CC WORKSESSION 03041997 - Laserfiche WebLink

Home Browse Search

7 located upon the shopping center in an amount not less than the greater of 80% of the full insurable value of the buildings or the amount sufficient to prevent Landlord from becoming a co- insurer. Landlord is also required to obtain rent loss insurance for a period of not less than six months. Landlord's insurance costs are passed through to the Tenant. 19. CONDEMNATION PROVISION (Section 17): If 25% of more of the parking area in the subject parcel or at least 25% of the rentable area of the subject parcel is taken or at least 25% of the square footage of the premises is taken, then Landlord has the option to terminate the Lease on 60 days' prior written notice to Tenant. If one -third or more of the floor area of the premises is taken, then Tenant may elect to terminate the Lease upon 10 days' prior written notice to Landlord. If all or a portion of the parking area is taken such that the remaining available parking area does not meet the governmental requirements, then Tenant may notify Landlord in writing that it intends to terminate the Lease unless Landlord makes sufficient parking available in a location reasonably accessible to the premises in order to meet the required governmental standards for the premises. Landlord has 90 days from the date of receipt of Tenant's notice to provide such substitute parking. The award for any taking shall be the sole property of Landlord. 20. PROVISIONS REGARDING WITHHOLDING, OFFSETTING OR ABATING RENTS: None 21. SUBORDINATION PROVISION (Section 21): Tenant's rights under this Lease are subordinate to any mortgage, ground lease or other security instrument hereinafter placed upon the shopping center or any part thereof; provided, however, that non - disturbance is required so long as Tenant is not in default under the Lease. 22. ESTOPPEL CERTIFICATE (Section 29R): Tenant agrees to execute estoppels upon 10 days' prior written request by Landlord. Tenant appoints Landlord as its attorney -in -fact to execute such estoppel in the event Tenant fails to do so within 10 days following receipt of Landlord's request. 23. ASSIGNMENT /SUBLEASING (Section 16): Tenant may not assign the Lease or sublet the premises without the prior written consent of Landlord, which consent may be withheld in Landlord's sole discretion. All rentals received by Tenant from any subtenants in excess of the rent payable by Tenant to Landlord under this Lease shall be payable to Landlord.