CONNECTION WITH A CASUALTY, AND TENANT AGREES TO SIGN, UPON
THE REQUEST OF LANDLORD, ALL SUCH PROOFS OF LOSS, RECEIPTS, VOUCHERS AND
RELEASES.
EACH PROPERTY INSURER SHALL MAKE ALL PAYMENTS UNDER THEIR RESPECTIVE
POLICIES CONSISTENT WITH THE PROVISION STATING THAT LANDLORD IS LOSS PAYEE AS
ITS INTERESTS MAY APPEAR, PROVIDED THAT IF PAYMENT IS MADE TO LANDLORD AND
TENANT JOINTLY, TENANT HEREBY APPOINTS EACH OF LANDLORD AND LENDER AS TENANT'S
ATTORNEYS-IN-FACT TO ENDORSE ANY DRAFT THEREFOR.
THE RIGHTS OF LANDLORD UNDER
THIS PARAGRAPH 17(A) SHALL BE EXTENDED TO LENDER IF AND TO THE EXTENT THAT ANY
MORTGAGE SO PROVIDES.
THE PROVISIONS OF THIS PARAGRAPH 17 SHALL NOT APPLY TO
ANY INSURANCE PROCEEDS OBTAINED BY TENANT WITH RESPECT TO TENANT'S PERSONAL
PROPERTY.
(B)
TENANT, IMMEDIATELY UPON RECEIVING A CONDEMNATION NOTICE, SHALL
NOTIFY LANDLORD AND LENDER THEREOF.
SO LONG AS (I) NO EVENT OF DEFAULT EXISTS
AND (II) TENANT DOES NOT GIVE A TERMINATION NOTICE TO LANDLORD AND THE
CONDEMNATION IS A PARTIAL CONDEMNATION, TENANT IS AUTHORIZED TO COLLECT, SETTLE
AND COMPROMISE THE AMOUNT OF ANY NET AWARD AND LANDLORD SHALL HAVE THE RIGHT TO
JOIN WITH TENANT THEREIN.
IF AN EVENT OF DEFAULT EXISTS, LANDLORD SHALL BE
AUTHORIZED TO COLLECT, SETTLE AND COMPROMISE THE AMOUNT OF ANY NET AWARD AND
TENANT SHALL NOT BE ENTITLED TO PARTICIPATE WITH LANDLORD IN ANY CONDEMNATION
PROCEEDING OR NEGOTIATIONS UNDER THREAT THEREOF OR TO CONTEST THE CONDEMNATION
OR THE AMOUNT OF THE NET AWARD THEREFOR.
NO AGREEMENT WITH ANY CONDEMNOR IN
SETTLEMENT OR UNDER THREAT OF ANY
32
CONDEMNATION IN EXCESS OF THE THRESHOLD AMOUNT SHALL BE MADE BY TENANT WITHOUT
THE WRITTEN CONSENT OF LANDLORD.
SUBJECT TO THE PROVISIONS OF THIS
PARAGRAPH 17(B), TENANT HEREBY IRREVOCABLY ASSIGNS TO LANDLORD ANY AWARD OR
PAYMENT TO WHICH TENANT IS OR MAY BE ENTITLED BY REASON OF ANY CONDEMNATION,
WHETHER THE SAME SHALL BE PAID OR PAYABLE FOR TENANT'S LEASEHOLD INTEREST
HEREUNDER OR OTHERWISE; BUT NOTHING IN THIS LEASE SHALL IMPAIR TENANT'S RIGHT TO
ANY AWARD OR PAYMENT ON ACCOUNT OF TENANT'S PERSONAL PROPERTY, RELOCATION AND
MOVING EXPENSES OR LOSS OF BUSINESS, IF AVAILABLE, BUT ONLY TO THE EXTENT THAT
AND SO LONG ANY CLAIM BY TENANT AGAINST THE CONDEMNOR DOES NOT REDUCE THE AMOUNT
OF THE NET AWARD PAYABLE TO LANDLORD BELOW THE SUM OF (I) THE OPTION PRICE, PLUS
(II) LANDLORD'S COSTS INCURRED IN CONNECTION OBTAINING SUCH NET AWARD. THE
RIGHTS OF LANDLORD UNDER THIS PARAGRAPH 17(B) SHALL ALSO BE EXTENDED TO LENDER
IF AND TO THE EXTENT THAT ANY MORTGAGE SO PROVIDES.
(C)
IF ANY PARTIAL CASUALTY (WHETHER OR NOT INSURED AGAINST) OR
PARTIAL CONDEMNATION SHALL OCCUR, THIS LEASE SHALL CONTINUE, NOTWITHSTANDING
SUCH EVENT, AND THERE SHALL BE NO ABATEMENT OR REDUCTION OF ANY MONETARY
OBLIGATIONS.
PROMPTLY AFTER SUCH PARTIAL CASUALTY OR PARTIAL CONDEMNATION,
TENANT, AS REQUIRED IN PARAGRAPHS 12(A) AND 13(B), SHALL COMMENCE AND DILIGENTLY
CONTINUE TO RESTORE THE LEASED PREMISES AS NEARLY AS POSSIBLE TO THEIR VALUE,
CONDITION AND CHARACTER IMMEDIATELY PRIOR TO SUCH EVENT (ASSUMING THE LEASED
PREMISES TO HAVE