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2007 - 08-13-07 Regular Meeting
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2007 - 08-13-07 Regular Meeting
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Ank <br />0 0 <br />BOOK 21 PAGE i73 <br />less than thirty-three and one-third percent (33-1/3%) of the replacement cost <br />thereof, Landlord may elect to terminate this Lease whether or not the Premises <br />are insured, by written notice to Tenant. A total destruction of the Building situate <br />on said Premises shall terminate this Lease. Notwithstanding the aforesaid <br />provisions, in the event the damage caused by the partial destruction of the <br />Premises cannot be repaired within a period of six (6) months from the <br />happening of such damage, then either Landlord or Tenant may terminate this <br />Lease upon written notice to the other. <br />b) For the purposes of this Lease, the word "condemned" is coextensive with the <br />phrase "right to eminent domain," that is, the right of the people or government to <br />take property for government use, and shall include the intention to condemn <br />expressed in writing as well as the filing of an action or proceeding for <br />condemnation. <br />If any action or proceeding is commenced for the condemnation of the <br />Premises or any portion thereof, or if Landlord is advised in writing by any <br />government (federal, state or local) agency or department or bureau <br />thereof, or any entity or body having the right or power of condemnation <br />of its intention to condemn all or any portion of the Premises at the time <br />thereof, or if the Premises or any part or portion thereof be condenmed <br />through such action, then and in any such events: (a) Landlord may, <br />without any obligation or liability to Tenant, and without affecting the <br />validity or existence of this Lease other than as hereafter expressly <br />provided, agree to sell and/or convey to the condemnor, without first <br />requiring that any action or proceeding be instituted, or if such action or <br />proceeding shall have been instituted, without requiring any trial or <br />hearing thereof, and Landlord is expressly empowered to stipulate to <br />judgment therein, the part and portion of the Premises sought by the <br />condemnor, free from this Lease and the rights of Tenant hereunder; (b) <br />Tenant shall have no claim against Landlord nor be entitled to any part or <br />portion of the amount that may be paid or awarded as a result of the sale, <br />for the reasons as aforesaid, or condemnation of the Premises or any part <br />or portion thereof. Tenant is hereby assigning, transferring and setting <br />over to Landlord any interest, if any, which Tenant would, but for this <br />provision, have in, to, upon or against the Premises or any part or portion <br />thereof, or the amount agreed to be paid and/or awarded and paid to <br />Landlord, excepting only Tenant shall be entitled to seek to recover as <br />against the condemnor, and the Landlord shall have no claim for or <br />thereto, for Tenant's trade fixtures and any removable structures and <br />improvements erected and made by Tenant to or upon the Premises <br />which Tenant is entitled to remove at the expiration of this Lease. <br />If only a part of the Premises is condemned and taken and the remaining <br />portion thereof is not suitable for purposes for which Tenant has leased <br />said Premises, either Landlord or Tenant shall have the option to <br />terminate this Lease at the time of such taking. If by such condemnation <br />and taking only a part of the Premises is taken, and the remaining part <br />thereof is suitable for the purposes for which Tenant has leased said <br />Premises, this Lease shall continue, but the rental shall be reduced in an <br />amount proportionate to the percentage that the floor area of that portion <br />
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