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25G - AGMT - AUTOZONE LEASE
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25G - AGMT - AUTOZONE LEASE
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Last modified
4/30/2015 3:26:59 PM
Creation date
4/30/2015 3:21:19 PM
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City Clerk
Doc Type
Agenda Packet
Agency
City Manager's Office
Item #
25G
Date
5/5/2015
Destruction Year
2020
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(d) If any such damage or destruction shall occur within the last two (2) years of the <br />Term, or any Extension Period, affecting more than fifty percent (50 %) of the replacement value <br />of the improvements located on the Demised Premises, Tenant may terminate this Lease without <br />owing any liability to the Landlord by notice to the Landlord within sixty (60) days after the date of <br />such damage or destruction, in which case Tenant agrees to turn over to Landlord all applicable <br />Insurance proceeds received as compensation for damages to the Demised Premises to the <br />extent of actual cost of restoration. If this Lease is terminated as provided in this Section, both <br />parties shall be relieved of any further liabilities hereunder except for obligations accrued at the <br />date of such damage or destruction, and any sums prepaid by Tenant shall be apportioned and <br />appropriately refunded to Tenant. <br />% WAlVER OF SUBROGATION AND HOLD HARMLESS: Landlord and Tenant shall <br />obtain from their respective insurers endorsements whereby the insurers agree to waive any right <br />of subrogation against Landlord or Tenant, as the case may be, in connection with fire or other <br />risks or casualties covered by said insurance. Landlord agrees that it shall make no claim nor <br />authorize any claim to be made against Tenant, its employees, servants or agents in connection <br />with or as a result of fire, explosion or any other casualty damaging the improvements on the <br />Demised Premises Tenant agrees that it shall make no claim nor authorize any claim to be made <br />against Landlord, its employees, servants or agents in connection with or as a result of fire, <br />explosion, or other casualty damaging the contents or fixtures installed in the building on the <br />Demised Premises. <br />20. EMINENT DOMAIN: (a) If (i) all or part of the Demised Premises, the building located <br />thereon, or (ii) so much of any rights in the Demised Premises or the building located thereon <br />shall be taken or appropriated under any right of eminent domain or under any other legal right <br />whereby the taking authority is obligated to compensate Landlord therefor so that there does <br />not remain (a) Parking Area as shown on Exhibit "B" or other common areas or easements <br />granted to Tenant hereunder, (b) premises suitable in the sole opinion of Tenant for the <br />operation of its business, (c) direct access at grade level to all abutting streets, or (d) such <br />taking involves a taking of the building on the Demised Premises, then Tenant may terminate <br />and cancel this Lease without owing any liability to Landlord as of the date on which the <br />condemning authority takes physical possession upon giving to Landlord written notice of such <br />election. Landlord agrees immediately within ten (10) days after any notice of intended or actual <br />taking or appropriation to give Tenant written notice thereof, providing to Tenant full details of <br />6638 Freestanding Building Lease 04212016 25G-9 7 <br />
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