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1997 S Purchasing - Builders Supply lease agreement
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1997 S Purchasing - Builders Supply lease agreement
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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 /> _..... . . ... . .. . . . . . . . . ... .......... . . . .......... ..( ..i.l..) . .. ..._The.._._acqui sit i .on........... by... .._._.cons t.ru � _on.. .._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 i <br /> e mprovements 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 ( 1 ) 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 ( Ill <br /> 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 of4the ways specified herein <br /> • 11 <br />
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