SEC Filing Document

Company: BIOVENTRIX, INC.
Ticker: 
CIK: 1283259
Filing Type: S-1
Document Type: EX-10.5
Date Filed: 2026-02-12
Accession Number: 0001493152-26-006407
Exchange: 
SIC Code: 3841
SIC Description: Surgical & Medical Instruments & Apparatus
URL: https://www.sec.gov/Archives/edgar/data/1283259/000149315226006407/ex10-5.htm

Chunk 13 of 28
Word Count: 1261
Character Count: 7855

Document Content:

against the other, its agents, employees, licensees, or invitees for any loss or damage to or at the Premises or the Property or any personal property of such party therein or thereon by reason of fire, the elements, or any other cause which is covered, or would have been covered, by the insurance coverages required to be maintained by Landlord and Tenant, respectively, under this Lease, regardless of cause or origin, including omission of the other party hereto, its agents, employees, licensees, or invitees. Landlord and Tenant covenant that no insurer shall hold any right of subrogation against either of such parties with respect thereto. The parties hereto agree that any and all such insurance policies required to be carried by either shall provide that such party’s insurer waives any right of recovery against the other party in connection with any such loss or damage. ARTICLE FIRE, EMINENT DOMAIN, ETC.

Landlord’s Right of Termination. If the Premises or the Building are substantially damaged (the term “substantially
damaged” meaning damage of such a character that the same cannot, in the ordinary course, reasonably be expected to be repaired
within sixty (60) days from the time that repair work would commence) by fire or other casualty (each, a “Casualty”),
then Landlord shall have the right to terminate this Lease by giving notice of Landlord’s election so to do within ninety (90)
days after the occurrence of such Casualty, whereupon this Lease shall terminate thirty (30) days after the date of such notice with
the same force and effect as if such date were the date originally established as the expiration date hereof. In no event shall Landlord
have any liability for damages to Tenant for inconvenience, annoyance or interruption of business arising from any Casualty.

Restoration; Tenant’s Right of Termination

If the Building or the Premises shall be partially or totally damaged or destroyed by a Casualty and if this Lease is not terminated
as provided in this Article 11, then (i) Landlord shall repair and restore the Building and the Premises (but excluding Tenant’s
Removable Property and the Improvements (“Landlord’s Restoration Work”) with reasonable dispatch (but Landlord
shall not be required to perform the same on an overtime or premium pay basis) after notice to Landlord of the Casualty and the collection
of the insurance proceeds attributable to such Casualty, and (ii) Tenant shall repair and restore in accordance with Section 5.2
all of Tenant’s Removable Property and the Improvements (“Tenant’s Restoration Work”) with reasonable
dispatch after the Casualty. Notwithstanding anything to the contrary contained herein, if in Landlord’s sole discretion it would
be appropriate for safety reasons, health reasons or the efficient operation or restoration of the Building or the Premises for Landlord
to perform all or a portion of Tenant’s Restoration Work on behalf of Tenant, then (x) Landlord shall give Tenant a written notice
specifying the portion of Tenant’s Restoration Work to be performed by Landlord (the “Specified Restoration Work”),
(y) Landlord shall perform the Specified Restoration Work, and (z) Tenant shall pay to Landlord within ten (10) days following the giving
of Landlord’s written demand therefor (or Landlord shall retain from the insurance proceeds paid to Landlord in accordance with
the last sentence of this Section 11.2(a)) the cost of such Specified Restoration Work. The proceeds of insurance covering Tenant’s
Removable Property and the Improvements shall be paid to Landlord, and, unless Landlord restores Tenant’s Removable Property and
the Improvements as part of the Specified Restoration Work, upon the completion of the repair and restoration of Tenant’s Removable
Property and the Improvements and the reoccupancy of the Premises by Tenant, Landlord shall disburse to Tenant the proceeds of insurance
maintained by Tenant covering Tenant’s Removable Property and the Improvements up to the amount so expended by Tenant.

Landlord shall not carry any insurance on Tenant’s Removable Property or on the Improvements (including without limitation any
Landlord’s Work performed in connection with this Lease) that constitute part of Tenant’s Restoration Work and shall not
be obligated to repair or replace Tenant’s Removable Property or such Improvements (whether or not installed by or at the expense
of Landlord). Tenant shall look solely to its insurance for recovery of any damage to or loss of Tenant’s Removable Property and
any Improvements. Tenant shall notify Landlord promptly of any casualty in the Premises. In the event of a partial or total destruction
of the Premises, Tenant shall as soon as practicable (but no later than five (5) Business Days after receiving a notice from Landlord)
remove any and all of Tenant’s Removable Property from the Premises or the portion thereof destroyed, as the case may be, and if
Tenant does not promptly so remove Tenant’s Removable Property, Landlord, at Tenant’s expense, may discard the same or may
remove Tenant’s Removable Property to a public warehouse for deposit or retain the same in its own possession and at its discretion
may sell the same at either public auction or private sale, the proceeds of which shall be applied first to the expenses of removal,
storage and sale, second to any sums owed by Tenant to Landlord, with any balance remaining to the paid to Tenant; if the expenses of
such removal, storage and sale shall exceed the proceeds of any sale, Tenant shall pay such excess to Landlord upon demand. Tenant shall
be solely responsible for arranging for any visits to the Premises by Tenant’s insurance adjuster that may be desired by Tenant
prior to the removal of Tenant’s Removable Property by Tenant or Landlord, as provided in this Section 11.2(b), or the performance
by Landlord of Landlord’s Restoration Work or the Specified Restoration Work and Landlord shall be under no obligation to delay
the performance of same, nor shall Landlord have any liability to Tenant in the event that Tenant fails to do so. Tenant shall promptly
permit Landlord access to the Premises for the purpose of performing Landlord’s Restoration Work and, if applicable, the Specified
Restoration Work.

Within ninety (90) days after the occurrence of any Casualty affecting the Premises, Landlord shall deliver to Tenant a written estimate
from a reputable contractor, architect or engineer designated by Landlord as to the probable length of time that will be necessary to
substantially complete Landlord’s Restoration Work. If such time estimate exceeds twelve (12) months from the date that repair
work would commence, Tenant shall have the right to terminate this Lease by giving notice to Landlord thereof within thirty (30) days
after receipt of such estimate (time being of the essence with respect to the giving of such notice by Tenant). If Tenant is entitled
pursuant to the terms of this Section 11.2(c) to terminate this Lease and Tenant fails to deliver a termination notice to Landlord
within the thirty (30) day period set forth herein, Tenant will be deemed to have waived Tenant’s rights under this Section
11.2(c) to terminate the Lease on account of such Casualty. The provisions of this Section are in lieu of any statutory termination
provisions allowable in the event of a Casualty.

If this Lease is terminated under any of the provisions of this Article XI as a result of a Casualty, Landlord shall be entitled
to retain for its benefit the proceeds of insurance maintained by Tenant on the Improvements. This Section 11.2 shall be deemed
an express agreement governing any damage or destruction of the Premises by fire or other casualty, and any law providing for a contingency
in the absence of an express agreement, now or hereafter in force, shall have no application.