8.1. SR 03-21-2016 - Laserfiche WebLink

Home Browse Search

months from the date of the damage, or 6 months prior to expiration of the Term, whichever is earlier. If Restoration may not reasonably be expected to be completed within such time frame, Tenant may not elect this option. (c) If Tenant fails to make an election under Section 12.2(b) in the manner set forth above, such failure shall be deemed Tenant's election to restore the Premises pursuant to Section 122(b)(ii). If Tenant elects to offer to purchase the Premises for the Purchase Price pursuant to Section 122(b)(i) above, then Landlord may accept such offer or reject such offer (with Mortgagee's prior written approval). Landlord shall exercise this right, if at all, within ninety (90) days from the date Landlord receives notice of Tenant's election to purchase. If Landlord rejects Tenant's offer, Tenant may, within thirty (30) days after Landlord rejects the offer, elect the option set forth in Section 12.2(b)(ii) above and in such case Tenant's offer to purchase the Premises for the Purchase Price shall be deemed withdrawn and of no further force and effect. If Tenant does not elect the option set forth in Section 12.2(b)(ii) within such thirty (30) -day period, then this Lease shall terminate on the first day of the next month which is at least thirty (30) days after Landlord rejects the offer and Tenant shall vacate the Premises, and return it in the condition required by the Lease, subject to the casualty, by said date. If Landlord rejects Tenant's offer to purchase pursuant to this Section 12.2(c), and Tenant elects to terminate this Lease pursuant to this Section 12.2(c), then, notwithstanding any provision of this Lease to the contrary, all insurance proceeds payable (by carrier or through self insurance) due to the Substantial Damage shall be paid to Mortgagee and Landlord, in that order. If this Lease is so terminated, Tenant shall pay to Landlord all Rent due as of the date that the termination is effective, plus any prepayment penalty incurred by Landlord with respect to prepayment of the Mortgage pursuant to the terms thereof. If Tenant's offer to purchase is accepted, closing will be on a date selected by Landlord no less than thirty (30) days or more than sixty (60) days from Landlord's acceptance. The purchase by Tenant shall be closed in accordance with the purchase procedure set forth in Article 21. Notwithstanding the foregoing, no rejection of Tenant's offer (or deemed offer) to purchase the Premises shall be effective unless such offer shall also be rejected by Mortgagee. If Landlord has not rejected or accepted Tenant's offer by the eightieth (80th) day after Tenant's offer, Tenant may submit a second notice to Landlord and Mortgagee specifying, in bold face, that Landlord's silence at the end of the ninety (90) day period shall be deemed to be acceptance of Tenant's offer. 12.3 Abatement of Rent. Rent for the portion of the Premises rendered untenantable by casualty shall be abated on a reasonable basis from the date of casualty until the completion of the Restoration, but only to the extent that, and for the period that Landlord is paid an amount equal to the Monthly Rent and Additional Rent otherwise payable hereunder by Tenant's "Loss of Rents Insurance" maintained as provided in Section 6.5 above. If any portion of the Monthly Rent or Additional Rent required by the terms of this Lease is not paid by such Loss of Rents Insurance, then Tenant will remain liable and obligated to make such payments to Landlord, notwithstanding the damage, destruction or construction of the Restoration. 12.4 Negotiations. In the event of casualty, damage or destruction to the Premises during the Term, Landlord and its Mortgagee shall control all negotiations with such insurance carrier at Landlord's sole cost and expense; provided, however, that Tenant may participate in all such negotiations, including being present at all meetings and participating in any conference calls. The parties will keep each other fully advised from time to time, and upon such party's 21