2007-09-24 Agenda - Laserfiche WebLink

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(20) days notice in writing in advance of any cancellation, or reduction in the amount of insurance. All said policies of insurance must contain a provision naming Lessor as an insured as its interest may appear and as provided for in this Lease. CONDEMNATION. 16. If the whole or a substantial part of the Premises shall be taken, other than by Lessor, for any public or quasi-public use under any statute, or by right of eminent domain, or by purchase under threat of condemnation or eminent domain, then this Lease shall automatically terminate as of the date of vesting of title in the condemning authority. If any part of the Premises shall be taken, other than by Lessor, for any public or quasi-public use under any statute or by right of eminent domain, or by purchase under threat of condemnation or eminent domain, and such part taken renders the Premises unusable for the purposes for which they are leased hereunder, then Lessee shall have the right to terminate this Lease on written notice to Lessor and said termination shall be effective as of the date of vesting of title in the condemning authority. Upon such termination of this Lease, the condemnation proceeds, other than the amount of moving expenses of Lessee which shall be the sole and exclusive property of Lessee, shall be divided into two parts. The first part shall be an amount equal to up to the Initial Renovation Costs, and the second part shall be the excess of said condemnation proceeds over the first part, if any. The amount that is the first part shall be divided between Lessor and Lessee as if this Lease had terminated as provided for in Section 13(a). The amount that is the second part shall be the sole and exclusive property of Lessor. If any part of the Premises shall be so taken and this Lease shall not terminate or be terminated under the above provisions, then all of the condemnation proceeds shall be the sole and exclusive property of Lessor and Lessor shall, at its own cost and expense, but only to the extent of the condemnation proceeds received by Lessor, restore the remaining portion of the Premises to the extent necessary to render them reasonably suitable for the purposes of Lessee. For the purposes of the Section 16, the delivery of a deed to the condemning authority, whether during such proceedings or under threat of condemnation, shall have the same effect as a taking in a condemnation proceeding. Lessor shall give Lessee reasonable written notice of any action or knowledge it has of any proposed action that could result in a taking as provided for in the Section 16. DEFAULT. 17. The following events shall be deemed to be events of default by Lessee under this Lease: (a) The failure by Lessee to make any payment of rent or any other payment required to be made by Lessee hereunder, as and when due, where such failure shall continue for a period of ten (10) days after written notice thereof from Lessor to Lessee. (b) The failure by Lessee to observe or perform any of the covenants, conditions or provisions of this Lease to be observed or performed by Lessee, other than described in Paragraph (a) above, where such failure shall continue for a period of thirty (30) days after written notice hereof from Lessor to Lessee; provided, however, that if the nature of Lessee’s default is such that more than thirty (30) days are reasonably required for its cure, then Lessee shall not be deemed to be in default if Lessee commenced such cure within said (thirty) 30-day period and thereafter diligently pursues such cure to completion. (c) (i) The making by Lessee of any general assignment, or general arrangement for the benefit of creditors; (ii) filing by or against Lessee of a petition to have Lessee adjudicated a bankrupt or a petition for reorganization or arrangement under any law relating to bankruptcy (unless, in the case of a petition filed against Lessee, the same is dismissed within ninety (90) days; (iii) the appointment of a H-5-g trustee or receiver to take possession of substantially all of Lessee’s assets located at the Premises or of September 24, 2007 H-5-e