Res 2007-099 - Laserfiche WebLink

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