Reso 2010-1658 - Laserfiche WebLink

Home Browse Search

requirements of this Article and, in the event of restoration, shall be made on a progress payment basis against vouchers certified by a registered architect selected by the Tenant and supervising the work of restoration and shall be subject to reasonable retainage and (provided the same do not contravene the provisions of this Lease) made in accordance with usual and reasonable disbursement requirements of the Approved First Mortgagee. Section 3. Restoration. Unless otherwise determined in accordance with this Lease, Tenant shall fully repair and reconstruct the Improvement to it's condition at the time of such damage or destruction and the Insurance Proceeds and any other funds so collected shall be used and expended by the Tenant for such purpose. Any deficiency shall be paid to the Tenant. Tenant's obligation hereunder shall not be affected by the unavailability or insufficiency of Insurance Proceeds. Any excess proceeds after such repair or reconstruction has been fully completed shall be retained by the Tenant, subject to the rights of the Landlord to require that such excess be applied to the extent necessary to pay any outstanding Rent, Additional Rent, and other amounts owed by the Tenant to the Landlord pursuant to this Lease. ARTICLE XIV Condemnation Section 1. Condemnation of Property. If during the Term either the entire Land shall be taken as a result of the exercise of the power of eminent domain, or a portion of the Land shall be so taken such that the remaining portion cannot be practicably repaired, rebuilt or restored to an economically useful unit as it was immediately prior to the taking, this Lease shall terminate and all right, title and interest of Tenant hereunder shall cease and come to an end on the date of vesting of title pursuant to such eminent domain proceeding, and all rental and other sums payable by Tenant hereunder shall be prorated to the date of such vesting. In such event, the condemnation award shall be divided so that Tenant receives a portion of the award equal to the value of the Leasehold Estate (as hereinafter defined) as of the time of the taking, and Landlord receives the balance, if any, of the award. "Leasehold Estate" shall mean all of the estate, rights and interest of Tenant in and to the Land and any other rights of Tenant, in each case arising under or growing out of this Lease. Section 2. Partial Take. If during the Term there is a taking by exercise of the power of eminent domain of less than the entire Land and the remaining portion can be practicably repaired, rebuilt and restored to an economically useful unit as it was immediately prior to the taking, the Lease shall remain in full force and effect but the Basic Rent shall be equitably adjusted as of the date of vesting title pursuant to the proceeding to reflect the proportionate value of the Land so taken to the whole Land. In such event, the condemnation award shall be divided so that Landlord receives a portion of the award equal to the value of the Land so taken as of the time of, the taking, and Tenant receives the balance of the award, whereupon, at its sole cost and expense, Tenant shall proceed diligently to rebuild, replace and repair the Improvements as near as legally and structurally practicable to their former condition or construct new improvements on the Land. All such rebuilding, replacing and repairing shall be carried out as an alteration in accordance with the provisions of Article VII. 22 U:\City Attorney\HANS\20 I 0 Documents\4m Investors\GROUND LEASE WORKING DRAFT 11.16.1 O.doc