Reso 2011-1749 - Laserfiche WebLink

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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 reasonable time but no more than one (1) year 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 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 6. Section 6. Allocation of Proceeds. If such casualty occurs and the Tenant elects to terminate the Lease in accordance with Section 5, 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 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 mediation under Florida Law. In determining the value of the Tenant's interest in the Improvements, the parties or the mediators, 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 mediators, 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 after depreciation 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, 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 option of the Landlord, shall either (i) remove any remaining Improvements and restore the 19 S'j p