Orange County NC Website
13 <br />opinion of an Independent Engineer expressed in a certificate <br />filed with Landlord, the Tenant is thereby prevented from <br />carrying on its normal operations for a period of six consecutive <br />months, or (iii) to such extent that the cost of restoration <br />thereof would exceed by $100,000 the Net Proceeds of insurance <br />carried thereon pursuant to the requirements of this Lease, this. <br />Lease shall terminate at Tenant's election by written notice from <br />Tenant given within ninety (90) days after the date of the <br />casualty, and if Tenant so terminates, then the proceeds of such <br />insurance shall be paid to Landlord; provided, any insurance <br />proceeds payable in respect of business interruption or for <br />damage to the equipment, trade fixtures or inventory of Tenant <br />shall be payable to Tenant. <br />b. In the event that title to, or the temporary use <br />of, the Premises or the leasehold estate of Tenant in the <br />Premises created by this Lease or any part of either thereof <br />shall be taken under the exercise of the power of eminent domain <br />by any governmental body or by any person, firm or corporation <br />acting under governmental authority, Tenant shall be obligated to <br />continue to make the rental and all other payments required by <br />this Lease. Landlord and Tenant will cause the Net Proceeds <br />received by them or either of them from any award made in such <br />eminent domain proceedings, to be paid to Landlord to be held by <br />Landlord in trust to be applied in one or more of the following <br />ways as shall be directed in writing by Tenant: <br />(i) The restoration of the improvements located <br />on the Premises to substantially the same condition as they <br />existed prior to the exercise of the said power of eminent <br />domain. <br />_.... ....... .. ..... _..._ ._ . - (ii) The acquisition ........ by....__c..ons.t_ruG_tion_.._or .__.._... _ .............. .... <br />otherwise, by Landlord of other improvements suitable for <br />Tenant's operations on or adjacent to the improvements taken by <br />eminent domain, which other improvements shall be deemed a part <br />of the Premises and available for use and occupancy by Tenant <br />without the payment of any rent other than as herein provided to <br />the same extent as if such other improvements were specifically <br />described herein and demised hereby. <br />(iii) Held in trust in the event that Tenant shall <br />furnish to- Landlord a certificate of an Independent Engineer <br />acceptable to Landlord stating (i) that the property forming a <br />part of the Premises that was taken by such condemnation <br />proceedings is not essential to Tenant's use or occupancy of the <br />Premises, or (ii) that the Premises has been restored to a <br />condition substantially equivalent to its condition prior to the <br />taking by such condemnation_ proceedings or (iii) that <br />improvements have been acquired which are suitable for Tenant's <br />operations at the Premises as contemplated herein. Within ninety <br />days from the date of entry of a final order in any eminent <br />domain proceedings granting condemnation, Tenant shall direct <br />Landlord in writing as to which of the ways specified herein <br />11 <br />