PAYMENTS TO TENANT OR TO THE CONDOMINIUM ASSOCIATION, AS THE
CASE MAY BE ON ACCOUNT OF THE COST THEREOF, LANDLORD'S RIGHT TO PERFORM THE
SAME, TENANT'S OBLIGATION WITH RESPECT TO CONDEMNATION PROCEEDS HELD BY IT, AND
ANY ADDITIONAL CONDITIONS IMPOSED BY THE RECOGNIZED MORTGAGE MOST SENIOR IN
LIEN, SHALL BE DONE, DETERMINED, MADE AND GOVERNED IN ACCORDANCE WITH AND
SUBJECT TO THE PROVISIONS OF ARTICLES IX AND XI HEREOF AS IF SUCH AMOUNTS WERE
"RESTORATION FUNDS" THEREUNDER.
PAYMENTS TO TENANT OR THE CONDOMINIUM
ASSOCIATION, AS THE CASE MAY BE, AS AFORESAID SHALL BE DISBURSED IN THE MANNER
SET FORTH IN SECTIONS 11.2(B) AND 11.3 HEREOF.
ANY BALANCE OF THE AWARD HELD BY
DEPOSITARY AND ANY CASH AND THE PROCEEDS OF ANY SECURITY DEPOSITED WITH
DEPOSITARY PURSUANT TO SECTION 12.4 HEREOF REMAINING AFTER COMPLETION OF THE
CONDEMNATION RESTORATION SHALL BE PAID TO TENANT, OR THE CONDOMINIUM
ASSOCIATION, AS THE CASE MAY BE, SUBJECT TO THE RIGHTS OF RECOGNIZED
MORTGAGEES.
EACH OF THE PARTIES AGREES TO EXECUTE AND DELIVER ANY AND ALL
DOCUMENTS THAT MAY BE REASONABLY REQUIRED IN ORDER TO FACILITATE COLLECTION OF
THE AWARDS.
IF THE PORTION OF THE AWARD MADE AVAILABLE BY DEPOSITARY, AS
AFORESAID, IS INSUFFICIENT FOR THE PURPOSE OF PAYING FOR THE CONDEMNATION
RESTORATION, TENANT OR THE
102
CONDOMINIUM ASSOCIATION, AS THE CASE MAY BE, SHALL NEVERTHELESS BE REQUIRED TO
MAKE THE CONDEMNATION RESTORATION AND PAY ANY ADDITIONAL SUMS REQUIRED FOR THE
CONDEMNATION RESTORATION.
TENANT'S OR THE CONDOMINIUM ASSOCIATION'S, AS THE
CASE MAY BE, FAILURE TO SUPPLY THE AMOUNT OF ANY SUCH DEFICIENCY WITHIN TWENTY
(20) BUSINESS DAYS FROM DEMAND OF LANDLORD SHALL CONSTITUTE A DEFAULT HEREUNDER
(IT BEING ACKNOWLEDGED AND AGREED THAT IF SUCH FAILURE OCCURS AFTER THE TENTH
ANNIVERSARY OF THE DELIVERY DATE, TENANT WILL, IN SUCH CIRCUMSTANCE, BE DEEMED
TO HAVE EXERCISED THE PURCHASE OPTION).
IF ANY PORTION OF THE CONDEMNATION
AWARD BEING USED AS RESTORATION FUNDS REMAINS UNUSED AFTER THE COMPLETION OF THE
APPLICABLE CONDEMNATION RESTORATION, THE DEPOSITARY SHALL DISBURSE SUCH MONIES
TO TENANT OR THE CONDOMINIUM ASSOCIATION, AS THE CASE MAY BE, SUBJECT TO THE
RIGHTS OF THE RECOGNIZED MORTGAGEES.
(C)
PERFORMANCE OF CONDEMNATION RESTORATION.
TENANT SHALL, WITHIN
NINETY (90) DAYS AFTER THE OCCURRENCE OF ANY TAKING PURSUANT TO THIS
SECTION 12.3, DELIVER TO LANDLORD A STATEMENT (THE "INITIAL TAKING ESTIMATE")
PREPARED BY AN ARCHITECT OR AN ENGINEER, SELECTED BY TENANT AND APPROVED (OR
DEEMED APPROVED) BY LANDLORD PURSUANT TO SECTION 9.6(A)(II) HEREOF, SETTING
FORTH SUCH PERSON'S ESTIMATE AS TO THE TIME REQUIRED TO PERFORM THE CONDEMNATION
RESTORATION REQUIRED BY SUCH TAKING AND THE ESTIMATED COST OF SUCH CONDEMNATION
RESTORATION.
SECTION 12.4
ADDITIONAL RESTORATION REQUIREMENTS.
IF
THE ESTIMATED COST OF ANY CONDEMNATION RESTORATION EXCEEDS THE NET CONDEMNATION
AWARD BY AN AMOUNT EQUAL TO THE LESSER OF (A) TEN PERCENT (10%) OF THE ESTIMATED
COST OF SUCH CONDEMNATION RESTORATION AND (B) $1,000,000, THEN, PRIOR TO THE
COMMENCEMENT OF SUCH CONDEMNATION RESTORATION OR THEREAFTER IF IT IS DETERMINED
THAT THE COST TO COMPLETE THE CONDEMNATION RESTORATION EXCEEDS THE UNAPPLIED
PORTION OF SUCH AWARD,