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<br />the extent necessary to accomplish such repair, reconstruction and restoration, Lessee will <br />apply the Net Proceeds of any insurance relating to such damage or destruction received <br />by Lessee from the City to the payment or reimbursement of the costs thereof. <br />B. If Lessee is in compliance with the terms and conditions of this Lease Agreement, then any <br />Net Proceeds of insurance relating to such damage or destruction received by the City shall <br />be released from time to time by the City to Lessee upon the receipt of: <br />1. A certificate of an authorized representative of Lessee specifying the expenditures <br />made or to be made or the indebtedness incurred in connection with such repair, <br />reconstruction and restoration and stating that such Net Proceeds, together with any <br />other moneys legally available for such purposes, will be sufficient to complete such <br />repair, construction and restoration; and <br />2. If Net Proceeds equal or exceed Ten Thousand Dollars ($10,000) in amount, the written <br />approval of such certificate by an independent engineer. <br />C. Lessee shall complete the repair, reconstruction and restoration of the Improvements, <br />whether or not the Net Proceeds of insurance received by Lessee for such purposes are <br />sufficient to pay for the same. <br />D. No destruction of or damage to the Improvements or any part thereof by fire or any other <br />casualty shall permit Lessee to surrender this Lease Agreement or shall relieve Lessee from <br />its liability to pay the full rent and Additional Rent and other charges payable under this <br />Lease Agreement or from any of its other obligations under this Lease Agreement and <br />Lessee waives any rights now or hereafter conferred upon it by statute or otherwise to quit <br />or surrender this Lease Agreement or the Leasehold Property or any part thereof, or to any <br />suspension, diminution, abatement or reduction of rent or Additional Rent on account of <br />any such destruction or damage. <br />E. Anything in this Lease Agreement to the contrary notwithstanding, if, during the last five <br />(5) years of the Term, the Improvements are so damaged by fire or otherwise that the cost <br />of replacement or restoration thereof shall exceed fifty percent (50%) of the then <br />replacement value of the Improvements or portion thereof so damaged, then Lessee may <br />decline to rebuild and this Lease Agreement shall terminate upon written notice by Lessee <br />to the City. In the event of any such termination, this Lease Agreement and the term hereof <br />shall end as of the effective date of such termination, the Net Proceeds shall be the property <br />of the City and Lessee shall have no right or claim with respect thereto. No such termination <br />shall release Lessee from any obligation hereunder for rent, Additional Rent, taxes and <br />insurance premiums accrued or payable for or during any period prior to the effective date <br />of such termination, and any prepaid rent, taxes and insurance premiums beyond the <br />effective date of such termination shall be adjusted. <br />ARTICLE 7 <br />IMPROVEMENTS, OPERATION, AND USE <br />Section 7.1 Other Improvements. Other than the Improvements that were built pursuant <br />to the Original Lease, Lessee will not construct or reconstruct any other improvements or alter any <br />8 <br />2067394.0015/184093281.2 <br /> <br />