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8863-16 lease agreement with Cleveland Clinic for 1450 Belle Ave Suite 300
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8863-16 lease agreement with Cleveland Clinic for 1450 Belle Ave Suite 300
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other forms of insurance as Landlord may reasonably require from time to time, in <br />form and amounts and Insuring against risks included within fire, extended coverage, <br />vandalism, malicious mischief and all -risk coverages. <br />Landlord shall, at its sole cost and expense, either self - insure, or shall obtain and <br />maintain throughout the Term and any extension thereof one or more policies of <br />comprehensive general liability Insurance, issued by a responsible Insurance company <br />or companies authorized to do business in the State of Ohio in an amount not less <br />than any amounts of insurance required to be obtained and maintained by Tenant <br />under the Terms of this Agreement. If permitted by Landlord's liability carrier, Tenant <br />shall be named as an additional Insured party under any such insurance policies <br />described in this section which are required to be obtained and maintained by <br />Landlord. <br />10. DAMAGE OR DESTRUCTION <br />If at any time during the Initial Term or any extension thereof, the whole or a substantial <br />portion of the Building or Premises is so damaged or destroyed by fire or other casualty <br />and such damage or destruction materially affects Tenant's ability to conduct normal <br />business operations in the Premises and such damage cannot reasonably be expected to <br />be repaired within one hundred twenty (120) days, then either Landlord or Tenant may <br />elect to terminate the Lease by so notifying the other within thirty (30) days after the date <br />of the damage or destruction, specifying a date for termination that shall be not less than <br />thirty (30) days from the date of such notice; provided that Landlord give Tenant notice <br />within thirty (30) days of the occurrence of such damage of whether or not the Premises <br />will be repaired within the one hundred twenty (120) days. If neither Landlord nor Tenant <br />so elect to terminate this Lease, then Landlord shall promptly commence to repair and <br />restore the Building and Premises to their condition immediately prior to such fire or <br />casualty except that Landlord shall not be required to repair or restore alterations and <br />additions to the Premises made by Tenant in accordance with the provisions of Section 6 <br />hereof. if Landlord has not completed such repair and restoration within one hundred <br />eighty (180) days after the date of the damage or destruction, Tenant may by thirty (30) <br />days advance notice to Landlord elect to terminate this Lease. Tenant's obligation to pay <br />Base Rent shall be abated commencing on the date of such damage or destruction in the <br />proportion that the area of the part of the Premises so damaged or destroyed or rendered <br />untenantable bears to the total area of the Premises, until the Premises are repaired or <br />restored or the Lease is terminated as aforesaid. A substantial portion of the Building <br />and/or Premises shall be deemed to have been damaged or destroyed by fire or other <br />casualty If the undestroyed or undamaged part of the Building and /or Premises shall be <br />Insufficient for the economic and feasible operation thereof by Tenant. <br />11. CONDEMNATION <br />11,1 Termination: If at any time during the Term more than twenty -five percent (25 %) <br />of the Building shall be condemned or taken for public or quasi public use, or if any <br />portion of the Building, the common areas or Premises is so condemned or taken <br />which would materially affect Tenant's ability to conduct normal business <br />operations in the Premises, this Lease shall automatically terminate as of the <br />earlier of the date of the vesting of title or the date of dispossession of Tenant as a <br />result of such condemnation or taking. If at any time during the Term more than <br />twenty -five percent (25 %) of any parking area allocated to Tenant hereunder shall <br />
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