Laserfiche WebLink
Landlord be required to repair or replace: (1) the improvements to the Premises made by Tenant; or (2) any trade <br />fixtures, 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 twenty -five percent (25 %) of the estimated cost to replace the Premises; <br />(ii) 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 1/6) 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. Base 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. Condemnation. 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 condemnation (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 Base <br />Rent shall be apportioned as of the date that possession of all or such part of the Premises is taken by, or conveyed <br />to, the condemning authority; and (iii) all obligations hereunder, except those due or mature, shall cease and <br />terminate. If there is a Condemnation with 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 condemning authority, and: (i) all Base Rent shall be apportioned as of the date that possession <br />of such square footage is taken by, or conveyed to, the condemning authority; and (ii) all obligations hereunder, <br />except those due or mature, shall cease and terminate. All compensation awarded or paid for the Condemnation (the <br />"Condemnation Proceeds") shall belong to and be the sole property of Landlord; provided that Landlord shall not be <br />entitled to the amount of any Condemnation Proceeds awarded or paid solely to Tenant for loss of business or costs <br />and expenses of relocation and removing improvements and equipment. If neither Landlord nor Tenant elects to <br />terminate this Lease pursuant to this Section 9.2, then Landlord shall be responsible for the performance of all work <br />necessary to make the Premises usable by Tenant; provided that Landlord shall not be obligated to incur costs for <br />such work in excess of the Condemnation Proceeds awarded or paid to Landlord and remaining after: (y) Landlord's <br />mortgagee has withheld any amount of the proceeds to which it is entitled, if any; and (z) deduction for any <br />expenses incurred in collecting the Condemnation Proceeds. If neither Landlord nor Tenant elects to terminate this <br />Lease pursuant to this Section 9.2, or if any Condemnation is temporary in nature, then Base Rent shall be abated <br />proportionately (based upon the proportion that the that area Premises taken by, or conveyed to, the condemning <br />authority bears to the total space in the Premises) for each day that the Premises or any part thereof is unusable by <br />reason of the Condemnation. <br />ARTICLE X. <br />SURRENDER, <br />-12- <br />F- DATAISHARElegallWpdatalSEPlEconomic DevelopmentlBillie'sl&ate Cafenate Cafe Lease (version 5).doc <br />