Orange County NC Website
~5 <br />opinion of an Independent Engineer expressed in a cer ifica e <br />f:.iled with Landlord, the Tenant is thereby .prevented from. <br />ca:rryi.ng on its normal: operations for a period of six co.ns.e.cutiv.e <br />months, or .(iii} to such extent that he cost. o.f restoration. <br />thereof would exceed by $10.0, 00(? 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 i:n respect of: business interruption cir for <br />damage to the equpmeirxt, 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 />cif, 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 ta}cen under. the exercise of the power-of eminent domain <br />ley any governmental body yr by any person., firm or corporation <br />act..ng 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 />Landlorcl..in trust to b.e applied in one or more of the .following <br />ways as shall be directed in writing by Tenant: <br />(i) The rest.orat:on of the improvements located <br />on the Freznises tg substantially the wine condition. as they <br />existed.pror to the exercise of the said power of eminent <br />domain. . <br />(ii) The acquisition; by'eonstruction or <br />otherwise, by Landlord of obher 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 acid availakile f.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 specf'ieally <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 Tndependezt Engineer <br />acceptable to Landlord stating ti) that the property farming 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 tii'} that the Premises has been restored to a <br />condition substantially equivalent to :ts condition prior to .the <br />taking by such condemnatoni'proceedngs or {iii} that <br />improvements have been acquired which are suitable for Tenant's <br />operatioins at the Premises as contemplated herein: within ninety <br />days from the date of entry of a f:ina,l 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 />