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9.3 Partial Damage - Uninsured Loss. If a Premises Partial Damage that Is not an Insured Loss occurs, unless caused by a negligent or wilful act of Lessee (In
<br />which event Lessee shall make the repairs at Lessee's expense). Lessor may either: (I) repair such damage as soon as reasonably possible at Lessor's expense, in which
<br />event this Lease shall continue in full force and effect, or (II) terminate this Lease by giving written notice to lessee within 30 days after receipt by Lessor of knowledge
<br />of the occurrence of such damage. Such termination shall be effective 60 days following the date of such notice. In the event Lessor elects to terminate this Lease,
<br />Lessee shall have the right within 10 days after receipt of the termination notice to give written notice to Lessor of Lessee's commitment to pay for the repair of such
<br />damage without reimbursement from Lessor. Lessee shall provide Lessor with said funds or satisfactory assurance thereof within 30 days after making such
<br />commitment. In such event this Lease shall continue In full force and effect, and Lessor shall proceed to make such repairs as soon as reasonably possible after the
<br />required funds are available. IF Lessee does not make the required commitment, this Lease shall terminate as of the date specified In the termination notice.
<br />9.4 Total Destruction. Notwithstanding any other provision hereof, if a Premises Total Destruction occurs, this Lease shall terminate 60 days following such
<br />Destruction. If the damage or destruction was caused by the gross negligence or willful misconduct of Lessee. Lessor shall have the right to recover Lessor's damages
<br />from Lessee, except as provided in Paragraph 8.6.
<br />9.5 Damage Near End of Term. If at anytime during the last 6 months of this lease there Is damage for which the cost to repair exceeds one month's Base
<br />Rent, whether or not an Insured Loss, Lessor may terminate this lease effective 60 days following the date of occurrence of such damage by giving a written
<br />termination notice to Lessee within 30 days after the date of occurrence of such damage. Notwithstanding the foregoing, If Lessee at that time has an exercisable
<br />option to extend this Lease or to purchase the Premises, then Lessee may preserve this Lease by, (a) exercising such option and (b) providing Lessor with any shortage
<br />In Insurance proceeds (or adequate assurance thereof) needed to make the repairs on or before the earlier of (I) the date which is 10 days after Lessee's receipt of
<br />Lessor's written notice purporting to terminate this Lease, or (II) the day prior to the date upon which such option expires, if Lessee duly exercises such option during
<br />such period and provides lessor with funds (or adequate assurance thereof) to cover any shortage In insurance proceeds, Lessor shall, at Lessor's commercially
<br />reasonable expense, repair such damage as soon as reasonably possible and this Lease shall continue In fun force and effect. If Lessee falls to exercise such option and
<br />provide such funds or assurance during such period, then this Lease shall terminate on the date specified In the termination notice and lessee's option shall be
<br />extinguished.
<br />9.6 Abatement of Rent; Lessee's Remedies.
<br />(a) Abatement In the event of Premises Partial Damage or Premises Total Destruction or a Hazardous Substance Condition for which Lessee Is not
<br />responsible under this Lease, the Rent payable by Lessee for the period required for the repair, remediation or restoration of such damage shall be abated In
<br />proportion to the degree to which Lessee's use of the Premises Is impaired, but not to exceed the proceeds received from the Rental Value Insurance. All other
<br />obligations of Lessee hereunder shall be performed by Lessee, and lessor shall have no liability for any such damage, destruction, remediation, repair or restoration
<br />except as provided herein.
<br />(b) Remedies. If Lessor It obligated to repair or restore the Premises and does not commence, In a substantial and meaningful way, such repair or
<br />restoration within 90 days after such obligation shad accrue, Lessee may, at any time prior to the commencement of such repair or restoration, give written notice to
<br />Lessor and to any Lenders of which Lessee has actual notice, of Lessee's election to terminate this Lease on a date not less than 60 days following the giving of such
<br />notice. If Lessee gives such notice and such repair or restoration is not commenced within 30 days thereafter, this Lease shall terminate as of the date specified in said
<br />notice. If the repair or restoration Is commenced within such 30 days, this Lease shall continue In full force and effect. "Commence" shall mean either the
<br />unconditional authorization of the preparation of the required plans, or the beginning of the actual work on the Premises, whichever first occurs.
<br />9.7 Termination; Advance Payments. Upon termination of this Lease pursuant to Paragraph 6.2(g) or Paragraph 9, an equitable adjustment shall be made
<br />concerning advance Base Rent and any other advance payments made by Lessee to Lessor. Lessor shall. In addition, return to Lessee so much of Lessee's Security
<br />Deposit as has not been, or Is not then required to be, used by Lessor.
<br />10. Real Property Taxes.
<br />10.1 Definition. As used herein, the term "Real Property Taxes" shall Include any form of assessment; real estate, general, special, ordinary or extraordinary, or
<br />rental levy or tax (other than Inheritance, personal income or estate taxes); Improvement bond; and/or license fee Imposed upon or levied against any legal or
<br />equitable interest of Lessor in the Premises or the Protect, Lessor's right to other Income therefrom, and/or Lessor's business of leasing, by any authority having the
<br />direct or Indirect power to tax and where the funds are generated with reference to the Building address. Real Property Taxes shall also Include any tax, fee, levy,
<br />assessment or charge, or any increase therein: (I) imposed by reason of events occurring during the term of this lease, Including but not limited to, a change In the
<br />ownership of the Premises, and (li) levied or assessed on machinery or equipment provided by Lessor to Lessee pursuant to this Lease.
<br />10.2 Payment of Taxes. In addition to Base Rent, Lessee shall pay to Lessor an amount equal to the Real Property Tax Installment due at least 20 days prior to
<br />the applicable delinquency date. If any such Installment shall cover any period of time prior to or after the expiration or termination of this lease. Lessee's share of
<br />such Installment shall be prorated. In the event Lessee Incurs a late charge on any Rent payment, Lessor may estimate the current Real Property Taxes, and require
<br />that such taxes be paldlnadvance to Lessor by Lessee monthly In advance with the payment of the Base Rent. Such monthly payments shad bean amount equal to
<br />the amount of the estimated Installment of taxes divided by the number of months remaining before the month in which said Installment becomes delinquent. When
<br />the actual amount of the applicable tax bill Is known, the amount of such equal monthly advance payments shall be adjusted as required to provide the funds needed
<br />to pay the applicable taxes. If the amount collected by Lessor Is Insufficient to pay such Real Property Taxes when due, Lessee shall pay Lessor, upon demand, such
<br />additional sum as is necessary. Advance payments may be Intermingled with other moneys of Lessor and shall not bear Interest. In the event of a Breach by Lessee In
<br />the performance of Its obligations under this lease, then any such advance payments may be treated by Lessor as an additional Security Deposit
<br />10.3 Joint Assessment. If the Premises are not separately assessed. Lessee's liability shall be an equitable proportion of the Real Property Taxes for all of the
<br />land and Improvements Included within the tax parcel assessed, such proportion to be conclusively determined by Lessor from the respective valuations assigned In
<br />the assessor's work sheets orsuch other information as may be reasonably available.
<br />10.4 Parsonal Property Taxes. Lessee shall pay, prior to delinquency, all taxes assessed against and levied upon Lessee Owned Alterations, Utility Installations.
<br />Trade Fixtures, furnishings, equipment and all personal property of Lessee. When possible. Lessee shall cause Its Lessee Owned Alterations and Utility Installations,
<br />Trade Fixtures, furnishings, equipment and all other personal property to be assessed and billed separately from the real property of Lessor. If any of Lessee's said
<br />property shall be assessed with Lessor's real property, Lessee shall pay Lessor the taxes attributable to Lessee's property within todays after receipt of a written
<br />statement setting forth the taxes applicable to Lessee's property.
<br />11. Utilities and Services. Lessee shall pay for all water, gas, heat, light, power, telephone, trash disposal and other utilities and services supplied to the Premises,
<br />together with any taxes thereon. If any such services are not separately metered or billed to Lessee, lessee shall pay a reasonable proportion, to be determined by
<br />Lessor, of all charges jointly metered or billed. There shall be no abatement of rent and Lessor shall not be liable In any respect whatsoever forthe Inadequacy, •
<br />stoppage, Interruption or discontinuance of any utility or service due to ilot, strike, labor dispute, breakdown, accident, repair or other cause beyond Lessor's
<br />reasonable control or in cooperation with governmental requestor directions,
<br />iWthinJjiteen days of Lessor's written request, Lessee agrees to deliver to lessor such Information, documents and/or authorization as Lessor needs in order for
<br />INITIALS ■
<br />©2019 AIR CRE. All Rights Reserved.
<br />STN-27.30, Revised 11-25-2019
<br />INITIALS
<br />Last Edited: 2/25/2021 9:53 AM
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