Reso 2011-1735 - Laserfiche WebLink

Home Browse Search

the Landlord and the payment of such Insurance Proceeds to the Landlord, the Tenant shall surrender the Premises to the Landlord in accordance with Article XVI of this Lease and this Lease shall be terminated without liability or further recourse to the parties hereto, provided that any 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 Improvements 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 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 Improvements to its 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, 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 19