CLP and State of Texas Coastal Easement Agreement

Browse Search

.J. .... . .... .... . .. .. . .... . .... . ...... . . . .. .. . ..... . e In the event that neither Lessor nor Lessee has elected to terminate this Lease pursuant to its above stated option to do so, then Lessee shall restore the remaining portion of the Leased Premises with such nature of building improvements and facilities as were provided to be constructed by Lessee pursuant to Article VI of this Lease. Any such restoration work shall be performed within a reasonable period of time with reasonable allowances for excusable delays. Any such restoration work by Lessee shall be conducted in such manner as to not interfere with the conduct of any operating business at any unaffected potion of the Leased Premises. All such restoration work by Lessee shall be carried forward diligently until completion in accordance with and subject to the provisions of Article VI and the Construction Rider (applicable to original construction). Lessee shall be bound and obligated to pay the full cost of such restoration work, Lessor's only obligation being to release such sums, if any, received by Lessor with respect to the taking of such improvements. . The restoration work, if any, by Lessee with respect to the Leased Premises shall not constitute an eviction or disturbance of Lessee's use and possession of the Leased Premises or a breach by Lessor of any of its obligations hereunder or render Lessor liable for damages or entitle Lessee to be relieved from any of its obligations hereunder (with the exception of the aforesaid proportionate reduction in Rent) or grant Lessee any right of off-set or recoupment. . Section 12.02. All sums awarded or agreed upon between Lessor and the condemning authority for the taking of the fee or the leasehold interest with respect to the leased land, whether as damages or as compensation, will be the property of Lessor. Lessee hereby assigns to Lessor all proceeds, whether by way of compensation or damages, otherwise payable to Lessee for the leasehold interest wi th respect to the leased land by reason of such taking. All sums awarded or agreed upon between Lessor and the condemning authority for the taking of improvements of Lessee located on the leased land, whether as damages or as compensation, will be the property of Lessee. Lessee further grants to Lessor the exclusive authority to negotiate with such authority for payment, both with respect to the interest of Lessor and the interest of Lessee with respect to the leased land and Lessee agrees that the authority having the power of eminent domain shall cause all checks and drafts issued by it in connection with any such taking of the fee or leasehold estate with respect to the leased land, whether as compensation or as damages, to be issued payable to the order of Lessor. Upon request of Lessor, Lessee agrees to forthwith execute such instrument or. instruments as Lessor may reasonably request for the purpose of evidencing the cessation of Lessee's interest in such portion of the Leased Premises as is taken by such authority and the continued effectiveness of this Lease as to the balance of the Leased Premises not taken.