Res 2007-159 - Laserfiche WebLink

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Tenant agrees that during any period of reconstruction or repair of the Demised Premises it will continue the operation of its business within the Demised Premises to the extent practicable. During the period from the occurrence of the casualty until Landlord's repairs are completed, the guaranteed rental shall be reduced to such extent as may be fair and reasonable under the circumstances; however, there shall be no abatement of the percentage rental and other charges provided for herein. No damage or destruction to the Demised Premises shall allow Tenant to surrender possession of the Demised Premises or affect Tenant's liability for the payment of rent or any other covenant herein contained, except as may be specifically provided in this Lease. Landlord shall not be obligated to commence any repair, restoration or rebuilding until insurance proceeds are received by Landlord, and Landlord's obligations hereunder shall be limited to the proceeds received by Landlord under its insurance policy. ARTICLE XV. Section 15.1. Condemnation. If more than twenty-five percent (25%) ofthe floor area of the Demised Premises should be taken for any public or quasi-public use under any governmental law, ordinance or regulation or by right of eminent domain or by private purchase in lieu thereof, this lease shall terminate and the rent shall be abated during the unexpired portion of this Lease, effective on the date physical possession is taken by the condemning authority. Ifless than twenty-five percent (25%) ofthe floor area of the Demised Promises should be taken as aforesaid, this Lease shall not terminate; however, the guaranteed rental (but not percentage rental) or any other changes provided for herein payable hereunder during the unexpired portion of this Lease shall be reduced in proportion to the area taken, effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises in accordance with the requirements of Landlord's initial construction work hereunder as described in Exhibit "C" in order to make the remaining portions of the Demised Premises an architectural whole. Whether or not any portion of the Demised Premises should be taken as aforesaid, Landlord shall have the election to terminate this Lease or to continue this Lease in effect in the event that buildings containing twenty-five percent (25%) or more of the floor area of the Shopping Center should be taken as aforesaid. Section 15.2. Taking of Common Area. If any part of the Common Area should be taken as aforesaid, this Lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate this Lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Shopping Center within ninety (90) days after the date of any such taking shall be less than seventy (70) percent of the area of the Common Area immediately prior to the taking. Any election to terminate this Lease in accordance with this provision shall be evidenced by written notice of termination delivered to the other party within forty-five (45) days after the date physical possession is taken by the condemning authority. Section 15.3. Compensation, All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) of the Demised Premises or Common Area shall be the property of Landlord, and Tenant hereby assigns its interest in any such award to Landlord; provided, however, Landlord shall have no interest in any award made to Tenant for Tenant's moving and relocation expenses or for the loss of Tenant's fixtures and other tangible personal property if a separate award for such items is made to Tenant. INlTIALS.i'Yl~