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BUILDING LEASE

Lease Agreement

BUILDING LEASE | Document Parties: SEMGROUP ENERGY PARTNERS, L.P. | SEMCRUDE, LP | SEMGROUP ENERGY PARTNERS, LLC | SemOperating GP LLC You are currently viewing:
This Lease Agreement involves

SEMGROUP ENERGY PARTNERS, L.P. | SEMCRUDE, LP | SEMGROUP ENERGY PARTNERS, LLC | SemOperating GP LLC

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Title: BUILDING LEASE
Governing Law: Oklahoma     Date: 4/10/2009
Industry: Oil Well Services and Equipment     Sector: Energy

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Exhibit 10.11

 

BUILDING LEASE

 

 

THIS BUILDING LEASE (this “ Lease ”) is made as of March 31, 2009, by and between SEMGROUP ENERGY PARTNERS, L.L.C., a Delaware limited partnership (“ Landlord ”), and SEMCRUDE, L.P., a Delaware limited partnership (“ Tenant ”).

 

RECITALS

 

WHEREAS, Landlord owns the real property described on the Exhibit A attached hereto and made a part hereof (the “ Real Property ”), and Landlord owns the buildings and improvements located on the Real Property, including without limitation (i) a building comprising office space (the “ Office Building ”), (ii) a building comprising laboratory space (the “ Lab Building ”), and (iii) two warehouse buildings (the “ Warehouse Buildings ”, and together with the Office Building and Lab Building, the “ Buildings ”).

 

 

WHEREAS, Landlord desires to lease to Tenant, and Tenant desires to lease from Landlord, the Buildings, on the terms and conditions set forth herein.

 

 

1.            TERM .

 

 

The term of this Lease (the “ Term ”) shall begin on April 1, 2009 (the “ Commencement Date ”), and shall terminate on March 31, 2014, unless sooner terminated or extended as provided herein. “Term” shall include any Renewal Term.  “ Lease Year ” means a period of twelve (12) calendar months during the Term, the first of which shall commence on the Commencement Date and end on the expiration of the twelfth (12th) full calendar month thereafter.  Each successive Lease Year shall commence on the day following the last day of the prior Lease Year and end twelve (12) calendar months thereafter.

 

 

2.            PERMITTED USE .

 

The Leased Premises shall be used by Tenant, (i) as to the Office Building, for general office purposes, (ii) as to the Lab Building, for laboratory and testing purposes, and (iii) as to the Warehouse Buildings, for warehousing and storage purposes, in each case in compliance with all Legal Requirements (as defined in the next sentence) and the terms and provisions of this Lease (the “ Permitted Use ”).  For purposes hereof, the term “ Legal Requirements ” shall mean all laws, rules, orders, ordinances, regulations, statutes, requirements and codes of all governmental authorities, and all rules, regulations and government orders with respect thereto, and of any applicable fire rating bureau, or other body exercising similar functions, governing the use and occupation of the Buildings; provided, however, Tenant shall not be obligated to cause the Buildings to comply with Legal Requirements except and only to the extent expressly provided herein.

 

 

3.            RENT .

 

A.   Base Rent .  Tenant shall pay to Landlord, as Base Rent, the amount set forth on the Exhibit B attached hereto and made a part hereof (the “ Base Rent ”).  Base Rent shall be paid monthly by Tenant to Landlord in advance on the first day of each month of the Term, commencing on the Commencement Date.  In the event any of the Buildings is destroyed, condemned or otherwise removed from this Lease, the Rent shall be reduced accordingly.  At the commencement of each Lease Year, the Base Rent shall be adjusted for increases in CPI (as defined below) over the immediately preceding Lease Year, provided, that if there shall be no increase, or there shall be a decrease, in the CPI, then the Base Rent for the immediately preceding Lease Year shall be the Base Rent for such new Lease Year.  “ CPI ” means the United States Consumer’s Price Index for All Urban Consumers-Stillwater Area (1982-84=100), as published by the United States Bureau of Labor Statistics bi-monthly, or if such publication should be discontinued, “CPI” shall then refer to such comparable statistics or changes in the cost of living for urban consumers as the same may be computed and published (on the most frequent basis available) by an agency of the United States or by a reasonable periodical of recognized authority.

 

 


 

 

 

B.   Additional Rent .  “ Additional Rent ” shall mean all sums and amounts other than Base Rent payable by Tenant to Landlord from time to time under this Lease, including without limitation Taxes (as hereinafter defined), and any costs incurred by Landlord in order to cure any Default by Tenant under this Lease.  Tenant shall pay Additional Rent at the times and in the manner set forth in this Lease.  The term “ Rent ”, as used in this Lease, shall mean, collectively, Base Rent and Additional Rent.

 

C.   Proration of Rent .  Landlord and Tenant understand and agree that if the Commencement Date or last day of the Term occurs on a date that is other than the first or last day (as applicable) of a month, the Rent for that month shall be prorated on a per diem basis.

 

D.   Payment of Rent .  All Rent due and payable by Tenant under this Lease shall be paid to Landlord at Two Warren Place, 6120 South Yale Avenue, Suite 500, Tulsa, Oklahoma 74136-4216, or to such other address as Landlord may from time to time designate in writing.  Except as expressly provided herein, all Base Rent shall be paid by Tenant without notice or demand, and without any set-off, counterclaim, abatement or deduction whatsoever, in lawful money of the United States by bank check or wire transfer of immediately available funds.

 

4.            TAXES . 1

 

Landlord shall pay as billed all Taxes.  Landlord shall invoice Tenant for Tenant’s share of the Taxes so paid and Tenant shall pay Landlord within fifteen (15) days of receipt of such invoice.  In the event Landlord elects to pay Taxes in installments, Landlord shall invoice Tenant only the amount paid for each installment, as such installments are paid.  “ Taxes ” shall mean all real estate taxes, assessments, business improvement district charges, fees and assessments, sewer and water rents or assessments (but not utility charges), rates and other governmental levies, impositions or charges, whether general, special, ordinary, extraordinary, foreseen or unforeseen, which may be assessed, levied or imposed upon all or any part of the Real Property, (ii) all personal property taxes, assessments, rates and charges and other governmental levies, impositions or charges, whether general, special ordinary, extraordinary, foreseen or unforeseen, which may be assessed, levied or imposed upon all or any part of any personal property owned or held by Landlord and used solely in operation and ownership of the Real Property, including, without limitation, any fixtures, machinery, equipment, apparatus, plant, transformers, duct work, cable, wires, and other facilities, equipment and systems designed to supply heat, ventilation, air conditioning, humidity or any other services or utilities, or comprising or serving as any component or portion of the electrical, gas, steam, plumbing, sprinkler, communications, alarm, security or fire/life/safety systems or equipment, and any other mechanical, electrical, electronic, computer or other systems or equipment for the Real Property, all to the extent that the same do not constitute part of the Real Property (the “ Personal Property ”), and (iii) all expenses (including reasonable attorneys’ fees and reasonable disbursements and experts’ and other witnesses’ fees) incurred in contesting the assessed valuation of all or any part of the Real Property by Landlord to the extent Tenant consents to such contest in advance.  Notwithstanding anything to the contrary contained in this Lease, Taxes shall not include (x) interest or penalties incurred by Landlord as a result of Landlord’s late payment of Taxes, except for interest payable in connection with the installment payment of assessments pursuant to the next sentence or (y) franchise, transfer, capital stock, inheritance, succession, gift, estate or other taxes to the extent applicable to general or net income of Landlord.  For purposes hereof, “ Taxes ” for any Lease Year shall be deemed to be the amount of Taxes assessed for such Lease Year.  If at any time the methods of taxation prevailing on the date hereof shall be altered so that in lieu of the whole or any part of Taxes, there shall be assessed, levied or imposed (1) a tax, assessment, levy, imposition or charge based on the income or rents received from the Real Property whether or not wholly or partially as a capital levy or otherwise, (2) a Lease fee measured by the rents, or (3) any other tax, assessment, levy, imposition, charge or Lease fee however described or imposed, then all such taxes, assessments, levies, impositions, charges or Lease fees or the part thereof so measured or based, to the extent and only to the extent assessed in lieu of Taxes, shall be deemed to be Taxes.  If this Lease is terminated as to less than all of the Buildings, then Tenant shall only pay the Taxes allocated to the Building(s) that continue to be subject to this Lease after such termination.

 

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5.            UTILITIES .

 

Landlord shall pay as billed all utilities consumed by Tenant in the Buildings including, without limitation, electricity, gas, oil, steam, water, air conditioning and other fuel and utilities (collectively, the “ Utilities ”).  Tenant acknowledges that all deposits with all Utility providers, existing or hereinafter made, are the property of Landlord.  Landlord shall invoice Tenant for Tenant’s share of the Utilities so paid and Tenant shall pay Landlord within fifteen (15) days of receipt of such invoice.  Tenant’s share of Utilities shall be the cost of Utilities used by Tenant within the Buildings subject to this Lease.

 

6.            CONDITION OF LEASED PREMISES .

 

Tenant has examined the Buildings.  Subject to Landlord’s obligations under Section 7 , Tenant hereby accepts the condition of the Buildings in their AS-IS, WHERE-IS CONDITION, WITH ALL FAULTS.  Landlord has not agreed to pay for or make any tenant or leasehold improvements as consideration for Tenant’s execution and delivery of this Lease.  Except as expressly set forth in this Lease, Landlord and Landlord’s agents have made no warranties, representations, statements or promises with respect to (a) the rentable or usable square footage of the Buildings, or (b) the suitability of the Buildings for any particular use or purpose.  No rights, easements or licenses are acquired by Tenant under this Lease except as expressly set forth herein or to the extent such rights, easements or licenses have been or will be acquired by Landlord through ownership of the Buildings and relate to the use of the Buildings, in which event Tenant shall be entitled to the nonexclusive exercise of the Landlord’s rights thereunder in its possession and use of the Buildings.  Notwithstanding any of the foregoing, in the event the Buildings or any portion thereof, as of the date hereof, do not comply in all material respects with Legal Requirements, and/or the current zoning for the Buildings or any of them does not permit the use of the Buildings for their Permitted Use, and Tenant deems it necessary to obtain another location for its operations, then Tenant may terminate this Lease, without liability therefor as to the Building(s) so affected.  Upon such termination, this Lease shall terminate as to the Buildings so affected and neither Landlord nor Tenant shall have any further liability to each other hereunder as to the Building(s) subject to such termination, except for such obligations that are expressly stated to survive the termination hereof.  If Tenant so terminates this Lease as to less than all of the Buildings, then the Base Rent shall be reduced to the amount allocated on Exhibit B to the Building(s) that continue to be subject to this Lease after such termination.

 

 

The Tenant shall have the right to use all drives and parking areas in the vicinity of the Buildings as reasonably required for the Tenant’s operation and use of the Buildings.

 

 

7.            MAINTENANCE; SERVICES .

 

A.  Tenant agrees at its sole cost and expense, to keep and maintain the interior of the Buildings in a clean and sanitary condition and in good repair, commensurate with the conditions existing at the time this Lease is executed and thereafter at all times during the Term hereof, subject to ordinary wear and tear.  Tenant may, at its sole cost and expense, during the Term, redecorate the Buildings as required by Tenant (and as approved by Landlord in accordance with Section 10 hereof).  Tenant shall hire a janitorial service at Tenant’s cost to clean the interior of the Buildings.

 

 

B.  Tenant shall pay for its telephone service in the Buildings.

 

 

C .  Landlord shall maintain, at Landlord’s cost and expense, in good repair the Real Property and the Buildings and all systems of the Buildings, including without limitation the roof, structure, load bearing and fire walls, foundation, water system, gas system, sewer system, and electrical wiring, together with the heating and air conditioning facilities and all controls, including the cutting and mowing of grass and weeds, commensurate with the conditions existing at the time this Lease is executed, normal wear and tear excepted, and thereafter at all times during the Term hereof.  Landlord shall gravel the parking and access to the Office Building as needed and shall pack or grade as needed any parking areas or driveways used for the Warehouse Buildings and Lab Building.  Landlord shall maintain the exterior lighting of the Buildings and parking areas.  Landlord shall maintain the alarm system for the Buildings at Landlord’s cost as a part of Landlord’s alarm system for its operations in the area, and Tenant shall be entitled to utilize such system at the Buildings.  In the event that Tenant becomes aware of a structural problem with respect to any of the Buildings, Tenant will notify Landlord of such problem.  Landlord agrees to replace all broken or cracked glass, in the windows and doors of the Buildings, with glass of the same size and quality as that broken or cracked, and will replace all damaged plumbing fixtures with others of equal quality.  If any such maintenance or repair, or any such services, are required due to the negligence or willful misconduct of any member of the Tenant Group (as defined in Section 11 hereof), Tenant shall pay Landlord for the cost of such maintenance or repair within fifteen (15) days after receipt from Landlord of an invoice therefor, which obligation shall survive the expiration or earlier termination of this Lease.

 

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F.  Landlord’s covenants under Section 5 hereof shall only impose on Landlord the obligation to use reasonable efforts to cause the applicable utility providers to furnish the Utilities.  Landlord has made no representation, warranty or covenant of any kind regarding the availability (or future availability) of any Utilities and services, and interruption of any Utilities or services shall not give rise to any right or remedy in favor of Tenant under this Lease, including, without limitation, a claim for abatement or reduction of the Rent or damages, nor shall Tenant be relieved of its obligations under this Lease.  Notwithstanding the foregoing, if an interruption of the Utilities occurs and such condition prohibits Tenant from using all or a portion of any Building for its Permitted Use and such condition exists for fifteen (15) consecutive days after Tenant provides written notice of the condition to Landlord, then the Rent shall abate as to that portion of the Building that is rendered untenable for its Permitted Use, as reasonably determined by Tenant.  The abatement shall commence upon the expiration of the fifteen (15) day period and continue for so long as the condition exists; provided, however, if the condition continues for two (2) consecutive months, Tenant shall have the right to terminate this Lease as to the Building(s) so affected by written notice to Landlord (which notice may only be given after the expiration of the two (2) month period).   Upon such termination, this Lease shall terminate as to the Buildings affected by such termination and neither Landlord nor Tenant shall have any further liability to each other hereunder as to the Building(s) subject to such termination, except for such obligations that are expressly stated to survive the termination hereof.  If Tenant so terminates this Lease as to less than all of the Buildings, then the Base Rent shall be reduced to the amount allocated on Exhibit B to the Building(s) that continue to be subject to this Lease after such termination.

 

 

8.             SURRENDER OF LEASED PREMISES; RESTORATION .

 

 

Tenant agrees that, upon termination of the Term of this Lease, whether by expiration or otherwise, Tenant will peaceably quit and surrender the Buildings to Landlord, and will, at its sole cost and expense, remove all Tenant’s personal property, fixtures, structures and improvements, and will restore the interior of the Buildings to substantially the same condition the interiors were in on the date hereof (other than any improvements, installations and modifications made by Landlord), subject to ordinary wear and tear.  Any and all property which may be removed from the Buildings by Landlord pursuant to the authority of this Lease or of law, to which Tenant is or may be entitled, may be handled, removed and stored, as the case may be, by or at the direction of Landlord at the risk, cost and expense of Tenant, and Landlord shall in no event be responsible for the value, preservation or safekeeping thereof.  Tenant shall pay to Landlord, upon demand, any and all expenses incurred in such removal and all storage charges against such property so long as the same shall be in Landlord’s possession or under Landlord’s control.  Any such property of Tenant not retaken by Tenant from storage within thirty (30) days after removal from the Buildings shall, at Landlord’s option, be deemed conveyed by Tenant to Landlord under this Lease as by a bill of sale without further payment or credit by Landlord to Tenant.  This Section 8 shall survive the expiration or earlier termination of the Lease.

 

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9.            COMPLIANCE WITH LAWS; WASTE .

 

 

A.  Tenant covenants and agrees that it will not commit waste, loss or damage to the Buildings.

 

B.  Tenant acknowledges that Landlord may incur costs as a result of the enactment of new Legal Requirements relating to the Buildings, and/or changes in Legal Requirements relating to the Buildings.  Tenant agrees that any such costs incurred by Landlord for complying with such new or changed Legal Requirements which are due to Tenant’s use and/or occupancy of the Buildings shall be an expense recoverable by Landlord from Tenant.  Landlord shall notify Tenant in advance of the estimated cost of any such compliance, and Tenant shall have the right to terminate this Lease as to the Building so affected, by delivery of written notice to Landlord on or prior to the date thirty (30) days after Tenant receives such notice from Landlord (and failure to deliver any such notice by the expiration of such thirty (30) day period shall be deemed Tenant’s waiver of such right of termination.  Upon such termination, this Lease shall terminate and neither Landlord nor Tenant shall have any further liability to each other hereunder as to the Building(s) subject to such termination, except for such obligations that are expressly stated to survive the termination hereof.  If Tenant so terminates this Lease as to less than all of the Buildings, then the Base Rent shall be reduced to the amount allocated on Exhibit B to the Building(s) that continue to be subject to this Lease after such termination.  To the extent any such expense paid by Tenant is subsequently recovered by or reimbursed to Landlord through insurance or recovery from responsible third parties or other action, Tenant shall be entitled to such recovery or reimbursement.

 

C.  Each party shall promptly provide to the other party with written notice: (i) upon its obtaining knowledge of any material violation of any Legal Requirements relating to the Buildings or Real Property, and/or (ii) of its receipt of any notice, correspondence, demand or communication of any nature from any governmental authority alleging a violation of any Legal Requirements relating to the Buildings or Real Property.

 

 

D.  Each party shall comply with all Legal Requirements applicable to the Real Property and Buildings and its use and occupation thereof.

 

 

E.  Tenant shall not cause or permit any “ Hazardous Substance ” (defined as any chemical, pollutant, waste, compound or other substance in such forms, concentrations, quantities or other conditions that are prohibited, regulated or require assessment, monitoring, removal or remediation under any law or regulation pertaining to health or the environment) to be used, installed, stored, treated, generated, released or disposed on or in the Buildings or Real Property.  Tenant shall reimburse Landlord for all costs and expenses incurred by Landlord (whether incurred before or after termination of this Lease), within fifteen (15) days after demand, to correct any violation of the preceding sentence, or to remove or render harmless any Hazardous Substance resulting from such a violation, or to comply with applicable regulatory requirements, in connection with any such removal, or to contest such requirements.  This Section 9.E shall survive the expiration or earlier termination of this Lease.

 

 

F.  Landlord shall not cause or permit any Hazardous Substance to be used, installed, stored, treated, generated, released or disposed on or in the Buildings or Real Property.  Landlord shall reimburse Tenant for all costs and expenses incurred by Tenant (whether incurred before or after termination of this Lease), within fifteen (15) days after demand, to correct any violation of the preceding sentence, or to remove or render harmless any Hazardous Substance resulting from such a violation, or to comply with applicable regulatory requirements, in connection with any such removal, or to contest such requirements.  This Section 9.F shall survive the expiration or earlier termination of this Lease.

 

 

10.            ALTERATIONS .

 

 

Tenant shall not make any alterations, installations, improvements, additions or other physical changes (collectively, the “ Alterations ”) in or about the Buildings without Landlord’s prior written consent in each instance, which consent shall not be unreasonably denied or conditioned by Landlord.  Any Alterations shall be performed: (i) by Tenant, at Tenant’s sole cost and expense (and Landlord shall have no duty or obligation with respect thereto), (ii) pursuant to plans and specifications (including, as applicable, layout, architectural, mechanical, electrical, plumbing, sprinkler and structural drawings) reasonably approved in writing by Landlord, (iii) in compliance with all Legal Requirements, and (iv) in a good and workmanlike manner, free of all liens.  Tenant shall, at Tenant’s sole cost and expense, obtain any and all permits and approvals necessary for the performance of any Alterations.  During the performance of any Alterations, Tenant shall carry, or shall cause its contractors and subcontractors to carry, customary builder’s insurance.

 

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11.            INDEMNITY .

 

 

A.   By Tenant .  To the maximum extent permitted under Legal Requirements, Tenant agrees to protect, indemnify, defend (with counsel reasonably acceptable to Landlord) and hold harmless Landlord and its parents, subsidiaries and affiliates, and their respective officers, directors, shareholders, employees, representatives, agents, contractors, licensees, lessees, guests, invitees, successors and assigns (collectively, the “ Indemnified Parties ”) from and against any and all losses, costs, damages, liabilities, expenses (including, without limitation, reasonable attorneys’ fees) and/or injuries (including, without limitation, damage to property and/or bodily injury) suffered or incurred by any of the Indemnified Parties (regardless of whether contingent, direct, liquidated or unliquidated, but not including consequential) (collectively, “ Losses ”), and any and all claims, demands, suits and causes of action (collectively, “ Claims ”) brought or raised against any of the Indemnified Parties, arising out of, resulting from, relating to or connected with: (1) Tenant’s use of the Buildings or Real Property, (2) any negligent act or omission or willful misconduct of Tenant or its officers, directors, shareholders, employees, representatives, agents, contractors, licensees, lessees, guests, invitees (collectively, “ Tenant Group ”) at, on or about the Real Property or Buildings, or (3) the failure of any of them to comply with Legal Requirements, and notwithstanding anything to the contrary in this Lease, such obligation to indemnify, defend and hold harmless the Indemnified Parties shall survive any termination of this Lease.  This indemnification shall include, without limitation, claims made under any workman’s compensation law or under any plan for employee’s disability and death benefits (including, without limitation, claims and demands that may be asserted by employees, agents, contractors and subcontractors).

 

 

B.   By Landlord .  To the maximum extent permitted under Legal Requirements, Landlord agrees to protect, indemnify, defend (with counsel reasonably acceptable to Tenant) and hold harmless Tenant and its parents, subsidiaries and affiliates, and their respective officers, directors, shareholders, employees, representatives, agents, contractors, licensees, lessees, guests, invitees, successors and assigns (collectively, the “ Tenant Indemnified Parties ”) from and against any and all Losses incurred by any of the Tenant Indemnified Parties, and any and all Claims brought or raised against any of the Tenant Indemnified Parties, arising out of, resulting from, relating to or connected with: (1) Landlord’s use of the Real Property or Buildings, (2) any negligent act or omission or willful misconduct of Landlord or its officers, directors, shareholders, employees, representatives, agents, contractors, licensees, lessees, guests, invitees (collectively, “ Landlord Group ”) at, on or about the Real Property or Buildings, or (3) the failure of any of them to comply with Legal Requirements, and notwithstanding anything to the contrary in this Lease, such obligation to indemnify, defend and hold harmless the Tenant Indemnified Parties shall survive any termination of this Lease.  This indemnification shall include, without limitation, claims made under any workman’s compensation law or under any plan for employee’s disability and death benefits (including, without limitation, claims and demands that may be asserted by employees, agents, contractors and subcontractors).

 

 

C.     Indemnity Procedure .  If an Indemnified Party or Tenant Indemnified Party (in each case, the “ Indemnitee ”) receives notice of any claim, action or proceeding (an “ Action ”) against Indemnitee with respect to which indemnification is to be sought from the party with the obligation to indemnify (the “ Indemnitor ”) under this Section 11.C , Indemnitee shall promptly notify Tenant or Landlord, as indemnitor and as applicable (in such capacity, “ Indemnitor ”)  of the Action in writing.  Indemnitee may direct Indemnitor to assume the defense of the Action and to pay all reasonable costs and expenses incurred as a result thereof.  If Indemnitee shall not have directed Indemnitor to assume the defense of the Action,  Indemnitor shall have the right to participate at its own expense in the defense of any such Action.  If Indemnitor shall not have employed counsel to have charge of the defense of any such Action following the notice and direction specified above, or if Indemnitee shall have reasonably concluded that there may be defenses available to Indemnitee which are different from or additional to those available to Indemnitor (in which case Indemnitor shall not have the right to direct the defense of such Action on behalf of the Indemnitee), the Indemnitee shall have the right to retain its own counsel and all reasonable resulting legal and other expenses incurred by Indemnitee shall be borne by Indemnitor, provided, that no Indemnitee shall settle any claim, action or proceeding without the prior written consent of Indemnitor, such consent not to be unreasonably withheld or delayed.

 

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12.            TENANT TERMINATION .

 

 

Tenant may terminate this Lease on not less than one hundred eighty (180) days advance written notice to Landlord without penalty, which notice shall state the proposed termination date therein.  Upon such termination, this Lease shall terminate and neither Landlord nor Tenant shall have any further liability to each other hereunder, except for such obligations that are expressly stated to survive the termination hereof, provided, however, that Tenant shall cure any existing Default hereunder prior to such termination being effective.  In the event Landlord terminates this Lease pursuant to any right granted to Landlord to do so on Exhibit C to that certain Shared Services Agreement of even date herewith, this Lease shall terminate as provided therein.  Upon such termination, this Lease shall terminate and neither Landlord nor Tenant shall have any further liability to each other hereunder, except for such obligations that are expressly stated to survive the termination hereof.

 

 

13.            CASUALTY .

 

 

In the event of any damage to or destruction of the Leased Premises, by fire or other casualty, which materially and adversely affects Tenant’s use and enjoyment of such Building for the purposes specified in this Lease, then either Landlord or Tenant shall have the right, no later than ninety (90) days after such party becomes aware of such damage or destruction, to terminate this Lease upon thirty (30) days’ prior written notice to the other, with respect to the Building(s) so affected.  In the event of any damage or destruction which is not so extensive, or in the event that neither Landlord nor Tenant elects to terminate this Lease as to any Building pursuant to the preceding sentence, then this


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