My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
6A (2)
sbend
>
Public
>
Redevelopment Commission
>
Agendas & Packets
>
2012
>
08-16-12 Packet
>
6A (2)
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
11/1/2012 9:49:18 AM
Creation date
8/13/2012 1:42:23 PM
Metadata
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
35
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
Show annotations
View images
View plain text
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. 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 is <br />conveyed to a public or quasi - public body under threat of condemnation (collectively, the "Condemnation .'); and the <br />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 Rent <br />shall be apportioned as of the date that possession of all or such part of the Premises is taken by, or conveyed to, the <br />condemning authority; and (iii) all obligations hereunder, except those due or mature, shall cease and terminate. If <br />there is a Condemnation with respect to: (A) more than twenty -five percent (25 %) of the square footage of the <br />building of which the Premises is a part; or (B) more than twenty -five percent (25 %) of the aggregate square footage <br />of the Building; then Landlord, at its option, exercised within ninety (90) days after the Condemnation occurs, may <br />elect to terminate this Lease as of the date possession of such square footage is taken by, or conveyed to, the <br />condemning authority, and: (i) all Modified Gross Rent shall be apportioned as of the date that possession of such <br />square footage is taken by, or conveyed to, the condemning authority; and (ii) all obligations hereunder, except those <br />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 expenses <br />incurred in collecting the Condemnation Proceeds. If neither Landlord nor Tenant elects to terminate this Lease <br />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 />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 trade 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 />
The URL can be used to link to this page
Your browser does not support the video tag.