HomeMy WebLinkAbout0121 be required for such use or purpose. Each party shall have the burden
of showing the value of its portion of its compensation or damages
inereinafter sometimes callea tne "award~`j arisinq trom such takinq and
shall seek a separate award.
Section 1202. In the event only a part of the demised premises
shall be taken or condemned for a public or quasi-public use or purpose
by~any competent authority, this Lease shall not terminate and Lessee,
at its sole costs and expense•, sha11 repair and restore the premises
and aIl improvements thereon. Any award paid to either party as a
consequence of such taking or condemnation, shall be paid to Lessee and
be applied to the cost of said repairing and restoration. Any sums
remaining after such application shall be divided between Lessor and
Lessee in proportion to the amount of each party's award to the agqre-
gate award (i.e. adding all awards together), or if there have not been
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so re,;,aining shall :~e equitably apportioned between the parties as they
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~ nay agree, and if they cannot so agree then the apportionment shall be
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~ :~:ce~ and settled by arbitration in the manner set forth below for rent.
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~ Tr.` rent payable hereunder after the date Lessee is required to sur-
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~ render possession of part of the demised premises as shall be so taken
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~ or condemned shall be adjusted in view of the fact that the Lessee
~ sr.all be occupying reduced premises and so apportioned in such manner
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~ as the parties may agree (in liqht of such reduced area); and if they
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~ cannot so agree, then such rent shall be fixed and settled by arbitra-
tion in the following manner: One arbitrator shall be selected by
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~ Lessor and one by the Lessee, and the two so selected shall select a
~ third arbitrator. All of such arbitrators must be members of the
Florida Real Estate Board. Such three arbitrators shall then
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_ promptly determine the amount of rental payable hereunder and the deter- ~
m~
« ;nination of a majority of said arbitrators shall be binding and con-
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~ clusive upon the parties hereto. If either party shall refuse or L {
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neglect to appoi~t an arbitrator within ten (10) days after the other i
party shall have appointed an a~bitrato~ and served written notice '
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~ of tne appointment upon the party quilty of such rePusal or neqlect, -
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