7.3 SR 03-01-2021 - Laserfiche WebLink

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(e) If Tenant proposes to assume and assign this Lease pursuant to the provisions of the Bankruptcy Code, the adequate assurance to be provided Landlord to assure the assignee's future performance under this Lease shall include, without limitation: (i) that assignee's use of the Premises will be in compliance with the terms of this Lease; and assurances, in form reasonably acceptable to Landlord, as to all matters identified in any applicable provision of the Bankruptcy Code. ARTICLE 12 DESTRUCTION AND RESTORATION 12.1 Restoration. Except as set forth in Section 12.2, Tenant covenants and agrees that in case of damage to or destruction of the Building occurring during the Term by fire or otherwise, Tenant shall promptly notify Landlord and Mortgagee and promptly restore, repair, replace and rebuild the Building as nearly as possible to its condition immediately prior to such damage or destruction and to the standards of first class manufacturing and warehouse buildings of then equivalent class and age in the City, using new materials, with any Tenant requested changes or alterations (subject to Article 18 hereof) or changes required by Applicable Laws. Such restoration, repairs, replacements, rebuilding, changes and alterations, including the cost of temporary repairs for the protection of the Building, or any portion thereof, pending completion thereof are sometimes hereinafter referred to as the "Restoration". The Restoration shall be carried on and completed in accordance with the provisions and conditions of this Section 12,1, Article 18 hereof and all Applicable Laws. All insurance monies payable on account of such damage or destruction shall be paid to Tenant to complete the Restoration, through a commercially reasonable escrow arrangement by which the funds will be paid and disbursed by a title insurance company. Notwithstanding anything to the contrary herein contained, if the insurance monies shall be insufficient to pay the entire costs of the Restoration, Tenant shall pay any deficiency equal to the reasonable estimate of the amount necessary to complete the Restoration less the amount of the available insurance monies, including the amount of any deductible. Tenant's rights to said insurance monies shall survive expiration of the Tenn. 12.2 Substantial Damage. Notwithstanding the provisions of Section 12.1, above: (a) In the event of "Substantial Damage" (as herein defined and as determined under paragraph of this Section) which occurs during the Term, Tenant shall have the options set forth in Section 12.2. (b) For purposes of this Lease, "Substantial Damage" shall mean destruction of the Building or damage to the Building, or any portion or portions thereof, by fire or other casualty, that is (i) of such a nature that the cost to complete the Restoration is reasonably estimated to exceed 25% of the fair market value of the Building (assuming that the Building was in the condition in which it is required to be maintained pursuant to this Lease) prior to the damage or destruction ("Fair Market Value"), and (ii) in the reasonable good faith opinion of the Tenant, the damage makes the Building unfit for Tenant's use and cannot be restored with due diligence within one hundred eighty (180) days from the date of the casualty loss. Tenant will select an 20