RES 87555 - Laserfiche WebLink

acquires possession. In the event that the demised premises are condemned in whole, at that such portion is condemned that the remainder is not susceptible for use hereunder, this lease shall terminate t~pOn the date upon which the condemnor at:quires possessi on. A1 ii. sums which may be payab 1 e on account of any c:oru:~emnatic~r~ shall belong to the Lessor, and Lessee shall not be entitled 'to retain an'y amount awarded to him for his trade t- i x tures or mo,/i ng expenses. 15. TRADE FIXTURES: Any and all improvements made to the premises during the term hereof shall belong to the Lessor, exc:ept trade .~:ixtures of the Lessee. Lessee may, upon termination hereof, remove all his trade fixtures~ but shall repair or pa,/ for all repairs necessary ~:or damages to the premises ofzcasioned by removal. 16. DESTRUCTION OR PREMISES: In the event of a partial destruction o-f the premises during the term hereof ~ from any cause, Lessor shall forthwith repair the same, provided that such r~ep~irs can be made within sixty (60) days, under existing ~overr~mental laws and regulatiorts, but such partial destruction shall not t. erminate this lease, except that Lessee shall be entitled to a proportionate reduction o-f rent while such repairs ,'.~re being made, based upon the extent to which the making of such repairs sha.[ 1 interfere with the business of Lessee on the [tr'emises. [.~ suc:h repairs ~zannot be made within a reasonable time 'this ].ease continuing in effect with the rent pt'-c~pot"tionately abated as aforesaid, and in the event that Lessor shall not elect to make such repairs which cannot be made within sixty (6()) days, this lease may be terminated at the option o'f either party. In the event that the building in which the demised premises may be situated is destroyed to an extent o'f not less that one.-third of the replacement costs thereo.f, Lessor may elect to terminate this leas. e whether the demised premises be injured or not. A tote, l destr'uction o'J: the building in which the premises may be sitiuated shall ter'minate this lease. In the ~event o.f: ar~y dispute between L. essor and Lessee with re~spect to the provisions hereof, the matter shall be ~ettled by arbitration in such a manner as the parties may agree upon, or if they {=e{nnot aOree, in accordance with the rules of the American ~irbitration Association. 1 ~. INSOLVENCY: In the event that a recei vet shal 1 be appointed to take over the business of the Lessee, or in the event that the Lessee shall make a general assignment for the benefit of the creditors, or Lessee shall take or suffer any action under any insolvency or bankruptcy act, the same shall constitute breach of this lease by Lessee. 18. REMEDIES OF OWNER ON DEFAULT: In the event of any breach of this lease by lessee, lessor ma~, at his option, terminate the lease and recover from lessee: (a) the worth at the time o~ award 4