STATE, IN REASONABLE DETAIL, THE GROUNDS FOR SUCH DISAPPROVAL.
(C)
COMMENCEMENT AND COMPLETION OF RESTORATION.
SUBJECT TO UNAVOIDABLE
DELAYS AND TO THE APPLICABLE PROVISIONS OF THE SITE 8 SOUTH SUBWAY AGREEMENT,
TENANT SHALL COMMENCE THE RESTORATION WITHIN ONE HUNDRED EIGHTY (180) DAYS AFTER
THE DATE OF THE OCCURRENCE OF THE APPLICABLE DAMAGE OR DESTRUCTION; PROVIDED,
HOWEVER, THAT IF TENANT'S RECOGNIZED MORTGAGEE, TOGETHER WITH ALL RECOGNIZED
MORTGAGEES UNDER THE OTHER SEVERANCE SUBLEASES, ALLOW TENANT TO COMMENCE
RESTORATION WITHIN A LONGER PERIOD, BUT NOT GREATER THAN ONE (1) YEAR AFTER THE
DATE OF OCCURRENCE OF THE APPLICABLE DAMAGE OR DESTRUCTION, THEN TENANT SHALL BE
PERMITTED TO COMMENCE THE RESTORATION REQUIRED HEREUNDER WITHIN ONE YEAR AFTER
THE DATE OF SUCH OCCURRENCE.
ONCE COMMENCED, TENANT SHALL DILIGENTLY AND
CONTINUOUSLY PROSECUTE ANY SUCH RESTORATION TO COMPLETION.
(D)
RESTORATION ESTIMATE.
TENANT SHALL, WITHIN NINETY (90) DAYS (OR
SUCH LONGER PERIOD AS IS PERMITTED BY TENANT'S RECOGNIZED MORTGAGEE, TOGETHER
WITH ALL RECOGNIZED MORTGAGEES UNDER THE OTHER SEVERANCE SUBLEASES, NOT TO
EXCEED ONE HUNDRED EIGHTY (180) DAYS) AFTER THE OCCURRENCE OF DAMAGE OR
DESTRUCTION TO THE COMMON ELEMENTS, DELIVER TO LANDLORD A STATEMENT (THE
"INITIAL RESTORATION ESTIMATE") PREPARED BY AN ARCHITECT OR AN ENGINEER,
96
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
RESTORATION AND THE ESTIMATED COST OF THE RESTORATION.
LANDLORD, AT TENANT'S
EXPENSE, MAY ENGAGE A REGISTERED ARCHITECT OR A LICENSED PROFESSIONAL ENGINEER
TO PREPARE ITS OWN INITIAL RESTORATION ESTIMATE, AND TENANT SHALL REIMBURSE
LANDLORD FOR SUCH EXPENSE WITHIN TEN (10) BUSINESS DAYS AFTER DEMAND THEREFOR BY
LANDLORD.
(E)
LANDLORD'S RIGHTS.
LANDLORD IN NO EVENT SHALL BE OBLIGATED TO
RESTORE THE IMPROVEMENTS OR ANY PORTION THEREOF OR TO PAY ANY OF THE COSTS OR
EXPENSES THEREOF.
IF TENANT SHALL FAIL OR NEGLECT TO DILIGENTLY RESTORE
(SUBJECT TO UNAVOIDABLE DELAYS) THE COMMON ELEMENTS OR THE PORTION THEREOF SO
DAMAGED OR DESTROYED, OR HAVING SO COMMENCED SUCH RESTORATION, SHALL FAIL TO
DILIGENTLY AND CONTINUOUSLY COMPLETE THE SAME IN ACCORDANCE WITH THE TERMS OF
THIS LEASE AND ANY SUCH FAILURE SHALL CONTINUE FOR TWENTY (20) BUSINESS DAYS
AFTER WRITTEN NOTICE TO TENANT SPECIFYING SUCH FAILURE IN REASONABLE DETAIL, OR
IF PRIOR TO THE COMPLETION OF ANY SUCH RESTORATION BY TENANT, THIS LEASE SHALL
EXPIRE OR BE TERMINATED FOR ANY REASON (OTHER THAN THE ACQUISITION OF FEE TITLE
BY TENANT), THEN DEPOSITARY SHALL NOT MAKE ANY PAYMENT OF RESTORATION FUNDS TO
TENANT OR THE CONDOMINIUM ASSOCIATION, AS THE CASE MAY BE, HEREUNDER AND SHALL
PAY ANY SUCH RESTORATION FUNDS TO LANDLORD WHO MAY RETAIN SUCH RESTORATION FUNDS
WITHOUT ANY CLAIM ON THE PART OF TENANT OR THE CONDOMINIUM ASSOCIATION, AS THE
CASE MAY BE, THERETO AND SHALL APPLY SUCH RESTORATION FUNDS IN ANY ORDER
LANDLORD MAY ELECT BUT ONLY TOWARD THE PAYMENT OF THE COST OF THE RESTORATION OR
THE PAYMENT OF ANY CHARGES OR OTHER SUMS DUE AND OWING TO LANDLORD HEREUNDER.
(F)
ADDITIONAL RESTORATION REQUIREMENTS.
IF THE ESTIMATED COST OF
ANY