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AG 2005 11 21
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AG 2005 11 21
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Last modified
3/3/2006 8:34:08 AM
Creation date
11/27/2017 11:36:35 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
11/21/2005
Board
Board of Commissioners
Meeting Type
Regular
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<br />and businesslike manner as a result ofthe condition ofthe Building or Premises, the <br />services to the Building, or caused by an interruption thereof because of reconstruction <br />activities, all Rent and Additional Rent shall abate. To the extent and during the time that <br />only a portion of the Premises is tenantable and to the extent that Subtenant is able to <br />conduct its business therefrom in a reasonable, prudent and businesslike manner, <br />Subtenant shall receive a fair diminution of Rent based on an estimated percentage of <br />unusable space in the Premises. <br /> <br />In the event Sublessor fails to deliver to Subtenant a Landlord's Notice within the <br />required 45 business day period as to whether or not the damage can be repaired within <br />the Restoration Period, Tenant shall have the right any time after the expiration of the 45 <br />business day notice penod to terminate this Lease as of the date of the casualty. <br /> <br />18. Condemnation. If (i) all or a substantial portion of the Building or the Premises, <br />and/or (ii) so much of the parking area, means of access, or the Land such that the <br />remaining portiones) materially and adversely affect Subtenant's use, is taken for any <br />public or quasi-public use by right of eminent domain or otherwise (including a sale in <br />lieu of condemnation), such that Subtenant can no longer conduct its business at the <br />Premises on a reasonable and prudent basis, Subtenant may terminate this Sublease by <br />giving written notice of. termination to Sublessor within 90 days after such taking. In <br />such event, this Sublease shall terminate as of the date of such taking (but Subtenant shall <br />be afforded a reasonable period oftime (not to exceed 30 days) to vacate the Premises). <br />All proceeds from any taking or condemnation of the Building, Land and/or Premises <br />shall belong to and be paid to Sublessor. Nothing contained herein, however, shall <br />prevent Subtenant from! seeking a separate award from the condemning authority for any <br />loss of Subtenant's personal property and equipment, moving expenses, leasehold <br />interests, or other losse$ relating to Subtenant's business so long as such separate award <br />shall not result in a reduction of proceeds payable to Sublessor. <br /> <br />19. Force Majeure. Ifeither Sublessor or Subtenant is delayed or prevented from <br />completing the performlmce of any obligation under this Sublease by reason of accident, <br />fire, act of God, public enemy, injunction, riot, strike, lockout, insurrection, war, court <br />order, requisition or order of governmental body or authority, inability to procure labor or <br />materials from normally available sources, or by any other cause without its fault and <br />beyond its reasonable control (financial inability excepted), completion will be excused <br />for the period of such delay and the date of completion will be extended for the period of <br />such delay provided notice of the occurrence or encountering of such cause is given to <br />the other party within 10 business days after such occurrence or encounter and notice of <br />the duration of such cause is given within 10 business days after the cessation of such <br />cause. <br /> <br />20. Subordination/No,-Disturbance. Subtenant agrees that this Sublease is subject and <br />subordinate to the terms and conditions ofthe lease by and between Prime Lessor and <br />Kannapolis Land, Inc., including without limitation, all terms and conditions pertaining <br />to all mortgages which may now or hereafter affect or encumber all or any portion ofthe <br />Land. Upon request of Sublessor, Subtenant shall execute and deliver any agreement <br />subordinating this Sublease and Subtenant's interest in the Premises to any mortgage <br />upon the Land, provide~ that the. holder of the mortgage shall agree in writing not to <br /> <br />F-'l' <br />
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