Laserfiche WebLink
<br />r AiD -. - <br />VOL,.c;Li PkGt 4t2 <br /> <br />8.03 If this Lease is terminated as provided in this section, rent shall be paid up to the date that <br />possession is taken by the condemning authority, and the Lessor shall make an equitable refund <br />of any rent paid by the Lessee in advance. <br /> <br />8.04 Division of Award: The Lessor and the Lessee shall each be entitled to receive and retain <br />separate awards, or portions of lump sum awards, as are allocated to their respective interests in <br />the condemnation proceeding. The termination of this Lease under this Paragraph shall not affect <br />the rights of the respective parties to such awards. <br /> <br />Article 9. Damage by Casualty <br /> <br />9.01. The Lessee shall give immediate verbal notice and prompt written notice to the Lessor of <br />any damage caused to the Leased Premises by fire or other casualty. <br /> <br />9.02. In the event that any improvements on the Leased Premises are damaged or destroyed by <br />fire or other casualty covered under insurance, and the Lessee does not elect to terminate the <br />Lease, the Lessee shall proceed at its sole cost and expense to promptly and diligently rebuild and <br />repair the improvements. If the Hangar is damaged or destroyed by fire or other casualty that <br />renders more than 50% of the floor area of the Hangar unusable, then the Lessee may elect either <br />to terminate this Lease or to proceed to rebuild and repair the improvements. The Lessee shall <br />give written notice to the Lessor of this election within 60 days after the occurrence of the casualty. <br />If the Lessee elects to rebuild and repair, it shall proceed to do so with diligence and at its sole <br />cost and expense. <br /> <br />9.03. During any period of reconstruction or repair of improvements on the Leased Premises, this <br />Lease shall continue in full force and effect, except that the rental shall be abated for the length <br />of time necessary for the reconstruction or repairs in proportion to the amount of floor area of the <br />Leased Premises rendered unusable, but there shall be no abatement of any other amounts <br />payable by the Lessee under the terms of this Lease. <br /> <br />9.04. Any insurance against casualty loss which may be carried by either the Lessor or the <br />Lessee shall be under the sole control of the party carrying the insurance, and the other party shall <br />have no interest in any proceeds of this insurance. Lessor and Lessee expressly waive any cause <br />of action or right of recovery which either of them may have against the other for any loss or <br />damage to the Leased Premises or to the contents caused by fire, explosion, or other risk covered <br />by the casualty insurance. <br /> <br />Article 10. Assignment and Subletting <br /> <br />10.01. The Lessee shall not assign or sublet all or part of its interest in this Lease without the <br />advance written consent of the Lessor. Consent by the Lessor to one or more assignments or <br />sublettings shall not operate as a waiver of the Lessor's rights as to any subsequent assignments <br />or sublettings. Notwithstanding any assignment or subletting, the Lessee shall remain fully <br />responsible and liable for the payment of the rent and for compliance with all of its other <br />obligations under this Lease. <br /> <br />COSM Form 1/99 <br /> <br />6 <br />