(180) DAYS, THEN THE PROVISIONS OF SUBPARAGRAPH A SHALL CONTROL
NOTWITHSTANDING THE FACT THAT THE PREMISES ARE NOT WHOLLY UNTENANTABLE.
C.
IN CASE THE PREMISES SHALL BE SO INJURED
OR DAMAGED, WHETHER BY FIRE OR OTHERWISE, THAT, WITHIN SIXTY (60) DAYS AFTER THE
HAPPENING OF SUCH INJURY, LANDLORD SHALL DECIDE NOT TO RECONSTRUCT OR REBUILD
THE PREMISES, THEN, NOTWITHSTANDING ANYTHING CONTAINED HEREIN TO THE CONTRARY,
UPON NOTICE IN WRITING TO THAT EFFECT GIVEN BY LANDLORD TO TENANT WITHIN SAID
SIXTY (60)
8
DAYS, THIS LEASE SHALL TERMINATE FROM THE DATE OF SUCH WRITTEN NOTICE, AND BOTH
PARTIES HERETO SHALL BE FREED AND DISCHARGED OF ALL FURTHER OBLIGATIONS
HEREUNDER.
D.
LANDLORD AND TENANT HEREBY WAIVE ANY AND
ALL RIGHTS OF RECOVERY AGAINST THE OTHER, THEIR OFFICERS, AGENTS, AND EMPLOYEES
OCCURRING OUT OF THE USE AND OCCUPANCY OF THE PREMISES FOR LOSS OR DAMAGE TO
THEIR RESPECTIVE REAL AND/OR PERSONAL PROPERTY ARISING AS A RESULT OF A CASUALTY
OR CONDEMNATION CONTEMPLATED BY THIS SECTION 8. EACH OF THE PARTIES SHALL, UPON
OBTAINING THE POLICIES OF INSURANCE REQUIRED BY THIS LEASE, NOTIFY THE INSURANCE
CARRIER THAT THE FOREGOING WAIVER IS CONTAINED IN THIS LEASE AND SHALL REQUIRE
SUCH CARRIER TO INCLUDE AN APPROPRIATE WAIVER OF SUBROGATION PROVISION IN THE
POLICIES.
E.
PROVIDED THAT THE CASUALTY IS NOT THE
FAULT OF TENANT, TENANT'S AGENTS, SERVANTS, OR EMPLOYEES, TENANT'S RENT SHALL
ABATE DURING ANY SUCH PERIOD OF REPAIR AND RESTORATION.
9.
CONDEMNATION.
IF THE ENTIRE PREMISES
OR SUBSTANTIALLY ALL OF THE PREMISES OR ANY PORTION OF THE CASINO WHICH SHALL
RENDER THE PREMISES UNTENANTABLE SHALL BE TAKEN BY RIGHT OF EMINENT DOMAIN OR BY
CONDEMNATION OR SHALL BE CONVEYED IN LIEU OF ANY SUCH TAKING, THEN THIS LEASE,
AT THE OPTION OF EITHER LANDLORD OR TENANT EXERCISED BY EITHER PARTY GIVING
NOTICE TO THE OTHER OF SUCH TERMINATION WITHIN THIRTY (30) DAYS AFTER SUCH
TAKING OR CONVEYANCE, SHALL FORTHWITH CEASE AND TERMINATE AND THE RENT SHALL BE
DULY APPORTIONED AS OF THE DATE OF SUCH TAKING OR CONVEYANCE. TENANT THEREUPON
SHALL SURRENDER THE PREMISES AND ALL INTEREST THEREIN UNDER THIS LEASE TO
LANDLORD AND LANDLORD MAY REENTER AND TAKE POSSESSION OF THE PREMISES OR REMOVE
TENANT THEREFROM. IN THE EVENT LESS THAN ALL OF THE PREMISES SHALL BE TAKEN BY
SUCH PROCEEDING, LANDLORD SHALL PROMPTLY REPAIR THE PREMISES TO ITS CONDITION
IMMEDIATELY PRIOR TO SAID TAKING, UNLESS LANDLORD ELECTS NOT TO RECONSTRUCT OR
REBUILD AS DESCRIBED IN SUBPARAGRAPH C OF SECTION 8 ABOVE.
10.
OPTION TO PURCHASE AND RIGHT OF FIRST
REFUSAL.
A.
OPTION TO PURCHASE. DURING THE LEASE TERM,
TENANT MAY PURCHASE THE PREMISES ON THE FOLLOWING TERMS:
(1)
DURING THE FIRST TWO YEARS OF THE INITIAL
TERM, TWO MILLION DOLLARS ($2,000,000.00);
(2)
DURING THE THIRD, FOURTH AND FIFTH YEARS OF
THE INITIAL TERM, TWO MILLION DOLLARS ($2,000,000.00), PLUS THE CPI ADJUSTMENT,
IF ANY;
(3)
AT ANY TIME DURING THE EXTENSION TERM, TWO
MILLION DOLLARS ($2,000,000.00), PLUS FIFTY PERCENT (50%) ON ANY INCREASE IN THE
FAIR MARKET VALUE (AS HEREIN DEFINED) OF THE