Orange County NC Website
Browse       Search
11 <br /> <br />own expense cause such damage to be repaired, and the minimum annual rent meanwhile <br />shall be abated in whole, except that if at the time of such total destruction there shall be <br />twenty-four months or less remaining of the term of this lease within sixty (60) days after <br />said occurrence, either Tenant or Landlord at his option may give written notice that it has <br />elected not to reconstruct the destroyed premises in which event this lease and the tenancy <br />hereby created shall cease as of the date of said occurrence, the minimum rental and the <br />percentage rental to be adjusted as of such date. Unless the parties shall otherwise <br />agreeing writing, Landlord shall have no interest in the proceeds of any insurance carried by <br />Tenant on Tenant's interest in its lease and Tenant shall have no interest in the proceeds of <br />any insurance carried by Landlord. <br /> <br />12. EMINENT DOMAIN If the whole or any substantial part of the entire project shall be <br />taken by eminent domain or in any manner for public use, the Landlord may at its option <br />terminate this lease and the estate hereby granted by giving written notice of such <br />termination to Tenant and upon the giving of such written notice by Landlord the estate <br />hereby granted and all rights of Tenant hereunder shall expire as of the earlier of the date <br />when title to or the right to possession of the entire project or a substantial part thereof <br />shall vest in or be taken by public authority as aforesaid and any rent paid for any period <br />beyond said date shall be repaid to Tenant. Tenant shall not be entitled to any part of any <br />award or payment which may be paid to Landlord or made for Landlord's benefit in <br />connection with such public use and Tenant shall have no claim or rights as against Landlord <br />for the value of any unexpired term of this lease. However, the widening of any street <br />abutting the entire project shall not affect this lease, provided that no part of any building is <br />taken. <br /> <br />13. ASSIGNMENT AND SUBLETTING Tenant shall not assign or sublet any part of the Demised <br />Premises without the prior written consent of the Landlord. The consent of Landlord to any <br />assignment or subletting or other act of Landlord, however, shall not constitute a waiver of <br />the necessity for such consent to any subsequent assignment or subletting; in all events, the <br />Tenant shall remain fully liable and shall not be released from performing any of the terms <br />of this lease. Tenant shall, with respect to each such request for the consent of Landlord to <br />a proposed assignment or sublet, reimburse Landlord for its attorneys’ fees incurred in <br />connection with the review, modification, or revision of any documentation with the <br />preparation, review, modification, or revision of any documentation and consultations <br />regarding same, and in an amount equal to the greater of the actual fees incurred or <br />$500.00. <br /> <br />14. QUIET ENJOYMENT Landlord covenants that, subject to compliance with all terms and <br />obligations herein imposed upon the Tenant, the Tenant shall hold and enjoy the Demised <br />Premises during the term of this lease free from the adverse claims of any and all persons. <br /> <br />15. HOLDING OVER If the Tenant remains in possession after the expiration of the term or <br />any extension hereof (without the execution of a new lease) the Tenant shall not thereby <br />acquire any right, title or interest in or to the leased premises, and shall be a tenant by <br />Docusign Envelope ID: 1D68F173-6B6F-4424-9E87-2885D9C25A5C