9038-18 - Lease with Cleveland Clinic at 1450 Belle, 3rd Floor

Home Browse Search

Notwithstanding anything to the contrary contained herein at Tenant's sole discretion, any liability insurance required to be carried by Tenant pursuant to this Lease may be on a claims -made basis and may be provided under: (1) a blanket policy or policies which includes other liabilities, properties and locations of the insuring party, (ii) a plan of self- insurance maintained in whole or in part either under a plan of self- insurance, or from a carrier which specializes in providing coverage to or for Tenant or its affiliates, or firms in the same or related businesses, or (iii) a combination of the foregoing. Landlord shall, at its sole cost and expense, either self - insure, or obtain and maintain throughout the Term and any extension thereof one or more policies of commercial general liability insurance, issued by a company or companies authorized to do business in the State of Ohio, in an amount not less than any amounts of insurance required to be obtained and maintained by Tenant under the terms of this Agreement. If permitted by Landlord's liability carrier, Tenant shall be named as an additional insured party under any such insurance policies described in this section which are required to be obtained and maintained by Landlord. 10. DAMAGE OR DESTRUCTION If at any time during the Initial Term or any extension thereof, the whole or a substantial portion of the Building or Premises is so damaged or destroyed by fire or other casualty and such damage or destruction materially affects Tenant's ability to conduct normal business operations in the Premises and such damage cannot reasonably be expected to be repaired within one hundred twenty (120) days, then either Landlord or Tenant may elect to terminate the Lease by so notifying the other within thirty (30) days after the date of the damage or destruction, specifying a date for termination that shall be not less than thirty (30) days from the date of such notice; provided that Landlord give Tenant notice within thirty (30) days of the occurrence of such damage of whether or not the Premises will be repaired within the one hundred twenty (120) days. If neither Landlord nor Tenant so elect to terminate this Lease, then Landlord shall promptly commence to repair and restore the Building and Premises to their condition immediately prior to such fire or casualty except that Landlord shall not be required to repair or restore alterations and additions to the Premises made by Tenant in accordance with the provisions of Section 6 hereof, If Landlord has not completed such repair and restoration within one hundred eighty (180) days after the date of the damage or destruction, Tenant may by thirty (30) days advance notice to Landlord elect to terminate this Lease. Tenant's obligation to pay Base Rent shall be abated commencing on the date of such damage or destruction in the proportion that the area of the part of the Premises so damaged or destroyed or rendered untenantable bears to the total area of the Premises, until the Premises are repaired or restored or the Lease is terminated as aforesaid. A substantial portion of the Building and /or Premises shall be deemed to have been damaged or destroyed by fire or other casualty if the undestroyed or undamaged part of the Building and /or Premises shall be insufficient for the economic and feasible operation thereof by Tenant. 11. CONDEMNATION 11.1 Termination: If at any time during the Term more than twenty -five percent (25 %) of the Building shall be condemned or taken for public or quasi - public use, or if any portion of the Building, the common areas or Premises is so condemned or taken which would materially affect Tenant's ability to conduct normal business operations in the Premises, this Lease shall automatically terminate as of the Contract ID 4161927