Agenda - Council - 04/25/2023 - Laserfiche WebLink

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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 in 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 Lease. 15. DAMAGE OR DESTRUCTION: In the event of any damage or destruction to the Leased Property by fire or other cause during the term hereof, the following provisions shall apply: a. Significant Damages. If the Leased 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 twenty percent (20%) of the replacement value of the Leased Property (exclusive of foundations) just prior to the occurrence of the damage, then Landlord may, no later than the sixtieth (60th) day following the damage, give Tenant written notice of Landlord's election to terminate this Lease. b. Date of Termination. In the event Landlord elects to terminate this Lease, it shall be deemed to terminate on the date of the occurrence of damage or destruction and all rentals shall be paid up to that date. Tenant shall have no claim against Landlord for the value of any unexpired term of this Lease except for prepaid rent. Notwithstanding anything contained in this paragraph 14 to the contrary, Landlord shall only be obligated to restore the Leased Property to the extent of the insurance proceeds actually received, but if the insurance proceeds actually received do not permit Landlord to restore the Leased Property, Landlord shall so notify Tenant and either Landlord or Tenant may terminate this Lease by written notice given within 60 days after Landlord's notice. If Landlord restores the Leased Property in accordance with the provisions of this Section, then Tenant shall not have any right to terminate this Lease because of such damage pursuant to (i) any common law rights, (ii) Minnesota Statutes §504.13 1 as now in effect or as it may be hereafter amended or supplemented, or (iii) any comparable right established b a similar statute. c. Tenant Repair of Significant Damages. In the event Landlord elects to terminate this Lease, the Tenant may make a written proposal to repair Significant Damages to the Leased Property at the sole cost of the Tenant, within 10 days of the Landlord's original notice outlined in Section 15, Paragraph A. The Landlord shall retain full discretion to reject or accept the Tenant's proposal to repair Significant Damages. 16. CASUALTY INSURANCE: a. Landlord and Tenant Obligations. Landlord shall at all times during the term of this Lease, at its expense, maintain a policy or policies of insurance with premiums paid in advance issued by an insurance company licensed to do business in the State of Minnesota insuring the Leased Property against loss or damage by fire, explosion or other insurable hazards and contingencies for the full insurance value, provided that Landlord shall not be obligated to insure any furniture, equipment, machinery, goods or supplies not covered by this Lease which Tenant may bring upon the Leased Property or any additional improvements which Tenant may construct 7