Reso 1997-0008 - Laserfiche WebLink

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premises so taken. "Amount received by Lessor" shall mean that pan of the condemnation award . which is free and clear to Lessor of any collection of mongages for the value of the diminished fee. If more than thiny percent (30%) of the floor area of the building in which the premises are located shall be laken, Lessor may, terminate this lease upon ninety (90) days written notice to Lessee. All damages awarded for such laking shall belong to value to the leasehold or to the fee of the premises; provided, however, that Lessor shall not be entitled to any portion of the award made to Lessee for cost of removal of stock and fixtures. II. Destruction or Damage. If the premises shall be damaged by fire.the elements or other casualty not due to Lessee's negligence but are not rendered untenantable in whole or in part, and such damage does not result in a disruption of Lessee's operation for more than thirty (30) days, Lessor shall within a reasonable time and its own expense commence to cause such damage to be repaired and the rent shall be abated. If by reason of such occurrence, the premises shall be rendered untenantable in whole or in pan, Lessor may, at its option, and at its own expense, cause the damage to be repaired and the minimum rent shall be abated. In the event Lessor repairs the premises, Lessor and Lessee shall have the same respective obligations to construct or install improvements as were imposed on said parties at the execution of this Lease. Lessee shall, at its sole expense, replace its stock in trade, fixtures, furniture, and equipment. However, Lessor shall have the right, to be exercised by notice to Lessee in writing within sixty (60) days of the occurrence of the casualty, to elect not to reconstruct the damaged premises if the premises are rendered untenantable in whole or in pan, and in such event this lease and the tenancy created shall cease as of the date of the occurrence causing the damage, and the minimum rent to be adjusted as of such date, In the event that thiny percent (30%) or more of the rentable area of the Shopping Center shall be damaged or destroyed by fire or other cause, notwithstanding any other provision contained herein and that the premises may be unaffected by such fire or other cause, Lessor shall have the right, to be exercised by notice in writing to Lessee within sixty (60) days of said occurrence, to elect to cancel and terminate this Lease. Upon the giving of such notice to Lessee, the term of this Lease shall expire by lapse of time upon the third day after such notice is given, and rent shall be adjusted as of such date. If the premises are destroyed or damaged during the last eighteen (38) months of the term of the Lease (initial or as extended) and the estimated cost of repair exceeds ten percent (10 %) of the minimum base rent then remaining to be paid by Lessee for the balance of the lease term, Lessor may, at its option. cancel and terminate this Lease as of the date of occurrence of such damage by giving written notice to Lessee of its election to do so within thiny (30) days of the date of occurrence of such damage, and rent shall be adjusted as of such date. Notwithstanding the aforementioned, if the Premises are destroyed or damaged during the last six (6) months of the term of this Lease, either Lessor or Lessee may terminate the Lease by giving the other written notice of its election to do so within thirty (30) days of the occurrence of such damage, and rent shall be adjusted as of such date. For purposes of this section of the lease, a Florida licensed architect designated by Lessor MIAMI:F:\OOCS\lMD\RE\64102.1 :8113/91(11 :09am) 4