Nautilus 2009 Annual Report Download - page 249

shall not be less than thirty (30) days nor more than sixty (60) days after such notice. In addition, in the event that the Premises are destroyed or
damaged to any substantial extent during the last twelve (12) months of the Term, then Tenant shall have the option to terminate this Lease by
giving notice to Landlord within thirty (30) days after such casualty, in which event this Lease shall cease and terminate as of the date of such
notice. Tenant shall also have the right to terminate this Lease if Landlord does not complete repairs within the Repair Period by thirty (30) days’
notice to Landlord after the expiration of the Repair Period; provided however, if Landlord completes repair within such thirty (30) day period,
such termination shall be nullified and this Lease shall continue in full force and effect.
15.4 Apportionment of Rent . Upon any termination of this Lease pursuant to this Article, Tenant shall pay the Rent, properly
apportioned up to such date of termination, and both parties hereto shall thereafter be freed and discharged of all further obligations hereunder,
except as provided for in provisions of this Lease that by their terms survive the expiration or earlier termination of this Lease.
15.5 Abatement . The Rent shall abate on an equitable basis to the extent Tenant’s use of the Premises is impaired, commencing with
the date of the casualty and continuing until completion of the repairs required of Landlord; provided that if the damage is due to the negligence
or willful misconduct of any Tenant Related Party, Rent shall only abate to the extent the same is covered by rent loss insurance, if any, carried
by Landlord.
15.6 Express Agreement
. This Lease shall be considered an express agreement governing any case of damage to or destruction of the
Premises by fire or other casualty; and any present or future Law that purports to govern the rights of Landlord and Tenant in such circumstances
in the absence of express agreement is hereby waived by the parties and shall have no application.
ARTICLE 16
EMINENT DOMAIN
16.1 Entire Premises . If the whole of the Premises is lawfully taken by condemnation or in any other manner for any public or quasi-
public purpose, this Lease shall terminate as of the earlier of the date of the date title vests or the date possession is given, and Rent shall be
prorated to such date.
16.2 Partial Condemnation . If less than the whole of the Premises is so taken, this Lease shall be unaffected by such taking, except
that (a) Tenant shall have the right to terminate this Lease by notice to Landlord given within ninety (90) days after the date of such taking if
twenty-five percent (25%) or more of the Premises is taken and the remaining area of the Premises is not reasonably sufficient for Tenant to
continue operation of its business; and (b) Landlord shall have the right to terminate this Lease by notice to Tenant given within ninety (90) days
after the date of such taking. If either Landlord or Tenant so elects to terminate this Lease, this Lease shall terminate on the thirtieth (30th) day
after either such notice. Rent shall be prorated to the date of such termination. If this Lease continues in force upon such partial taking, the Base
Rent shall be equitably adjusted according to the remaining area of the Premises. Tenant’s obligation to pay Premises Operating Costs shall not
be affected by any such partial taking of the Premises.
16.3 Proceeds of Award . In the event of any taking, partial or whole, all of the proceeds of any award, judgment, or settlement
payable by the condemning authority shall be the exclusive property of Landlord, whether awarded as compensation for the damages to
Landlord’s or Tenant’s interest in the Premises and whether or not awarded as compensation for diminution in value of the leasehold or to the
fee of the Premises, and Tenant hereby assigns to Landlord all of its right, title, and interest in any award, judgment, or settlement from the
condemning authority. Tenant, however, shall have the right, to the extent that Landlord’s award is not reduced or prejudiced, to claim from the
condemning authority (but not from Landlord) such compensation as may be recoverable by Tenant in its own right for relocation expenses and
damage to Tenant’s Property.
16.4 Repairs
. In the event of a partial taking of the Premises that does not result in a termination of this Lease, Landlord shall restore
the remaining portion of the Premises as nearly as practicable to its condition prior to the condemnation or taking. Tenant shall be responsible at
its sole cost and expense for the repair, restoration, and replacement of Tenant’s Property.
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