Orange County NC Website
Browse       Search
15 <br /> 7 . Damage, Destruction and Condemnation. <br /> a. If any structure located on the Premises is <br /> destroyed (in whole or in part) or is damaged by fire or other <br /> casualty to such extent that the claim for loss, under the <br /> insurance policies required to be carried by this Lease, <br /> resulting from such destruction or damage is not greater than <br /> $100, 000, Tenant (i) will promptly repair, rebuild or restore the <br /> property damaged or destroyed to substantially the same condition <br /> as it existed prior to the event causing such damage or <br /> destruction, with such changes, alterations and modifications <br /> (including the substitution and addition of other property) as <br /> may be desired by Tenant and as will not impair operating unity <br /> or productive capacity or the character of the Premises as a <br /> manufacturing plant, and (ii) will apply for such purpose so much <br /> as may be necessary of any Net Proceeds of insurance resulting <br /> from such claims for losses, as well as any additional moneys of <br /> Tenant necessary therefor. All Net Proceeds of insurance <br /> resulting from such claims for losses not in excess of $100 , 000 <br /> shall be paid to Tenant. <br /> If the Premises is destroyed (in whole or in part.) or is <br /> damaged by fire or other casualty to such extent that the claim <br /> for loss under the insurance policies required to be carried by <br /> this Lease hereof resulting from such destruction or damage is in <br /> excess of $100, 000, Tenant shall promptly give written notice <br /> thereof to Landlord. All Net Proceeds of insurance resulting_ <br /> from such claims for losses in excess of $100, 000 shall be <br /> received by Tenant, in trust, and applied by Tenant promptly to <br /> repair, rebuild or restore the portion of the Premises damaged or <br /> destroyed to substantially the same condition as it existed prior <br /> to the event causing such damage or destruction, with such <br /> changes, alterations and modifications (including the <br /> substitution and addition of other property) as may be desired by <br /> Tenant and as will not impair operating unity or productive <br /> capacity or the character of the Premises as a manufacturing <br /> plant . In the event said Net Proceeds are not sufficient to pay <br /> in full the costs of such repair, rebuilding or .restoration, <br /> Tenant will nonetheless complete the work thereof and will pay <br /> that portion of the costs thereof in excess of the amount of said <br /> Net Proceeds . Any balance of such Net Proceeds remaining after <br /> payment of all the costs of such repair, rebuilding or <br /> restoration, upon concurrence of Landlord, that repair, <br /> rebuilding or restoration complies with the requirements of this <br /> paragraph, are released from the trust created here and shall be <br /> paid to Tenant, except rent loss insurance proceeds which shall <br /> be payable to Landlord. <br /> If the structures on the Premises shall have been damaged or <br /> destroyed (i) to such extent that, in the opinion of an <br /> Independent Engineer expressed in a certificate filed with <br /> Landlord, it cannot be reasonably restored within a period of six <br /> consecutive months to the condition thereof immediately preceding <br /> such damage or destruction, or (ii) to such extent that, in the <br /> 10 <br />