97-067 Ordinance - Laserfiche WebLink

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complete, subject to unavoidable delays, restoration of the property as nearly as possible to its value, condition and character immediately prior to such taking, except for any reduction in area caused thereby, provided that, in case of a taking for temporary use, Lessee shall not be required to effect restoration until such taking is terminated. Awards and other payments on account of a taking shall be applied as follows: A. Net awards and payments received on account of a taking other than a taking for temporary use or a total taking shall (subject to the rights of Lessee's mortgagee, to participate in the mortgagor's award) be held and applied to pay the cost of restoration of the property, such application to be made substantially as provided in this lease with respect to insurance proceeds. Thereafter, the remainder of the net award, if any, shall be applied as set forth in subparagraph B. below. B. Net awards and payments received on account of a total taking shall be divided between Lessor and Lessee (subject to the rights of Lessee's mortgagee, to participate in mortgagor's award) in the ratio, as nearly as practicable, which (a) the then value of Lessor's interest in the property (including Lessor's interest hereunder) bears to (b) the then value of Lessee's interest in the property and in the remainder of the lease term, in each case determined by three independent appraisers. Lessor and Lessee shall each appoint one appraiser not more than thirty (30) days after any total taking, and shall notify the other of such appointment. A third appraiser shall be appointed by each of the previously appointed appraisers. If either party shall fail or refuse to appoint an appraiser within such 30-day period, the Administrative Judge of the Common Pleas Court of Cuyahoga County shall select the appraiser or appraisers not then appointed. The determination of the appraisers shall be binding upon the parties. Each of the appraisers shall be disinterested and shall be members in good standing in the American Institute of Real Estate Appraisers or its successor. The cost of the appraisal shall be borne equally by Lessor and Lessee. In the event of a partial taking which does not result in a termination of this lease, the rent payable hereunder shall be reduced in the same proportion as the portion of the demised real estate bears to the total demised real estate as of the date title to the portion taken is no longer in Lessor. 7 ,~ a.