(3) business
days of receipt of notice thereof.
Rent shall abate to the extent hereinafter
provided as of the date of such casualty or taking.
7.1.2
RESTORATION.
IF IN ANY SUCH CASE THE PREMISES ARE RENDERED UNFIT
FOR USE AND OCCUPATION FOR THE PERMITTED USES AND THE LEASE IS NOT TERMINATED,
AND TENANT IS NOT THEN IN DEFAULT OF ANY OF ITS MONETARY OBLIGATIONS OR MATERIAL
NON-MONETARY OBLIGATIONS UNDER THE LEASE FOLLOWING ANY APPLICABLE NOTICE AND
CURE PERIOD, LANDLORD SHALL, WITH DUE DILIGENCE, RESTORE THE BUILDING TO ITS
CONDITION BEFORE THE CASUALTY OR TAKING (EXCLUDING ANY ITEMS INSTALLED OR PAID
FOR BY TENANT, INCLUDING WITHOUT LIMITATION THE INITIAL TENANT IMPROVEMENTS AND
ANY ALTERATIONS AND ADDITIONS UNDERTAKEN BY TENANT) TO THE EXTENT PERMITTED BY
ZONING AND OTHER CODES AND REGULATIONS AND BY THE NET AWARD OF INSURANCE OR
DAMAGES AVAILABLE TO AND ACTUALLY RECEIVED BY LANDLORD, PLUS ANY APPLICABLE
DEDUCTIBLE, AND A JUST PROPORTION OF THE ANNUAL BASE RENT AND ADDITIONAL RENT
ACCORDING TO THE NATURE AND EXTENT OF THE INJURY SHALL BE ABATED UNTIL SUCH
PORTION OF THE BUILDING OR SUCH REMAINDER SHALL HAVE BEEN PUT BY LANDLORD IN
SUCH CONDITION, AND IN CASE OF A TAKING WHICH PERMANENTLY REDUCES THE AREA OF
THE PREMISES, A JUST PROPORTION OF THE ANNUAL BASE RENT AND ADDITIONAL RENT
SHALL BE ABATED FOR THE REMAINDER OF THE TERM.
IF NEITHER PARTY ELECTS TO
TERMINATE THIS LEASE AS PROVIDED HEREIN, TENANT SHALL, AT ITS OWN COST AND
EXPENSE, REPAIR AND RESTORE THE PREMISES IN ACCORDANCE WITH THE PROVISIONS OF
SECTION 6.1.15 HEREOF, INCLUDING, BUT NOT LIMITED TO, THE REPAIRING AND/OR
REPLACEMENT OF ITS TRADE FIXTURES, ALTERATIONS AND ADDITIONS, FURNISHINGS AND
EQUIPMENT IN A MANNER AND TO AT LEAST A CONDITION EQUAL TO THAT PRIOR TO ITS
DAMAGE OR DESTRUCTION.
TENANT AGREES TO COMMENCE THE PERFORMANCE OF ITS WORK
WHEN NOTIFIED BY LANDLORD IN WRITING THAT THE WORK TO BE PERFORMED BY TENANT
CAN, IN ACCORDANCE WITH GOOD CONSTRUCTION PRACTICES, THEN BE COMMENCED AND
TENANT SHALL COMPLETE SUCH WORK AS PROMPTLY THEREAFTER AS IS PRACTICABLE.
If, for any reason, restoration required by Landlord hereunder is not completed
within twelve (12) months after such casualty or taking, as Tenant's exclusive
remedy therefor, Tenant shall have the right to terminate this Lease by giving
written notice to Landlord within the fifteen (15) day period following the
expiration of such twelve (12) months, in which event this Lease shall terminate
thirty (30) days after the date of such notice unless Landlord completes such
restoration before the end of such thirty (30) day period.
Such termination
right shall be exercised by Tenant, if at all, within fifteen (15) days after
the expiration of such twelve (12) month period, and if Tenant fails to exercise
such termination right within such twelve (12) month period, Tenant shall be
deemed to have irrevocably waived such right.
33
7.1.3
TEMPORARY TAKING.
NOTWITHSTANDING ANY OTHER PROVISION HEREOF, IN
THE EVENT OF ANY TAKING OF THE PREMISES OR ANY PART THEREOF FOR TEMPORARY USE