Agenda - Council - 01/10/2006 - Laserfiche WebLink

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13. EMENENT DOMAIN: In the event of any eminent domain or condemnation proceeding or private sale in lieu thereof in respect to the Property during the term thereof, the following provisions shall apply: a. Property Acquired If the whole of the Property shall be acquired or condemned by eminent domain for any public or quasi-public use or purpose, then the term of this Lease shall cease and terminate as of thc date possession shall be taken in such proceeding and all rentals shall be paid up to that date. b. Part of Property Acquired. If any part constituting less than the whole of the Property shall be acquired or condemned as aforesaid, and ia the event that such partial taking or condemnation shall materially affect the Property so as to render the Property unsuitable for the business of Tenant, in the reasonable opinion of Landlord, then the term of this Lease shall cease and terminate as of the date possession shall be taken by the condemning authority and rent shall be paid to the date of such termination. In the event of a partial taking or condemnation of the Property which shall not materially affect the Property so as to render the Property unsuitable for the business of Tenant, ia the reasonable opinion of Landlord, this Lease shall continue in full force and effect but with a proportionate abatement of the Base Rent and Additional Rent based on the portion if any, of the Property taken. Landlord reserves the right, at its option, to restore the Property to substantially the same condition as they were prior to such condemnation. In such event, Landlord shall give written notice to Tenant, within 30 days following the date possession shall be taken by the condemning authority, of Landlord's intention to restore. Upon Landlord's notice of election to restore~ Landlord shall commence restoration and shall restore the Property with reasonable promptness, subject to delays beyond Landlord's control and delays in the making of condemnation or sale proceeds adjustment by Landlord; and Tenant shall have no right to terminate this Leas except as herein provided. Upon completion of such restoration, the rent shall be adjusted based upon the portion, if any, of the Property restored. ¢. Tenant Waiver. In the event of any condemnation or taking as aforesaid, whether whole or partial, Tenant shall not be entitled to any part of the award paid for such condenmation and Landlord is to receive the full amount of such award, Tenant hereby expressly waives any right to claim to any part thereof. d. Tenant Damages. Although all damages in the event of any condemnation shall belong to Landlord whether such damages are awarded as compensation for diminution ia value of the leasehold or to the fee of the Property, Tenant shall have the right to claim and recover from the condemning authority, but not from Landlord, such compensation as may be separately awarded or recoverable by Tenant ia Tenant's own right on account of any and all damage to Tenant's business by reason of the condemnation and of or on account of any cost or loss to which Tenant might be put ia removing Tenant's merchandise, furniture, fixtures, leasehold improvements and equipment. However, Tenant shall have no claim against Landlord or make any claim with the condemning authority of the loss of its leasehold estate, any unexpired term of loss of any possible renewal or extension of said lease or loss of any possible value of said lease, any unexpired term, renewal or extension of said Lense. 14. DAMAGE OR DESTRUCTION: In the event of any damage or des~uction to the Property by fire or other cause during the term hereof, the following provisions shall apply: a. Significant Damages. If the Property is damaged by fire or any other cause to such extent that the cost of restoration, as reasonably estimated by Landlord, will equal or exceed ten percent (10%) of the replacement value of the Property (exclusive of foundations)just prior to the occurrence of the damage, then Landlord may, no later than the sLxtieth (60th) day following the damage, give Tenant written notice of Landlord's election to terminate this Lease. -176- 8