Orange County NC Website
15 <br />opinion of ari Independent Engineer expressed in a certificate <br />filed with Landlord, the Tennant is thereby prevented from. <br />carrying on its normal operations for a period of s:ix consecutive <br />months, ar {iii) to such extent that the; cost o,f restoration.. <br />thereof would exceed by $100,000 the Net. Proceeds of insurance <br />carried thereon pursuant to-the requirements of this Lease, tha.s, <br />Lease shall terminate at. Tenant's election by wri ten notice 'from <br />Tenant given within ninety {90) days after the date af;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 ar for <br />damage to the equipment, trade fixtures or inventory of Tenant <br />-sYiall: lie payable to Tenant <br />b. In the event that tit3.e to, or-the: temporary use <br />of, the Premises or the. leasehold estate:of~Tenan~ in t-he <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 ar lay any person, firm or corporation <br />acting-under gavernmentaZ authprity; Tenant shall be obligated to <br />continue to make the rental anel.a].l ether payments required by <br />.. ........: . . <br />this Lease. Landlord: :and Tenant will cause the :Net Proceeds <br />received. by them ,or either of tYiem 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 qr more of the fol~:owng <br />ways as shall be: directed in writing by Tenant: <br />{i) The restaraticin of he improvement loco ed, <br />an the .Fremis'es to. substantially the same condition as they <br />existed prior to the exert e of the said power of eminent; <br />domain. <br />{ii) The acquisition, by construction or <br />otherwise, by Landlord of other improvement suitable for <br />Tenant's operations on or adjacent to the improvements taken. by <br />eminent domaa:n, which 'other improvements: shall be deemed a part <br />of the Premixes acid available.€or 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 speci'fical:ly <br />descra:bed herein. and demised hereby.. <br />{ is ) Held ;in trust :n -the event that Tenant shall. <br />furnish to Landlord a certifica e of an Independent Engineer <br />acceptable to Landlord stating {`) 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) thaC <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 h`ereiri <br />11 <br />