2023-034A - Laserfiche WebLink

Home Browse Search

Such statement shall be conclusively binding upon Tenant if Tenant fails to timely affirm or dispute such statement, or if Tenant's written evidence does not support its dispute. SECTION 13 CONDEMNATION 13.01 Whole or Partial Taking. In the event the whole or any portion of the Leased Premises shall be taken by any public authority under the power of eminent domain, this Lease shall terminate as of the date of such taking. 13.02 Sharing of Condemnation Proceedings. All compensation awarded for such taking of the fee and the leasehold shall belong to and be the property of the Landlord; provided, however, that the Landlord shall not be entitled to any portion of the award attributable to the Leased Premises made to the Tenant for the cost of moving or removal of its stock and fixtures (provided that such award to Tenant does not reduce the compensation which would otherwise be awarded to Landlord). SECTION 14 DAMAGE BY FIRE OR OTHER CASUALTY 14.01 Destruction of Leased Premises (a) If the Leased Premises shall be damaged or destroyed by fire or other casualty, then Tenant shall promptly give notice thereof to Landlord; and, except as hereinafter otherwise provided, Landlord shall, to the extent that rent insurance is received by Landlord and to the extent permitted by the holder of any Mortgage on the Leased Premises or the Center, within a reasonable time thereafter, repair or restore the Leased Premises to substantially the same condition it was in prior to the casualty. If Landlord is required to repair the Leased Premises pursuant to the provisions of this Section 14.01, its obligations shall be limited to Landlord's Work, excluding, however, all work, alterations, fixtures, or signs installed by or for Tenant and all floor coverings, furniture, equipment and decorations; and Tenant shall, at Tenant's sole cost and expense, promptly perform all repairs and restoration to the Leased Premises not required to be done by Landlord and shall promptly reenter the Leased Premises and commence its business in all parts thereof upon its repair and restoration. (b) If the damage to the Leased Premises should be so extensive as to render the whole or any portion thereof untenantable and unsuitable for use and occupancy by Tenant, a just proportion of the Minimum Monthly Rental, according to the nature and extent of the injury to the Leased Premises, shall be suspended or abated until the Leased Premises shall be repaired or restored by Landlord as aforesaid; provided, however, that the amount of such abatement or suspension shall in no event exceed the amount of rent insurance paid to Landlord and the obligation of Tenant otherwise to perform under this Lease shall not be affected or abated by reason of such damage or destruction. (c) If during the last two (2) years of the Term the Leased Premises shall be damaged or destroyed to the extent of twenty percent (20%) or more of its insurable value, or if the proceeds of Landlord's insurance as the result of any damage to the Leased Premises by fire or other casualty shall be insufficient fully to pay the cost of the repair thereto or if at any time the buildings in the Center shall be damaged or destroyed as to the extent of fifty percent (50%) or more of their insurable value, then in any such event, either Landlord or Tenant may terminate this Lease by notice to the other within thirty (30) days after such damage or destruction. In the event of any terniination of this Lease pursuant to the provisions of this Section, the termination shall become effective as of the date of the fire or other casualty, a just proportion of the Minimum Monthly Rental, according to the nature and extent of the injury to the 21