5A4 Sublease Agreement 103 W. Colfax (Haunt of Hounds) - Signed

Home Browse Search

15 or Party arising from the negligent act or omission or willful misconduct of any other tenant or occupant of the Building and Tenant hereby expressly waives any claim for such damages. ARTICLEX CASUALTY AND CONDEMNATION 10.1. Casualty. (a)Insubstantial Damage. If the Premises is damaged by fire or any other casualty (the “Casualty Damage”), and the estimated cost to repair such Casualty Damage is less than fifty percent (50%) of the estimated cost to replace the Premises, then Commission shall repair such Casualty Damage so long as sufficient insurance proceeds recovered as a result of such Casualty Damage remain after deducting the amount of any expenses incurred in collecting the insurance proceeds. Notwithstanding anything to the contrary set forth herein, in no event shall Commission be required to repair or replace: (1) the improvements to the Premises made by Tenant; or (2) any trade fixtures, equipment, or inventory of Tenant (or any other person or entity) located on, in, or about the Premises. (b)Substantial Damage. If: (i) there is Casualty Damage to the Premises, and the cost to repair such Casualty Damage is equal to or greater than fifty percent (50%) of the estimated cost to replace the Premises; or (ii) there is Casualty Damage to the Building of which the Premises is a part, and the cost to repair such Casualty Damage is equal to or greater than twenty-five percent (25%) of the cost to replace the Building; then Commission may elect either to: (1) repair or rebuild the Premises, or the Building of which the Premises is a part; or (2) terminate this Sublease upon delivery of written notice to Tenant within ninety (90) days after the occurrence of the Casualty Damage. (c)Partial Abatement of Base Rent. Base Rent shall be abated proportionately (based upon the proportion that the unusable space in the Premises due to the Casualty Damage bears to the total space in the Premises) for each day that the Premises or any part thereof is unusable by reason of any Casualty Damage. (d)Repair of Tenant Improvements. If Commission is required or elects to repair the Premises, then Tenant shall repair or replace: (i) the alterations, improvements, and additions to the Premises made by Tenant; and/or (ii) any equipment of Tenant located on, in, or about the Premises. (e) Notice. Tenant shall give Commission prompt written notice of any Casualty Damage in or to the Premises, or to the Common Areas of which Tenant has knowledge. ARTICLE XI SURRENDER 11.1. Surrender of Subleased Premises. Except as herein otherwise expressly provided in this Article XI, Tenant shall surrender and deliver up the Premises, together with all property