7.3 SR 03-01-2021 - Laserfiche WebLink

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architect/engineer reasonably acceptable to Landlord and Mortgagee, to determine within sixty (60) days after the casualty loss, a reasonable estimate of the time to restore the damage and whether the damage is Substantial Damage. If the architect/engineer makes a reasonable good faith determination that in its opinion Substantial Damage to the Building has occurred, then Tenant shall, within thirty (30) days after the architect/engineer provides notice of its determination that Substantial Damage has occurred, give written notice to Landlord and Mortgagee that Tenant has elected to either; (i) Offer to purchase the Premises for a purchase price (the "Purchase Price") equal to the sum of: (i) the Termination Value, as set forth on Exhibit E attached hereto and made a part hereof, (ii) all unpaid Rent and any other amounts owing under this Lease as of the date of such purchase, and (iii) any prepayment penalty incurred by Landlord with respect to prepayment of the Mortgage pursuant to the terms thereof; or (ii) Cause Restoration of the Premises so that the Premises has a value, utility, and remaining useful life as nearly as reasonably practicable equal to the value, utility, and remaining useful life of the Premises immediately prior to the occurrence of the Substantial Damage (assuming that the Premises were in the condition in which they were required to be maintained pursuant to this Lease). Such Restoration will be performed in accordance with plans and specifications and by a contractor reasonably acceptable to Landlord and will be completed, subject to force majeure, within 24 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 12.2(b)(ii). If Tenant elects to offer to purchase the Premises for the Purchase Price pursuant to Section 12.2(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 due to the Substantial Damage (plus the amount of any deductible which will be payable by Tenant), 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 W