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Agenda - 09-19-2017 - 8-d - 401 Valley Forge Road Property Lease Modification – Builders FirstSource
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Agenda - 09-19-2017 - 8-d - 401 Valley Forge Road Property Lease Modification – Builders FirstSource
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Last modified
9/14/2017 4:57:38 PM
Creation date
9/15/2017 10:47:45 AM
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BOCC
Date
9/19/2017
Meeting Type
Regular Meeting
Document Type
Agenda
Agenda Item
8d
Document Relationships
2017-543 AMS - Builders FirstSource - Atlantic Group, LLC - Lease Agreement Modification
(Linked From)
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\Board of County Commissioners\Contracts and Agreements\General Contracts and Agreements\2010's\2017
2017-621 AMS - 401 Valley Forge Road Lease Modification
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\Board of County Commissioners\Contracts and Agreements\General Contracts and Agreements\2010's\2017
Minutes 09-19-2017
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\Board of County Commissioners\Minutes - Approved\2010's\2017
RES-2017-058 Resolution approving leasing property at 401 Valley Forge Rd., Hillsborough, NC, for up to ten years
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\Board of County Commissioners\Resolutions\2010-2019\2017
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16 <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 construction 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 />
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