RES 108 Draft 01 2012-2014 - Laserfiche WebLink

Home

20. Surrender. The Tenant shall,at the end of the term of this lease or earlier termination thereof, peaceably and quietly vacate and deliver up to Landlord the possession of the premises, together with all additions and alterations made by Tenant,unless Landlord requires removal of the same in good order,condition and repair,reasonable wear and tear excepted. Tenant may remove all moveable trade fixtures(if installed by Tenant)on the condition that Tenant shall repair any damage to the premises resulting from the removal of said fixtures. Any property of the Tenant remaining on the premises after the termination of the lease may be disposed of by the Landlord in any manner it sees fit,without any liability whatsoever to the Landlord. The proceeds of such disposition,if any, shall be the sole property of the Landlord. 21. Condemnation. a. Automatic Termination of Lease. Except as may otherwise be required by any mortgage on the property,if the whole of the 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 possession is taken by such public authority,and all rent shall be paid up to that date. If only a part of the premises shall be taken under eminent domain,this lease shall terminate as to the portion taken,and unless this lease shall be terminated as hereinafter provided, it shall continue in full force and effect as to the remainder of the premises,and the base rent shall be reduced in the proportion the floor area taken bears to the total floor area leased,and the Tenant,at its own cost and expense, shall make all necessary repairs and alterations to the premises required by such taking. b. Option to Cancel. If the remainder of the premises cannot be made tenantable for the purposes for which the Tenant has been using the premises,the Tenant shall have the option,to be exercised within thirty(30)days after the filing of such eminent domain action,of canceling this lease effective as of the date the condemning authority shall take possession;provided,however,that if more than fifty percent(50%)of the floor area of the premises shall be taken under power of eminent domain,either party,by written notice to the other party,delivered on or before the date of surrendering possession to the public authority,may terminate this lease,effective as of such surrender of possession.All compensation and damages of any type awarded for any taking,whole or partial, shall belong to and is the property of the Landlord,except as hereinafter provided. 22. Destruction of Premises. If the premises are partially or totally damaged or destroyed by fire or other casualty so as to become partially or totally untenantable,such damage or destruction, insofar as the same pertains to the building itself,exclusive of any damage to Tenant's fixtures,furniture or other property, shall be repaired or rebuilt at the discretion of the Landlord. Landlord shall advise Tenant within sixty(60)days after the casualty whether it intends to rebuild or repair. If the Landlord elects not to repair or rebuild,this lease shall terminate without further notice and the obligations of either party shall cease. No rent shall be payable from the date such casualty occurs until the repair or rebuilding shall be completed, 5