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Agmt04 cinema - closing docs
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Agmt04 cinema - closing docs
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Last modified
7/5/2005 2:27:38 PM
Creation date
12/6/2004 9:14:09 AM
Metadata
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Template:
Agreement
Contractor Name
numerous files
PROJECT NAME
Cinema - closing documents from escrow
RMP File Number
100 bin 24
Date
11/29/2004
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<br /> Section 16.2 Procedure. Landlord (or Landlord's mortgagee, if required by the terms <br /> of Landlord's mortgage), shall hold in trust any funds payable to Landlord by Landlord's <br /> insurance carrier for the restoration of the affected property in a separate account prior to actual <br /> disbursement of funds to restore the affected structure; and Tenant (or Tenant's leasehold <br /> mortgagee (if any), if required by the Terms of Tenant's mortgage) shall hold in trust any funds <br /> payable to Tenant by Tenant's insurance carrier for the restoration of the affected property in a <br /> separate account prior to actual disbursement of funds to restore the affected structure. The <br /> affected structure and improvements will be restored in accordance with the original plans and <br /> specifications therefor, except to the extent changes are required under Applicable Law or <br /> otherwise would be permitted under this Lease. As the reconstruction progresses, the insurance <br /> funds will be disbursed by Landlord or Tenant, as the case may be, in accordance with standard <br /> construction practice. All construction work will be done in a good and workmanlike manner in <br /> accordance with Applicable Laws and the requirements of applicable insurance policies. <br /> Landlord and Tenant agree that all liens against the Center or the Premises which are filed as a <br /> consequence of any Restoration Work undertaken by Landlord or Tenant (as the case may be) <br /> will be discharged as expeditiously as possible so as not to delay reconstruction, and in any event <br /> any such lien shall be discharged within thirty (30) days of filing. At the completion of the <br /> reconstruction of the affected property, the party performing (or causing the performance of) the <br /> applicable Restoration Work shall cause its architect to certify to the other party that such <br /> Restoration Work has been properly completed in accordance with the requirements of this <br /> Article 16. <br /> Section 16.3 Ri2:ht to Terminate. <br /> (a) If, as a result of any damage or destruction to the Building or the Common <br /> Areas or other facilities within the Protected Area shown on the Site Plan (whether or not <br /> the Premises or any part thereof is directly damaged), the operation of Tenant's business <br /> in the Premises as contemplated hereunder becomes impracticable in Tenant's reasonable <br /> judgment, whether directly or otherwise as a consequence of Landlord's Restoration <br /> Work (herein, a "Substantial Casualty"), and if either (i) Landlord and Tenant in good <br /> faith reasonably determine that such damage or destruction cannot reasonably be repaired <br /> within a period of three hundred (300) days following the date of such damage or <br /> destruction (such determination to be resolved by arbitration pursuant to Section 18.5 if <br /> the parties fail to agree within 30 days after the date of damage or destruction), Tenant <br /> may terminate this Lease as of the date of such damage or destruction by giving Landlord <br /> written notice of termination within sixty (60) days after such damage or destruction; or <br /> (ii) such damage or destruction has not been repaired (in fact) within three hundred sixty- <br /> five (365) days following the date of such damage or destruction, then in either case <br /> Tenant shall have the right, at any time after such period and prior to the completion of <br /> repairs and restoration, to terminate this Lease upon thirty (30) days' prior written notice <br /> to Landlord. <br /> (b) In the event that the Premises are damaged or destroyed to the extent of <br /> 10% or more of the replacement cost thereof during the last two (2) Lease Years of the <br /> Term and such damage or destruction (or the Restoration Work resulting therefrom) <br /> 53 <br /> CHG02:3091375.v8 <br /> . -,_........... <br />
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