Fillable Commercial Lease Contract - Triple Net (Page 6 of 9) in pdf

24.

EMINENT DOMAIN. Should all of the Premises be taken under the power of eminent

domain or a conveyance in lieu thereof by any authority having the right of condemnation, or if a

portion thereof is taken so that the Premises are unsuitable, in Tenant's reasonable opinion, for

Tenant's use, then the term of this lease shall terminate as of the date that title shall vest in the

acquiring authority and the rent and other charges shall be adjusted as of the date of such taking. In

such case, Landlord shall be entitled to the proceeds of the condemnation award made to Landlord.

Nothing herein shall be construed to prevent Tenant from separately pursuing a claim against the

condemning authority for its independent loss or damages to the extend available, provided,

however, that no award made to or on behalf of Tenant shall reduce, limit, or restrict the award to

Landlord, and no allocation of Landlord's award in condemnation shall occur. Tenant shall have no

claim against Landlord for the value of the unexpired term of this lease. Should any part of the

Premises be taken in the exercise of eminent domain or a conveyance in lieu thereof or in

connection therewith, but not such as to render the Premises unsuitable for the operation of its

business, this Lease shall continue on the same terms and conditions except that the description of

the Premises or the real estate taken by right of eminent domain or a conveyance in lieu thereof or

in connection therewith shall be modified to reflect such taking. In the event this Lease does not

terminate by reason of such taking, the condemnation proceeds from the Demised Premises will

first be used to restore the Premises to a position of occupancy by the Tenant. The balance of such

condemnation proceeds from the Premises, if any, shall belong to Landlord.

25.

WAIVER OF SUBROGATION. As part of the consideration for this Lease, each of the

parties hereby releases the other party from all liability for damage due to any act or neglect of the

other party occasioned to property owned by said parties which is or might be incident to or the

result of a fire or other casualty against loss for which either of the parties is now carrying or

hereafter may carry insurance; provided, however, that the releases herein contained shall not apply

to any loss or damage occasioned by intentional acts of either of the parties, and the parties further

covenant that any insurance they obtain on their respective properties shall contain an appropriate

provision whereby the insurance company, or companies, consent to the mutual release of liability

contained in this paragraph.

26.

DEFAULT AND REMEDIES. If: (a) Tenant fails to comply with any term, provision,

condition or covenant of this Lease; (b) Tenant deserts or vacates the Premises; (c) any petition is

filed by or against Tenant under any section or chapter of the Federal Bankruptcy Act, as amended,

or under any similar law or statute of the United States or any state thereof; (d) Tenant becomes

insolvent or makes a transfer in fraud of creditors; (e) Tenant makes an assignment for benefit of

creditors; or (f) a receiver is appointed for Tenant or any of the assets of Tenant, then in any of

such events, Tenant shall be in default and Landlord shall have the option to do any one or more of

the following: upon ten (10) days prior written notice, excepting the payment of rent or additional

rent for which no demand or notice shall be necessary, in addition to and not in limitation of any

other remedy permitted by law, to enter upon the Premises either with or without process of law,

and to expel, remove and put out Tenant or any other persons thereon, together with all personal

property; and, Landlord may terminate this Lease or it may from time to time, without terminating

this Lease, rent said Premises or any part thereof for such term or terms (which may be for a term

extending beyond the Term) and at such rental or rentals and upon such other terms and conditions

as Landlord in its sole discretion may deem advisable, with the right to repair, renovate, remodel,

redecorate, alter and change said Premises. At the option of Landlord, rents received by Landlord

from such reletting shall be applied first to the payment of any indebtedness from Tenant to

Landlord other than rent and additional rent due hereunder; second, to payment of any costs and

Commercial Triple Net Lease 2010

Page 6 of 9

Commercial Lease Contract - Triple Net Page 6

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