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Agenda - 03-10-20; 8-k - Lease of 1000 Corporate Drive, Suites 401 and 402, Hillsborough
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Agenda - 03-10-20; 8-k - Lease of 1000 Corporate Drive, Suites 401 and 402, Hillsborough
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3/10/2020
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Agenda - 03-10-20 Business Meeting
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8 <br /> Tenant which cannot be removed without material damage to the Premises shall, at Landlord's option,be <br /> deemed a part of the Premises and shall not be removed by Tenant. <br /> 16. DESTRUCTION OF OR DAMAGE TO PREMISES. If the Premises are totally <br /> destroyed by storm, fire, lightning, earthquake or other casualty, this Lease shall terminate as of the date <br /> of such destruction and Tenant's obligation to pay rent shall terminate as of such date. Tenant shall, <br /> however, be responsible for the payment of all rent, additional rent and other charges, if any, due or <br /> owing pursuant to the terms of this Lease for any period prior to such date of termination. If the Premises <br /> are damaged but not wholly destroyed by any such casualty, rent shall abate in proportion to the extent <br /> that Tenant's effective use of the Premises has been diminished, and Landlord shall restore the Premises <br /> to substantially the same condition as before the damage occurred, in a reasonably expeditious manner, <br /> whereupon Tenant's obligation to make full payment of rental shall resume. <br /> 17. GOVERNMENTAL ORDERS. Tenant agrees, at its own expense, to comply promptly <br /> with all requirements of any legally constituted public authority made necessary by reason of Tenant's <br /> occupancy of the Premises. Landlord agrees to comply promptly with any such requirements if not made <br /> necessary by reason of Tenant's occupancy. It is mutually agreed by the parties that, if in order to comply <br /> with any such requirements,the cost to either party exceed an amount equal to one(1)year's rent,then(a) <br /> such party may elect to terminate this Lease by delivering written notice of termination to the other party <br /> as provided herein, which termination shall become effective not less than sixty (60) days after delivery <br /> of such notice, and (b) the delivery of notice of termination as provided above shall eliminate the <br /> necessity of compliance with such requirements by the party giving notice. The party who did not give <br /> notice of termination may, at any time prior to the effective date of such termination, cause the notice of <br /> termination to be canceled and this Lease to be maintained in place for the remainder of the Term by <br /> paying in full any and all such costs of compliance in excess of one(1)year's rent or securing payment of <br /> such amount in a manner reasonably satisfactory to the party giving notice. <br /> 18. CONDEMNATION. If the whole of the Premises, or such portion thereof as will make the <br /> Premises unusable for the purposes herein leased, is condemned by any legally constituted authority for <br /> any public use or purpose, then, upon either of said events, the Term shall be terminated effective as of <br /> the date on which possession of the Premises is taken by the public authority, and Tenant's obligation to <br /> pay rent shall also terminate on such date. Tenant shall, however, be responsible for the payment of all <br /> rent, additional rent and other charges, if any, due or owing pursuant to the terms of this Lease for any <br /> period prior to such date of termination. Such termination shall be without prejudice to the rights of <br /> either Landlord or Tenant to recover compensation and damages caused by condemnation from the <br /> condemnor. It is further understood and agreed that Tenant shall not have any rights in or to any award <br /> made to Landlord by the condemnor. <br /> 19. ASSIGNMENT AND SUBLETTING. Tenant shall not assign this Lease or any interest <br /> hereunder, or sublet the Premises or any part thereof, or permit the use of the Premises by any party other <br /> than Tenant, without the prior written consent of Landlord, which consent shall be given, if at all, at the <br /> sole discretion of Landlord. Landlord's consent to any assignment or sublease shall not impair this <br /> provision and all later assignments or subleases shall be made subject to the provisions of this Section. <br /> Any assignee of Tenant shall, at option of Landlord,become directly liable to Landlord for all obligations <br /> of Tenant pursuant to the terms of this Lease. No assignment of this Lease or any interest hereunder, or <br /> any sublet of the Premises or any part thereof, shall relieve Tenant of any liability to Landlord pursuant to <br /> the terms of this Lease. <br /> 20. EVENTS OF DEFAULT. The happening of any one or more of the following events during <br /> the Term(each an"Event of Default") shall constitute a breach of this Lease on the part of the Tenant: (a) <br /> Tenant fails to pay any rent, additional rent and/or other charge required to be paid by Tenant when and as <br /> 6 <br />
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