Agenda - 01-24-2012 - 5m - Laserfiche WebLink

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20 (a) Subject to the provision of Section 26 (b) below, if the Demised Premises shall be partially damaged by any casualty covered by Landlord's insurance policy, Landlord shall repair the same to'their condition at the time of the occurrence of the damage and the Minimum Rent shall be abated proportionately as to that portion of the Demised Premises rendered untenantable. Provided, however, Landlord shall not be obligated to commence such repair until insurance proceeds sufficient to pay for such cost of repair are received by Landlord. Following February 2012, Landlord's obligation hereunder shall be limited to the application of the proceeds actually received by Landlord under its insurance policy and/or which are not required to be applied toward the reduction of any indebtedness secured by a mortgage covering the Shopping Center and any portion thereof. (b) If the Demised Premises (i) are rendered wholly untenantable; or (ii) should be damaged to the extent of fifty percent (50%) or more of the then monetary value thereof as a result of the risk which is not covered by Landlord's insurance; or (iii) Deleted, or {iv) the building of which it is a part should be damaged to the extent of fifty percent (50%) or more of the then monetary value thereof, or (v) Deleted, or (vi) any or all of the buildings or Common Areas of the Shopping Center are damaged to such an extent that the Shopping Center cannot in the sole judgment of Landlord be operated as an integral unit, then or in any of such events, Landlord may elect either to repair the damage or terminate this Lease by notice of termination within one hundred eighty (180) days after such event and thereupon this Lease shall expire, and Tenant shall vacate and sun-ender the Demised Premises to Landlord. Tenant's liability for rent and all other charges and/or monies due, subject to the provisions of .this Section, shall continue until the date of termination of this Lease. Notwithstanding, anything in this Section 26 to the contrary, if Landlord should elect to terminate the Lease, Landlord shall provide written notice thereof to County. County shall have the option exercisable within thirty (30) days thereafter to exercise its option to purchase the subject Shopping Center in which event, County shall purchase Shopping. Center in accordance .with ..Purchase Option attached hereto,. and Landlord shall assign to County all of its insurance proceeds (but not loss of rent insurance} received by Landlord as a result of such casualty or if, in the County's opinion the Shopping Center is not worth the cost pursuant to the Purchase Option less insurance proceeds, County shall tender to .Landlord an offer to purchase the Shopping Center at such value as the County feels appropriate. Landlord shall not be bound to accept such lesser offer, but shall agree to negotiate in good faith. Should Landlord and County not agree on a purchase price within ten (10) days of the date such offer is tendered to Landlord, but in no event longer than forty-five (45) days from the date upon which Landlord elected to terminate the Lease, this Lease shall be terminated and the County shall have no further Purchase Option. (c) In the event Landlord elects to repair the damage insurable under Landlord's policies, any abatement of rent shall end five (5) days after.notice by Landlord to County that (other than County's Work) the Demised Premises have been fully repaired and Landlord has received final inspection of Landlord's work. If the damage is caused by the actions or negligence of County or its employees, agents, invitees, or concessionaires, there shall- be no abatement of rent. Unless this Lease is terminated by Landlord, and only if the damage is insured by County's insurance policies, then County shall repair and re-fixture the interior of the Demised Premises in a manner and at feast at a condition equal to that 17 County of Orange, in 1~Iortb Carolina - Hillsborough Commons 07/02/08 iTTITi AT C LORD / ~~~~~' ~