Laserfiche WebLink
In the event of damage and/or destruction to the buildings, improvements, betterments and <br />equipment, all proceeds from such policy shall be utilized by LESSEE to repair and/or replace the <br />damaged or destroyed buildings, improvements, betterments and equipment. LESSEE may request <br />consent from LESSOR not to repair and/or replace the damaged or destroyed buildings, <br />improvements, and equipment. LESSOR, in its sole discretion, may either accept or reject <br />LESSEE'S request not to repair and/or replace. If the LESSOR rejects LESSEE'S request not to <br />repair and/or replace, then LESSEE must utilize all insurance proceeds to repair and/or rebuild <br />pursuant to this paragraph. If LESSOR consents to LESSEE'S request not to repair and/or replace, <br />then the insurance proceeds shall be prorated between the LESSOR and the LESSEE based upon <br />the time period left in the LEASE before the reversion of all structures and improvements (fixtures) <br />to the LESSOR (example: if LESSOR consents to LESSEE'S request not to repair and/or replace <br />and the lease is in the 28d' year of a 30 -year lease, the insurance proceeds would be dispersed <br />28/30th to the LESSOR and 2/30th to the LESSEE). <br />As soon as is reasonably possible after damage and/or destruction to the buildings, <br />improvements, betterments and equipment, but no later than eighteen (18) months after said <br />damage and/or destruction, LESSEE shall, at the LESSEE'S sole expense (using insurance proceeds <br />available for that purpose, along with LESSEE'S own funds), commence to either repair or restore <br />the buildings, improvements, betterments and equipment as completely as possible to their <br />condition immediately prior to the damage, or, in the alternative, replace the structures, <br />improvements, betterments and equipment with structures approved in advance, in writing, by <br />LESSOR. <br />In the event any insurance proceeds of such policy shall remain unused after the completion <br />of restoration or rebuilding to the LESSOR'S satisfaction, evidenced in writing, and if the LESSEE <br />Page 17 of 41 <br />110 <br />