09-22-1993 Additions - Laserfiche WebLink

Home Browse Search

ARTICLE IX DAMAGE BY FIRE OR OTHER CASUALTY Section 1. In case the building in which the leased premises are situated shall be partially destroyed by fire or other casualty insurable under standard fire and extended coverage insurance so as to be partially or totally untenantable, the same shall be repaired as speedily as possible at the expense of Landlord, unless Landlord shall elect not to rebuild, as hereinafter provided, and a just and proportionate part of the rent shall be abated until so repaired based upon the time and to the extent the leased premises are untenantable. ARTICLE X EMINENT DOMAIN Section 1. If the whole of the leased premises shall be taken by any public authority under the power of eminent domain, then the term of this lease shall cease as of the day of possession shall be taken by such public authority, and the rent shall be paid up to that date with a proportionate refund by Landlord of such rent as shall have been paid in advance. In the event more than ten percent (10 %) in area of the land herein described be so taken, the Landlord shall have the right to terminate this lease at the time and with the rent adjustment as this Section 1 provides, by giving Tenant written notice of termination within thirty (30) days after the taking of possession by such public authority. Section 2. If any of the floor area of the leased premises or forty percent (40 %) of the parking area shall be so taken, the Tenant shall have the right either to terminate this lease, or, subject to Landlord's right of termination as set forth in Section 1 of this Article, to continue in possession of the remainder of the leased premises upon notice in writing to Landlord of Tenant's intention within ten (10) days after such taking of possession. In the event Tenant elects to remain in possession, and Landlord does not so terminate, all of the terms herein provided shall continue in effect except that the rent shall be proportionately and equitably abated, and Landlord shall make all necessary repairs or alterations to the basic building, storefront and interior work. Section 3. All damages awarded for such taking under the power of eminent domain, whether for the whole or a part of the leased premises, shall be the property of Landlord, whether such damages shall be awarded as compensation for diminution in value of the leasehold or to the fee of the leased premises; provided, however, that the Landlord shall not be entitled to the award made to Tenant for loss of business, depreciation to and cost of removal of stock and fixtures. ARTICLE XI ASSIGNMENT AND SUBLETTING Section 1. Tenant shall not assign or in any manner transfer this lease or any interest therein, nor sublet said leased premises or any part or parts thereof, nor permit occupancy by sadollIwp\wkpleas.2 12 Page 23