Laserfiche WebLink
temporary repairs for the protection of the Building, or any portion thereof, pending completion <br />thereof are sometimes hereinafter referred to as the "Restoration". The Restoration shall be <br />carried on and completed in accordance with the provisions and conditions of this Section 12. 1, <br />Article 18 hereof and all Applicable Laws. All insurance monies payable on account of such <br />damage or destruction shall be paid to Tenant to complete the Restoration. Notwithstanding <br />anything to the contrary herein contained, if the insurance monies shall be insufficient to pay the <br />entire costs of the Restoration, Tenant shall pay any deficiency equal to the reasonable estimate <br />of the amount necessary to complete the Restoration less the amount of the available insurance <br />monies. Tenant's rights to said insurance monies shall survive expiration of the Term. <br />12.2 Substantial Damage. Notwithstanding the provisions of Section 12. 1, above: <br />(a) In the event of "Substantial Damage" (as herein defined and as determined <br />under paragraph of this Section) which occurs during the Term, Tenant shall have the options set <br />forth in Section 12.2. <br />(b) For purposes of this Lease, "Substantial Damage" shall mean destruction of the <br />Building or damage to the Building, or any portion or portions thereof, by fire or other casualty, <br />that is (i) of such a nature that the cost to complete the Restoration is reasonably estimated to <br />exceed 25% of the fair market value of the Building (assuming that the Building was in the <br />condition in which it is required to be maintained pursuant to this Lease) prior to the damage or <br />destruction ("Fair Market Value"), and (ii) in the reasonable good faith opinion of the Tenant, <br />the damage makes the Building unfit for Tenant's use and cannot be restored with due diligence <br />within one hundred eighty (180) days from the date of the casualty loss. Tenant will select an <br />architect/engineer reasonably acceptable to Landlord and Mortgagee, to determine within sixty <br />(60) days after the casualty loss, a reasonable estimate of the time to restore the damage and <br />whether the damage is Substantial Damage. If the architect/engineer makes a reasonable good <br />faith determination that in its opinion Substantial Damage to the Building has occurred, then <br />Tenant shall, within thirty (30) days after the architect/engineer provides notice of its <br />determination that Substantial Damage has occurred, give written notice to Landlord and <br />Mortgagee that Tenant has elected to either: <br />(i) Offer to purchase the Premises for a purchase price (the "Purchase <br />Price") equal to the sum of (i) the Termination Value, as set forth on <br />Exhibit E attached hereto and made a part hereof, (ii) all unpaid Rent and <br />any other amounts owing under this Lease as of the date of such purchase, <br />and (iii) any prepayment penalty incurred by Landlord with respect to <br />prepayment of the Mortgage pursuant to the terms thereof, or <br />(ii) Cause Restoration of the Premises so that the Premises has a value, utility, <br />and remaining useful life as nearly as reasonably practicable equal to the <br />value, utility, and remaining useful life of the Premises immediately prior <br />to the occurrence of the Substantial Damage (assuming that the Premises <br />were in the condition in which they were required to be maintained <br />pursuant to this Lease). Such Restoration will be performed in accordance <br />with plans and specifications and by a contractor reasonably acceptable to <br />Landlord and will be completed, subject to force majeure, within 24 <br />20 <br />