given on or before 30 days thereafter occurrence of its election to terminate this Lease; otherwise, Landlord shall commence and pursue diligently such reconstruction. In the event that Landlord shall exercise the right given heretofore to terminate, then this Lease and the terms hereof shall cease as of the date of such damage or destruction, and all rent or other charges payable by Tenant shall be prorated to the date of such damage or destruction. In the event that this Lease is not canceled, then the rent shall be abated or reduced proportionately during any period in which the Leased Premises are rendered wholly or partially untenantable to the extent such damage or destruction shall interfere with the operation of Tenant's business in the Leased Premises, as determined in Tenant's reasonable business judgment. Such right abatement or reduction shall continue for the period commencing with such destruction or damage and ending with Tenant's substantial completion of termination shall be nullified if such the work or repair or restoration as Tenant is obligated or elects to do, as the case may be, and as in this Article provided. In such event, Tenant shall be completed prior commence the work with due diligence and shall prosecute the same vigorously to the effective date of Tenant's notice. Such right of termination shall be Tenant's sole remedy and if not timely elected, the right to terminate this Lease hereunder shall be deemed waived and of no further force andcompletion.
Appears in 1 contract
Sources: Restaurant Lease Agreement (Rock Bottom Restaurants Inc)
Total or Partial Destruction. Tenant shall give prompt notice to Landlord in case of any fire or other damage to 9.1.1 In the Demised Premises. If (a) event the Demised Building and/or the Premises shall be is damaged by fire or other occurrence to perils covered by Landlord’s insurance, Landlord shall:
9.1.1.1 In the extent event of more than 25% total destruction, at Landlord’s option, as soon as reasonably possible thereafter, commence repair, reconstruction and restoration of the aggregate cost of replacement thereofBuilding and/or the Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or within sixty (b60) the buildings in the Shopping Center shall be damaged by fire or other occurrence to the extent of more than 25% of the aggregate cost of replacement thereof (whether or not the Demised Premises be damaged in whole or in part), or (c) the buildings in the Shopping Center shall be damaged by fire or other occurrence and either the loss shall not be covered by insurance or the insurance proceeds shall, by reasonable anticipation, be insufficient to pay for the repair or restoration work, then in any such event Landlord may terminate the Lease by notice given within 90 days after such event, and upon the date specified in such notice, which shall not be less than 30 days nor more than 60 days after the giving discovery of said noticesuch damage, elect not to so repair, reconstruct or restore the Building and/or the Premises, in which event this Lease shall terminate. If any damage by fire or other casualty In either event, Landlord shall render the Demised Premises untenantable, in whole or in part, a proportionate abatement give Tenant written notice of the Fixed Rent based upon the Floor Space rendered untenantable shall be allowed from the date when the damage occurred until completion of the repair or restoration work by Landlord as hereinafter provided, or, in its intention within said sixty (60) day period. In the event Landlord elects not to restore the Building, and/or the Premises, this Lease shall be deemed to have terminated as of the date of the discovery of such total destruction.
9.1.1.2 In the event of partial destruction of the Building and/or the Premises, to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof, and if the damage thereto is such that the Building and/or the Premises may be repaired, reconstructed or restored within a period of ninety (90) days from the date of the discovery of such casualty, and if Landlord will receive insurance proceeds sufficient to cover the cost of such repairs, then Landlord shall commence and proceed diligently with the work of repair, reconstruction and restoration and this Lease shall continue in full force and effect. If such work of repair, reconstruction and restoration shall require a period longer than ninety (90) days or exceeds twenty-five percent (25%) of the full insurable value thereof, or if said insurance proceeds will not be sufficient to cover the cost of such repairs, then Landlord either may elect to so repair, reconstruct or restore and the Lease shall continue in full force and effect or Landlord may elect not to repair, reconstruct or restore and the Lease shall then terminate. Under any of the conditions of this Section 9.1.1.2, Landlord shall give written notice to Tenant of its intention within sixty (60) days after Landlord’s discovery of such partial destruction. In the event Landlord elects not to restore the Building and/or the Premises, this Lease shall be deemed to have terminated as of the date possession of the Premises is surrendered to Landlord.
9.1.2 Upon any termination of this Lease under any of the provisions of this Section 9.1, the parties shall be released without further obligation to the other from the date possession of the Premises is surrendered to Landlord except for items which have therefore accrued and are then unpaid.
9.1.3 In the event of repair, reconstruction and restoration by Landlord as herein provided, the Rent payable under this Lease shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of such repair, reconstruction or restoration. Tenant shall not be entitled to any compensation or damages for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by such damage, repair, reconstruction or restoration. Tenant shall not be released from any of its obligations under this Lease except to the extent and upon the conditions expressly stated in this Section 9.1. Notwithstanding anything to the contrary contained in this Section 9.1, if Landlord is delayed or prevented from repairing or restoring the damaged Premises within one (1) year after the discovery of such damage or destruction by reason of acts of God, war, governmental restrictions, inability to procure the necessary labor or materials, or other cause beyond the control of Landlord, Landlord, at its option, may terminate this Lease, whereupon Landlord shall be relieved of its obligation to make such repairs or restoration and Tenant shall be released from its obligations under this Lease as of the end of said one year period.
9.1.4 If damage is due to any cause other than fire or other peril covered by extended coverage insurance, Landlord may elect to terminate this Lease, until said date of termination. .
9.1.5 If this Lease shall not be terminated after damage by fire Landlord is obligated to or other casualtyelects to repair or restore as herein provided, Landlord shall, promptly after receipt shall be obligated to make repair or restoration only of those portions of the insurance proceeds for such damageBuilding and the Premises which were originally provided at Landlord’s expense, or as soon as practicable in and the event that insurance proceeds shall not be available, proceed with the repair and restoration of items not provided at Landlord’s expense shall be the Demised Premises and the Shopping Center to substantially the condition in which the same existed prior obligation of Tenant.
9.1.6 Notwithstanding anything to the damage with such changes as Landlord may desire or be required by any Requirements to makecontrary contained in this Section 9.1, except for tenant's stock in trade, fixtures, furniture, furnishings, removable floor coverings, equipment, signs and all other property, and Tenant shall promptly proceed with the restoration or replacement of its stock in trade, fixtures, furniture, furnishings, removable floor coverings, equipment, signs and all other property of Tenant and decorations in and around the Demised Premises. If Landlord shall not complete such restoration have any obligation whatsoever to repair, reconstruct or repair restore the Premises when the damage resulting from any casualty covered under this Section 9.1 is discovered during the last twelve (12) months of the Demised Premises within 180 days after Term of this Lease or any extension hereof.
9.1.7 Landlord and Tenant hereby waive the provisions of any statutes or court decisions which relate to the abatement or termination of leases when leased property is damaged or destroyed and agree that such damage (such date event shall be exclusively governed by the terms of this Lease.
9.1.8 Notwithstanding anything herein to be extended for an additional 30 days for reasons beyond Landlord's reasonable control)the contrary, Tenant shall have the right by notice to Landlord given on or before 30 days thereafter to terminate this Lease. Such right of termination shall be nullified if such repair or restoration shall be completed prior to the effective date of Tenant's notice. Such right of termination shall be Tenant's sole remedy and if not timely elected, the right to immediately terminate this Lease hereunder shall upon: (i) the Premises and/or Building being damaged by a fire, earthquake or other casualty or cause such that it cannot be deemed waived repaired and of no further force andrestored within one year or it can be repaired and restored in one year but Landlord does not commence such repair and reconstruction work within ninety (90) days and thereafter pursue the repair and restoration work with reasonable diligence.
Appears in 1 contract
Total or Partial Destruction. Tenant shall give prompt notice to Landlord in case of any fire or other damage to the Demised Premises. If (a) If the Demised Premises shall be damaged by fire or other occurrence to the extent of more than 25% of the aggregate cost of replacement thereof, or (b) the buildings in the Shopping Center shall be damaged by fire or other occurrence to the extent of more than 25% of the aggregate cost of replacement thereof (whether or not the Demised Premises be damaged in whole or in part), or (c) the buildings in the Shopping Center shall be damaged by fire or other occurrence and either the loss shall not be casualty covered by Landlord's policies of fire and broad form extended coverage insurance or the insurance proceeds shall, by reasonable anticipation, be insufficient to pay for the repair or restoration work, then in any such event Landlord may terminate the Lease by notice given within 90 days after such event, and upon the date specified in such notice, which shall but are not be less than 30 days nor more than 60 days after the giving of said notice, this Lease shall terminate. If any damage by fire or other casualty shall render the Demised Premises untenantable, thereby rendered untenantable in whole or in part, a proportionate abatement of subject to the Fixed Rent based upon limitations hereafter set forth, Landlord, at its own expense, shall cause such damage to be repaired, and the Floor Space rendered untenantable rent shall be allowed from the date when the damage occurred until abated pending completion of such repairs. If the Demised Premises shall be damaged or destroyed by a fire or casualty not covered by Landlord's policies of fire and broad form extended coverage insurance and the Landlord, at its option, decides not to repair and restore the premises, Landlord shall have the right, to be exercised by notice in writing delivered to Tenant within sixty (60) days from and after the occurrence of such damage or restoration work by Landlord as hereinafter provideddestruction, or, in the event Landlord elects to cancel and terminate this Lease. Either party shall have the right, until to be exercised by notice in writing, delivered to the other within thirty (30) days from and after any occurrence which renders the premises wholly untenantable to cancel this Lease, if said date destruction of termination. If the premises occurs within the last two (2) years of the term of this Lease shall not be terminated after damage by fire or other casualty, Landlord shall, promptly after receipt of the insurance proceeds for such damage, or as soon as practicable in the event that insurance proceeds shall not be available, proceed with the restoration of if repairs to the Demised Premises shall take in excess of One Hundred Twenty (120) days to complete, said cancellation to take effect ninety (90) days from and after the receipt of such notice by the other party, and in such event this Lease and the Shopping Center to substantially tenancy hereby created shall cease as of the condition in which the same existed prior to the damage with aforesaid date (except that such changes as Landlord may desire or be required by any Requirements to make, except for tenant's stock in trade, fixtures, furniture, furnishings, removable floor coverings, equipment, signs and all other property, and Tenant shall promptly proceed with the restoration or replacement of its stock in trade, fixtures, furniture, furnishings, removable floor coverings, equipment, signs and all other property of Tenant and decorations in and around the Demised Premises. If Landlord cancellation shall not complete affect the obligations of the parties which have accrued theretofore and remain unpaid), the rent to be adjusted as of such restoration date.
(b) Tenant covenants that it will give notice to Landlord of any accident or repair of damage, whether such damage is caused by insured or uninsured casualty, occurring in, on or about the Demised Premises within 180 days seventy-two (72) hours after Tenant has or actual knowledge of the occurrence of such damage (such date to be extended for an additional 30 days for reasons beyond Landlord's reasonable control), Tenant shall have the right by notice to Landlord given on accident or before 30 days thereafter to terminate this Lease. Such right of termination shall be nullified if such repair or restoration shall be completed prior to the effective date of Tenant's notice. Such right of termination shall be Tenant's sole remedy and if not timely elected, the right to terminate this Lease hereunder shall be deemed waived and of no further force anddamage.
Appears in 1 contract
Total or Partial Destruction. Tenant shall give prompt notice to Landlord in case of any fire or other damage to 9.1.1 In the Demised Premises. If (a) event the Demised Building and/or the Premises shall be is damaged by fire or other occurrence to perils covered by Landlord’s insurance, Landlord shall:
9.1.1.1 In the extent event of more than 25% total destruction, at Landlord’s option, as soon as reasonably possible thereafter, commence repair, reconstruction and restoration of the aggregate cost of replacement thereofBuilding and/or the Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or within sixty (b60) the buildings in the Shopping Center shall be damaged by fire or other occurrence to the extent of more than 25% of the aggregate cost of replacement thereof (whether or not the Demised Premises be damaged in whole or in part), or (c) the buildings in the Shopping Center shall be damaged by fire or other occurrence and either the loss shall not be covered by insurance or the insurance proceeds shall, by reasonable anticipation, be insufficient to pay for the repair or restoration work, then in any such event Landlord may terminate the Lease by notice given within 90 days after such event, and upon the date specified in such notice, which shall not be less than 30 days nor more than 60 days after the giving discovery of said noticesuch damage, elect not to so repair, reconstruct or restore the Building and/or the Premises, in which event this Lease shall terminate. If any damage by fire or other casualty In either event, Landlord shall render the Demised Premises untenantable, in whole or in part, a proportionate abatement give Tenant written notice of the Fixed Rent based upon the Floor Space rendered untenantable shall be allowed from the date when the damage occurred until completion of the repair or restoration work by Landlord as hereinafter provided, or, in its intention within said sixty (60) day period. In the event Landlord elects not to restore the building, and/or the Premises, this Lease shall be deemed to have terminated as of the date of the discovery of such total destruction.
9.1.1.2 In the event of partial destruction of the Building and/or the Premises, to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof, and if the damage thereto is such that the Building and/or the Premises may be repaired, reconstructed or restored within a period of ninety (90) days from the date of the discovery of such casualty, and if Landlord will receive insurance proceeds sufficient to cover the cost of such repairs, then Landlord shall commence and proceed diligently with the work of repair, reconstruction and restoration and this Lease shall continue in full force and effect. If such work of repair, reconstruction and restoration shall require a period longer than ninety (90) days or exceeds twenty-five percent (25%) of the full insurable value thereof, or if said insurance proceeds will not be sufficient to cover the cost of such repairs, then Landlord either may elect to so repair, reconstruct or restore and the Lease shall continue in full force and effect or Landlord may elect not to repair, reconstruct or restore and the Lease shall then terminate. Under any of the conditions of this Section 9.1.1.2, Landlord shall give written notice to Tenant of its intention within sixty (60) days after Landlord’s discovery of such partial destruction. In the event Landlord elects not to restore the Building and/or the Premises, this Lease shall be deemed to have terminated as of the date possession of the Premises is surrendered to Landlord.
9.1.2 Upon any termination of this Lease under any of the provisions of this Section 9.1, the parties shall be released without further obligation to the other from the date possession of the Premises is surrendered to Landlord except for items which have therefore accrued and are then unpaid.
9.1.3 In the event of repair, reconstruction and restoration by Landlord as herein provided, the rental payable under this Lease shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired during the period of such repair, reconstruction or restoration; provided that there shall be no abatement of rent if such damage is the result of Tenant’s negligence or intentional wrongdoing. Tenant shall not be entitled to any compensation or damages for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by such damage, repair, reconstruction or restoration. Tenant shall not be released from any of its obligations under this Lease except to the extent and upon the conditions expressly stated in this Section. 9.1. Notwithstanding anything to the contrary contained in this Section 9.1, if Landlord is delayed or prevented from repairing or restoring the damaged Premises within one (1) year after the discovery of such damage or destruction by reason of acts of God, war, governmental restrictions, inability to procure the necessary labor or materials, or other cause beyond the control of Landlord, Landlord, at its option, may terminate this Lease, whereupon Landlord shall be relieved of its obligation to make such repairs or restoration and Tenant shall be released from its obligations under this Lease as of the end of said one year period.
9.1.4 If damage is due to any cause other than fire or other peril covered by extended coverage insurance, Landlord may elect to terminate this Lease, until said date of termination. .
9.1.5 If this Lease shall not be terminated after damage by fire Landlord is obligated to or other casualtyelects to repair or restore as herein provided, Landlord shall, promptly after receipt shall be obligated to make repair or restoration only of those portions of the insurance proceeds for such damageBuilding and the Premises which were originally provided at Landlord’s expense, or as soon as practicable in and the event that insurance proceeds shall not be available, proceed with the repair and restoration of items not provided at Landlord’s expense shall be the Demised Premises and the Shopping Center to substantially the condition in which the same existed prior obligation of Tenant.
9.1.6 Notwithstanding anything to the damage with such changes as Landlord may desire or be required by any Requirements to make, except for tenant's stock contrary contained in trade, fixtures, furniture, furnishings, removable floor coverings, equipment, signs and all other property, and Tenant shall promptly proceed with the restoration or replacement of its stock in trade, fixtures, furniture, furnishings, removable floor coverings, equipment, signs and all other property of Tenant and decorations in and around the Demised Premisesthis Section 9.1. If Landlord shall not complete such restoration have any obligation, whatsoever to repair, reconstruct or repair restore the Premises when the damage resulting from any casualty covered under this Section 9.1 is discovered during the last twelve (12) months of the Demised Premises within 180 days after Term of this Lease or any extension hereof.
9.1.7 Landlord and Tenant hereby waive the provisions of any statutes or court decisions which relate to the abatement or termination of leases when leased property is damaged or destroyed and agree that such damage (such date to event shall be extended for an additional 30 days for reasons beyond Landlord's reasonable control), Tenant shall have exclusively governed by the right by notice to Landlord given on or before 30 days thereafter to terminate terms of this Lease. Such right of termination shall be nullified if such repair or restoration shall be completed prior to the effective date of Tenant's notice. Such right of termination shall be Tenant's sole remedy and if not timely elected, the right to terminate this Lease hereunder shall be deemed waived and of no further force and.
Appears in 1 contract
Sources: Office Lease Agreement (Omeros Corp)
Total or Partial Destruction. Tenant shall give prompt notice to Landlord in case of any fire or other damage to If the Demised Premises. If (a) the Demised Leased Premises shall be damaged by fire fire, the elements, unavoidable accident or other occurrence to casualty, without the extent fault of more than 25% of the aggregate cost of replacement thereofTenant, or (b) the buildings in the Shopping Center shall be damaged by fire or other occurrence to the extent of more than 25% of the aggregate cost of replacement thereof (whether or but are not the Demised Premises be damaged thereby rendered untenable in whole or in part), or (c) Landlord shall at its own expense cause such damage, except to Tenant's equipment and trade fixtures, to be repaired, and the buildings in the Shopping Center shall be damaged by fire or rent and other occurrence and either the loss charges shall not be covered by insurance or the insurance proceeds shallabated. If, by reasonable anticipationreason of such occurrence, the Leased Premises shall be insufficient rendered untenable only in part, Landlord shall at its own expense cause the damage, except to pay for Tenant's equipment and trade fixtures, to be repaired, but only to the repair extent of Landlord' s original obligation to construct pursuant to Section 3.01, and the Monthly Base Rent meanwhile shall be abated proportionately as to the portion of the Leased Premises rendered untenable; provided however, if such damage shall occur during the last two (2) years of the Term of this Lease (or restoration workof any renewal term). Landlord shall have the right, then in any such event Landlord may terminate the Lease to be exercised by notice given to Tenant within 90 sixty (60) days after said occurrence, to elect not to repair such event, damage and upon the to cancel and terminate this Lease effective as of a date specified stipulated in such Landlord’s notice, which shall not be less earlier than 30 thirty (30) days nor more later than 60 sixty (60) days after the giving of such notice. If the Leased Premises shall be rendered wholly untenable by reason of such occurrence, the Landlord shall at its own expense cause such damage, except to Tenant's equipment and trade fixtures, to be repaired, but only to the extent of the Landlord's original obligation to construct pursuant to Section 3. 01, and the Monthly Base Rent meanwhile shall be abated in whole except that Landlord shall have the right, to be exercised by notice to Tenant within sixty (60) days after said noticeoccurrence, to elect not to reconstruct the destroyed premises, and in such event this Lease and the tenancy hereby created shall terminatecease as of the date of the said occurrence. If any damage by fire or other casualty Nothing in this Section shall render be construed to permit the Demised Premises untenantable, abatement in whole or in part, a proportionate abatement part of the Fixed Rent based upon percentage rent, nor charges for Common Area Maintenance and real estate taxes attributable to any period during which the Floor Space rendered untenantable demised Leased Premises shall be allowed from in untenable condition, nor shall there be any abatement in these items nor the Monthly Base Rent if such damage is caused by the fault of Tenant. Whenever the Monthly Base Rent shall be abated pursuant to this Section 15.01, such abatement shall continue until the date when which shall be the damage occurred until completion sooner to occur of the repair or restoration work (i) fifteen (15) days after notice by Landlord as hereinafter providedto Tenant that the Leased Premises have been substantially repaired and restored, or, or (ii) the date Tenant's business operations are restored in the event Landlord elects to terminate this Lease, until said date of termination. If this Lease shall not be terminated after damage by fire or other casualty, Landlord shall, promptly after receipt of the insurance proceeds for such damage, or as soon as practicable in the event that insurance proceeds shall not be available, proceed with the restoration of the Demised Premises and the Shopping Center to substantially the condition in which the same existed prior to the damage with such changes as Landlord may desire or be required by any Requirements to make, except for tenant's stock in trade, fixtures, furniture, furnishings, removable floor coverings, equipment, signs and all other property, and Tenant shall promptly proceed with the restoration or replacement of its stock in trade, fixtures, furniture, furnishings, removable floor coverings, equipment, signs and all other property of Tenant and decorations in and around the Demised entire Leased Premises. If Landlord shall not complete such restoration or repair of the Demised Premises within 180 days after such damage (such date to be extended for an additional 30 days for reasons beyond Landlord's reasonable control), Tenant shall have the right by notice to Landlord given on or before 30 days thereafter to terminate this Lease. Such right of termination shall be nullified if such repair or restoration shall be completed prior to the effective date of Tenant's notice. Such right of termination shall be Tenant's sole remedy and if not timely elected, the right to terminate this Lease hereunder shall be deemed waived and of no further force and.
Appears in 1 contract
Total or Partial Destruction. Tenant shall give prompt notice to Landlord in case of any fire or other damage to 9.1.1 In the Demised Premises. If (a) event the Demised Building and/or the Premises shall be is damaged by fire or other occurrence to perils covered by Landlord’s insurance, Landlord shall:
9.1.1.1 In the extent event of more than 25% total destruction, at Landlord’s option, as soon as reasonably possible thereafter, commence repair, reconstruction and restoration of the aggregate cost of replacement thereofBuilding and/or the Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or within sixty (b60) the buildings in the Shopping Center shall be damaged by fire or other occurrence to the extent of more than 25% of the aggregate cost of replacement thereof (whether or not the Demised Premises be damaged in whole or in part), or (c) the buildings in the Shopping Center shall be damaged by fire or other occurrence and either the loss shall not be covered by insurance or the insurance proceeds shall, by reasonable anticipation, be insufficient to pay for the repair or restoration work, then in any such event Landlord may terminate the Lease by notice given within 90 days after such event, and upon the date specified in such notice, which shall not be less than 30 days nor more than 60 days after the giving discovery of said noticesuch damage, elect not to so repair, reconstruct or restore the Building and/or the Premises, in which event this Lease shall terminate. If any damage by fire or other casualty In either event, Landlord shall render the Demised Premises untenantable, in whole or in part, a proportionate abatement give Tenant written notice of the Fixed Rent based upon the Floor Space rendered untenantable shall be allowed from the date when the damage occurred until completion of the repair or restoration work by Landlord as hereinafter provided, or, in its intention within said sixty (60) day period. In the event Landlord elects not to restore the building, and/or the Premises, this Lease shall be deemed to have terminated as of the date of the discovery of such total destruction.
9.1.1.2 In the event of partial destruction of the Building and/or the Premises, to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof, and if the damage thereto is such that the Building and/or the Premises may be repaired, reconstructed or restored within a period of ninety (90) days from the date of the discovery of such casualty, and if Landlord will receive insurance proceeds sufficient to cover the cost of such repairs, then Landlord shall commence and proceed diligently with the work of repair, reconstruction and restoration and this Lease shall continue in full force and effect. If such work of repair, reconstruction and restoration shall require a period longer than ninety (90) days or exceeds twenty-five percent (25%) of the full insurable value thereof, or if said insurance proceeds will not be sufficient to cover the cost of such repairs, then Landlord may elect to so repair, reconstruct or restore and the Lease shall continue in full force and effect, or Landlord may elect not to repair, reconstruct or restore and the Lease shall then terminate. Under any of the conditions of this Section 9.1.1.2, Landlord shall give written notice to Tenant of its intention within sixty (60) days after Landlord’s discovery of such partial destruction. In the event Landlord elects not to restore the Building and/or the Premises, this Lease shall be deemed to have terminated as of the date possession of the Premises is surrendered to Landlord.
9.1.2 Upon any termination of this Lease under any of the provisions of this Section 9.1, the parties shall be released without further obligation to the other from the date possession of the Premises is surrendered to Landlord except for items which have therefore accrued and are then unpaid.
9.1.3 In the event of any casualty to or destruction of the Premises or Building, the rental payable under this Lease shall be abated proportionately with the degree to which Tenant’s use of the Premises is impaired due to such casualty or destruction commencing as of the date of such casualty or destruction and ending upon its repair. Tenant shall not be entitled to any compensation or damages for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by such damage, repair, reconstruction or restoration. Tenant shall not be released from any of its obligations under this Lease except to the extent and upon the conditions expressly stated in this Section 9.1, Notwithstanding anything to the contrary contained in this Section 9.1, if Landlord is delayed or prevented from repairing or restoring the damaged Premises within one (1) year after the discovery of such damage or destruction by reason of acts of God, war, governmental restrictions, inability to procure the necessary labor or materials, or other cause beyond the control of Landlord, Landlord, at its option, may terminate this Lease, whereupon Landlord shall be relieved of its obligation to make such repairs or restoration and Tenant shall be released from its obligations under this Lease as of the end of said one year period.
9.1.4 If damage is due to any cause other than fire or other peril covered by extended coverage insurance (or that would have been covered by such insurance had Landlord carried such insurance), Landlord may elect to terminate this Lease, until said date of termination. .
9.1.5 If this Lease shall not be terminated after damage by fire Landlord is obligated to or other casualtyelects to repair or restore as herein provided, Landlord shall, promptly after receipt shall be obligated to make repair or restoration only of those portions of the insurance proceeds for such damageBuilding and the Premises which were originally provided at Landlord’s expense, or as soon as practicable in and the event that insurance proceeds shall not be available, proceed with the repair and restoration of items not provided at Landlord’s expense shall be the Demised Premises and the Shopping Center to substantially the condition in which the same existed prior obligation of Tenant.
9.1.6 Notwithstanding anything to the damage with such changes as Landlord may desire or be required by any Requirements to makecontrary contained in this Section 9.1, except for tenant's stock in trade, fixtures, furniture, furnishings, removable floor coverings, equipment, signs and all other property, and Tenant shall promptly proceed with the restoration or replacement of its stock in trade, fixtures, furniture, furnishings, removable floor coverings, equipment, signs and all other property of Tenant and decorations in and around the Demised Premises. If Landlord shall not complete such restoration have any obligation whatsoever to repair, reconstruct or repair restore the Premises when the damage resulting from any casualty covered under this Section 9.1 is discovered during the last twelve (12) months of the Demised Premises within 180 days after Term of this Lease or any extension hereof.
9.1.7 Landlord and Tenant hereby waive the provisions of any statutes or court decisions which relate to the abatement or termination of leases when leased property is damaged or destroyed and agree that such damage (such date to event shall be extended for an additional 30 days for reasons beyond Landlord's reasonable control), Tenant shall have exclusively governed by the right by notice to Landlord given on or before 30 days thereafter to terminate terms of this Lease. Such right of termination shall be nullified if such repair or restoration shall be completed prior to the effective date of Tenant's notice. Such right of termination shall be Tenant's sole remedy and if not timely elected, the right to terminate this Lease hereunder shall be deemed waived and of no further force and.
Appears in 1 contract
Sources: Office Lease Agreement (NanoString Technologies Inc)
Total or Partial Destruction. Tenant shall give prompt notice to Landlord in case of any fire or other damage to the Demised Premises. If (a) In the Demised event the Building and/or the Premises shall be is damaged by fire or other occurrence to perils covered by Landlord's insurance, Landlord shall:
(i) In the extent event of more than 25% total destruction, at Landlord's option, as soon as reasonably possible thereafter, commence repair, reconstruction and restoration of the aggregate cost of replacement thereofBuilding and/or the Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect or within sixty (b60) the buildings in the Shopping Center shall be damaged by fire or other occurrence to the extent of more than 25% of the aggregate cost of replacement thereof (whether or not the Demised Premises be damaged in whole or in part), or (c) the buildings in the Shopping Center shall be damaged by fire or other occurrence and either the loss shall not be covered by insurance or the insurance proceeds shall, by reasonable anticipation, be insufficient to pay for the repair or restoration work, then in any such event Landlord may terminate the Lease by notice given within 90 days after such eventdamage, and upon elect not to so repair, reconstruct or restore the date specified building and/or the Premises, in such notice, which shall not be less than 30 days nor more than 60 days after the giving of said notice, event this Lease shall terminate. If any damage by fire or other casualty In either event Landlord shall render the Demised Premises untenantable, in whole or in part, a proportionate abatement give Tenant written notice of the Fixed Rent based upon the Floor Space rendered untenantable shall be allowed from the date when the damage occurred until completion of the repair or restoration work by Landlord as hereinafter provided, or, in its intention within said sixty (60) day period. In the event Landlord elects not to restore the building, and/or the Premises, this Lease shall be deemed to have terminated as of the date of such total destruction.
(ii) In the event of partial destruction of the Building and/or the Premises, to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof, and if the damage thereto is such that the Building and/or the Premises may be repaired, reconstructed or restored within a period of ninety (90) days from the date of the happening of such casualty, and if Landlord will receive insurance proceeds sufficient to cover the cost of such repairs, then Landlord shall commence and proceed diligently with the work of repair, reconstruction and restoration and this Lease shall continue in full force and effect. If such work of repair, reconstruction and restoration shall require a period longer than ninety (90) days or exceeds twenty-five percent (25%) of the full insurable value thereof, or if said insurance proceeds will not be sufficient to cover the cost of such repairs, then Landlord either may elect to so repair, reconstruct or restore and the Lease shall continue in full force and effect or Landlord may elect not to repair, reconstruct or restore and the Lease shall then terminate. Under any of the conditions of this Section 9.1(a)(ii), Landlord shall give written notice to Tenant of its intention within sixty (60) days after such partial destruction. In the event Landlord elects not to restore the Building and/or the Premises, this Lease shall be deemed to have terminated as of the date of such partial destruction.
(b) Upon any termination of this Lease under any of the provisions of this Section 9.1, the parties shall be released without further obligation to the other from the date possession of the Premises is surrendered to Landlord except for items which have therefore accrued and are then unpaid.
(c) In the event of repair, reconstruction and restoration by Landlord as herein provided, the rental payable under this Lease shall be abated proportionately with the degree to which Tenant's use of the Premises is impaired during the period of such repair, reconstruction or restoration provided that unless there is waiver of subrogation in effect pursuant to Section 8.6, there shall be no abatement of rent if such damage is the result of Tenant's negligence or intentional wrongdoing. Tenant shall not be entitled to any compensation or damages for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by such damage, repair, reconstruction or restoration. Tenant shall not be released from any of its obligations under this Lease except to the extent and upon the conditions expressly stated in this Section 9.1. Notwithstanding anything to the contrary contained in this Section 9.1, if Landlord is delayed or prevented from repairing or restoring the damaged Premises within one (1) year after the occurrence of such damage or destruction by reason of acts of God, war, governmental restrictions, inability to procure the necessary labor or materials, or other cause beyond the control of Landlord, Landlord, at its option, may terminate this Lease, whereupon Landlord shall be relieved of its obligation to make such repairs or restoration and Tenant shall be released from its obligations under this Lease as of the end of said one year period.
(d) If damage is due to any cause other than fire or other peril covered by extended coverage insurance, Landlord may elect to terminate this Lease, until said date of termination. .
(e) If this Lease shall not be terminated after damage by fire Landlord is obligated to or other casualtyelects to repair or restore as herein provided, Landlord shall, promptly after receipt shall be obligated to make repair or restoration only of those portions of the insurance proceeds for such damageBuilding and the Premises which were originally provided at Landlord's expense, or as soon as practicable in and the event that insurance proceeds shall not be available, proceed with the repair and restoration of items not provided at Landlord's expense shall be the Demised Premises and the Shopping Center to substantially the condition in which the same existed prior obligation of Tenant.
(f) Notwithstanding anything to the damage with such changes as Landlord may desire or be required by any Requirements to makecontrary contained in this Section 9.1, except for tenant's stock in trade, fixtures, furniture, furnishings, removable floor coverings, equipment, signs and all other property, and Tenant shall promptly proceed with the restoration or replacement of its stock in trade, fixtures, furniture, furnishings, removable floor coverings, equipment, signs and all other property of Tenant and decorations in and around the Demised Premises. If Landlord shall not complete such restoration have any obligation whatsoever to repair, reconstruct or repair restore the Premises when the damage resulting from any casualty covered under this Section 9.1 occurs during the last twelve (12) months of the Demised Premises within 180 days after Term of this Lease or any extension hereof.
(g) Landlord and Tenant hereby waive the provisions of any statutes or court decisions which relate to the abatement or termination of leases when leased property is damaged or destroyed and agree that such damage (such date to event shall be extended for an additional 30 days for reasons beyond Landlord's reasonable control), Tenant shall have exclusively governed by the right by notice to Landlord given on or before 30 days thereafter to terminate terms of this Lease. Such right of termination shall be nullified if such repair or restoration shall be completed prior to the effective date of Tenant's notice. Such right of termination shall be Tenant's sole remedy and if not timely elected, the right to terminate this Lease hereunder shall be deemed waived and of no further force and.
Appears in 1 contract
Total or Partial Destruction. Tenant shall give prompt notice to Landlord in case of any fire In the event that Premises or other damage to parts of the Demised Premises. If (a) the Demised Premises Building shall be destroyed or so damaged by fire or other occurrence to the extent of more than 25% of the aggregate cost of replacement thereoffire, or (b) the buildings in the Shopping Center shall be damaged by fire or other occurrence to the extent of more than 25% of the aggregate cost of replacement thereof (whether or not the Demised Premises be damaged in whole or in part)explosion, or (c) the buildings in the Shopping Center shall be damaged by fire or other occurrence and either the loss shall not be covered by insurance or the insurance proceeds shall, by reasonable anticipation, be insufficient to pay for the repair or restoration work, then in any such event Landlord may terminate the Lease by notice given within 90 days after such event, and upon the date specified in such notice, which shall not be less than 30 days nor more than 60 days after the giving of said notice, this Lease shall terminate. If any damage by fire windstorm or other casualty shall render the Demised Premises ("Casualty") so as to be:
a) rendered untenantable, in whole or in partLandlord may, a proportionate abatement at its election, either:
i) terminate this Lease as of the Fixed Rent based upon date of Casualty by written notice thereof to Tenant within sixty (60) days following the Floor Space rendered untenantable date of Casualty, in which event all rent shall be allowed from apportioned on a per diem basis and paid by Tenant to the date when of Casualty; or
ii) proceed with all due diligence to repair, restore or rehabilitate the damage occurred until completion Premises or the Building, as the case may be, to the condition existing immediately prior to Casualty ("Restoration Work") and to complete within one hundred fifty (150) days of the repair or restoration work by Landlord as hereinafter provided, ordate of the Casualty, in the which event Landlord elects to terminate this Lease, until said date of termination. If this Lease shall not terminate, and rent shall equitably abate on a per diem basis during the perio▇ ▇▇ Restoration Work to the extent that Tenant is denied use of the Premises by reasons of Restoration Work; Landlord shall proceed with all due diligence to perform or cause Restoration Work to be terminated after damage by fire or other casualtyperformed and completed within (90) days of the date of the Casualty, in which event rent shall abate in proportion to the non-usability of the Premises during the period of Restoration Work;
b) partially damaged but not rendered untenantable, Landlord shall, promptly after receipt shall proceed with all due diligence to perform or cause Restoration Work to be performed and complete within one hundred fifty (150) days of the insurance proceeds for such damage, or as soon as practicable in the event that insurance proceeds shall not be available, proceed with the restoration date of the Demised Premises and the Shopping Center to substantially the condition Casualty, in which the same existed prior event rent shall abate in proportion to the damage with such changes as Landlord may desire or be required by any Requirements to make, except for tenant's stock in trade, fixtures, furniture, furnishings, removable floor coverings, equipment, signs and all other property, and Tenant shall promptly proceed with the restoration or replacement of its stock in trade, fixtures, furniture, furnishings, removable floor coverings, equipment, signs and all other property of Tenant and decorations in and around the Demised Premises. If Landlord shall not complete such restoration or repair non-usability of the Demised Premises within 180 days after such damage (such date to be extended for an additional 30 days for reasons beyond Landlord's reasonable control)Pre▇▇▇▇▇ during the period of Restoration Work; PROVIDED, HOWEVER, that if Casualty shall occur at any time during the last year of the term of this Lease, Landlord or Tenant shall have the right by notice to Landlord given on or before 30 days thereafter to terminate this Lease. Such right of termination shall be nullified if such repair or restoration shall be completed prior to the effective date of Tenant's notice. Such right of termination shall be Tenant's sole remedy and if not timely electedright, the right at its election, to terminate this Lease hereunder as of the date of Casualty, by written notice thereof to the other within thirty (30) days following the date of Casualty. Notwithstanding the foregoing, in no event shall be deemed waived Landlord be:
a) responsible for any loss or damage incurred by Tenant or any other person, firm or corporation by reason of goods, wares, merchandise, furniture, fixtures and equipment situated within Premises and damaged by reason of no further force andCasualty unless caused by Landlord's negligence, or the acts of Landlord's employees or agents;
b) liable or responsible for any other damage incurred by Tenant by reason of Casualty; or
c) for any delays in Restoration Work caused by labor controversies, riots, acts of God, national emergencies, acts of a public enemy, governmental laws or regulations, inability to procure materials or labor, or both, or any other cause beyond the control of Landlord.
Appears in 1 contract
Total or Partial Destruction. Tenant shall give prompt notice to Landlord in case of any fire or other damage to If the Demised Premises. If (a) the Demised Premises shall be damaged by fire fire, the elements, unavoidable accident or other occurrence casualty, but are not thereby rendered wholly untenantable, Landlord shall cause such damage to be repaired, and the rental shall not be abated. If the Premises shall be rendered wholly untenantable by reason of such occurrence, Landlord shall cause such damage to be repaired, and until the Premises have been restored and rendered tenantable, the rental shall a▇▇▇▇, or Landlord may at its election terminate this Lease and the tenancy hereby created by giving to Tenant within the sixty (60) days following the date of said occurrence, written notice of Landlord’s election to do so and in the event of such termination rent shall be adjusted as of such date. Landlord’s obligation to repair under this Section 16.01 (i) is expressly limited to the extent of more than 25% any insurance proceeds paid to and received by Landlord, and (ii) shall at all times be subject to obtaining all necessary approvals from all applicable governmental entities, and the holder of any Mortgage and the aggregate cost willingness of replacement thereof, or (b) such holder to make the buildings in the Shopping Center shall be damaged by fire or other occurrence proceeds of casualty insurance policies available to the extent of more than 25% of the aggregate cost of replacement thereof (whether or not the Demised Premises be damaged in whole or in part), or (c) the buildings in the Shopping Center shall be damaged by fire or other occurrence and either the loss Landlord for such purposes. Landlord shall not be covered by insurance or liable for any delay that is beyond the insurance proceeds shall, by reasonable anticipation, be insufficient to pay for control of Landlord in the repair or restoration work, then in any such event Landlord may terminate the Lease by notice given within 90 days after such event, and upon the date specified in such notice, which shall not be less than 30 days nor more than 60 days after the giving of said notice, this Lease shall terminate. If any damage by fire or other casualty shall render the Demised Premises untenantable, in whole or in part, a proportionate abatement of the Fixed Rent based upon the Floor Space rendered untenantable shall be allowed from the date when the damage occurred until completion of the repair or restoration work by Landlord as hereinafter provided, or, in the event Landlord elects to terminate this Lease, until said date of termination. If this Lease shall not be terminated after damage by fire or other casualty, Landlord shall, promptly after receipt of the insurance proceeds for such damage, or as soon as practicable in the event that insurance proceeds shall not be available, proceed with the and restoration of the Demised Premises. Landlord shall use said proceeds to restore the Premises and the Shopping Center to substantially the condition it was in which the same existed prior to the damage with such changes as Landlord may desire or be required following completion by any Requirements to make, except for tenant's stock in trade, fixtures, furniture, furnishings, removable floor coverings, equipment, signs and all other propertyTenant of its leasehold improvements, and Tenant shall promptly proceed with the restoration or replacement of its stock in trade, fixtures, furniture, furnishings, removable floor coverings, equipment, signs and all other property of Tenant and decorations in and around the Demised Premises. If Landlord shall not complete such restoration or repair of the Demised Premises within 180 days after such damage (such date to be extended for an additional 30 days for reasons beyond Landlord's reasonable control)event, Tenant shall have the right by notice to Landlord given on or before 30 days thereafter to terminate restore and replace Tenant’s Improvements, except as aforesaid. Notwithstanding any provision of this Lease. Such right of termination shall be nullified if such repair or restoration shall be completed prior Section to the effective date of Tenant's notice. Such right of termination shall be Tenant's sole remedy and if not timely electedcontrary, the right Landlord may relocate Tenant to terminate this Lease hereunder shall be deemed waived and of no further force anda Substitute Premises.
Appears in 1 contract
Total or Partial Destruction. Tenant shall give prompt notice to Landlord in case of any fire or other damage to If the Demised Premises. If (a) the Demised Premises Improvements shall be damaged by fire fire, the elements, unavoidable accidents or other occurrence to the extent of more than 25% of the aggregate cost of replacement thereofcasualty, or (b) the buildings in the Shopping Center shall be damaged by fire or other occurrence to the extent of more than 25% of the aggregate cost of replacement thereof (whether or but is not the Demised Premises be damaged in whole or in part), or (c) the buildings in the Shopping Center shall be damaged by fire or other occurrence and either the loss shall not be covered by insurance or the insurance proceeds shall, by reasonable anticipation, be insufficient to pay for the repair or restoration work, then in any such event Landlord may terminate the Lease by notice given within 90 days after such event, and upon the date specified in such notice, which shall not be less than 30 days nor more than 60 days after the giving of said notice, this Lease shall terminate. If any damage by fire or other casualty shall render the Demised Premises untenantable, thereby rendered untenantable in whole or in part, a proportionate abatement Tenant shall at its own expense cause such damage to be repaired. If by reason of such occurrence, the Improvements shall be rendered wholly untenantable or untenantable only in part, Tenant shall at its own expense cause the damage to be repaired. Under no circumstances shall any such damage entitle Tenant to rental abatement. Notwithstanding anything contained herein to the contrary, if more than twenty thirty (30%) of the Fixed Rent based upon floor area of the Floor Space rendered untenantable Improvements shall be allowed from the date when the damage occurred until completion of the repair damaged or restoration work by Landlord as hereinafter provided, or, in the event Landlord elects to terminate this Lease, until said date of termination. If this Lease shall not be terminated after damage destroyed by fire or other casualtycasualty within the last two (2) years of the Term, Landlord shallthen Tenant shall be under no obligation to restore the Improvements (but shall be obligated to remove the debris and clear the Leased Premises), promptly after receipt in which case this Lease shall terminate at Tenant’s option, such option to be exercised within sixty (60) days following the date of the casualty event by Tenant giving not less than thirty (30) days prior written notice to Landlord, and in such event this Lease shall terminate as of the termination date specified in such notice. In such event, the insurance proceeds for such damageshall be payable to Landlord. Unless insurance proceeds are payable to Landlord in accordance with the preceding sentence, or as soon as practicable in the event that all insurance proceeds shall not be available, proceed with payable to and shall be the restoration of the Demised Premises and the Shopping Center to substantially the condition in which the same existed prior to the damage with such changes as Landlord may desire or be required by any Requirements to make, except for tenant's stock in trade, fixtures, furniture, furnishings, removable floor coverings, equipment, signs and all other property, and Tenant shall promptly proceed with the restoration or replacement of its stock in trade, fixtures, furniture, furnishings, removable floor coverings, equipment, signs and all other sole property of Tenant and decorations in and around the Demised Premises. If Landlord shall not complete such restoration or repair of the Demised Premises within 180 days after such damage (such date to be extended for an additional 30 days for reasons beyond Landlord's reasonable control), Tenant shall have the right by notice to Landlord given on or before 30 days thereafter to terminate this Lease. Such right of termination shall be nullified if such repair or restoration shall be completed prior to the effective date of Tenant's notice. Such right of termination shall be Tenant's sole remedy and if not timely elected, the right to terminate this Lease hereunder shall be deemed waived and of no further force and.
Appears in 1 contract
Total or Partial Destruction. Tenant shall give prompt notice to Landlord in case of any fire or other damage to In the Demised Premises. If (a) event the Demised Premises shall be are partially damaged by fire or other occurrence perils covered by extended coverage insurance, LANDLORD agrees to the extent of more than 25% forthwith repair same, and this Lease shall remain in full force and effect, except that TENANT shall be entitled to a proportionate reduction of the aggregate cost rent from the date of replacement thereofdamage and while such repairs are being made, such proportionate reduction to be based upon the portion of the Premises rendered untenantable during repairs.
(a) to repair or restore such damage, this lease continuing in full force and effect, but the Base Rent to be proportionately reduced as hereinabove provided or (b) the buildings in the Shopping Center shall be damaged by fire or other occurrence to the extent of more than 25% of the aggregate cost of replacement thereof give notice to TENANT at any time within thirty (whether or not the Demised Premises be damaged in whole or in part), or (c30) the buildings in the Shopping Center shall be damaged by fire or other occurrence and either the loss shall not be covered by insurance or the insurance proceeds shall, by reasonable anticipation, be insufficient to pay for the repair or restoration work, then in any such event Landlord may terminate the Lease by notice given within 90 days after such eventdamage, and upon terminating this Lease as of the date specified of the damage. Provided, however, the LANDLORD may not elect to terminate this Lease unless the necessary repairs cannot reasonably be made within a period of ninety (90) days or less, or unless the cost of repairing such damage shall equal or exceed sixty percent (60%) of fair replacement value of the Premises immediately prior to such damage (provided this sentence shall not apply if one year or less remain in the Lease term, or of then in a renewal term, the renewal term). In the event of giving such notice, which this lease shall not be less than 30 days nor more than 60 days after the giving of said notice, this Lease shall terminate. If any damage by fire or other casualty shall render the Demised Premises untenantable, in whole or in part, a proportionate abatement expire and all interest of the Fixed Rent based upon TENANT in the Floor Space rendered untenantable Premises shall be allowed from terminate on the date when which the damage occurred until completion of Premises were rendered untenantable. Notwithstanding anything herein to the repair or restoration work by Landlord as hereinafter provided, orcontrary, in the event Landlord elects the Premises are damaged as result of fire or other cause thereby rendering the Premises wholly untenantable, and upon request of the TENANT to the LANDLORD, the LANDLORD within ten (10) days after such request can not give the TENANT a binding contract from a contractor that the Premises can be repaired within sixty (60) days, barring any contingencies beyond the control of the contractor, then the TENANT shall have the option upon five (5) days notice to the LANDLORD to terminate this Lease, until said date of termination. If this Lease shall not be terminated after damage by fire or other casualty, Landlord shall, promptly after receipt of the insurance proceeds for such damage, or as soon as practicable in the event that insurance proceeds shall not be available, proceed with the restoration of the Demised Premises and the Shopping Center to substantially the condition in which the same existed prior to the damage with such changes as Landlord may desire or be required by any Requirements to make, except for tenant's stock in trade, fixtures, furniture, furnishings, removable floor coverings, equipment, signs and all other property, and Tenant shall promptly proceed with the restoration or replacement of its stock in trade, fixtures, furniture, furnishings, removable floor coverings, equipment, signs and all other property of Tenant and decorations in and around the Demised Premises. If Landlord shall not complete such restoration or repair of the Demised Premises within 180 days after such damage (such date to be extended for an additional 30 days for reasons beyond Landlord's reasonable control), Tenant shall have the right by notice to Landlord given on or before 30 days thereafter to terminate this Lease. Such right of termination shall be nullified if such repair or restoration shall be completed prior to the effective date of Tenant's notice. Such right of termination shall be Tenant's sole remedy and if not timely elected, the right to terminate this Lease hereunder shall be deemed waived and of no further force and.
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Total or Partial Destruction. (a) Tenant shall give prompt notice to Landlord in case of any fire or other damage to the Demised Premises. If (ai) the Demised Premises shall be damaged by fire or other occurrence to the extent of more than 25% seventy-five (75%) of the aggregate cost of replacement thereof, or (bii) if the buildings in the Shopping Center entire building shall be damaged by fire or other occurrence to the extent of more than 25% seventy-five percent (75%) of the aggregate cost of replacement thereof (whether or not of the Demised Premises be damaged in whole or in part)entire building, or (ciii) the buildings in the Shopping Center building shall be damaged by fire or other occurrence and either the loss shall not be covered by Landlord’s insurance or the net insurance proceeds (after deducting all expenses in connection with obtaining same) shall, by reasonable anticipation, be insufficient to pay for the repair or restoration workwork to be done by Landlord, or (iv) the Premises shall be damaged by fire or other occurrence to the extent of more than fifty percent (50%) of the cost of replacement thereof during the last two (2) years of the term, then in any such event Landlord may terminate the this Lease by notice given within 90 ninety (90) days after such event, event and upon the date specified in such notice, which shall be not be less than 30 thirty (30) days nor more than 60 sixty (60) days after the giving of said notice, this Lease shall terminate. If any damage the Premises shall be damaged by fire or other casualty shall render to the Demised Premises untenantable, in whole or in part, a proportionate abatement extent of more than fifty (50%) percent of the Fixed Rent based upon cost of replacement thereof during the Floor Space rendered untenantable shall be allowed from the date when the damage occurred until completion last two years of the term, Tenant may terminate this Lease by notice given before Landlord commences any repair or restoration work by Landlord as hereinafter providedand in any event within thirty (30) days after such damage, or, in and this Lease shall terminate upon the event Landlord elects to terminate this Lease, until said date giving of termination. such notice.
(b) If this Lease shall not be terminated after damage by fire or other casualtycasualty pursuant to the preceding sub-paragraph, Landlord and Tenant shall, promptly after receipt of the insurance proceeds for such damage, or as soon as practicable in damage and to the event extent that insurance proceeds shall not be are available, proceed with the restoration of the Demised Premises and the Shopping Center building to substantially the condition in which the same existed prior to the damage with such changes or additions as Landlord may desire or be required by any Requirements to make. In no event, except for tenant's stock in however, shall Tenant’s stock-in-trade, trade fixtures, furniture, furnishings, removable floor coverings, equipment, signs and all other property, property be Landlord’s responsibility and Tenant shall promptly proceed with the restoration or replacement of same together with any alterations or improvements it has made to its stock in trade, fixtures, furniture, furnishings, removable floor coverings, equipment, signs Premises and all other property of Tenant and decorations in and around the Demised Premises. If Landlord Tenant’s liability for said restoration or replacement shall not complete such restoration be limited to its insurance proceeds.
(c) If this Lease shall not be terminated by fire or repair of the Demised Premises within 180 days after such damage (such date to be extended for an additional 30 days for reasons beyond other casualty, Landlord's reasonable control), Tenant shall have the right by notice to Landlord given on or before 30 days thereafter to terminate this Lease. Such right of termination shall be nullified if such repair or ’s and Tenant’s restoration shall be completed prior as promptly as reasonably possible, and, to the effective date extent that the Premises is unusable (on a per square foot basis), rent (but not additional rental such as utilities, taxes or common area charges) reserved hereunder shall ▇▇▇▇▇ in proportionate to the area of the Premises damaged until Landlord’s work is completed.
(d) Despite anything contained to the contrary in this Paragraph, and without limiting Landlord’s rights or remedies hereunder, rental shall not be abated under this provision if in Landlord’s opinion, any damage or destruction is caused by any fault, neglect, default, negligent act or negligent omission of Tenant or those for whom Tenant is in law responsible or by any other person entering upon the Premises under express or implied invitation of Tenant's notice. Such right of termination shall be Tenant's sole remedy and if not timely elected, the right to terminate this Lease hereunder shall be deemed waived and of no further force and.
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Sources: Lease Agreement (Tvi Corp)