HomeMy WebLinkAbout1336 ~
~~ther prior to or within a period of sixty (60) days after the date when possesaion of the ~
i
premiaes ahall be required by the condemning authority~ elect to terminate this Lease. or.
if an option to purchase the premises is conferred upon the Lessee by any other proviaion
of this lease. may ae an alternative to auch termination of this Lease elect to purchase the
demised premises in aceordance with such purchase option. except that there shall be deduct-
ed from the purchase price to be paid for the premisea all of the Lesaor's award from the con-
demnation proceeding. In the event that Lessee shall fail to exerciae any such option to ter-
minate this Lease or to purchase the premises or in the event that a part of the demised
premises ehall be taken or condemned under ;,ircumatances under which the Lessee will have
no such option, then and in either such event this lease ahall continue in effect with respact
to the portion of the demised premises not so taken. and Lessee will. with alt due diZigence
and at ite awn cost and expenae. repair and reatore the demised premises ar what may remain
thereof to their former condition~ and until the completion of such work. the obligation of the
Le s a ee to pay rent and real e state taxe s shall abate .
MORTGAGING OF LESSOR'S ESTATE
16. The Lessor ehall have the right. at any time or from time to time during the contin-
uance of this Lease, as aecurity for any indebtedness awed by it. to create an encumbrance
against ite estate in the demised premiaes or any part hereof, but such encumbrance shall be
subject to and limited by the following express conditions:
That the mortgage. trust deed, or other instrument creating such encumbrance
ahall contain apt provisions under the terms o~f which the exietence of this
Lease ahall be recognized, and shall provide that so long as the Leeaee, its
eucceasors and assigns ~ shall keep and perform the te rms, covenants ~ and
conditions in this Lease contained on its part to be kept and performed. neithe.r
the holder of the indebtedness aecured thereby, nor any other person. shall,
in attempting to enforce collection of eaid indebtednes$ or to realize upon such
security. have any porover to impair. modify. abrogate. or adversely affect the
rights of the Lesaee. ite succeseors and assigne, under this Lease, to the full
enjoyment of the entire term thereof to the end that the Lessee, while not in
- 12 -
FRIC-MCD: 91063
saox155 i~5
~
~ :
~ . _ . _
_ ~ ~ - .
~
_