Reso 2010-1658 - Laserfiche WebLink

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improvements, together with an estimate which shall show in reasonable detail the approximate cost of sum improvements. Such plans and specifications shall comply with all relevant Legal Requirements and shall be subject to Landlord's approval and all applicable governmental code, rules and policies. Section 2. Standards for Reconstruction. All work done by Tenant hereunder shall be constructed and completed in a good and workmanlike manner and in compliance with the building and zoning laws and all other Legal Requirements, and in accordance with the orders, rules and regulations of any appropriate insurance rating bureau or any other body now or hereafter constituted exercising similar functions. Upon completion of the Tenant's improvements, all references in this Lease to "Improvements" shall be deemed modified to mean and refer to the new improvements so constructed by Tenant. Section 3. Conforming with Final Plans. Any restoration undertaken pursuant to the provisions of this Article shall in all respects substantially conform to the provisions of the Final Plans and Specifications for the damaged Improvements, incorporating any alterations or modifications approved by the Landlord prior to the casualty, or shall be built in accordance with such new or modified plans and specifications as the Tenant, the Landlord and, at its election, the Approved First Mortgagee may at the time agree upon and approve, subject to any applicable building and zoning laws or other similar requirements then in existence. Section 4. Commencement and Completion of Restoration. When reconstruction or repair of the Improvements, or any portion thereof, which have been destroyed or damaged, is required by the provisions of this Article, such reconstruction or repair shall be commenced within a period not to exceed ninety (90) days after the Insurance Proceeds have been received by the Tenant (or, if the conditions then prevailing require a longer period, such longer period as shall reasonably be required by Tenant proceeding with due diligence), and the Tenant shall diligently prosecute such reconstruction or repair to completion, such reconstruction or repair to be completed within two (2) years after the commencement thereof. Section 5. Determination of Whether or Not to Restore. In the event of substantial damage or destruction by a casualty insured against (i) which damage, by joint agreement of the Landlord and the Tenant or, if the Tenant and the Landlord disagree, by determination of an arbitrator in the manner provided in this Lease, is such that reconstruction of economically viable improvements is not practicable, or (ii) which damage occurs during the last five (5) years of the Term, then the Tenant, subject to the rights of any Approved First Mortgagee, shall have the right to terminate this Lease upon thirty (30) days notice to the Landlord in which event the Insurance Proceeds (or sum equivalent to such amount) shall be payable as set forth in Section Section 6. Allocation of Proceeds. If such casualty occurs and the Tenant elects to terminate the Lease in accordance with Section , the Insurance Proceeds shall be allocated between and paid to the Landlord and the Tenant in order that following the disbursement of the Insurance Proceeds, each has an amount of the Insurance Proceeds bearing the same proportion to the aggregate value of the Improvements immediately prior to the casualty giving rise to termination of this Lease. The Landlord and the Tenant shall attempt to allocate the Insurance Proceeds 20 U:\City Attorney\/IANS\20 I 0 Documents\4m Investors\GROUND LEASE WORKING DRAFT 11.16.1 O.doc