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6.B.(1) Lease with Spark Design Studio
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10/23/09 Meeting
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6.B.(1) Lease with Spark Design Studio
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Condemnation occurs, may elect to terminate this Lease as of the date possession of such square footage is taken by, <br />or conveyed to, the condemning authority, and: (i) all Modified Gross Rent shall be apportioned as of the date that <br />possession of such square footage is taken by, or conveyed to, the condemning authority; and (ii) all obligations <br />hereunder, except those due or mature, shall cease and terminate. All compensation awarded or paid for the <br />Condemnation (the "Condemnation Proceeds ") shall belong to and be the sole property of Landlord; provided that <br />Landlord shall not be entitled to the amount of any Condemnation Proceeds awarded or paid solely to Tenant for <br />loss of business or costs and expenses of relocation and removing improvements and equipment. If neither Landlord <br />nor Tenant elects to terminate this Lease pursuant to this Section 9.2, then Landlord shall be responsible for the <br />performance of all work necessary to make the Premises usable by Tenant; provided that Landlord shall not be <br />obligated to incur costs for such work in excess of the Condemnation Proceeds awarded or paid to Landlord and <br />remaining after: (y) Landlord's mortgagee has withheld any amount of the proceeds to which it is entitled, if any; <br />and (z) deduction for any expenses incurred in collecting the Condemnation Proceeds. If neither Landlord nor <br />Tenant elects to terminate this Lease pursuant to this Section 9.2, or if any Condemnation is temporary in nature, <br />then Basic Rent shall be abated proportionately (based upon the proportion that the that area Premises taken by, or <br />conveyed to, the condemning authority bears to the total space in the Premises) for each day that the Premises or any <br />part thereof is unusable by reason of the Condemnation. <br />ARTICLE X. <br />SURRENDER. <br />10.1. Surrender of Leased Premises. Except as herein otherwise expressly provided in this Article X, <br />Tenant shall surrender and deliver up the Premises, together with all property affixed to the Premises, to Landlord at <br />the expiration or other termination of this Lease or of Tenant's right to possession hereunder, without fraud or delay, <br />in good order, condition and repair except for reasonable wear and tear after the last necessary repair, replacement, <br />or restoration is made by Tenant, free and clear of all liens and encumbrances, and without any payment or <br />allowance whatsoever by Landlord on account of any improvements made by Tenant. <br />10.2. Removal of Certain Property. All furniture and business equipment furnished by or at the expense <br />of Tenant shall be removed by or on behalf of Tenant at or prior to the expiration or other termination of this Lease <br />or of Tenant's right of possession hereunder, but only if, and to the extent, that the removal thereof will not cause <br />physical injury or damage to the Premises or necessitate changes or repairs to the same. Tenant repair and restore <br />any injury or damage to the Premises arising from such removal so as to return the Premises the condition described <br />in Section 10.1 above, or alternatively, Tenant shall pay or cause to be paid to Landlord one hundred ten percent <br />(110 %) of the cost of repairing or restoring injury or damage with such costs to be considered Additional Rent and <br />shall be deemed due and payable as of the date on which surrender by Tenant is required under this Lease. <br />10.3. Property Not Removed. Any personal property of Tenant which shall remain in or upon the <br />Premises after Tenant has surrendered possession of the Premises shall be deemed to have been abandoned by <br />Tenant, and at the option of Landlord, such property: (a) shall be retained by Landlord as its property; (b) shall be <br />disposed of by Landlord in such manner as Landlord shall determine, without accountability to any person; or (c) <br />shall be removed by Tenant within three (3) business days at Tenant's expense upon written request from Landlord <br />or such Tenant fails to remove such property within such timeframe Landlord may remove such property at Tenant's <br />expenses, charging Tenant one hundred ten percent (110 %) of the costs incurred by Landlord to remove said items, <br />which funds shall be due immediately upon notification of Tenant of such charges. Landlord shall not be <br />responsible for any loss or damage occurring to any property owned by Tenant remaining in the Premises after <br />Tenant surrenders possession thereof. <br />10.4. Survival of Terms. The terms of this Article X and other terms of this Lease referred to herein <br />shall survive any termination of this Lease. <br />ARTICLE XI. <br />DEFAULT. <br />11.1. Events of Default. Each and all of the following events shall be deemed an "Event of Default" by <br />Tenant under this Lease: <br />
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