Res 1986-069 - Laserfiche WebLink

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-5- and expense to reouild and repair the premises. If the premlses shall be damaged or destroyed by fire or other casualty so as to render untenantable more than 50 percent of the floor area of the entire building, the City may elect either to terminate this Lease or to proceed to rebuild ana repair the leased premises. The City shall give written notice to C.A.D. of its election within 60 days after the occurrence of the casualty and, if it elects to reouild and repair, shall proceed to do so with reasonable diligence and at its sole cost and expense. 9.3 The City's obligation to rebuild and repair under this Article shall be limited to restoring the damaged portion of the premises to sUbstantially the condition in which they were found the commencement of this Lease as modified by ordinary wear and tear. C.A.D. agrees that, promptly after completlon of such work oy the City, it will proceed with reasonable diligence and at its sole cost ana expense to rebuild, repair and restore its signs, fixtures, equipment and any other work necessary to open the premises for business. 9.4 During any period of reconstruction or repair of the premises, this Lease shall continue in full force and effect except that the rent shall be abated for the length of time necessary for the reconstruction or repair in proportion to the amount of floor area of the premises rendered unusable, but there shall be no aoatement of any other amounts payaole by C.A.D. 9.5 Any insurance against casualty loss which may be carried by either party for its benefit shall be under the sole control of the party carrying the insurance and the other party shall have no interest in any such proceeds of the other's insurance except as provided in Article XIII. Both parties expressly waive any cause of action or right of recovery which either of them may have against the other for any loss or damage to the premises or to contents belonging to either contained in the premises caused by fire, explosion, or other risk covered by the Texas standard form of fire and extended coverage policy.