7.3 SR 03-01-2021 - Laserfiche WebLink

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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 Taking (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 a contractor reasonably acceptable to Landlord and will be completed, subject to force majeure, within 24 months from the date of condemnation, 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 112(b)(ii) in the manner set forth above, such failure shall be deemed Tenant's election to restore the Premises pursuant to Section 13.2(b)(ii). If Tenant elects to offer to purchase the Premises pursuant to Section 13.2(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 13.2(b)(ii) above and in such case Tenant's offer to purchase the Premises for the Purchase Price shall be deemed withdrawn and of no further force or effect. If Tenant does not elect the option set forth in Section 13.2(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 Taking, by said date. If Landlord rejects Tenant's offer to purchase pursuant to this Section 13.2(c), and Tenant elects to terminate this Lease pursuant to this Section 13.2(c), then, notwithstanding any provision of this Lease to the contrary, all condemnation proceeds payable due to the Substantial Taking 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 90 day period shall be deemed to be acceptance of Tenant's offer. (d) Tenant shall have the limited right to seek in the Taking proceedings, and to receive, any award which may be made for damages to or compensation for Tenant's trade 24