COMPLIANCE INFO_2021 - Laserfiche WebLink

Home Browse Search

and Tenants shall cooperate in order to obtain the largest possible insurance award lawfully obtainable and shall execute any and all consents and other instruments and take all other actions necessary or desirable in order to effectuate same and to cause such proceeds to be paid as hereinbefore provided. The proceeds of any such insurance in the case of loss shall, to the extent necessary, be used first for the Restoration Work (including if completed by Landlord or a third party after any substitution of the Demised Property pursuant to Article 31) with the balance, if any, paid to Tenants (provided, however, that if an Event of Default is continuing, the balance, if any, shall be paid to Landlord). If insurance proceeds as a result of a casualty to the Demised Property are insufficient to complete the Restoration Work necessary by reason of such casualty, then Tenants shall be responsible for the payment of such amounts necessary to complete such Restoration Work. Section 11.03 Subject to the terms hereof, this Lease shall not be affected in any manner by reason of the total or partial destruction to the Demised Property or any part thereof, and Tenants, notwithstanding any applicable Law, present or future, waives all rights to quit or surrender the Demised Property or any portion thereof because of the total or partial destruction of the Demised Property (prior to the expiration of this Lease). Without limiting the foregoing, no Rent shall abate as a result of any casualty. ARTICLE 12 EMINENT DOMAIN Section 12.01 Landlord and Tenants hereby agree that in no event shall any taking of the Demised Property for any public or quasi-public use under any statute or by right of eminent domain, or by purchase in lieu thereof, in any way relieve Tenants of any obligations under this Lease (as to the Demised Property or otherwise), except as explicitly provided in this Article. Section 12.02 If any portion of the Demised Property, or existing access to or from the Demised Property, is taken for any public or quasi-public use under any statute or by right of eminent domain, or by purchase in lieu thereof, and such taking, in Landlord's reasonable determination (a) reduces the value of the Demised Property by twenty-five (25%) or more, or (b)prevents, and would prevent after reasonable repair and reconstruction efforts by Tenants, use of the Demised Property for its then current permitted use under applicable zoning or other use regulations (including with respect to required parking and access), then this Lease shall terminate as to the Demised Property (but not any other Demised Property) as of the date that title to the Demised Property, or portion thereof, actually transfers to the applicable authority. Section 12.03 Tenants agree that Landlord has the right in its sole discretion, and at Tenants' sole cost and expense, to oppose any proposed taking regarding the Demised Property. The parties hereto agree to cooperate in applying for and in prosecuting any claim for any taking regarding the Demised Property and further agree that the aggregate net award shall be distributed as follows: (a) Landlord shall be entitled to the entire award for the condemned Demised Property; and 16