Res 1997-185 - Laserfiche WebLink

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14.4 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 minimum 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. ARTICLE XV. CONDEMNATION 15.1 If more than thirty (30) percent of the 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. 15.2 If less than thirty (30) percent of the floor area of the Demised Premises should be taken as aforesaid, this lease shall not terminate; however, the minimum guaranteed rental (but not percentage rental) 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 or, if an Exhibit 8 is attached hereto, all necessary repairs or alterations within the scope of landlord's Work as described in Exhibit B, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole. 15.3 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 shall be less than seventy 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 thirty days after the date physical possession is taken by the condemning authority. 15.4 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 are made to Tenant. ARTICLE XVI. ASSIGNMENT AND SUBLETTING 16.1 Tenant shall not assign or in any manner transfer this iease or any estate or interest therein, or sublet the Demised Premises or any part thereof, or grant any license, concession or other right of occupancy of any portion of the Demised Premises without the prior written consent of landlord. Consent by the landlord to one or more assignments or sublettings shall not operate as a waiver of landlord's rights as to any subsequent assignments and sublettings. 16.2 If Tenant is a corporation and if at any time during the primary term of this lease or any renewal or extension thereof, the person or persons who own a majority of either the outstanding voting shares or all outstanding shares of capital stock of Tenant at the time of the execution of this lease cease to own a majority of such shares (except as the result of transfers by devise or descent), the loss of a majority of such shares shall be deemed an assignment of this lease by Tenant and therefore subject in all respects to the provisions of Section 16.1 above. The previous sentence shall not apply, however, if at the time of the execution of this lease the outstanding voting shares of capital stock of Tenant are listed on a recognized security exchange or over-the-counter market. INITIAL 16 InslRflJa Nela¡i Group. ¡lIC, .- II ~ «