Landlord's Option to Repair. Upon the occurrence of any damage to the Premises, Landlord may, at Landlord's option, deliver a notice (the " XE "Landlord Repair Notice" Landlord Repair Notice") to Tenant, and upon receipt of a Landlord Repair Notice Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Tenant's insurance required under Section 10.3 of this Lease, and Landlord shall repair any injury or damage to the Tenant Improvements and the Original Improvements installed in the Premises and shall return such Tenant Improvements and Original Improvements to their original condition; provided that if the cost of such repair by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant's insurance carrier (including by taking into account any deductible or self-insured retention), as assigned by Tenant, the cost of such repairs shall be paid by Tenant to Landlord prior to Landlord's commencement of repair of the damage. 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 sixty (60) days after the date of discovery of the damage, 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 Casualty or cause, whether or not the Premises are affected, and one or more of the following conditions is present: # in Landlord's reasonable judgment, repairs cannot reasonably be completed within one hundred eighty (180) days after the date of discovery of the damage (when such repairs are made without the payment of overtime or other premiums); # 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; # the damage is not fully covered by Landlord's insurance policies; # Landlord decides to rebuild the Building or Common Areas so that they will be substantially different structurally or architecturally; # the damage occurs during the last twelve (12) months of the Lease Term; or # any owner of any other portion of the Project, other than Landlord, does not intend to repair the damage to such portion of the Project; provided, however, that if Landlord does not elect to terminate this Lease pursuant to Landlord's termination right as provided above, and the repairs cannot, in the reasonable opinion of Landlord, be completed within one (1) year after being commenced, Tenant may elect, no earlier than sixty (60) days after the date of the damage and not later than ninety (90) days after the date of such damage, to terminate this Lease by written notice to Landlord effective as of the date specified in the notice, which date shall not be less than thirty (30) days nor more than sixty (60) days after the date such notice is given by Tenant. Notwithstanding the provisions of this Section 11.2, Tenant shall have the right to terminate this Lease under this Section 11.2 only if each of the following conditions is satisfied: (a)Tenant is not then in default under this Lease; and # as a result of the damage, Tenant cannot reasonably conduct business from the Premises.
Landlord's Option to Repair. Upon the occurrence of any damage to the Premises, Landlord may, at Landlord's option, deliver a notice (the " XE "Landlord Repair Notice" Landlord Repair Notice") to Tenant, and upon receipt of a Landlord Repair Notice Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Tenant's insurance required under Section 10.3 of this Lease, and Landlord shall repair any injury or damage to the Tenant Improvements and the Original Improvements installed in the Premises and shall return such Tenant Improvements and Original Improvements to their original condition; provided that if the cost of such repair by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant's insurance carrier (including by taking into account any deductible or self-insured retention), as assigned by Tenant, the cost of such repairs shall be paid by Tenant to Landlord prior to Landlord's commencement of repair of the damage. 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 sixty (60) days after the date of discovery of the damage, 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 Casualtyfire or cause, whetherother casualty or not the Premises are affected,cause, and one or more of the following conditions is present: # in Landlord's reasonable judgment, repairs cannot reasonably be completed within one hundred eighty (180) days(1) year after the date of discovery of the damage (when such repairs are made without the payment of overtime or other premiums); # the holderdamage is due to a risk that Landlord is not required to insure under this Lease, and the cost of any mortgage onrestoration exceed five percent (5%) of the replacement cost of the Building or Project or ground lessor with respect(unless Tenant agrees to the Buildingpay any uninsured amount in excess of such five percent (5%)); 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; # the damage is not fully covered by Landlord's insurance policies; # Landlord decides to rebuild the Building or Common Areas so that they will be substantially different structurally or architecturally; # the damage occurs during the last twelve (12) months of the Lease Term; or # any owner of any other portion of the Project, otherTerm and will take more than Landlord, does not intendsixty (60) days to repair the damage to such portion of the Project;restore; provided, however, that if Landlord does not elect to terminate this Lease pursuant to Landlord's termination right as provided above, and the repairs cannot, in the reasonable opinion of Landlord, be completed within one (1) yearsix (6) months days after being commenced,the date of discovery of the damage (or are not in fact completed within seven (7) months after the date of discovery of the damage), Tenant may elect, no earlier than sixty (60) days after the date of the damage and not later than ninety (90) days after the date of such damage, or within thirty (30) days after such repairs are not timely completed, to terminate this Lease by written notice to Landlord effective as of the date specified in the notice, which date shall not be less than thirty (30) days nor more than sixty (60) days after the date such notice is given by Tenant. Notwithstanding the provisions of this Section 11.2, Tenant shall have the right to terminate this Lease under this Section 11.2 only if each of the following conditions is satisfied: (a)Tenant is not then in default under this Lease; and # as a result of the damage, Tenant cannot reasonably conduct business from the Premises.
#’s Option to Repair. Upon the occurrence of any damage to the Premises, Landlord may, at Landlord's option, deliver a notice (the " XE "Landlord Repair Notice" Landlord Repair Notice") to Tenant, and upon receipt of a Landlord Repair Notice Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Tenant's insurance required under [Section 10.3] of this Lease, and Landlord shall repair any injury or damage to the Tenant Improvements and the Original Improvements installed in the Premises and shall return such Tenant Improvements and Original Improvements to their original condition; provided that if the cost of such repair by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant's insurance carrier (including by taking into account any deductible or self-insured retention), as assigned by Tenant, the cost of such repairs shall be paid by Tenant to Landlord prior to Landlord's commencement of repair of the damage. Notwithstanding the terms of [SectionSection 11.1]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 sixty (60) days after the date of discovery of the damage, 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 Casualtyfire or other casualty or cause, whether or not the Premises are affected, and one or more of the following conditions is present: # in Landlord'’s reasonable judgment, as set forth in ’s Completion Notice, the repairs cannot reasonably be completed so as to render the Premises suitable for occupancy (subject to ’s completion of its restoration work described in Section 11.1, above) within one hundred eighty (180) days(1) year after the date of discovery of the damage (when such repairs are made without the payment of overtime or other premiums) (provided, however, that if elects to terminate this Lease pursuant to the provisions of this clause (i), shall have the right, by written notice delivered to within thirty (30) days following ’s delivery of its termination notice, to elect to fund the cost of overtime or “premium” work as may be reasonably necessary in order for ’s estimated time to complete ’s repair work, as set forth in ’s Completion Notice, be one (1) year, or less, following the date of discovery of the damage, and, in such event, ’s termination notice shall be deemed rescinded); # 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; # at least One Million Dollars ($1,000,000.00) of the cost to repair the damage is not fully covered by Landlord'’s insurance policies; # Landlord decidespolicies (however, if elects to rebuildterminate this Lease based upon a shortfall as described in this clause (iii), will, in ’s termination notice, include ’s good faith estimate of the Building or Common Areas soshortfall in question, and shall have the right, within thirty (30) days following the date of delivery of such notice, to elect to fund such shortfall [ acknowledging that they’s estimate will not be deemed to be a guaranty of the maximum shortfall amount], in which event, will be substantially different structurally or architecturally;obligated to fund such shortfall, and ’s election to terminate this Lease shall be deemed rescinded); # the damage occurs during the last twelve (12) months of the Lease Term;Term and will reasonably require in excess of sixty (60) days to repair. In addition, if a fire or # any ownerother casualty shall have damaged the Premises or a portion thereof or Common Areas necessary to ’s occupancy and as a result of any other portion ofsuch damage the Project, other than Landlord,Premises are unfit for occupancy and does not intend to repairoccupy the damage to such portion of the Project; provided, however,Premises, and provided that if Landlord does not elect to terminate this Lease pursuant to Landlord'’s termination right as provided above, and either # the repairs cannot, in the reasonable opinion of Landlord,’s contractor, as set forth in ’s Completion Notice, be completed within one (1) year after being commenced, Tenantthe date of discovery of the damage, or # the damage occurs during the last twelve months of the Lease Term and will reasonably require in excess of ninety (90) days to repair, may elect, no earlier than sixty (60) days after the date of the damage and not later than the later of # forty-five (45) days following the date of delivery of ’s Completion Notice, and # ninety (90) days after the date of suchthe damage, to terminate this Lease by written notice to Landlord effective as of the date specified in the notice, which date shall not be less than thirty (30) days nor more than sixty (60) days after the date such notice is given by Tenant. Notwithstanding the provisions of this [Section 11.2], Tenant shall have the right to terminate this Lease under this [Section 11.2] only. In addition, if each of the following conditions is satisfied: (a)Tenantrestoration is not then in default under this Lease; andsubstantially complete on or before the later of # as a resultthe date that occurs fifteen (15) months after the date of discovery of the damage, Tenant cannot reasonably conduct business fromand # the Premises.date that occurs ninety (90) days after the expiration of the estimated period of time to
General; Landlords OptionTermination Right. If the Premises or the Building are totally or partially damaged or destroyed thereby rendering the Premises totally or partially inaccessible or unusable, then, Landlord shall, within forty five (45) days after Landlord is first able to Repair. Upongain access to the Building and the Premises following the occurrence of anythe damage to the Premises, Landlord may, at Landlord's option, deliveror destruction described in [Section 17.1], provide a written notice (the " XE "Landlord Repair Notice" Landlord Repair Notice") to Tenant, and upon receipt of a Landlord Repair Notice Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Tenant's(the Repair Estimate Notice) including # an estimated date upon which the repair or restoration required of Landlord will be substantially completed (taking into account the time needed for effecting a satisfactory settlement with any insurance company involved, removal of debris, preparation of plans and issuance of all required under [Section 10.3] ofgovernmental permits) (the Estimated Repair Completion Date), and # commercially reasonable back-up documentation (i.e., report or certification issued by a reputable and duly licensed insurance claims adjuster, architect or engineer, as applicable). Unless this Lease, andLease is terminated by Landlord or Tenant as hereinafter provided, then Landlord shall diligently repair any injury or damage to the Tenant Improvements and the Original Improvements installed inrestore # the Premises and shall return such Tenant Improvementsthe Landlords Work, but excluding any other Alterations or any other contents of the Premises, including, without limitation, Tenants trade fixtures, decorations, furnishings, equipment or personal property, and Original Improvements# the Building, including, without limitation, all Property Common Areas and the Amenities), in each case to their original condition; provided that ifsubstantially the cost of such repair by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant's insurance carrier (including by taking into account any deductible or self-insured retention), as assigned by Tenant, the cost of such repairs shall be paid by Tenant to Landlordsame condition they were in prior to Landlord's commencement of repair of the damage. Notwithstanding the terms of [Section 11.1] of this Lease, Landlord may elect not to rebuild and/such damage or restore the Premises, Building and/or Project, and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after the date of discovery of the damage, 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 Casualty or cause, whether or not the Premises are affected, and one or more of the following conditions is present: # in Landlord's reasonable judgment, repairs cannot reasonably be completed within one hundred eighty (180) days after the date of discovery of the damage (when such repairs are made without the payment of overtime or other premiums); # 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; # the damage is not fully covered by Landlord's insurance policies; # Landlord decides to rebuild the Building or Common Areas so that they will be substantially different structurally or architecturally; # the damage occurs during the last twelve (12) months of the Lease Term; or # any owner of any other portion of the Project, other than Landlord, does not intend to repair the damage to such portion of the Project;destruction; provided, however, that if Landlord does not elect to terminate this Lease pursuant to Landlord's termination right as provided above, and the repairs cannot,Estimated Repair Completion Date set forth in the reasonable opinion of Landlord, be completed withinRepair Estimate Notice exceeds one (1) year after being commenced, Tenant may elect, no earlier than sixty (60) days after the date of the damage and not later than ninety (90) days after the date of such damage,Landlords repairs are expected to terminate this Lease by written notice tocommence, then Landlord effective as of the date specified in the notice, which date shall not be less than thirty (30) days nor more than sixty (60) days after the date such notice is given by Tenant. Notwithstanding the provisions of this [Section 11.2], Tenant shall have the right to terminate this Lease underby giving written notice of termination within forty-five (45) days after the occurrence of such damage or destruction. If this [Section 11.2] only if each of the following conditions is satisfied: (a)TenantLease is not then in default under this Lease; and #terminated as a result of such damage or destruction, then until such repair and restoration of the damage,Premises are substantially complete, Tenant cannot reasonably conduct businessshall be required to pay rent only for the portion of the Premises that is usable for the Permitted Use while such repair and restoration are being made; provided, however, that # if such damage or destruction was caused by the willful misconduct of Tenant or any employee of Tenant, then Tenant shall not be entitled to any such rent reduction . After receipt of its insurance proceeds, Landlord shall proceed with and bear the expenses of such repair and restoration of the Premises and the Building it is required to perform hereunder; provided, however, that # if such damage or destruction was caused by the negligence or willful misconduct of Tenant or any Agent, then Tenant shall pay Landlords deductible and the amount by which such expenses exceed such deductible and the insurance proceeds, if any, actually received by Landlord on account of such damage or destruction (or, if Landlord fails to maintain the insurance required by [Section 13.3], that Landlord would have received to the extent Landlord maintained such insurance required by [Section 13.3]), and # Landlord shall not be required to repair or restore any Tenant Items (except to the extent Landlord receives proceeds therefor from Tenants insurance), any Alterations or any other contents of the Premises.Premises (including, without limitation, Tenants trade fixtures, decorations, furnishings, equipment or personal property). Notwithstanding anything herein to the contrary, provided that Landlord contemporaneously terminates the leases of all other tenants in the Commercial/Garage Unit, Landlord shall have the right to terminate this Lease if # insurance proceeds plus deductibles are insufficient to pay all or substantially all of the cost of such repair and restoration (so long as Landlord maintains the insurance required by [Section 13.3]), # the holder of any Mortgage fails or refuses to make any material portion of such insurance proceeds available for such repair and restoration, # zoning or other applicable Laws or regulations do not permit such repair and restoration of the Building to substantially the same condition as existing prior to the fire or other casualty, or # the damage to the Commercial/Garage Unit exceeds thirty-five percent (35%) of the replacement value of the Commercial/Garage Unit.
Landlord's Option to Repair. UponIn the occurrenceevent of any damage to the Premises, Landlord may, at Landlord's option, deliver a notice (the " XE "Landlord Repair Notice" Landlord Repair Notice") to Tenant, and upon receipt of a Landlord Repair Notice Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Tenant's insurance required under Section 10.3 of this Lease, and Landlord shall repair any injury or damage to the Tenant Improvements and the Original Improvements installed in the Premises and shall return such Tenant Improvements and Original Improvements to their original condition; provided that if the cost of such repair by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant's insurance carrier (including by taking into account any deductible or self-insured retention), as assigned by Tenant, the cost of such repairs shall be paid by Tenant to Landlord prior to Landlord's commencement of repairdestruction of the damage. NotwithstandingBuilding or the terms of Section 11.1 of this Lease,Project other than as described in [Section 24.1], Landlord may elect to repair, reconstruct and restore the Building or the Project, as applicable, in which case this Lease shall continue in full force and effect. If Landlord elects not to rebuild and/orrepair, reconstruct and restore the Premises, Building and/or the Project, and insteadas applicable, then this Lease shall terminate this Lease, by notifying Tenant in writingas of the date of such terminationdamage or destruction. In the event of any damage or destruction (regardless of whether such damage is governed by [Section 24.1] or this Section), if # in Landlord’s determination as set forth in the Damage Repair Estimate (as defined below), the Affected Areas cannot be repaired, reconstructed or restored within sixty (60) daystwelve (12) months after the date of discovery of the damage, such noticeDamage Repair Estimate, # subject to include a termination date giving Tenant sixty (60) days to vacate[Section 24.6], the Premises, but Landlord may so elect only if the Building or Project shall be damaged by Casualty or cause, whether orAffected Areas are not the Premises are affected,actually repaired, reconstructed and one or more of the following conditions is present: # in Landlord's reasonable judgment, repairs cannot reasonably be completedrestored within one hundred eighty (180) dayseighteen (18) months after the date of discovery of the damage (when such repairs are made without the payment of overtimeDamage Repair Estimate, or other premiums); # 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; # the damage is not fully covered by Landlord's insurance policies; # Landlord decides to rebuild the Building or Common Areas so that they will be substantially different structurally or architecturally; # the damageand destruction occurs duringwithin the last twelve (12) months of the Lease Term; or # any owner of any other portion of the Project, other than Landlord, does not intend to repair the damage to such portion of the Project; provided, however, that if Landlord does not elect to terminate this Lease pursuant to Landlord's termination right as provided above, and the repairs cannot, in the reasonable opinion of Landlord, be completed within one (1) year after being commenced, Tenant may elect, no earlier than sixty (60) days after the date of the damage and not later than ninety (90) days after the date of such damage, to terminate this Lease by written notice to Landlord effective as of the date specified in the notice, which date shall not be less than thirty (30) days nor more than sixty (60) days after the date such notice is given by Tenant. Notwithstanding the provisions of this Section 11.2,then-current Term, then Tenant shall have the right to terminate this Lease under this Section 11.2 only if eachLease, effective as of the following conditions is satisfied: (a)date of such damage or destruction, by delivering to Landlord its written notice of termination (a “Termination Notice”) # with respect to [[Subsections 24.2(a) and (c)])]])], no later than fifteen (15) days after Landlord delivers to Tenant is not then in default under this Lease;Landlord’s Damage Repair Estimate and # aswith respect to , no later than fifteen (15) days after such eighteen (18) month period (as the same may be extended pursuant to [Section 24.6]) expires. If Tenant provides Landlord with a resultTermination Notice pursuant to , Landlord shall have an additional thirty (30) days after receipt of such Termination Notice to complete the damage,repair, reconstruction and restoration. If Landlord does not complete such repair, reconstruction and restoration within such thirty (30) day period, then Tenant cannot reasonably conductmay terminate this Lease by giving Landlord written notice within two (2) business fromdays after the Premises. expiration of such thirty (30) day period. If Landlord does complete such repair, reconstruction and restoration within such thirty (30) day period, then this Lease shall continue in full force and effect.
Landlord'Repair Estimate; Right to Terminate. If all or any portion of the Premises or the Project is damaged by fire or other casualty (a Casualty), Landlord shall, within ninety (90) days after Landlords Optiondiscovery of such damage, deliver to Repair. UponTenant its good faith estimate (the Damage Notice) of the occurrencetime period following such notice needed to repair the damage caused by such Casualty. Landlord may elect to terminate this Lease in any case where # any portion of the Premises or any material portion of the Project are damaged and # either # Landlord estimates in good faith that the repair and restoration of such damage under Paragraph 15.2 (Restoration) cannot reasonably be completed (without the payment of overtime) within two hundred (200) days of Landlords actual discovery of such damage, # the Holder of any damageSecurity Instrument requires the application of any insurance proceeds with respect to such Casualty to be applied to the Premises, Landlord may, at Landlord's option, deliver a notice (the " XE "Landlord Repair Notice" Landlord Repair Notice") to Tenant, and upon receiptoutstanding balance of a Landlord Repair Notice Tenant shall assign to Landlord (or to any party designatedthe obligation secured by Landlord) all insurance proceeds payable to Tenant under Tenant's insurance required under Section 10.3 of this Lease, and Landlord shall repair any injury or damage to the Tenant Improvements and the Original Improvements installed in the Premises and shall return such Tenant Improvements and Original Improvements to their original condition; provided that ifSecurity Instrument, # the cost of such repair by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant's insurance carrier (including by taking into account any deductible or self-insured retention), as assigned by Tenant, the cost of such repairs shall be paid by Tenant to Landlord prior to Landlord's commencement of repair of the damage. 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 sixty (60) days after the date of discovery of the damage, 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 Casualty or cause, whether or not the Premises are affected, and one or more of the following conditions is present: # in Landlord's reasonable judgment, repairs cannot reasonably be completed within one hundred eighty (180) days after the date of discovery of the damage (when such repairs are made without the payment of overtime or other premiums); # 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; # the damageRestoration is not fully covered by Landlord's insurance policies;proceeds available to Landlord and/or payments received by Landlord from tenants, or # Landlord decidesTenant shall be entitled to rebuild the Building or Common Areas so that they will be substantially different structurally or architecturally; # the damage occurs during the last twelve (12) monthsan abatement of rent under this Paragraph 15 for any period of time in excess of thirty-three percent (33%) of the Lease Term; or # any owner of any other portionremainder of the Project, other than Landlord, does not intend to repair the damage to such portion of the Project; provided, however, that if Landlord does not elect to terminate this Lease pursuant to Landlord's termination right as provided above, and the repairs cannot, in the reasonable opinion of Landlord, be completed within one (1) year after being commenced, Tenant may elect, no earlier than sixty (60) days after the date of the damage and not later than ninety (90) days after the date of such damage, to terminate this Lease by written notice to Landlord effective as of the date specified in the notice, which date shall not be less than thirty (30) days nor more than sixty (60) days after the date such notice is given by Tenant. Notwithstanding the provisions of this Section 11.2, Tenant shall have the right to terminate this Lease under this Section 11.2 only if each of the following conditions is satisfied: (a)Tenant is not then in default under this Lease; and # as a result of the damage, Tenant cannot reasonably conduct business from the Premises. Term.
AllDrafts is a cloud-based editor designed specifically for contracts. With automatic formatting, a massive clause library, smart redaction, and insanely easy templates, it’s a welcome change from Word.
And AllDrafts generates clean Word and PDF files from any draft.