Agenda - Council - 07/10/2007 - Laserfiche WebLink

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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, fumiture, 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. 14. DAMAGE OR DESTRUCTION: In the event of any damage or destruction to the Property by fire or other cause during the term hereof, the following provisions shall apply: b. 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 (1'0 %) 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 sixtieth (60) day following the damage, give Tenant written notice of Landlord's election to terminate this Lease. C. Date of Termination. If the event Landlord elects to terminate this Lease, it shall be deemed to terminate on the date of the receipt of the notice of election 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. Notwithstanding anything contained in this paragraph 14 to the contrary, Landlord shall only be • obligated to restore the Property to the extent of the insurance proceeds actually received, but if the insurance proceeds actually received do not permit Landlord to restore the 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 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 §504.131 as now in effect or as it may be hereafter amended or supplemented, or (iii) any comparable right established b a similar statute. 15. CASUALTY INSURANCE: b. Landlord to Maintain. 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 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 Property or any additional improvements which Tenant may construct or install on the Property. Tenant 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 Property against loss or damage by fire, expulsion or other insurable hazards and contingencies for the full insurable value of Tenant's • improvements to the Property and Tenant's personal property. 9 _gg_