Res 1996-201 - Laserfiche WebLink

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IOS-p. Leased Premises by fire or other casualty"; 11.2 In the event that the Leased Premises shall be damaged or destroyed by fire or other casualty insurable under standard fire and extended coverage insurance and Lessor does not elect to terminate the Lease as provided, Lessor shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Leased Premises. If the Leased Premises 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 in which the Leased Premises are located, then Lessor may elect either to terminate this Lease or to proceed to rebuild and repair the Leased Premises. Lessor shall give written notice to Lessee of such election within 60 days after the occurrence of such casualty and, if it elects to rebuild and repair, shall proceed to do so with reasonable diligence and at its sole cost and expense. 11.3 Lessor's obligation to rebuild and repair under this Article shall be limited to restoring the damaged portion of the Leased Premises to substantially the condition as it was at the time of Lessor's tender of possession to Lessee, as modified by ordinary wear and tear preceding such damage or destruction. Lessee agrees that, promptly after completion of such work by Lessor, it will proceed with reasonable diligence and at its sole cost and expense to rebuild, repair and restore its signs, fixtures, equipment and any other work necessary to open the Leased Premises for business. " 11.4 During any period of reconstruction or repair of 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 abatement of any other amounts payable by Lessee under the terms hereof. -- 11.5 Any insurance against casualty loss which may be carried by either Lessor or Lessee shall be under the sole control of th~ party carrying such insurance and the other party shall have no interest in any proceeds of such insurance. Lessor and Lessee expressly waive any cause of action or right to recovery which either of them may have against the other for any loss or damage to the Leased Premises or to the contents belonging to either contained in said premises caused by fire, explosion, or other risk covered by the Texas standard form of fire and extended coverage policy. ARTICLE XII Assignment and Subletting 12.1 Lessee shall not assign or in any manner transfer this Lease of any estate or interest or sublet the Leased Premises or any part thereof without the prior written consent of Lessor. Consent by Lessor to one or more assignments or sublettings shall not operate as a waiver of Lessor's rights as to any subsequent assignments and sublettings. Notwithstanding any assignment or subletting, Lessee shall at all times remain fully responsible and liable for the payment of the rent herein specified and for compliance with all of the obligations under this Lease. 12.2 In the event of the transfer and assignment by Lessor of its interest in this Lease and in the building containing the Leased Premises to a person, firm or corporation, assuming Lessor's obligations, the Lessee agrees to look solely to the successor -- in interest of Lessor. Any security given by Lessee to secure the performance of its obligations may be assigned and transferred by Lessor to the successor in interest of Lessor and Lessor shall be discharged of any further obligation.