Reso 2010-1658 - Laserfiche WebLink

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between the Landlord and the Tenant fairly to effect such allocation. If the parties are unable to agree on such allocation, the allocation shall be made pursuant to arbitration in the manner provided by Section _' In determining the value of the Tenant's interest in the Improvements, the parties or the arbitrators, as the case may be, shall take into account the present value of the Tenant's leasehold estate for the remainder of the Term unencumbered by any mortgages, subject to all of the terms and conditions of this Lease. In determining the value of the Landlord's interest in the Improvements, the parties or the arbitrators, as the case may be, shall take into account the present value of (i) the right to receive Rent, Additional Rent, and other charges and payments required to be paid under this Lease for the balance of the Term, and (ii) the projected residual value of the Improvements as of the originally scheduled expiration of the Term. Notwithstanding the foregoing, an Approved First Mortgagee shall have claim to the Insurance Proceeds prior to that of the Tenant and the Landlord to pay outstanding amounts secured by a First Mortgage to the extent required under such First Mortgage. Section 7. Tenant's Responsibilities on Termination. If the Tenant terminates this Lease following a casualty in accordance with Section _, the Tenant, at its sole expense, shall deliver to the Landlord any plans or other technical material related to the design and construction of the Improvements and, at the request of the Landlord, shall remove any remaining Improvements and restore the Premises to a cleared and safe condition and at a grade approximately level with abutting land. Upon the completion of any such demolition or other site preparation work to the reasonable satisfaction of the Landlord and the payment of such Insurance Proceeds to the Landlord, the Tenant shall surrender the Premises to the Landlord in accordance with Section _ of this Lease and this Lease shall be terminated without liability or further recourse to the parties hereto, provided that any Rent, Additional rent, and other amounts payable or obligations owed by the Tenant to the Landlord as of the date of said termination shall be paid or otherwise carried out in full. ARTICLE XIII Casualty Section 1. Collection of Claims. If the Aquatic Entertainment Center or any portion thereof shall be damaged or destroyed by fire or other casualty prior to expiration of the Term, the Tenant shall proceed promptly to establish and collect all valid claims which may have arisen against insurers or others based upon any such damage or destruction. Section 2. Special Account. If the total amount of all proceeds of any such claims (hereinafter called Insurance Proceeds) and any other monies provided for the reconstruction, restoration or repair of the Improvements shall exceed Two (2) Million Dollars, the same shall be paid into an escrow account, with a single escrow agent which shall be appointed by the Approved First Mortgagee. Approved First Mortgagee shall have the right to appoint itself such escrow agent. If there shall be no such Approved First Mortgagee, such escrow agent shall be appointed jointly by the Landlord and the Tenant, both parties agreeing to use reasonable efforts to agree on such appointment. Payments form such escrow account shall conform to the 21 U:\City Attorney\HANS\2010 Documellts\4m Illvestors\GROUND LEASE WORKING DRAFT I I.l6.10.doc