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2010-04-12 Regular City Council Agenda
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2010-04-12 Regular City Council Agenda
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without abatement or other adjustment to rent, and Tenant shall, at its cost and expense, <br />restore the Premises to the extent practical to their condition prior to the Taking. <br /> (b) In the event this Lease is not terminated pursuant to subsection (a), all <br />awards or other proceeds of the Taking shall be paid to Tenant, for application to such <br />restoration. <br /> (c) In the event this Lease is terminated pursuant to subsection (a), all awards <br />or other proceeds of the Taking shall be paid to Landlord and Tenant, a percentage to <br />each, as follows: the percentage to Landlord shall be the current fair market value of the <br />Real Property divided by the current fair market value of the Premises, and the <br />percentage to Tenant shall be 100% less the percentage to Landlord. For this purpose, <br />"current" fair market value means fair market value immediately prior to the Taking. In <br />the event of termination of this Lease as a result of a Taking which is not a total taking of <br />the Premises, the parties shall negotiate in good faith to reach an equitable agreement as <br />to the continued use of the remaining Premises under a new lease agreement or to <br />reimburse Tenant for Tenant's interest in that portion of the Premises not subject to the <br />Taking ("Tenant's Share"). If Landlord and Tenant have not reached agreement as to <br />Tenant's Share within ninety (90) days after such Taking, either party may submit such <br />question to binding arbitration by a single arbitrator in St. Louis, Missouri in accordance <br />with the rule of the American Arbitration Association. <br /> (d) In no event shall Landlord have any obligation to restore the Premises. <br /> 8. Waiver of Subrogation. <br /> (a) Landlord hereby waives any rights it may have against Tenant on account <br />of any loss or damage occasioned to the Landlord or its property arising from any risk <br />actually covered by a fire and extended coverage insurance policy underwritten through a <br />third party insurance company (thus excluding any plan or program of self-insurance) <br />maintained by Landlord; and Landlord, on behalf of any such insurance companies <br />waives any right of subrogation it may have against Tenant to the extent such waiver of <br />subrogation is available without invalidating Landlord's insurance coverage. <br /> (b) Tenant hereby waives any rights it may have against Landlord on account <br />of any loss or damage occasioned to the Tenant or its property arising from any risk <br />actually covered by an insurance policy underwritten through a third party insurance <br />company maintained by Tenant; and Tenant, on behalf of any such insurance companies <br />waives any right of subrogation it may have against Landlord to the extent such waiver of <br />subrogation is available without invalidating Tenant's insurance coverage. <br /> (c) The waiver and release of subrogation rights provided for in subsections <br />(a) and (b) above shall apply if and only to the extent insurance proceeds are in fact paid <br />to or for the account of the party waiving and releasing such rights. <br />4 <br /> <br />
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