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6C(4) Lease for 131 S. Michigan St
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6C(4) Lease for 131 S. Michigan St
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ARTICLE IX. <br />CASUALTY AND CONDEMNATION. <br />9.1. Casualty. <br />(a) Insubstantial Damage. If the Premises is damaged by fire or airy other casualty (the "Casualty <br />Damage"), and the estimated cost to repair such Casualty Damage is less than fifty percent (50%) of the estimated <br />cost to replace the Premises, then Landlord shall repair such Casualty Damage so long as sufFcient insurance <br />proceeds recovered as a result of such Casualty Damage remain after: (i) Landlord"s mortgagee has withheld any <br />amount of the proceeds to which it is entitled, if any; and (ii) deduction for any expenses incurred in collecting the <br />insurance proceeds. Notwithstanding anything to the contrary set forth herein, in no event shall Landlord be <br />required to repair or replace: (1) the improvements to the Premises made by Tenant; or (2) any trade fixtures, <br />equipment, or inventory of Tenant (or any other person or entity) located on, in, or about the Premises. <br />(b) Substantial Damage. If: (i) there is Casualty Damage to the Premises, and the cost to repair such <br />Casualty Damage is equal to or greater than fifty percent (50%) of the estimated cost to replace the Premises; (ii) <br />there is Casualty Damage to the building of which the Premises is a part, and the cost to repair such Casualty <br />Damage is equal to or greater than twenty-five percent (25%) of the cost to replace such building; or (c) there is <br />Casualty Damage to the buildings (taken in the aggregate) in the Building, and the cost to repair such Casualty <br />Damage is equal to or greater than twenty-five percent (25%) of the cost to replace such buildings, then Landlord <br />may elect either to: (1) repair or rebuild the Premises, the building of which the Premises is a part, or the aggregate <br />buildings in the Building, as applicable; or (2) terminate this Lease upon delivery of written notice to Tenant within <br />ninety (90) days after the occurrence of the Casualty Damage. <br />(c) Partial Abatement of Rent. Basic Rent shall be abated proportionately (based upon the proportion <br />that the unusable space in the Premises due to the Casualty Damage bears to the total space in the Premises) for each <br />day that the Premises or any part thereof is unusable by reason of any Casualty Damage. <br />(d) Repair of Tenant Improvements. If Landlord is required or elects to repair the Premises, then <br />Tenant shall repair or replace: (i) the alterations, improvements, and additions to the Premises made by Tenant; <br />and/or (ii) any equipment of Tenant located on, in, or about the Premises. <br />(e) Notice. Tenant shall give Landlord prompt written notice of any Casualty Damage in or to the <br />Premises or the Common Areas of which Tenant has knowledge. <br />9.2. Condemmnation. If: (a) all or a substantial part of the Premises is taken or condemned for public or <br />quasi-public use under any statute or by the right of eminent domain: or (b) all or a substantial part of the Premises <br />is conveyed to a public or quasi-public body under threat of condenmation (collectively, the "Condemnation"); and <br />the Condemnation renders the Premises unsuitable for use for Tenant's Use, then, at the option of either Landlord or <br />Tenant exercised within ninety (90) days after the Condemnation occurs: (i) this Lease shall terminate as of the date <br />possession of all or such part of the Premises is taken by, or conveyed to, the condemning authority; (ii) all Modified <br />Gross Rent shall be apportioned as of the date that possession of all or such part of the Premises is taken by, or <br />conveyed to- the condemning authority: and (iii) all obligations hereunder, except those due or mature, shall cease <br />and terminate. If there is a Condemnation «~ith respect to: (A) more than twenty-five percent (25%) of the square <br />footage of the building of which the Premises is a part. or (B) more than twenty-five percent (25%) of the aggregate <br />square footage of the Building; then Landlord. at its option, exercised within ninety (90) days after the <br />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 condemnin~~ authority. and: (i) all Modified Gross Rent shall be apportioned as of the date that <br />possession of such square foota~~e is taken by, or com-eyed to. the condenuiina 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 />perfonnanee of all work necessary to make the Premises usable by Tenant; provided that Landlord shall not be <br />
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