Reso 2011-1749 - Laserfiche WebLink

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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 defmed) 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 Premises 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 Premises 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 Rent shall be equitably adjusted as of the date of vesting title pursuant to the proceeding to reflect the proportionate value of the Premises so taken to the whole Premises. In such event, the condemnation award shall be divided so that Landlord receives a portion of the award equal to the value of the Premises 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 Premises. All 'such rebuilding, replacing and repairing shall be carried out as an alteration in accordance with the provisions of Article XII. Section 3. Full Take. If all or any portion of the Premises shall be taken by the exercise of the right of eminent domain for governmental occupancy for a limited period, this Lease shall not terminate, and Tenant shall continue to perform and observe all of its obligations hereunder as though such taking had not occurred except only as to the extent that it may be prevented from so doing by reason of such taking. Tenant, however, shall not be excused from the payment of Rent and all other sums and charges required to be paid by Tenant under this Lease, provided that such payments shall be deferred until (i) the date Tenant receives the proceeds from such temporary taking, or (ii) one hundred eighty (180) days after the occurrence of the taking, whichever shall first occur, at which time all such deferred rent shall be due and payable. In the event of such a temporary taking, Tenant shall be entitled to receive the entire amount of any award made for such taking (whether paid by way of damages, rent or otherwise) and Landlord hereby assigns such award to Tenant unless the period of governmental occupancy extends beyond the termination of the Term of this Lease, in which case the award shall be apportioned between Landlord and Tenant as of the date of such termination and, in such apportionment, Landlord shall receive the full amount, if any, of any portion of said award which represents the cost of restoration at the termination of any such governmental occupancy. Tenant covenants that at the termination of any such governmental occupancy, it will, at its sole cost and expense, restore the building as nearly as may be reasonably possible to the condition in which the same was prior to such taking, but Tenant shall not be required to do such restoration work if on or prior to the date of such termination of governmental occupancy, the Term of this Lease shall have terminated, in which event Tenant shall not be entitled to any part of the award representing the cost of such restoration. 21 SIB