CLP and State of Texas Coastal Easement Agreement

Browse Search

... ... . . .... .... . .. .. . .... . .... . ...... . .. . . .. .. . ..~.. . e . shall include a description of the damage and, as far as known to Lessee, the cause of the damage, and (ii) take such action as may be required under applicable municipal ordinances and other laws, rules and regulations with respect to any such damage or destruction. Lessee shall also be obligated to promptly remove all debris resulting from such damage or destruction and take such action as is necessary to place the Leased Premises in a neat, safe condition. If Lessee fails to remove all such debris or take such action as is necessary to place the Leased Premises in a safe condition within ninety (90) days following the date of such damage or destruction, Lessor shall have the right (but not the 'Obligation) to do so, whereupon Lessee shall be liable to pay Lessor, upon demand, the cost and expense incurred by Lessor in accomplishing such action. Any failure by Lessee to make such payment to Lessor may be treated by Lessor as a default in the payment of Rent due and owing by Lessee hereunder. section 11.02. In the event any building or improvement constructed on the Leased Premises is damaged or destroyed by fire or other casualty, all insurance proceeds shall be paid to Lessee and used for repairs. Article XII. Condemnation section 12.01. If there shall be taken during the term of this Lease all of the Leased Premises by any authority having the power of eminent domain, then and in that event, the term of this Lease shall cease and terminate, and the date of such termination shall be, at Lessor's election, the earlier of either the date upon which possession shall be tendered to such authority by Lessor or the date upon which possession is taken by such authority. If a lesser part of the Leased Premises should be so taken, then Lessor may elect to terminate this Lease or to continue this Lease in effect. If this Lease is terminated pursuant to the provisions of this section 12.01, the duties of Lessee relative to removal of improvements (from that portion of the leased land not taken by an authority having the power of eminent domain), as set forth in section 12.03, below, shall nevertheless remain in full force and effect. Immediately upon the taking of possession of the portion of the Leased Premises taken by the condemning authority, if this Lease not be terminated as set forth in the preceding paragraph, the Rent shall be reduced in proportion to the area of the Leased Premises so taken. When any such reduction in Rent has been computed by Lessor, Lessor shall notify Lessee as to the amount of such Rent and such sum shall be due and payable by Lessee to Lessor in accordance with the provisions of Article III relating to the time and manner of Lessee's payment of Rent. At the request of Lessor, Lessee will execute a letter or other memorandum setting fo~th the amount of such Rent payable by Lessee.