Eminent Domain. If any part over ten percent (10%) of the Premises or ten percent (10%) of the parking spaces serving the Premises shall be taken or appropriated under the power of eminent domain or conveyed in lieu thereof, Tenant shall have the right to terminate this Lease at its option; however, Tenant’s right to terminate due to a taking of over ten percent (10%) of the parking spaces shall be void if either: (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (90) days of the taking subject to Tenant’s reasonable approval of the design, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this Paragraph.
Appears in 2 contracts
Sources: Lease Agreement (Audience Inc), Lease Agreement (Audience Inc)
Eminent Domain. If any part over more than ten percent (10%) of the Premises or ten percent (10%) of the parking spaces serving the Premises shall be taken or appropriated under the power of eminent domain or conveyed in lieu thereof, Tenant shall have the right to terminate this Lease at its option; however, Tenant’s right to terminate due to a taking of over more than ten percent (10%) of the parking spaces shall be void if either: (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (90) days of the taking subject to Tenant’s reasonable approval of the design, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue appropriated by any public or quasi-public authority under the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, either party hereto shall have the right, at its option, within sixty (60) days after said taking, to terminate this Lease upon thirty (30) days' written notice. If (i) less than ten percent (10%) of the Premises or the parking spaces are taken or (ii) more than ten percent (10%) of the Premises or such parking spaces are taken, but neither party elects to terminate as herein provided, the Minimum Rent thereafter to be paid shall be equitably reduced. If the Lease is not terminated pursuant to the provisions hereof following any partial taking Landlord shall promptly repair, restore, or rebuild for occupancy by Tenant the portion of the Premises not so taken. If, during the repair, restoration, or rebuilding required, the Premises are not usable in the reasonable opinion of Tenant, the Rent shall be abated until the Premises are restored and usable. In the event of any taking or appropriation whatsoever, Landlord shall be entitled to any and all awards and/or settlements which may be given and Tenant shall have no claim against Landlord for any part amounts whatsoever, and in no event shall Tenant have any claim whatsoever against Landlord or the condemning authority for the loss or diminution in value of sum paid by virtue of such proceedings, whether its Leasehold interest in the Premises or not attributable to any Leasehold improvements therein or for the value of the any unexpired term of this Lease except Lease, Tenant hereby expressly assigns to Landlord any such right or claim; provided, however, that Tenant shall be entitled to petition any separate award made by the condemning authority solely for the following : (i) the then unamortized cost or on account of any Alterations loss or tenant improvements paid for by expense which Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s may sustain or incur in removing ▇▇▇▇▇▇'s merchandise, trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, or equipment from the Premises or for any loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense such items of Tenant's personal property. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary Nothing contained in this Paragraph 21, if paragraph shall be any liability of Tenant to Landlord which arose prior to the temporary use or occupancy effective date of any part termination of the Premises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue pursuant to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this Paragraphparagraph.
Appears in 2 contracts
Sources: Building Lease (Solera National Bancorp, Inc.), Building Lease (Solera National Bancorp, Inc.)
Eminent Domain. Section 1. If the whole or any part over ten percent (10%) of the Premises land or ten percent (10%) of Building constituting the parking spaces serving the Leased Premises shall be taken or appropriated by any public authority under the power of eminent domain or conveyed in lieu thereof, Tenant shall have the right to terminate this Lease at its option; however, Tenant’s right to terminate due to a taking of over ten percent (10%) of the parking spaces shall be void if either: (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (90) days of the taking subject to Tenant’s reasonable approval of the design, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and if the portion of such land or Building remaining after such taking shall not constitute sufficient space for the maintenance and operation of Tenant’s business in an economically feasible and profitable manner, as determined by Tenant, then the Term shall cease as of the date possession is delivered by Tenant, and Tenant shall pay Rent up to that date with an appropriate refund by Landlord of such Rent as may have no claim against Landlord been paid in advance for a period subsequent to the date of taking; provided, however, if Tenant, in its sole opinion, can use any part of sum paid the Building constituting a portion of the Leased Premises in an economically feasible and profitable manner, then the Lease shall continue in effect as to that part of the Building, and the Rent shall be abated from the date of taking in proportion to the number of square feet so taken. In the case of taking of unused land but not of Building, such that Tenant, it its sole opinion, can still use the remaining part of the Leased Premises in an economically feasible and profitable manner, then the Lease shall continue in effect, and no abatement of Rent shall occur by virtue reason thereof. Landlord agrees at its sole cost and expense to make all repairs, construction, additions or alterations that may be necessary or requisite for the making of such proceedingsthe remainder of the Leased Premises a complete architectural and operating unit, and suitable for the business and operations of Tenant in an economically feasible and profitable manner.
Section 2. All compensation awarded for any taking under the power of eminent domain, whether or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations whole or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises Leased Premises, shall be so taken the property of Landlord, whether such damages shall be awarded as compensation for diminution in the value of, or appropriated or conveyed loss of, the fee of the Leased Premises, and neither party hereto shall elect Tenant hereby assigns to terminate this Lease Landlord all of Tenant’s right, title and the Premises have been damaged as a consequence of interest in and to any and all such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expensecompensation; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation made to Tenant for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration removal of the Premises fixtures, stock and the use and occupancy other personal property of the Premises after the end Tenant, or for any other expenses or losses of the Term. If Tenant connected with or resulting from any such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises taking, or the Project Common Areasany other awards, then reimbursements or payments that may be made, awarded or granted to Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this Paragraphdirectly under applicable law.
Appears in 2 contracts
Eminent Domain. If (a) Mortgagor shall notify Mortgagee immediately upon obtaining knowledge of any Taking affecting the Trust Estate or any part over ten percent (10%) thereof. If the Taking is a Taking of less than the whole or substantially all of the Premises or ten percent (10%) of the parking spaces serving the Premises shall be taken or appropriated under the power of eminent domain or conveyed in lieu thereof, Tenant shall have the right to terminate this Lease at its option; however, Tenant’s right to terminate due to a taking of over ten percent (10%) of the parking spaces shall be void if either: but (i) Landlord builds a parking structure on is estimated to result in an award of more than $10,000,000 or (ii) the Land to replace said spaces within ninety (90) days Taking will interfere with or adversely affect the operation of the taking subject Casino Hotel (other than any portion thereof consisting solely of unimproved, paved or unpaved surface parking) other than to Tenant’s reasonable approval a de minimis extent, then within 30 days after such Taking, Mortgagor shall deliver to Mortgagee a certificate of an Architect stating whether, in such Architect's opinion, applicable Legal Requirements permit the Restoration of any buildings and improvements for the same uses and to the same size and quality in all material respects as existed immediately prior to the Taking (and if said certificate states that Legal Requirements do not permit such Restoration, said certificate shall describe the manner closest approximating such criteria to which the buildings and improvements could be so restored and shall be accompanied by a Certificate of Appraised Value dated not more than 10 days prior to delivery setting forth the Appraised Value immediately prior to the Taking and the estimated Appraised Value immediately after the permitted Restoration). If Mortgagor is required to deliver such Certificate of Appraised value and if based on such Certificate of Appraised Value immediately after Restoration, (i) the Outstanding Amount of Indebtedness of the designMortgagor, location the Company or TCHI immediately after such Restoration shall exceed the greater of (A) 80% of the Appraised Value immediately after such Restoration or (B) the quotient of the Outstanding Amount of Indebtedness of the Mortgagor, the Company or TCHI immediately prior to such Taking divided by the Appraised Value immediately prior to the Taking multiplied by the Appraised Value immediately after such Restoration, or (ii) applicable Legal Requirements do not permit the Restoration of the Casino Hotel for use as a casino and construction hotel complex, then, in any of said structuresuch events, the Taking shall be deemed a Taking of "the whole or substantially all of the Premises." The Taking shall be deemed a Taking of "less than the whole or substantially all of the Premises" if Mortgagor is not required to deliver a Certificate Of Appraised Value or if, at the time of delivery of such Certificate, neither of the tests set forth in clauses (i) and (ii) is met.
(b) If at any time there shall occur a Taking of less than the whole or substantially all of the Premises and the award or awards resulting therefrom payable to Mortgagor (and not to any lessor under any Facility Lease) (after there shall have been first deducted the fees and expenses incurred in connection with the termination, settlement and collection of such award or awards, including, without limitation, reasonable counsel fees and expenses, hereinafter referred to as "Settlement Costs") (i) shall be less than $10,000,000 (except to the extent that the Insurance Trustee is required to hold such amount pursuant to a Superior Instrument Requirements), the entire amount of such award shall be paid to Mortgagor; or and (ii) if such a parking structure cannot award is $10,000,000 or more, the entire amount of such award shall be built within said ninety (90) day periodpaid to the Insurance Trustee. In either event, Landlord agrees in writing within such ninety (90) day period awards shall be applied to build such a parking structure within two hundred seventy (270) days the cost of Restoration of the taking Trust Estate as nearly as practicable to their uses, value and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal condition immediately prior to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees Taking (except to so build a parking structure it the extent otherwise provided by Superior Instrument Requirements). Mortgagor shall promptly commence and diligently pursue with due diligence perform the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid Restoration in connection accordance with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; clauses (iii) Tenant’s relocation costs; ), (iv) Tenant’s goodwill, loss of business and business interruption; and (vvii) one-half of Subsection 5.10(e) (after substituting the amount which is the lesser of (a) the bonus value of this Leasewords "Taking" for "Casualty" and "award" for "net insurance proceeds"), at no cost to Mortgagee. All claims or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration suits arising out of any Alterations installed on the Premises Taking may be settled by or at the expense of Tenant. ThereafterMortgagor, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such except that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant Mortgagee shall have the right (but not the obligation) to terminate the Lease unlessparticipate in such claim or suit, if applicable, Landlord agrees and to provide valet parking approve settlement thereof (at no cost to Tenant) and notwithstanding anything in the same Facility Leases to the contrary, Mortgagor shall not agree to any settlement or compromise of the amount of any such claim or suit, except a claim or suit where the amount reasonably anticipated to be received by Mortgagor is less than $5,000,000). If Mortgagee at its election as described aforesaid joins such claim or suit, Mortgagee's approval of such settlement shall not be unreasonably withheld. The Insurance Trustee shall promptly pay such sums as are received by it from such Taking from time to time in clause accordance with the procedures set forth in clauses (iiv) and (vi) of Subsection 5.10(e) (after substituting the first sentence of this Paragraphwords "Taking" for "Casualty" and "award" for "net insurance proceeds").
Appears in 2 contracts
Sources: Indenture of Mortgage and Security Agreement (Trumps Castle Associates Lp), Indenture of Mortgage and Security Agreement (Trumps Castle Associates Lp)
Eminent Domain. If any part over ten percent (10%) of the Premises or ten percent (10%) of the parking spaces serving the Premises shall be taken or appropriated under the power of eminent domain or conveyed in lieu thereof, Tenant shall have the right to terminate this Lease at its option; however, Tenant’s right to terminate due to a taking of over ten percent (10%) of the parking spaces shall be void if either: (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (90) days of the taking subject to Tenant’s reasonable approval of the design, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, unless Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this ParagraphSection.
Appears in 2 contracts
Sources: Lease Agreement (Upwork Inc.), Lease Agreement (Upwork Inc.)
Eminent Domain. Section 13.1 If any part over ten percent (10%a) all of the Premises or ten percent (10%) floor area of the parking spaces serving Premises, or so much thereof as shall render the Premises wholly untenantable, shall be taken permanently acquired or appropriated under condemned for any public or quasi-public use or purpose, or (b) a portion of the power Real Property, not including the Premises, shall be so acquired or condemned, but by reason of eminent domain such acquisition or conveyed in lieu thereofcondemnation, Tenant no longer has means of access to the Premises, then this Lease and the Term shall have end as of the right date of the vesting of title with the same effect as if that date were the Expiration Date. If the parking area or a material portion thereof shall be permanently acquired or condemned for any public or quasi-public use or purpose such that Tenant has insufficient parking for its use of the Premises, and if Tenant is unable after using good faith efforts to obtain substitute sufficient parking for its use of the Premises, Tenant may upon notice to Landlord, within one hundred twenty (120) days after such taking, terminate this Lease. If Tenant has insufficient parking by reason of a condemnation or other taking as aforesaid and Tenant finds suitable replacement parking or other reasonable alternatives thereto (including van or shuttle services) then provided Tenant does not exercise its right, if any, to terminate this Lease at its option; however, Tenant’s right to terminate due to a taking of over ten percent (10%) of the parking spaces shall be void if either: (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (90) days of the taking subject to Tenant’s reasonable approval of the design, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such eventsLease, Landlord shall receive (reimburse Tenant for the costs of such replacement parking or parking alternatives up to the net proceeds actually received by Landlord from the condemning authority. In the event of any termination of this Lease and Tenant the Term pursuant to the provisions of this Article 13, Fixed Rent and Additional Rent shall assign be apportioned as of the date of sooner termination and any prepaid portion of Fixed Rent or Additional Rent for any period after such date shall be refunded by Landlord to Landlord upon demand from Landlord) Tenant.
Section 13.2 In the event of any income, rent, award such acquisition or condemnation of all or any interest therein which may part of the Real Property, Landlord shall be paid in connection with entitled to receive the exercise of entire award for any such power of eminent domain, and acquisition or condemnation. Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for the following : (i) value of any unexpired portion of the Term, and Tenant hereby expressly assigns to Landlord all of its right in and to any such award. Nothing contained in this Section 13.2 shall be deemed to prevent Tenant from making a separate claim in any condemnation proceedings for the then unamortized cost value of any Alterations or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwillProperty and Alterations included in such taking and for any moving expenses, loss of business provided such award shall be made by the condemning authority in addition to, and business interruption; and (v) one-half shall not result in a reduction of, the award made by it to Landlord.
Section 13.3 If only a part of the amount which is Real Property shall be so acquired or condemned then, subject to Section 13.1, this Lease and the lesser of (a) the bonus value of this Lease, or (b) the amount of the award Term shall continue in excess of the sum of amounts payable to Landlord’s ground lessor (if any) force and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Propertyeffect. If a part of the Premises shall be so taken acquired or appropriated or conveyed condemned and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyanceTerm shall not be terminated, Landlord shall restore the Premises continuing under this Lease Landlord, at Landlord’s cost and expense; provided, however, shall restore that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion part of the Premises not so taken acquired or condemned so as to constitute tenantable Premises. From and after the date of the vesting of title, Fixed Rent and Additional Rent shall be reduced in the proportion which the area of the part of the Premises so acquired or condemned bears to the total area of the Premises immediately prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use acquisition or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this Paragraphcondemnation.
Appears in 2 contracts
Sources: Lease Agreement (Emdeon Inc.), Lease Agreement (Emdeon Inc.)
Eminent Domain. 21.1 If any part over ten percent (10%) the entire Premises, or enough thereof so as to render the balance thereof not reasonably usable for the conduct of the Premises or ten percent (10%) of the parking spaces serving the Premises shall be Tenant’s business, is taken or appropriated by a governmental agency under the power of eminent domain or conveyed in lieu thereof, Tenant shall have the right to either party hereto may terminate this Lease at its option; however, Tenant’s right to terminate due to a taking of over ten percent by serving written notice upon the other party hereto within thirty (10%30) days thereafter. If any substantial part of the parking spaces shall be void if either: (i) Landlord builds Project excluding the Premises is taken or appropriated by a parking structure on governmental agency under the Land to replace said spaces within ninety (90) days power of the taking subject to Tenant’s reasonable approval of the design, location and construction of said structure; eminent domain or (ii) if such a parking structure cannot be built within said ninety (90) day periodconveyed in lieu thereof, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been may so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completionterminate this Lease. In either of such eventsevent, Landlord shall receive (and Tenant shall assign to Landlord upon demand from by Landlord) any income, rentRent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domaintherewith, and Tenant shall have no claim against Landlord for any part of any sum paid by virtue of such proceedingsso paid, whether or not attributable to the value of the unexpired term of this Lease except Term; provided, however, that Tenant nothing herein shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations or tenant improvements paid for by prevent Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) pursuing a separate award in connection with the value taking of Tenant’s trade fixtures; (iii) removable tangible personal property placed in the Premises solely at Tenant’s expense, for Tenant’s relocation costs; (iv) Tenant’s goodwill, costs and for loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. goodwill.
21.2 If a part of the Premises shall be is so taken or taken, appropriated or conveyed by a governmental agency, and neither party hereto shall elect elects to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyanceLease, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the then Base Rent and Additional Charges to be paid under this Lease for the remainder of the Term Rent payable hereunder shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be abated in the ratio proportion that they are of the portion of the Premises not so taken taken, appropriated or conveyed bears to the total area of the Premises prior to such taking. entire Premises.
21.3 Notwithstanding anything to the contrary contained in this Paragraph Article 21, if the temporary use or occupancy of any part of the Premises shall be (for a period not to exceed 60 days) is taken or appropriated by a governmental agency under the power of eminent domain or conveyed in lieu thereof during the Lease Term, this Lease shall be and remain unaffected by such taking taking, appropriation or appropriation conveyance and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in Tenant. In the event of any such temporary taking, appropriation or takingconveyance, Tenant shall be entitled to receive that portion of any award which that represents compensation for the loss of this use of or occupancy of the Premises during the Lease Term, and Landlord shall be entitled to receive the balance of such award. To the extent that portion it is inconsistent with the above, each party hereto hereby waives the provisions of any award which represents the cost of restoration Section 1265.130 of the Premises and California Code of Civil Procedure allowing either party to petition a court to terminate this Lease in the use and occupancy event of a partial taking of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this ParagraphPremises.
Appears in 2 contracts
Sources: Lease (National Mercantile Bancorp), Lease (National Mercantile Bancorp)
Eminent Domain. If In the event that the Mortgaged Property, or any part over ten percent (10%) of the Premises or ten percent (10%) of the parking spaces serving the Premises thereof, shall be taken in condemnation proceedings or appropriated under by the power exercise of any right of eminent domain or conveyed bona fide sale in lieu thereofthereof (hereinafter collectively referred to as condemnation proceedings), Tenant Mortgagor and Mortgagee shall have the right to terminate this Lease at participate in any such condemnation proceedings and the award that may be made in any such condemnation proceedings or the proceeds thereof or the agreed upon compensation for damages sustained shall be applied by Mortgagee, in such order and amounts as Mortgagee, in its option; howeversole discretion, Tenant’s right to terminate due to a taking of over ten percent (10%) may elect, in reduction of the parking spaces shall be void if either: (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (90) days outstanding principal balance of the taking subject to Tenant’s reasonable approval of the designNote, location all accrued and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day periodunpaid interest, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with other sum due under and/or secured by the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedingsNote or this Mortgage, whether or not attributable to then due. In the value event the whole of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business Mortgaged Property is taken and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess awards, proceeds or compensation received by Mortgagee is insufficient to pay the then unpaid principal balance of the sum of amounts payable Note, together with all accrued and unpaid interest thereon, and all other sums then due to Landlord’s ground lessor Mortgagee from Mortgagor and TN, Mortgagor and/or TN shall, within ten (if any10) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in days after the Property. If a part application of the Premises award, proceeds or compensation as aforesaid, pay such deficiency to Mortgagee. In the event less than the whole of the Mortgaged Property is taken, and the amount of the awards, proceeds or compensation received by Mortgagee is insufficient to reduce the outstanding balance of the Note to an amount equal to or less than eighty-five (85%) percent of the appraised value of the Mortgaged Property after the taking determined by an appraisal of the Mortgaged Property by a qualified appraiser approved by Mortgagee, then Mortgagor and/or TN shall, within ten (10) days after the application of the award, proceeds or compensation as aforesaid, pay to Mortgagee the amount necessary to reduce the outstanding balance of the Note to an amount equal to eighty-five (85%) percent of the appraised value of the Mortgaged Property after the taking. The cost of such appraisal shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence responsibility of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this ParagraphMortgagor.
Appears in 2 contracts
Sources: Open End Mortgage and Security Agreement (Evans & Sutherland Computer Corp), Open End Mortgage and Security Agreement (Transnational Industries Inc)
Eminent Domain. If In the event that all or any substantial part over ten of the Premises or the Building or its common areas is taken (other than for temporary use, hereafter described) by public authority under power of eminent domain (or by conveyance in lieu thereof), then by notice given within three (3) months following the recording of such taking (or conveyance) in the appropriate registry of deeds, this Lease may be terminated at Landlord’s election thirty (30) days after such notice. In the event there is a taking that results in the loss of reasonable access to the Premises; results in the loss of more than twenty-five percent (1025%) of the Premises or ten percent (10%) rentable floor area of the Premises; or results in loss of parking spaces serving facilities for the Premises shall be taken Building and Landlord reasonably determines it is not practical to relocate such parking or appropriated under relocate and reconnect such facilities within the power of eminent domain remaining Building or conveyed in lieu thereof, Property then Tenant shall have the right right, upon written notice to Landlord given within thirty (30) days after notice of the taking, to terminate the Lease. In the event of termination, Base Rent and Tenant’s share of Total Operating Costs and Taxes shall be apportioned as of the date of termination. If this Lease at its option; howeveris not terminated as aforesaid, Tenant’s right subject to terminate due to the rights of mortgagees Landlord shall within a taking of over ten percent (10%) reasonable time thereafter, diligently restore what may remain of the parking spaces shall be void if either: Premises (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (90) days of the taking subject to Tenant’s reasonable approval of the design, location and construction of said structure; excluding any Tenant Property or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost other items installed or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations or tenant improvements paid for by Tenant from its own funds (as opposed that Tenant is permitted or may be required to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) remove upon expiration and any holder and Tenant Work) to a tenantable condition. In the event some portion of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part rentable floor area of the Premises is taken (other than for temporary use) and this Lease is not terminated, Base Rent and Tenant’s Pro Rata Share of Total Operating Costs shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease proportionally abated for the remainder of the Term shall be proportionately reduced, such that thereafter Term. In the amounts to be paid by Tenant shall be in the ratio that they are event of the portion any taking of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during the Termthereof for temporary use, (i) this Lease shall be and remain unaffected by such taking or appropriation thereby and Tenant rent shall continue to pay in full all Rent not ▇▇▇▇▇, and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, (ii) Tenant shall be entitled to receive that for itself such portion or portions of any award which represents compensation made for such use with respect to the use of or occupancy period of the Premises during taking that is within the Term, and provided that if such taking shall remain in force at the expiration or earlier termination of this Lease, then Tenant shall pay to Landlord shall be entitled a sum equal to receive that portion of any award which represents the reasonable cost of restoration performing Tenant’s obligations hereunder with respect to surrender of the Premises and the use upon such payment shall be excused from such obligations. So long as Tenant is not then in breach of any covenant or condition of this Lease, any specific damages that are expressly awarded to Tenant on account of its relocation expenses, and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areasspecifically so designated, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost belong to Tenant) . Except as provided in the same as described in clause (ii) of the first preceding sentence of this Paragraphparagraph, Landlord reserves to itself, and Tenant releases and assigns to Landlord, all rights to damages accruing on account of any taking or by reason of any act of any public authority for which damages are payable. Tenant agrees to execute such further instruments of assignment as may be reasonably requested by Landlord, and to turn over to Landlord any damages that may be recovered in any proceeding or otherwise; and Tenant irrevocably appoints Landlord as its attorney-in-fact with full power of substitution so to execute and deliver in Tenant’s name, place and stead all such further instruments if Tenant shall fail to do so after ten (10) days’ notice.
Appears in 2 contracts
Sources: Lease Agreement (Keros Therapeutics, Inc.), Lease Agreement (Keros Therapeutics, Inc.)
Eminent Domain. Section 16.1. If any part over ten more than thirty-three percent (1033%) of the Premises floor area ------------ of the building on the demised premises or ten if more than thirty-three percent (1033%) of the parking spaces serving area of the Premises Parking and Accommodation Areas shall be taken or appropriated under the power of eminent domain and the portion not so taken will not be reasonably adequate for the operation of Tenant's business after the Landlord completes such repairs or conveyed in lieu thereofalterations as the Landlord is obligated or elects to make, Tenant shall have the right to elect either to terminate this Lease, or, subject to Landlord's right to terminate this Lease at its option; howeverpursuant to Section 16.4., Tenant’s right to terminate due to a ------------ continue in possession of the remainder of the demised premises and shall notify Landlord in writing within ten (10) days after such taking of over ten Tenant's election. In the event less than thirty-three percent (1033%) of the parking spaces floor area of the building on the demised premises or less than thirty three percent (33%) of the area of the Parking and Accommodation Areas shall be void if either: taken, all of the terms herein provided shall continue in effect, except that the base rent (iand any other rent allocated based on Tenant's square footage in the building) Landlord builds a parking structure shall be reduced in the same proportion that the floor area of the building on the Land demised premises taken bears to replace said spaces within ninety (90) days the original floor area of the taking subject building on the demised premises, and Landlord shall at its own cost and expense make all necessary repairs or alterations to Tenant’s reasonable approval the building so as to constitute the portion of the designbuilding not taken a complete architectural unit and the demised premises a complete unit for the purposes allowed by this Lease, location and construction of said structure; or (ii) if but such a parking structure canwork shall not be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days exceed the scope of the taking and provides valet parking during Business Hours (at no cost or expense work to Tenant) for be done by Landlord in originally constructing said building.
Section 16.2. Each party waives the number provisions of cars which is equal to the number Code of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In Civil ------------ Procedure Section 1265.130 allowing either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled party to petition the condemning authority Superior Court to terminate this Lease in the event of a partial taking.
Section 16.3. All damages or awards for any taking under the power of ------------ eminent domain whether for the following : (i) the then unamortized cost of any Alterations whole or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises demised premises shall belong to and be the property of Landlord whether such damages or awards shall be so taken awarded as compensation for diminution in value to the leasehold or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence fee of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expensedemised premises; provided, provided however, that Landlord shall not be required to repair or restore any injury or damage entitled to the property of award made to Tenant or Landlord for loss of business, depreciation to, and cost or removal of stock and fixtures and for leasehold improvements which have been installed by Tenant at its sole cost and expense less depreciation which is to make any repairs or restoration of any Alterations installed be computed on the Premises by or at basis of completely depreciating such leasehold improvements during the expense initial demised term of Tenant. Thereafterthis Lease, the Rent and Additional Charges any award made to be paid under this Lease for the remainder Tenant in excess of the Term then depreciated value of leasehold improvements shall be proportionately reduced, such that thereafter payable to the amounts to be paid by Tenant shall be in the ratio that they are Landlord.
Section 16.4. If more than thirty-three percent (33%) of the portion floor areas ------------ of the Premises not so taken bears to building on the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises demised premises shall be taken or appropriated under power of eminent domain during domain, or if more than thirty-three percent (33%) of the Termarea of the Parking and Accommodation Areas shall be so taken, Landlord may, by written notice to Tenant delivered on or before the date of surrendering possession to the public authority pursuant to such taking, terminate this Lease as of such date.
Section 16.5. If this Lease is terminated as provided in this Article, ------------ the rent shall be and remain unaffected paid up to the day that possession is so taken by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, public authority and Landlord shall be entitled to receive that portion make a prorata refund of any award which represents the cost of restoration of the Premises rent and the use all deposits paid by Tenant in advance and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this Paragraphnot yet earned.
Appears in 2 contracts
Eminent Domain. Section 16.1. If any part over ten more than thirty-three percent (1033%) of the Premises or ten percent (10%) floor area of the parking spaces serving building on the Premises demised premises shall be taken or appropriated under the power of eminent domain and the portion not so taken will not be reasonably adequate for the operation of Tenant’s business after the Landlord completes such repairs or conveyed in lieu thereofalterations as the Landlord is obligated or elects to make, Tenant shall have the right to elect either to terminate this Lease at its option; howeverLease, Tenantor, subject to Landlord’s right to terminate due the Lease pursuant to a Section 16.4, to continue in possession of the remainder of the demised premises and shall notify Landlord in writing within ten (10) days after such taking of over ten Tenant’s election. In the event less than thirty-three percent (1033%) of the parking spaces floor area of the building on the demised premises shall be void if either: (i) Landlord builds a parking structure taken or Tenant elects to remain in possession, as provided in the first sentence hereof, all of the terms herein provided shall continue in effect, except that the base rent shall be reduced in the same proportion that the floor area of the building on the Land demised premises taken bears to replace said spaces within ninety (90) days the original floor area of the taking subject building on the demised premises, and Landlord shall at its own cost and expense make all necessary repairs or alterations to Tenant’s reasonable approval the building so as to constitute the portion of the designbuilding not taken a complete architectural unit and the demised premises a complete unit for the purposes allowed by this Lease, location and construction of said structure; or (ii) if but such a parking structure canwork shall not be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days exceed the scope of the work to be done by Landlord in originally constructing said building.
Section 16.2. Each party waives the provisions of Code of Civil Procedure Section 1265.130 allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking.
Section 16.3. All damages or awards for any taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for under the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, domain whether or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations whole or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises demised premises shall belong to and be the property of Landlord whether such damages or awards shall be so taken awarded as compensation for diminution in value to the leasehold or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence fee of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expensedemised premises; provided, provided however, that Landlord shall not be required to repair or restore any injury or damage entitled to the property of award made to Tenant or Landlord for loss of business, depreciation to, and cost or removal of stock and fixtures and for leasehold improvements which have been installed by Tenant at its sole cost and expense less depreciation which is to make any repairs or restoration of any Alterations installed be computed on the Premises by or at basis of completely depreciating such leasehold improvements during the expense initial term of Tenant. Thereafterthis Lease, the Rent and Additional Charges any award made to be paid under this Lease for the remainder Tenant in excess of the Term then depreciated value of leasehold improvements shall be proportionately reduced, such that thereafter payable to the amounts to be paid by Tenant Landlord.
Section 16.4. If more than thirty-three percent (33%) of the floor areas of the building on the demised premises shall be in the ratio that they are taken under power of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21eminent domain, or if the temporary use or occupancy of any part of the Premises Parking and Accommodation Areas shall be taken so taken, Landlord may, by written notice to Tenant delivered on or appropriated under power before the date of eminent domain during surrendering possession to the Termpublic authority pursuant to such taking, terminate this Lease as of such date.
Section 16.5. If this Lease is terminated as provided in this Article, the rent shall be and remain unaffected paid up to the day that possession is so taken by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, public authority and Landlord shall be entitled to receive that portion make a prorata refund of any award which represents the cost of restoration of the Premises rent and the use all deposits paid by Tenant in advance and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this Paragraphnot yet earned.
Appears in 2 contracts
Eminent Domain. Section 11.1 If the whole of the Real Property, the Building or the Premises shall be acquired or condemned for any public or quasi-public use or purpose, this Lease and the Term shall end as of the date of the vesting of title with the same effect as if said date were the Expiration Date. If only a part over ten of the Real Property and not the entire Premises shall be so acquired or condemned then, (1) except as hereinafter provided in this Section 11.1, this Lease and the Term shall continue in force and effect but, if a part of the Premises is included in the part of the Real Property so acquired or condemned, from and after the date of the vesting of title, the Fixed Rent and the Space Factor shall be reduced in the proportion which the area of the part of the Premises so acquired or condemned bears to the total area of the Premises immediately prior to such acquisition or condemnation and Tenant’s Share shall be redetermined based upon the proportion in which the ratio between the rentable area of the Premises remaining after such acquisition or condemnation bears to the rentable area of the Building remaining after such acquisition or condemnation; (2) whether or not the Premises shall be affected thereby, Landlord, at Landlord’s option, may give to Tenant, within sixty (60) days next following the date upon which Landlord shall have received notice of vesting of title, a ninety (90) days’ notice of termination of this Lease if Landlord shall elect to terminate leases (including this Lease), affecting at least fifty percent (1050%) of the Premises rentable area of the Building; and (3) if the part of the Real Property so acquired or ten condemned shall contain more than fifteen percent (1015%) of the parking spaces serving total area of the Premises immediately prior to such acquisition or condemnation, or if, by reason of such acquisition or condemnation, Tenant no longer has reasonable means of access to the Premises or if, in Tenant’s reasonable opinion, the portion of the Premises remaining shall be taken inadequate for Tenant to conduct its business at the Premises or appropriated under if a temporary taking of the power Premises is in excess of eminent domain or conveyed in lieu thereofone hundred eighty (180) days, Tenant, at Tenant’s option, may give to Landlord, within sixty (60) days next following the date upon which Tenant shall have the right to terminate this Lease at its option; howeverreceived notice of vesting of title, Tenant’s right to terminate due to a taking thirty (30) days’ notice of over ten percent (10%) of the parking spaces shall be void if either: (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (90) days of the taking subject to Tenant’s reasonable approval of the design, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value termination of this Lease. If any such thirty (30) days’ notice of termination is given, by Landlord or Tenant, this Lease and the Term shall come to an end and expire upon the expiration of said thirty (b30) days with the amount same effect as if the date of expiration of said thirty (30) days were the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the PropertyExpiration Date. If a part of the Premises shall be so taken acquired or appropriated or conveyed condemned and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence Term shall not be terminated pursuant to the foregoing provisions of such partial taking or appropriation or conveyancethis Section 11.1, Landlord shall restore the Premises continuing under this Lease Landlord, at Landlord’s cost and expense; provided, however, shall restore that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion part of the Premises not so taken bears acquired or condemned to a self-contained rental unit to a condition similar to that on the total area Commencement Date exclusive of Tenant’s Alterations, except that if such acquisition or condemnation occurs prior to completion of the Initial Alterations, Landlord shall only be required to restore that part of the Premises prior not so acquired or condemned to such takinga self-contained rental unit exclusive of Tenant’s Alterations. Notwithstanding anything In the event of any termination of this Lease and the Term pursuant to the contrary provisions of this Section 11.1, the Fixed Rent shall be apportioned as of the earlier of (i) the date of sooner termination or (ii) vesting of title, and any prepaid portion of Fixed Rent or Escalation Rent for any period after such date shall be refunded by Landlord to Tenant.
Section 11.2 In the event of any such acquisition or condemnation of all or any part of the Real Property, Landlord shall be entitled to receive the entire award for any such acquisition or condemnation, Tenant shall have no claim against Landlord or the condemning authority for the value of any unexpired portion of the Term and Tenant hereby expressly assigns to Landlord all of its right in and to any such award. Nothing contained in this Paragraph 21Section 11.2 shall be deemed to prevent Tenant from making a separate claim in any condemnation proceedings for the then value of any Tenant’s Property included in such taking, if and for any moving expenses, provided that same does not reduce any award or payment to Landlord.
Section 11.3 If the temporary use whole or occupancy of any part of the Premises shall be taken acquired or appropriated under power of eminent domain condemned temporarily (not to exceed one hundred eighty (180) days) during the TermTerm for any public or quasi-public use or purpose, this Lease Tenant shall give prompt notice thereof to Landlord and the Term shall not be and remain unaffected by such taking reduced or appropriation affected in any way and Tenant shall continue to pay in full all Rent and Additional Charges items of Rental payable hereunder by Tenant during the Term; in the event of any such temporary appropriation hereunder without reduction or takingabatement, and Tenant shall be entitled to receive that for itself any award or payments for such use, provided, however, that:
(i) if the acquisition or condemnation is for a period not extending beyond the Term and if such award or payment is made less frequently than in monthly installments, the same shall be paid to and held by Landlord as a fund which Landlord shall apply from time to time to the Rental payable by Tenant hereunder, except that, if by reason of such acquisition or condemnation changes or alterations are required to be made to the Premises which would necessitate an expenditure to restore the Premises, then a portion of any such award which represents compensation for or payment reasonably considered by Landlord as appropriate to cover the use of or occupancy expenses of the Premises during the Termrestoration shall be retained by Landlord, without application as aforesaid, and Landlord shall be entitled to receive that portion of any award which represents applied toward the cost of restoration of the Premises and as provided in Section 11.1 hereof; or
(ii) if the use and occupancy of the Premises after the end of the Term. If such temporary taking acquisition or condemnation is for a period longer than ninety (90) days extending beyond the Term, such award or payment shall be apportioned between Landlord and unreasonably interferes with Tenant as of the Expiration Date; Tenant’s use share thereof, if paid less frequently than in monthly installments, shall be paid to Landlord and applied in accordance with the provisions of clause (i) above, provided, however, that the amount of any award or payment allowed or retained for restoration of the Premises or shall remain the Project Common Areas, then Tenant property of Landlord if this Lease shall have expire prior to the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) restoration of the first sentence of this ParagraphPremises.
Appears in 2 contracts
Sources: Lease Agreement, Lease Agreement (National Financial Partners Corp)
Eminent Domain. Section 16.1. If any part over ten more than thirty-three percent (1033%) of the Premises or ten percent (10%) floor area of the parking spaces serving building on the Premises demised premises shall be taken or appropriated under the power of eminent domain and the portion not so taken will not be reasonably adequate for the operation of Tenant’s business after the Landlord completes such repairs or conveyed in lieu thereofalterations as the Landlord is obligated or elects to make, Tenant shall have the right to elect either to terminate this Lease at its option; howeverLease, Tenantor, subject to Landlord’s right to terminate due the Lease pursuant to a Section 16.4., to continue in possession of the remainder of the demised premises and shall notify Landlord in writing within ten (10) days after such taking of over ten Tenant’s election. In the event less than thirty-three percent (1033%) of the parking spaces floor area of the building on the demised premises shall be void if either: (i) Landlord builds a parking structure taken or Tenant elects to remain in possession, as provided in the first sentence hereof, all of the terms herein provided shall continue in effect, except that the base rent shall be reduced in the same proportion that the floor area of the building on the Land demised premises taken bears to replace said spaces within ninety (90) days the original floor area of the taking subject building on the demised premises, and Landlord shall at its own cost and expense make all necessary repairs or alterations to Tenant’s reasonable approval the building so as to constitute the portion of the designbuilding not taken a complete architectural unit and the demised premises a complete unit for the purposes allowed by this Lease, location and construction of said structure; or (ii) if but such a parking structure canwork shall not be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days exceed the scope of the work to be done by Landlord in originally constructing said building.
Section 16.2. Each party waives the provisions of Code of Civil Procedure Section 1265.130 allowing either party to petition the Superior Court to terminate this Lease in the event of a partial taking.
Section 16.3. All damages or awards for any taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for under the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, domain whether or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations whole or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises demised premises shall belong to and be the property of Landlord whether such damages or awards shall be so taken awarded as compensation for diminution in value to the leasehold or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence fee of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expensedemised premises; provided, provided however, that Landlord shall not be required to repair or restore any injury or damage entitled to the property of award made to Tenant or Landlord for loss of business, depreciation to, and cost or removal of stock and fixtures and for leasehold improvements which have been installed by Tenant at its sole cost and expense less depreciation which is to make any repairs or restoration of any Alterations installed be computed on the Premises by or at basis of completely depreciating such leasehold improvements during the expense initial term of Tenant. Thereafterthis Lease, the Rent and Additional Charges any award made to be paid under this Lease for the remainder Tenant in excess of the Term then depreciated value of leasehold improvements shall be proportionately reduced, such that thereafter payable to the amounts to be paid by Tenant Landlord.
Section 16.4. 1f more than thirty-three percent (33%) of the floor areas of the building on the demised premises shall be in the ratio that they are taken under power of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21eminent domain, or if the temporary use or occupancy of any part of the Premises Parking and Accommodation Areas shall be taken so taken, Landlord may, by written notice to Tenant delivered on or appropriated under power before the date of eminent domain during surrendering possession to the Termpublic authority pursuant to such taking, terminate this Lease as of such date.
Section 16.5. If this Lease is terminated as provided in this Article, the rent shall be and remain unaffected paid up to the day that possession is so taken by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, public authority and Landlord shall be entitled to receive that portion make a prorate refund of any award which represents the cost of restoration of the Premises rent and the use all deposits paid by Tenant in advance and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this Paragraphnot yet earned.
Appears in 2 contracts
Sources: Business Lease Agreement (Corium International, Inc.), Business Lease Agreement (Corium International, Inc.)
Eminent Domain. If any part over ten percent (10%) Mortgagor acknowledges that Condemnation Awards have been assigned to Mortgagee, which awards Mortgagee is hereby irrevocably authorized to collect and receive, and to give appropriate receipts and acquittances therefor, and, at Mortgagee's option, to apply the same toward the payment of the Premises or ten percent (10%) amount owing on account of the parking spaces serving the Premises shall be taken or appropriated under the power indebtedness hereby secured in such order of eminent domain or conveyed in lieu thereof, Tenant shall have the right to terminate this Lease at its option; however, Tenant’s right to terminate due to a taking of over ten percent (10%) of the parking spaces shall be void if either: (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (90) days of the taking subject to Tenant’s reasonable approval of the design, location application as Mortgagee may elect and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or not attributable to the value of the unexpired term of this Lease except that Tenant shall same may then be entitled to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations due and payable or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expenseotherwise adequately secured; provided, however, that Landlord a Condemnation Award in respect of any taking of a portion (but not all or any material portion) of the Mortgaged Premises shall not be required to repair or restore any injury or damage made available for the restoration of such Mortgaged Premises in the same manner and subject to the property same conditions as are imposed on the release of Tenant or insurance proceeds set forth in Section 9(d) hereof as if the Mortgaged Premises so taken were destroyed and the Condemnation Award for such taking was actually insurance proceeds in respect of the Mortgaged Premises so deemed as having been destroyed. In the event that any proceeds of a Condemnation Award shall be made available to make any repairs or Mortgagor for restoring the Mortgaged Premises so taken, Mortgagor hereby covenants to promptly commence and complete such restoration of any Alterations installed on the Mortgaged Premises by or at the expense of Tenant. Thereafteras nearly as possible to its value, the Rent condition and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises character immediately prior to such taking. Notwithstanding anything to Mortgagor covenants and agrees that Mortgagor will give Mortgagee immediate notice of the contrary contained in this Paragraph 21, if the temporary use actual or occupancy threatened commencement of any proceedings under condemnation or eminent domain affecting all or any part of the Mortgaged Premises shall be taken including any easement therein or appropriated under power appurtenance thereof or severance and consequential damage and change in grade of eminent domain during the Termstreets, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue will deliver to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event Mortgagee copies of any and all papers served in connection with any such temporary appropriation proceedings. Mortgagor further covenants and agrees to make, execute and deliver to Mortgagee, at any time or times upon request, free, clear and discharged of any encumbrances of any kind whatsoever, any and all further assignments and/or instruments deemed necessary by Mortgagee for the purpose of validly and sufficiently assigning all awards and other compensation heretofore and hereafter to be made to Mortgagor for any taking, Tenant shall be entitled to receive that portion of either permanent or temporary, under any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this Paragraphproceeding.
Appears in 2 contracts
Sources: Mortgage and Security Agreement (Ios Brands Corp), Mortgage and Security Agreement (Ios Brands Corp)
Eminent Domain. 17.1 If more than twenty percent (20%) of the floor area of the Premises should be taken by eminent domain or by purchase in lieu thereof, this Lease shall terminate effective on the date physical possession is taken by the condemning authority.
17.2 If less than twenty percent (20%) of the floor area of the Premises should be so taken this Lease shall not terminate; however, Rent shall be reduced in proportion to the area taken, effective on the date physical possession is taken by the condemning authority and Percentage Rental shall be adjusted to reflect such change in the Minimum Rental. Following such partial taking, Landlord shall make all necessary repairs or alterations within the scope of Landlord's Work necessary to make the Premises an architectural whole.
17.3 If any part over ten percent of the Common Area shall be taken, this Lease shall not terminate, nor shall the rental payable hereunder be reduced, except that either Landlord or Tenant may terminate this Lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Shopping Center shall be less than Seventy Percent (1070%) of the area of the Common Area immediately prior to the taking. Any election to terminate this Lease in accordance with this provision shall be exercised by written notice delivered within Thirty (30) days after the date physical possession is taken by the condemning authority.
17.4 All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) of the Premises or ten percent (10%) of the parking spaces serving the Premises Common Area shall be taken or appropriated under the power property of eminent domain or conveyed Landlord and Tenant hereby assigns its interest in lieu thereof, Tenant shall have the right any such award to terminate this Lease at its optionLandlord; however, Tenant’s right to terminate due to a taking of over ten percent (10%) of the parking spaces shall be void if either: (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (90) days of the taking subject to Tenant’s reasonable approval of the design, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord interest in any separate award made to Tenant for loss of business or moving expenses, or for the taking of Tenant's fixtures and other property to the extent such award does not diminish Landlord's award. Tenant shall not be entitled to any part of sum paid by virtue of such proceedings, whether or not attributable to award for the value of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this Paragraph.
Appears in 1 contract
Sources: Lease Agreement (Smith & Wollensky Restaurant Group Inc)
Eminent Domain. If the whole or any part over ten percent (10%) of the Leased --------------- Premises or ten percent (10%) of the parking spaces serving the Premises Common Areas shall be taken for public or appropriated under quasi-public use by a governmental or other authority having the power of eminent domain or shall be conveyed to such authority in lieu thereofof such taking, and if such taking or conveyance shall cause the remaining part of the Leased Premises to be untenantable or inadequate for use by Tenant for the purpose for which they were leased, then either Landlord or Tenant may, at their respective option, terminate this Lease as of the date Tenant is required to surrender possession of the Leased Premises or use of the Common Areas by giving written notice of such termination to the other party. If a part of the Leased Premises shall be taken or conveyed but the remaining part is adequate for Tenant's use, then this Lease shall be terminated as to the part taken or conveyed as of the date Tenant surrenders possession; Landlord shall make such repairs, alterations or improvements as may be necessary to render the part not taken or conveyed tenantable; and Rental shall be reduced in proportion to the part of the Leased Premises so taken or conveyed. If Landlord elects to restore the Leased Premises or the Building, such restoration shall be complete within one hundred and twenty (120) days of the condemnation or taking. Failing such timely completion, Tenant may terminate this Lease upon ten (10) days' written notice to Landlord. All such repairs and restoration shall be made in a good and workmanlike manner, and in compliance with all laws. All compensation awarded for such taking or conveyance shall be the property of Landlord without any deduction therefrom for any present or future estate of Tenant, and Tenant hereby assigns to Landlord all its right, title and interest in and to any such award. However, Tenant shall have the right to terminate this Lease at its option; howeverrecover from such authority, Tenant’s right to terminate due to a taking of over ten percent (10%) of the parking spaces shall be void if either: (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (90) days of the taking subject to Tenant’s reasonable approval of the design, location and construction of said structure; or (ii) if such a parking structure canbut not be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which such compensation as may be paid in connection with the exercise awarded to Tenant on account of such power of eminent domain, moving and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or not attributable relocation expenses and depreciation to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value and removal of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this Paragraph's property.
Appears in 1 contract
Eminent Domain. If any part over ten percent (10%) all or substantially all of the Premises Premises, the Building or ten percent (10%) of the parking spaces serving areas is taken by a public authority pursuant to the Premises shall be taken or appropriated under exercise of the power of eminent domain domain, this Lease shall terminate on the date on which the condemning authority takes possession of the Premises (“Date of Such Taking”). If part of the Premises is taken such that, in Landlord’s reasonable opinion, the Premises cannot be restored to an economically viable condition, or conveyed in lieu thereofif the holder of any Mortgage (as hereinafter defined) requires application of the condemnation proceeds to the reduction of the mortgage indebtedness, Tenant shall have the right to Landlord may terminate this Lease at its option; however, upon thirty (30) days prior written notice to Tenant’s right to . If Landlord does not terminate due to this Lease and the condemnation renders all or a taking of over ten percent (10%) substantial portion of the Premises untenantable or inaccessible or results in a reduction of accessible on-site parking spaces shall be void if eitherto the extent it is not viable for Tenant to continue to operate its business at the Premises in the manner operated immediately prior to such taking, Tenant may terminate this Lease effective on the Date of Such Taking by written notice given no later than sixty (60) days after the Date of Such Taking. Upon a partial taking which does not result in a termination of this Lease: (i) Landlord builds a parking structure on rent shall be adjusted to reflect the Land to replace said spaces within ninety (90) days reduced amount of rentable area in the taking subject to Tenant’s reasonable approval of the design, location Building; and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day periodLandlord shall restore the Premises, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of including the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal Work, but only to the number extent of parking spaces which have been so taken funds available to Landlord from the consideration paid for such taking. Landlord shall not otherwise be obligated to replace or appropriatedrestore any improvements or alterations to the Premises made by or on behalf of Tenant, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building or any of such parking structure to completionTenant’s leasehold improvements, personal property, furniture, fixtures or equipment. In either of such eventsUpon any taking, Landlord shall receive (and Tenant shall assign be entitled to Landlord upon demand from Landlord) any incomeresulting damages, rent, award awards or any interest therein which may be paid in connection with the exercise of such power of eminent domaintherein, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or not attributable to the value of the any unexpired term of this the Lease except that or otherwise. Tenant shall be entitled to petition the condemning authority may independently claim for the following : (i) the then unamortized cost of any Alterations or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwillits furniture, loss of business fixtures and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Leaseequipment or moving expenses, or (b) the amount of the award in excess of the sum of amounts payable to provided that such claim shall not diminish Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this Paragraphclaim.
Appears in 1 contract
Eminent Domain. (a) If the Premises, or such portion thereof as to render the balance (when reconstructed) unsuitable for the purposes of Tenant, shall be taken by condemnation or right of eminent domain, Tenant, upon written notice to Landlord, shall be entitled to terminate this Lease, provided that such notice is given not later than sixty (60) days after Tenant has been deprived of possession. Should any part over ten percent (10%) of the Premises by so taken or ten percent (10%) condemned, and should this Lease not be terminated in accordance with the foregoing provision, Landlord covenants and agrees promptly after such taking or condemnation, and the determination of Landlord's award therein, to expend so much as may be necessary of the parking spaces serving net amount which may be awarded to Landlord in such condemnation proceedings in restoring the Premises to an architectural unit as nearly like their condition prior to such taking as shall be taken practicable. Should the net amount so awarded to Landlord be insufficient to cover the cost of restoring the Premises, as estimated by Landlord's architect, Landlord may, but shall not be obligated to, supply the amount of such insufficiency and restore said Premises as above provided, with all reasonable diligence, or appropriated Landlord may terminate this Lease, if Tenant does not supply the necessary additional funds or agree to a reduction in the Landlord's restoration obligation. Where Tenant has not already exercised any right of termination accorded to it under the power foregoing portion of eminent domain or conveyed in lieu thereofthis paragraph, Landlord shall notify Tenant shall have the right to terminate this Lease at its option; however, Tenant’s right to terminate due to a taking of over ten percent (10%) of the parking spaces shall be void if either: (i) Landlord builds a parking structure on the Land to replace said spaces within Landlord's election not later than ninety (90) days after the final determination of the taking subject to Tenant’s reasonable approval amount of the design, location and construction award.
(b) Out of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days any award for any taking of the taking and provides valet parking during Business Hours (at no cost Premises, in condemnation proceedings or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power by right of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition receive and retain the condemning authority amounts awarded for the following : such Premises and for Landlord's loss of Landlord's estate in this Lease. Tenant shall (i) the then unamortized cost execute any instruments of any Alterations or tenant improvements paid for assignment as may be reasonably required by Tenant from its own funds (as opposed to any allowance provided by Landlord); landlord, (ii) the value join in any petition for recovery of Tenant’s trade fixtures; damages as Landlord may reasonably request, and (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount turn over to Landlord any damages that may be recovered in any proceeding which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to are the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid Landlord under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such takingSection. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion and retain any amounts which may be specifically awarded to it in any such condemnation proceedings, because of the taking of its trade fixtures or furniture and its leasehold improvements loss of goodwill, severance damages, and moving costs to the extent Tenant was not reimbursed for the same by Landlord.
(c) In the event of any award which represents compensation for the use of or occupancy such taking of the Premises during Premises, the Termminimum rent or a fair and just proportion thereof, according to the nature and extent of the damage sustained, shall be suspended or abated, and Landlord shall be entitled to receive that return a pro rata portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost semiannual advance Base Rent payment to Tenant) in the same as described in clause (ii) of the first sentence of this Paragraph.
Appears in 1 contract
Sources: Lease (Varian Semiconductor Equipment Associates Inc)
Eminent Domain. If any part over ten percent (10%) Grantor acknowledges that Condemnation Awards have been assigned to Beneficiary, which awards Beneficiary is hereby irrevocably authorized to collect and receive, and to give appropriate receipts and acquittances therefor, and at Beneficiary's option, to apply the same toward the payment of the Premises or ten percent (10%) amount owing on account of the parking spaces serving the Premises shall be taken or appropriated under the power indebtedness hereby secured in such order of eminent domain or conveyed in lieu thereof, Tenant shall have the right to terminate this Lease at its option; however, Tenant’s right to terminate due to a taking of over ten percent (10%) of the parking spaces shall be void if either: (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (90) days of the taking subject to Tenant’s reasonable approval of the design, location application as Beneficiary may elect and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or not attributable to the value of the unexpired term of this Lease except that Tenant shall same may then be entitled to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations due and payable or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expenseotherwise adequately secured; provided, however, that Landlord a Condemnation Award in respect of any taking of a portion (but not all or any material portion) of the Mortgaged Premises shall not be required to repair or restore any injury or damage made available for the restoration of such Mortgaged Premises in the same manner and subject to the property same conditions as are imposed on the release of Tenant or insurance proceeds set forth in Section 9(d) hereof (including the provision of such Section relating to make net insurance proceeds less than $250,000) as if the Mortgaged Premises so taken were destroyed and the Condemnation Award for such taking was actually insurance proceeds in respect of the Mortgaged Premises so deemed as having been destroyed. In the event that any repairs or proceeds of a Condemnation Award shall be made available to Grantor for restoring the Mortgaged Premises so taken, Grantor hereby covenants to promptly commence and complete such restoration of any Alterations installed on the Mortgaged Premises by or at the expense of Tenant. Thereafteras nearly as possible to its value, the Rent condition and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises character immediately prior to such taking. Notwithstanding anything to Grantor covenants and agrees that Grantor will give Beneficiary prompt notice of the contrary contained in this Paragraph 21, if the temporary use actual or occupancy threatened commencement of any proceedings under condemnation or eminent domain affecting all or any part of the Mortgaged Premises shall be taken including any easement therein or appropriated under power appurtenance thereof or severance and consequential damage and change in grade of eminent domain during the Termstreets, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue will deliver to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event Beneficiary copies of any and all papers served in connection with any such temporary appropriation proceedings. Grantor further covenants and agrees to make, execute and deliver to Beneficiary, at any time or times upon request, free, clear and discharged of any encumbrances of any kind whatsoever, any and all further assignments and/or instruments deemed necessary by Beneficiary for the purpose of validly and sufficiently assigning all awards and other compensation heretofore and hereafter to be made to Grantor for any taking, Tenant shall be entitled to receive that portion of either permanent or temporary, under any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this Paragraphproceeding.
Appears in 1 contract
Sources: Deed of Trust and Security Agreement (Morton Industrial Group Inc)
Eminent Domain. 18.1. If any part over ten Premises or greater than twenty-five percent (1025%) of the Rentable Area of such Premises or ten twenty-five percent (1025%) of the parking spaces area generally serving the such Premises as reasonably determined by Landlord and Tenant shall be taken or appropriated under the power of eminent domain or conveyed in lieu thereofdomain, Tenant shall have the right to terminate this Lease at shall terminate as to such Premises as of the date of such condemnation, or as of the date possession is taken by the condemning authority, whichever is earlier. No award for any taking shall be apportioned, and Tenant hereby assigns to Landlord any award made in such taking or condemnation together with all rights of Tenant in or to the same or any part thereof. However, nothing contained herein shall give Landlord any interest in or require Tenant to assign to Landlord any award made to Tenant for the taking of personal property and fixtures of Tenant and/or for interruption of or damage to Tenant's business, provided that such award does not diminish the award to Landlord.
18.2. If less than twenty-five percent (25%) of the Rentable Area of a Premises is so taken, rent shall be abated in proportion to the part of such Premises so taken, effective the date on which the condemning authority requires possession. Landlord shall restore the portion of such Premises remaining usable to as near its option; however, Tenant’s right to terminate due to former condition as reasonably possible and this Lease shall continue in effect. In no event shall there be any abatement of rent in the event of a taking of over ten less than twenty-five percent (1025%) of the parking spaces shall be void if either: (i) generally serving a Premises, unless Landlord builds a parking structure on the Land is unable to replace said spaces such taken parking within ninety (90) days of the taking subject Center or within other property in reasonable proximity to the Center, in which event Tenant’s reasonable approval of the design, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees 's monthly basic rent payable hereunder shall ▇▇▇▇▇ in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal proportion to the number of parking spaces stalls taken which have been are not so taken or appropriated, replaced and if Landlord agrees the total number of Allocated Parking Spaces to so build a parking structure it shall promptly commence and diligently pursue which Tenant is entitled pursuant to this Lease as of the building date of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking.
18.3. Notwithstanding anything to the contrary contained in this Paragraph 21the foregoing, if the no temporary use taking of a Premises, or occupancy of any part thereof, any parking relating to such Premises and/or of Tenant's rights therein shall terminate this Lease or give Tenant any right to any abatement of rent; any award to Tenant by reason of such temporary taking shall belong entirely to Tenant.
18.4. A sale by ▇▇▇▇▇▇▇▇ to any authority having the Premises shall be taken or appropriated under power of eminent domain during the Termdomain, this Lease either under threat of condemnation or while condemnation proceedings are pending, shall be and remain unaffected deemed a taking by such taking or appropriation and Tenant shall continue to pay in full eminent domain for all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of purposes under this ParagraphArticle.
Appears in 1 contract
Sources: Master Building Lease (Filenet Corp)
Eminent Domain. Section 16.1. If any part over ten more than thirty-three percent (1033%) of the Premises or ten percent (10%) floor area of the parking spaces serving building on the Premises demised premises shall be taken or appropriated under the power of eminent domain and the portion not so taken will not be reasonably adequate for the operation of Tenant's business after the Landlord completes such repairs or conveyed in lieu thereofalterations as the Landlord is obligated or elects to make, Tenant shall have the right to elect either to terminate this Lease at its option; howeverLease, Tenant’s or, subject to Landlord's right to terminate due the Lease pursuant to a Section 16.4, to continue in possession of the remainder of the demised premises and shall notify Landlord in writing within ten (10) days after such taking of over ten Tenant's election. In the event less than thirty-three percent (1033%) of the parking spaces floor area of the building on the demised premises shall be void if either: (i) Landlord builds a parking structure taken or Tenant elects to remain in possession, as provided in the first sentence hereof, all of the terms herein provided shall continue in effect, except that the base rent shall be reduced in the same proportion that the floor area of the building on the Land demised premises taken bears to replace said spaces within ninety (90) days the original floor area of the taking subject building on the demised premises, and Landlord shall at its own cost and expense make all necessary repairs or alterations to Tenant’s reasonable approval the building so as to constitute the portion of the designbuilding not taken a complete architectural unit and the demised premises a complete unit for the purposes allowed by this Lease, location and construction of said structure; or (ii) if but such a parking structure canwork shall not be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days exceed the scope of the work to be done by Landlord in originally constructing said building. From and after the taking date, and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal Landlord’s alteration and repair work, rent shall proportionately ▇▇▇▇▇ to the number extent any portion of parking spaces which have been so taken the demised premises is rendered inaccessible or appropriated, and if Landlord agrees to so build not usable by Tenant as a parking structure it shall promptly commence and diligently pursue the building result of such parking structure taking or Landlord’s alteration and repair work.
Section 16.2. Each party waives the provisions of Code of Civil Procedure Section 1265.130 allowing either party to completionpetition the Superior Court to terminate this Lease in the event of a partial taking.
Section 16.3. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) All damages or awards for any income, rent, award or any interest therein which may be paid in connection with taking under the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, domain whether or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations whole or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises demised premises shall belong to and be the property of Landlord whether such damages or awards shall be so taken awarded as compensation for diminution in value to the leasehold or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence fee of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expensedemised premises; provided, provided however, that Landlord shall not be required to repair or restore any injury or damage entitled to the property of award made to Tenant or Landlord for loss of business, depreciation to, and cost or removal of stock and fixtures and for leasehold improvements which have been installed by Tenant at its sole cost and expense less depreciation which is to make any repairs or restoration of any Alterations installed be computed on the Premises by or at basis of completely depreciating such leasehold improvements during the expense initial term of Tenant. Thereafterthis Lease, the Rent and Additional Charges any award made to be paid under this Lease for the remainder Tenant in excess of the Term then depreciated value of leasehold improvements shall be proportionately reduced, such that thereafter payable to the amounts to be paid by Tenant Landlord.
Section 16.4. If more than thirty-three percent (33%) of the floor areas of the building on the demised premises shall be in the ratio that they are taken under power of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21eminent domain, or if the temporary use or occupancy of any part of the Premises Parking and Accommodation Areas shall be taken so taken, Landlord may, by written notice to Tenant delivered on or appropriated under power before the date of eminent domain during surrendering possession to the Termpublic authority pursuant to such taking, terminate this Lease as of such date.
Section 16.5. If this Lease is terminated as provided in this Article, the rent shall be and remain unaffected paid up to the day that possession is so taken by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, public authority and Landlord shall be entitled to receive that portion make a prorata refund of any award which represents the cost of restoration of the Premises rent and the use all deposits paid by Tenant in advance and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this Paragraphnot yet earned.
Appears in 1 contract
Sources: Sublease Agreement (Asterias Biotherapeutics, Inc.)
Eminent Domain. If a part of the Project is taken by eminent domain or deed in lieu thereof which is so substantial that the Premises cannot reasonably be used by Tenant for the operation of its business, then either party may terminate this Lease effective as of the date of the taking. Landlord and Tenant agree that if Tenant is leasing and occupying the entire Building prior to any part over such taking, then a loss of ten percent (10%) or more of Tenant's parking spaces in connection with such taking shall be deemed to be a "substantial" taking which gives Tenant the right to terminate this Lease pursuant to the provisions of the Premises or ten percent (10%) of the parking spaces serving the Premises shall be taken or appropriated under the power of eminent domain or conveyed in lieu thereofpreceding sentence; provided, however, Tenant shall not have the right to terminate this Lease at its option; howeverin such event if Landlord shall provide replacement parking spaces to Tenant in the portion of the parking facilities in the Development which are closest in proximity to the Building. If any substantial portion of the Project is taken without affecting the Premises, Tenant’s right then Landlord may terminate this Lease as of the date of such taking. Rent shall be reduced from the date of the taking to terminate due to such extent, if any, as may be fair and reasonable under all of the circumstances. The entire award for a taking of over ten percent (10%) of the parking spaces any kind shall be void if either: (i) Landlord builds a parking structure on the Land paid to replace said spaces within ninety (90) days of the taking subject to Tenant’s reasonable approval of the design, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or not attributable right to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership share in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expenseaward; provided, however, that Landlord nothing herein shall not be required construed to repair or restore preclude Tenant from prosecuting any injury or claim directly against the condemning authority for (1) loss of business, (2) damage to, and cost of removal of, trade fixtures, furniture and other personal property belonging to Tenant, (3) the unamortized cost of leasehold improvements to the property extent same were installed at Tenant's expense and to the extent such costs were not reimbursed or contributed to by Landlord, and (4) the cost of Tenant moving, provided that no such claim shall diminish or adversely affect Landlord's award. All obligations accrued to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder date of the Term taking shall be proportionately reducedperformed by the party liable to perform said obligations, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such takingas set forth herein. Notwithstanding anything to the contrary contained in this Paragraph 21Section 10, if if, during the temporary Term, the use or occupancy of any part of the Project or the Premises shall be taken or appropriated temporarily for any public or quasi-public use under power any governmental law, ordinance or regulation, or by right of eminent domain during the Termdomain, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in . In the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the loss of use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration and compensation for the loss of the Premises and the use and or occupancy of the Premises after the end of the Term. If In the event of any such temporary condemnation or taking and this Lease is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use not terminated pursuant to the provisions of this Section 10, Landlord shall promptly repair the Premises or the Project Common AreasProject, then Tenant shall have as the right case may be, to terminate Building standard condition (with Landlord's Contribution as provided in Appendix C, without any supplement thereto) so that the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) remaining portion of the first sentence Premises, or the Project, as the case may be, shall constitute an architectural unit, fit for Tenant's occupancy and business; provided, however, that Landlord's obligation to repair hereunder shall be limited to the extent of this Paragraphthe net proceeds made available to Landlord for such repair from any such condemnation or taking.
Appears in 1 contract
Sources: Lease Agreement (Edutrek Int Inc)
Eminent Domain. If (i) --------------------------- -------------- Mortgagor, promptly upon obtaining knowledge of any part over ten percent (10%) pending or threatened institution of any proceedings for the condemnation of the Premises Premises, or ten percent (10%) of any right of eminent domain, or of any other proceedings arising out of injury or damage to or decrease in the value of the parking spaces serving Premises, including a change in grade of any street, will notify Mortgagee of the Premises threat or pendency thereof. Mortgagee may participate in any such proceedings, and Mortgagor from time to time will execute and deliver to Mortgagee all reasonable instruments requested by Mortgagee or as may be required to permit such participation. Mortgagor shall, at its expense, diligently prosecute any such proceedings, shall deliver to Mortgagee copies of all papers served in connection therewith and shall consult and cooperate with Mortgagee, its attorneys and agents, in the carrying on and defense of any such proceedings; provided, however, that no settlement in -------- ------- excess of $100,000 of any such proceeding shall be taken or appropriated under the power of made by Mortgagor without Mortgagee's consent. Notwithstanding any taking by eminent domain or conveyed other governmental action causing injury to, or decrease in lieu value of, the Premises and creating a right to compensation therefor, including, without limitation, the change of the grade of any street, Mortgagor shall continue to pay interest, computed at the rate reserved in the Term Notes, on the entire unpaid principal amount thereof, Tenant until the award or compensation for such taking or other action shall have been actually received by Mortgagee. Mortgagee shall have the right to terminate this Lease at its option; however, Tenant’s right to terminate due to a taking of over ten percent (10%) of the parking spaces shall be void if either: (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (90) days of the taking subject to Tenant’s reasonable approval of the design, location and construction of said structure; or (ii) if apply such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid compensation first, to reimburse Mortgagee ----- for all costs and expenses incurred in connection with the exercise collection of such power of eminent domainaward or compensation, and Tenant and, second, the remainder shall have no claim against Landlord for any part of sum paid by virtue of such proceedingsbe applied, whether or not attributable prior to the value ------ occurrence of an Event of Default, to Mortgagor solely for the restoration or rebuilding, in whole or in part, of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half portion of the amount which is the lesser of (a) the bonus value of this LeasePremises so subject to such governmental action; provided, or (b) the amount of the award however, that any funds in excess of the sum -------- ------- amount needed to restore or rebuild the Premises shall be applied towards the payment of amounts payable all or any part of the Obligations; and provided further, however, ---------------- ------- that such funds held by Mortgagee to Landlord’s ground lessor (if any) and any holder of a mortgage be applied to the restoration or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part rebuilding of the Premises shall be so taken held without payment or appropriated or conveyed allowance of interest thereon and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for out from time to time upon compliance by Mortgagor with such reasonable provisions and requirements as may be imposed by Mortgagee. Upon the occurrence of an Event of Default, Mortgagee may retain the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be award or compensation in the ratio that they are payment of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use all or occupancy of any part of the Premises Obligations. Notwithstanding anything herein or at law or equity to the contrary, none of the awards paid to Mortgagee shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be deemed trust funds and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant Mortgagee shall be entitled to receive that portion dispose of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described provided in clause (ii) of the first sentence of this ParagraphSection 13.
Appears in 1 contract
Eminent Domain. If the entire Premises, or so much thereof (but not less than 25% of the rentable area of the Premises) as to render the balance thereof not reasonably usable for the conduct of Tenant’s business, shall be taken or appropriated under the power of eminent domain or conveyed in lieu thereof, either party hereto may, by serving written notice upon the other party hereto within thirty (30) days thereafter, immediately terminate this Lease. If any substantial part over ten percent (10%) of the Premises or ten percent (10%) of the parking spaces serving Project excluding the Premises shall be taken or appropriated under the power of eminent domain or conveyed in lieu thereof, Tenant shall have the right to Landlord may so terminate this Lease at its option; however, Tenant’s right to terminate due to a taking of over ten percent (10%) of the parking spaces shall be void if either: (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (90) days of the taking subject to Tenant’s reasonable approval of the design, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completionLease. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from by Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domaintherewith, and Tenant shall have no claim against Landlord for any part of any sum paid by virtue of such proceedingsso paid, whether or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value Term of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or taken, appropriated or conveyed and neither party hereto shall elect to so terminate this Lease Lease, (i) Base Rent and Additional Rent payable hereunder shall be abated in the proportion that the rentable area of the portion of the Premises so taken, appropriated or conveyed bears to the rentable area of the entire Premises, and (ii) if the Premises shall have been damaged as a consequence of such partial taking or taking, appropriation or conveyance, Landlord shall shall, to the extent of any severance damages received by Landlord, restore the Premises continuing under this Lease at Landlord’s cost and expenseLease; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs to or restoration of any Alterations alterations, additions, fixtures or improvements installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be pay any amount in the ratio that they are excess of the portion of the Premises not so taken bears such severance damages required to the total area of the Premises prior to complete such takingrepairs or restoration. Notwithstanding anything to the contrary contained in this Paragraph 21Section, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under the power of eminent domain or conveyed in lieu thereof during the TermTerm of this Lease, this Lease shall be and remain unaffected by such taking taking, appropriation or appropriation conveyance and Tenant shall continue to pay in full all Rent and Additional Charges rent payable hereunder by Tenant ▇▇▇▇▇▇ during the TermTerm of this Lease; in the event of any such temporary taking, appropriation or takingconveyance, Tenant shall be entitled to receive that portion of any a separate award which represents (not reducing Landlord’s award) as compensation for loss of the use of or occupancy of the Premises during the TermTerm of this Lease. To the extent that it is inconsistent with the above, and Landlord shall be entitled to receive that portion each party hereto hereby waives the provisions of any award which represents the cost of restoration Section 1265.130 of the Premises and California Code of Civil Procedure allowing either party to petition a court to terminate this Lease in the use and occupancy event of a partial taking of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this ParagraphPremises.
Appears in 1 contract
Eminent Domain. If any part over ten percent (10%) the whole or substantially all of the Premises of any Facility, or ten percent (10%) all or substantially all of the parking spaces serving the Premises shall means of access thereto, be taken or appropriated under the power of acquired by eminent domain or conveyed by purchase in lieu thereof, Tenant shall have so that the right to terminate this Lease at its option; however, Tenant’s right to terminate due to a taking Premises of over ten percent (10%) of the parking spaces shall be void if either: (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (90) days of the taking subject to Tenant’s reasonable approval of the design, location and construction of said structure; or (ii) if such a parking structure Facility cannot be built within said ninety licensed for the specific use relating to such Facility as set forth on Exhibit A (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for including the number of cars beds specified therein), this Lease shall terminate as to such Facility as of the date of the actual taking and the provisions of Section 41 below shall apply. Should, however, only a portion of the Premises of any Facility be so condemned or taken, so as not to materially and adversely affect the specific use of the Premises relating to such Facility for the purposes for which it is equal leased hereunder, this Lease shall continue in full force and effect; provided, however, that the Allocated Minimum Rent payable under the unexpired Term of this Lease for such Facility shall be adjusted to such extent as may be fair and reasonable under the circumstances. Landlord shall, in such event, promptly restore the Demised Premises of such Facility as nearly as feasible to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building condition of such parking structure Premises immediately prior to completion. In either the taking, subject to reasonable delays, but Landlord shall not be required to restore or rebuild the Demised Premises of such eventsFacility during the last Lease Year of the Initial Term or any Renewal Term or to restore Tenant’s fixtures, Landlord shall receive (and furnishings, floor coverings, equipment, stock or other fixtures, furnishings, floor coverings, equipment, stock or other personalty located at such Facility. Tenant shall assign not be entitled to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue the condemnation proceeds arising from any partial taking of such proceedingsany Facility, whether or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority make a claim for the following : (i) the then unamortized cost of any Alterations or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) property located at such Facility condemned other than Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award interest in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior with respect to such takingFacility. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during the Termforegoing, this Lease shall be terminate with respect to any Facility if, as the result of only a portion of the Demised Premises of such Facility being condemned or taken, Tenant is prevented from operating or using the Demised Premises of such Facility under the then-existing governmental and remain unaffected by quasi-governmental licenses, permits, approvals and certifications. In such taking or appropriation case, Landlord and Tenant shall continue have such rights to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is condemnation awards as are set forth above for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises total or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this Paragraphsubstantial taking.
Appears in 1 contract
Eminent Domain. If any part over ten percent (10%) the leased premises, or such portion thereof as to render the balance unsuitable for the use of Tenant, as set forth on the Premises or ten percent (10%) of the parking spaces serving the Premises Data Sheet, shall be taken by condemnation or appropriated under the power right of eminent domain or conveyed by private sale in lieu thereofthereof to the potential condemning authority, either party shall be entitled to terminate this Lease upon written notice to the other within thirty (30) days after Tenant has been deprived of possession by such taking or sale. If any portion of the leased premises is so taken or sold and if this Lease is not terminated in accordance with the provisions hereof, Lessor shall proceed to restore and rebuild the remaining portion thereof so as to make an architecturally complete unit as diligently as is practicable, and in such event, a proportionate reduction of the minimum guaranteed rent and reduction of Tenant's proportionate share pursuant to paragraphs 16 and 27 shall be allowed from the appropriate date, said proportionate reduction to be computed on the basis of the relation which the square foot area in the leased premises so taken bears to the total square foot area of the leased premises. Nothing in this paragraph shall be construed to permit the abatement or reduction, in whole or in part, of the percentage rent, or any other charges provided for in this Lease, but for the purpose of paragraph 11, the computation of percentage rent shall be based upon the revised minimum rent as the same may be reduced pursuant to this paragraph. In the event fifty percent (50%) or more of the building of which the leased premises are a part shall be taken by condemnation or the right of eminent domain or by private sale in lieu thereof to the potential condemning authority, either party shall be entitled to terminate this Lease upon written notice to the other on or before the date possession is to be surrendered to the public or quasi-public authority, such termination to be effective as of the date of surrender of possession. Tenant shall have the right to terminate this Lease at make its optionclaim for its unamortized cost of leasehold improvements to the extent paid for by Tenant, its fixtures and moving expenses, all to the extent such damages are allowable; howeverprovided, any award thereof can be made separately to Tenant without diminution of any award to be mad to Lessor. Other than the foregoing, Tenant shall not be entitled to claim, or have paid to Tenant’s right to terminate due to a , any compensation or damages whatsoever for or on account of any loss, injury, damages or taking of over ten percent (10%) any right, interest or estate of the parking spaces shall be void if either: (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (90) days of the taking subject to Tenant’s reasonable approval of the design, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for hereby relinquishes and hereby assigns to Lessor any part of sum paid by virtue of such proceedings, whether or not attributable rights to any damages. Subject to the value of the unexpired term of this Lease except that Tenant foregoing, Lessor shall be entitled to petition the condemning authority claim and have paid to it for the following : (i) the then unamortized cost use and benefit of any Alterations Lessor all compensation and damages for and on account of or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value arising out of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation condemnation, without deduction from the amount thereof for and on account of any right, title, interest or estate of Tenant in or to the leased premises or matter relating thereto. Tenant, upon request of Lessor, shall continue to pay execute any and all releases or other documents as shall be required by such public or quasi-public authority in full all Rent and Additional Charges payable hereunder by Tenant during accordance with the Term; in provisions of this paragraph. In the event of any such temporary appropriation Tenant fails to execute and deliver said releases or takingother documents within ten (10) days after said request, Tenant shall be entitled hereby appoints Lessor irrevocably as the attorney-in-fact of Tenant to receive that portion of any award which represents compensation for the use of execute and deliver said releases or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this Paragraphother documents.
Appears in 1 contract
Eminent Domain. 13.1 If any part over ten twenty-five percent (1025%) or more of either the Premises or the Building is taken for any public or quasi-public purpose by any Governmental Authority, by exercise of the right of appropriation, inverse condemnation, condemnation or eminent domain, or sold to prevent such taking (each such event being referred to as a “Condemnation”), Landlord may, at its option, terminate this Lease as of the date title vests in the condemning party. If twenty‑five percent (25%) or more of the Premises or ten percent (10%) of the parking spaces serving is taken and if the Premises shall remaining after such Condemnation and any repairs by Landlord would be taken or appropriated under untenantable for the power conduct of eminent domain or conveyed in lieu thereofTenant’s business operations, Tenant shall have the right to terminate this Lease at its option; however, Tenant’s right as of the date title vests in the condemning party. If either party elects to terminate due to a taking of over ten percent (10%) of the parking spaces this Lease as provided herein, such election shall be void if either: made by written notice to the other party given within thirty (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (9030) days after the nature and extent of the taking subject such Condemnation have been finally determined. If neither Landlord nor Tenant elects to Tenant’s reasonable approval of the design, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal terminate this Lease to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such eventsextent permitted above, Landlord shall receive promptly proceed to restore the Premises (and other than Tenant’s Alterations), to the extent of any Condemnation award received by Landlord, to substantially the same condition as existed prior to such Condemnation, allowing for the reasonable effects of such Condemnation. Tenant shall assign have no claim against Landlord for, and hereby releases Landlord and Landlord’s Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any Condemnation or the repair or restoration of the Premises following such Condemnation, including, without limitation, any cost, loss or expense resulting from any loss of use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by such Condemnation, repair or restoration.
13.2 Landlord shall be entitled to Landlord upon demand from Landlord) any and all compensation, damages, income, rent, award awards, or any interest therein whatsoever which may be paid or made in connection with the exercise of such power of eminent domainany Condemnation, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or not attributable to the value of the any unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance otherwise; provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or takingthat, Tenant shall be entitled to receive that portion of any award which represents compensation separately allocated by the condemning authority to Tenant for either or both of: (a) Tenant’s relocation expenses; and (b) the use value of or occupancy Tenant’s Property (specifically excluding fixtures, Alterations and other components of the Premises during which under this Lease or by law are or at the Termexpiration of the Term will become the property of Landlord), provided that such award does not reduce any award otherwise allocable or payable to Landlord.
13.3 The provisions of this Article 13 are Tenant’s sole and Landlord shall be entitled exclusive rights and remedies in the event of a Condemnation. To the extent permitted by the Laws, Tenant waives the benefits of any Law that provides Tenant any abatement or termination rights or any right to receive that portion any payment or award (by virtue of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90Condemnation) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as not specifically described in clause (ii) of the first sentence of this ParagraphArticle 13.
Appears in 1 contract
Sources: Warehouse Lease Agreement (GT Advanced Technologies Inc.)
Eminent Domain. If any part over ten percent (10%) of 22.1 In the Premises or ten percent (10%) of event the parking spaces serving the Premises entire premises shall be permanently appropriated or taken or appropriated under the power of eminent domain by any public or conveyed quasi-public authority, this Lease shall terminate and expire as of the date of such taking, and Landlord and Tenant shall each thereupon be released from any liability thereafter accruing hereunder. Tenant shall have the right to continue to occupy the demised premises for all or any portion of the period between the taking date and the date when possession of the premises shall be physically taken by the condemning authority. Any unearned rent paid in lieu thereofadvance shall be refunded.
22.2 In the event more than twenty-five percent (25%) of the square footage of Floor Area of the premises is taken under the power of eminent domain by any public or quasi-public authority, or if by reason of any appropriation or taking, regardless of the amount so taken, the remainder of the premises is not one undivided building space, either Landlord or Tenant shall have the right to terminate this Lease at its option; howeveras of the date Tenant is required to vacate a portion of b a the premises, Tenant’s right upon giving written notice of such election within thirty (30) days after receipt by Tenant from Landlord of written notice that said premises have been so appropriated or taken. Landlord agrees after learning of any appropriation or taking to terminate due to a taking of over ten give Tenant written notice thereof.
22.3 If more than twenty-five percent (1025%) of the parking spaces shall be void if either: (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (90) days Floor Area of the taking subject to Tenant’s reasonable approval buildings constructed within the Shopping Center or twenty percent (20%) of the design, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of common areas are taken under the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost premises are acquired in whole or in part, or if as a result of any Alterations or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) appropriation under the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during the Termleases of any two or more of the Major Stores in the Shopping Center are terminated, Landlord may, by written notice to Tenant, 4a terminate this Lease, such termination to be effective thirty (30) b e days following Tenant's receipt of such notice. Upon any such termination the rents and other charges payable hereunder shall be prorated to and from the date of such termination.
22.4 If this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or takingis terminated as provided above, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion the entire award compensation in such proceedings, but the rental and- other charges for the last month of any award which represents the cost of restoration of the Premises Tenant's occupancy shall be prorated and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost refund to Tenant any rent or other charges paid in advance. Tenant) in the same as described in clause (ii) of the first sentence of this Paragraph's right to receive compensation or damages for its fixtures and personal property.
Appears in 1 contract
Sources: Lease (Sports Arenas Inc)
Eminent Domain. If all or any part over ten percent (10%) of the Premises or ten percent (10%) of the parking spaces serving the Premises System shall be taken or appropriated under the power of by eminent domain proceedings or conveyed conveyance in lieu thereof, Tenant the Net Proceeds realized by the District therefrom shall have be deposited in a special separate segregated fund, held in trust by the right District, and be applied and disbursed by the District subject to terminate this Lease the following conditions:
(a) If such funds are sufficient to provide for the payment of the entire principal component of the Installment Payments due or to become due, together with all of the interest due or to become due thereon and prepayment premium thereon, so as to enable the District to prepay and retire the Installment Payments in accordance with Section 9.03 hereof, the District may apply such moneys to such prepayment and to the payment of such interest. Pending the application of such proceeds for such purpose, such moneys may be invested by the District at its option; howeverthe direction of the Seller in Permitted Investments. The balance of such moneys, Tenant’s right if any, may be retained by the District and used for any lawful purpose.
(b) If the District desires not to terminate due apply such proceeds to a taking of over ten percent prepay and retire the Installment Payments, or if such proceeds are insufficient to provide the moneys required for the purpose set forth in subsection (10%a) of this Section 5.04, the parking spaces shall be void if either: District may send to the Seller by registered mail a written notice of the District advising the Seller of the District’s intent to apply such proceeds for one of the following purposes:
(i) Landlord builds If such written notice sets forth the District’s intent that the proceeds be applied to the cost of additions, betterments, extensions or improvements to the System, the District shall also send to the Seller a parking structure on certificate of a Qualified Engineer showing the Land loss in annual Revenues, if any, suffered, or to replace said spaces within ninety (90) days be suffered, by the District by reason of such eminent domain proceedings, together with a general description of the taking subject additions, betterments, extensions or improvements to Tenant’s reasonable approval the System then proposed to be acquired or constructed by the District from such proceeds. If, in the opinion of the designDistrict (evidenced by a Written Certificate of a District Representative), location which shall be final, the additional Revenues to be derived from such additions, betterments, extensions or improvements will sufficiently offset the loss of Revenues resulting from such eminent domain proceedings so that the ability of the District to meet its obligations hereunder will not be substantially impaired, such proceeds shall be applied as set forth in the request. The District, in reaching such determination, may rely upon the certificate of a Qualified Engineer. The District shall hold such proceeds in trust and apply them to the acquisition or construction of said structure; the additions, betterments, extensions or improvements substantially in accordance with such Qualified Engineer’s certificate. Any balance of such proceeds not required by the District for the purposes aforesaid shall be deposited into a separate segregated fund for Operation and Maintenance Expenses.
(ii) if If such written notice sets forth the District’s intent that such proceeds be transferred into a parking structure cannot be built within said ninety (90) day periodseparate segregated fund for Operation and Maintenance Expenses upon the ground that such eminent domain proceedings have had no effect, Landlord agrees in writing within such ninety (90) day period to build such or at the most a parking structure within two hundred seventy (270) days relatively immaterial effect, upon the security of the taking Installment Payments, the District shall also send to the Seller a certificate of a Qualified Engineer stating that such eminent domain proceedings have not substantially impaired or affected the operation of the System or the ability of the District to meet all of its obligations hereunder with respect to the payment of the Installment Payments. Upon receipt of such written notice and provides valet parking during Business Hours (at no cost or expense to Tenant) such Qualified Engineer’s certificate, such proceeds shall be deposited into a separate segregated fund for the number of cars which is equal Operation and Maintenance Expenses.
(c) If such proceeds are not applied to the number of parking spaces which have been so taken or appropriated, prepayment and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or not attributable to the value retirement of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of Installment Payments in accordance with subsection (a) the bonus value of this LeaseSection 5.04, or and the District does not send to the Seller a notice pursuant to subsection (b) the amount of the award in excess this Section 5.04 within 30 days of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence its receipt of such partial taking or appropriation or conveyanceproceeds, Landlord then the District shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage promptly pay such proceeds to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease Seller for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be application as provided for in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this ParagraphSection 9.03 hereof.
Appears in 1 contract
Sources: Installment Sale Agreement
Eminent Domain. If any part over ten percent (10%) the whole of the Premises or ten percent (10%) of the parking spaces serving Project or so much thereof as to render the Premises balance unusable by Tenant shall be taken or appropriated under the power of eminent domain domain, or is sold, transferred or conveyed in lieu thereof, this Lease shall automatically terminate as of the date of such condemnation, or as of the date possession is taken by the condemning authority, at Landlord's option. No award for any partial or entire taking shall be apportioned, and Tenant hereby assigns to Landlord any award which may be made in such taking or condemnation, together with any and all rights of Tenant now or hereafter arising in or to the same or any part thereof, provided, however, that nothing contained herein shall be deemed to give Landlord any interest in or to require Tenant to assign to Landlord any award made to Tenant for the taking of personal property and trade mixtures belonging to Tenant and removable by Tenant at the expiration of the Term hereof as provided hereunder or for the interruption of, or damage to, Tenant's business or the cost incurred or estimated to be incurred by Tenant for the relocation of its business to new facilities. In the event of a partial taking described in this Article 18, or a sale, transfer or conveyance in lieu thereof, which does not result in a termination of this Lease, the rent shall be apportioned according to the ratio that the part of the Premises remaining useable by Tenant bears to the total area of the Premises. Notwithstanding anything in this Article 18, if the Premises. or any material portion thereof, or any portion of the Project necessary for Tenant's access to, or use and occupancy of, the Premises, are taken within the last year of the Term, then Tenant will have the right to terminate this Lease at its option; however, Tenant’s right by notice to terminate due to a taking of over ten percent Landlord within thirty (10%30) days after the effective date of the parking spaces shall taking, in which case such termination will be void if either: (i) Landlord builds a parking structure effective on the Land date specified in Tenant's notice to replace said spaces within ninety (90) days Landlord. Tenant hereby waives any and all rights it might otherwise have pursuant to Section 1265.130 of the taking subject to Tenant’s reasonable approval California Code of the design, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this ParagraphCivil Procedure.
Appears in 1 contract
Sources: Standard Office Lease (Trinagy Inc)
Eminent Domain. If any part over ten percent (10%) the whole of the Premises or ten percent (10%) of the parking spaces serving the Premises shall be taken or appropriated by any public authority under the power of eminent domain domain, then the lease term shall cease as of the date possession shall be taken by such public authority; and Tenant shall pay rent up to that date with an appropriate refund by Landlord of such rent as shall have been paid in advance for a period subsequent to the date of the taking of possession. If less than twenty-five percent (25%) of the floor space of the Premises shall be so taken, then the lease term shall cease only as to the part taken as of the date possession shall be taken by such public authority, and Tenant shall pay its full rent up to that day with an appropriate refund to Tenant of such rent as may have been paid in advance f or conveyed a period subsequent to the date of the taking; and in lieu thereofsuch event, Landlord at its expense shall make all necessary repairs and alterations to the Premises and the Building so as to constitute the remaining premises a complete architectural unit. If more than twenty-five percent (25%) of the floor space of the Premises shall be so taken, then the lease term shall cease only as to the part so taken from the date possession shall be taken by such public authority, and Tenant shall pay its full rent up to that day with an appropriate refund by Landlord of such rent as may have been paid in advance for a period subsequent to the date of the taking, except that either party shall have the right to terminate this Lease at its option; however, Tenant’s right lease upon notice in writing to terminate due to a the other party given within thirty (30) days after such taking of over ten possession; in the event Tenant remains in possession and Landlord does not so terminate, then all of the terms herein provided shall continue in effect except that the Base Rent shall be equitably adjusted, and Landlord shall make all necessary repairs or alterations to the Premises and the Building so as to constitute the remaining premises a complete architectural unit. If more than fifty percent (1050%) of the parking spaces floor space in the Building shall be void if either: (i) Landlord builds a parking structure on taken under the Land to replace said spaces within ninety (90) days of the taking subject to Tenant’s reasonable approval of the design, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, either party may, by notice in writing to the other delivered on or before the day of surrendering possession to the public authority, terminate this lease; and Tenant all rent under this lease shall have no claim against Landlord be computed to the date of such termination. All compensation awarded for any part taking under the power of sum paid by virtue of such proceedingseminent domain, whether or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations whole or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises Premises, shall be taken or appropriated under power the property of eminent domain during the TermLandlord, this Lease shall whether such damages be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; awarded as compensation for diminution in the event value or loss of any such temporary appropriation the leasehold or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for diminution in the use value of or occupancy loss of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use fee of the Premises or the Project Common Areasotherwise; and Tenant hereby assigns to Landlord all of Tenant's right, then Tenant shall have the right title, and interest in and to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this Paragraphany and all such compensation except for moving costs.
Appears in 1 contract
Eminent Domain. If Section 1. If, as a result of any taking by eminent domain, which shall be deemed to include a voluntary conveyance in lieu of a taking, the total floor area remaining in the demised premises shall be reduced to less than fifty (50%) percent of the total floor area in the demised premises at the commencement of the term hereof, then at the election of the Landlord, exercisable by written notice given to the Tenant within ninety (90) days after the date of the filing of the notice of such taking this lease may be terminated as of the date when the Tenant is required to vacate the demised premises or the portion thereof so taken notwithstanding that the 116 entire interest of the Landlord may have been divested by such taking, and if following any such taking the Landlord does not terminate this lease and provided Tenant does not terminate this Lease under Section 2 hereof, then the Landlord, at the Landlord's expense, but only to the extent of the award actually received by the Landlord for any such taking (subject to the rights of any first mortgagee of the demised premises) and proceeding with all reasonable dispatch shall do such work as may be required to put what may remain of the demised premises in proper condition for the conduct of the Tenant's business (but if Landlord fails to perform such work, Landlord shall have no liability to Tenant for damages, including, without limitation, damages to Tenant's business on account thereof nor shall Landlord be subject to specific performance on account thereof. From and after the date on which the Tenant is required to vacate the portion of the demised premises so taken, a just proportion of the rent reserved herein according to the nature and extent of the taking of the demised premises shall be abated until the demised premises are restored to such condition that the Tenant can commence business therein and from and after the date on which the Landlord shall restore the demised premises in the manner above provided the rent shall be reduced in the proportion that the floor area of the portion of the demised premises so taken bears to the floor area of the demised premises at the commencement of the term hereof.
Section 2. In the event of a taking by eminent domain, whether permanent or temporary, (a) any means of access to the premises is taken which (i) leaves Tenant only with alternative means of access thereto which interferes with the operation of Tenant's business on the premises or (ii) in the case where such alternative means of access do not interfere with the operation of Tenant's business on the premises, such alternative means of access is not acceptable to Tenant in its reasonable discretion or (b) any part over ten percent (10%) of the Premises Building is taken or ten percent (10%c) any part of the parking spaces serving paved areas of the Premises shall be taken or appropriated under surface of the power of eminent domain or conveyed Land, are taken, then, and in lieu thereofany such event, Tenant shall have the right to terminate this Lease at its option; however, by notifying the Landlord of Tenant’s right 's election to terminate due at any time thereafter by giving written notice to a taking of over ten percent (10%) of Landlord stating the parking spaces date when such termination shall be void if either: (i) effective.
Section 3. The Landlord builds a parking structure on the Land reserves and excepts all rights to replace said spaces within ninety (90) days of the taking subject to Tenant’s reasonable approval of the design, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal damages to the number Land, the Building, the demised premises and the leasehold hereby created by reason of parking spaces which have been so taken any taking by eminent domain or appropriatedby reason of anything lawfully done or required by any public authority, and the Tenant grants to the Landlord all the Tenant's rights, if Landlord agrees any, to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection damages except with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or not attributable respect to the value of the unexpired term of this Lease except that Tenant shall be entitled its personal property, fixtures, equipment, damage to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s business, moving expense and relocation costs; (iv) Tenant’s goodwillexpenses but such claims shall, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of if they otherwise diminish the award in excess of paid to Landlord, be subordinate to the sum of amounts award payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the PropertyLandlord hereunder. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this Paragraph.117
Appears in 1 contract
Sources: Lease Agreement (Aerovox Inc)
Eminent Domain. 14.1 If the whole or any part over ten percent (10%) equal to or greater than 15% of the Floor Area of the Premises or ten percent (10%) of the parking spaces serving the Premises shall should be taken for any public or appropriated quasi-public use under the power any governmental law or regulation or by right of eminent domain or conveyed by private purchase in lieu thereof, then at the option of either party hereto this Lease shall be cancelled and both parties shall be relieved of all obligations herein imposed. Should this Lease be so cancelled, then Tenant shall have no claim against Landlord to any portion of the amount that may be awarded as damages or paid as a result of such involuntary conversion whether brought about by suit or agreement for the cancellation of this Lease or for Tenant's leasehold interest or leasehold improvements; any and all of such amounts shall belong to Landlord and all rights of Tenant to damages therefor, if any, are hereby assigned by Tenant to Landlord. Tenant shall, however, have the right to claim and recover from the condemning authority, but not from Landlord (and only to the extent that such recovery by Tenant shall not diminish the amounts recoverable by Landlord), such compensation as may be separately awarded or recoverable by Tenant in Tenant's own right on account of any and all damage to Tenant's business by reason of the condemnation and for or on account of any cost or loss which Tenant might incur in removing Tenant's merchandise, furniture, trade fixtures, or equipment from the Premises.
14.2 If less than 15% of the Floor Area of the Premises should be taken for any public or quasi-public use under any governmental law, ordinance or regulations or by right of eminent domain or by private purchase in lieu thereof, this Lease shall not terminate but Minimum Rent payable hereunder during the unexpired portion of this Lease shall be reduced in proportion to the reduction of the Floor Area in the Premises resulting from such taking from and after the date of such taking. In the event of such a taking, Tenant shall have the right to terminate recover damages suffered or sustained by Tenant as a result of such taking only with respect to property which upon the termination of this Lease at its option; however, Tenant’s right to terminate due to a taking of over ten percent (10%) of the parking spaces shall be void if either: (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (90) days of the taking subject to Tenant’s reasonable approval of the design, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal would belong to the number of parking spaces which have been so taken or appropriatedTenant, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and but Tenant shall have no claim against Landlord for and shall not have any part of sum paid by virtue of such proceedings, whether claim or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations or tenant improvements paid for by Tenant from its own funds (as opposed right to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half portion of the amount which is the lesser of (a) the bonus value of this Lease, that may be awarded as damages or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged paid as a consequence result of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy loss of any part of Tenant's leasehold interest, leasehold improvements, and any and all of such amounts shall belong to Landlord and all rights of Tenant to damages therefor, if any, are hereby assigned by Tenant to Landlord.
14.3 If any part of the Premises shall Common Area should be taken for any public or appropriated quasi-public use under power any governmental law, ordinance or regulation, or by right of eminent domain during the Termdomain, or by private purchase in lieu thereof, this Lease shall be and remain unaffected by such taking or appropriation and Tenant not terminate, nor shall continue to pay in full all Rent and Additional Charges payable hereunder by be reduced, nor shall Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy part of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If made for such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this Paragraphtaking.
Appears in 1 contract
Sources: Lease Agreement
Eminent Domain. 23.1 If there occurs any part over ten percent (10%) taking or damaging of all or a portion of any of the Premises or ten percent (10%) of the parking spaces serving the Premises shall be taken or appropriated under the power of eminent domain or conveyed in lieu thereof, Tenant shall have the right to terminate this Lease at its option; however, Tenant’s right to terminate due to a taking of over ten percent (10%) of the parking spaces shall be void if either: (i) Landlord builds a parking structure on the Land in or by condemnation or other eminent domain proceedings pursuant to replace said spaces within ninety (90) days of the taking subject to Tenant’s reasonable approval of the designany Regulations, location and construction of said structure; general or special, or (ii) if by reason of any agreement with any condemnor in settlement of or under threat of any such condemnation or other eminent domain proceeding (each, a parking structure can“Condemnation”), that is not a Total Condemnation (defined below) shall occur, this Lease shall continue, notwithstanding such event, and rent payable hereunder during the unexpired Term shall be built within said ninety (90) day periodreduced to such extent as may be fair and reasonable under the circumstances. Tenant and Landlord, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days promptly upon receiving any notice or knowledge of the taking and provides valet parking during Business Hours institution of or intention to institute any proceeding for Condemnation (at no cost or expense to Tenant) for a “Condemnation Notice”), shall notify the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completionother party thereof. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition participate with Landlord in any adjustment, collection and compromise of the condemning authority for Net Award (defined below) payable in connection with a Condemnation and Landlord shall not agree upon or otherwise settle the following : (i) the then unamortized cost Net Award without Tenant’s prior written consent not to be unreasonably withheld, conditioned or delayed. No agreement with any condemnor in settlement or under threat of any Alterations or tenant improvements paid for Condemnation shall be made by Tenant from its own funds (as opposed or Landlord without the written consent of the other party, not to be unreasonably withheld, conditioned or delayed. Subject to the provisions of this Section 23.1, Tenant hereby irrevocably assigns to Landlord any award or payment to which Tenant is or may be entitled by reason of any Condemnation, whether the same shall be paid or payable for Tenant’s leasehold interest hereunder or otherwise; but nothing in this Lease shall impair Tenant’s right to any allowance provided by Landlord); (ii) the value award or payment on account of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, equipment or other tangible property which is not part of the base Building systems and equipment, moving expenses or loss of business business, if available, and business interruption; the value of tenant improvements and (v) one-half Alterations that are paid for by Tenant.
23.2 Promptly after Landlord’s receipt of the amount which is Net Award, Tenant shall commence and diligently continue to restore the lesser of Premises as nearly as possible to their value, condition and character immediately prior to such event (a) assuming the bonus value of Premises to have been in the condition required by this Lease); provided that, or Tenant shall have no obligation to restore any Alterations paid for by Tenant. During such restoration, Tenant may submit Restoration Draw Packages to Landlord from time to time. Within thirty (b30) days after receipt of any such Restoration Draw Package, Landlord shall reimburse Tenant for the amounts set forth therein up to the amount of the Net Award received in connection with the applicable Condemnation. Any condemnation award in excess of the sum of amounts payable paid to Landlord’s ground lessor (if any) Landlord hereunder and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of a Net Award that is not used by Tenant in restoration of the Premises (including Restorable Alterations) shall be so the property of Landlord. For purposes of clarification, Tenant shall have no obligation to expend additional sums above and beyond any Net Award actually received by Tenant in the restoration of the Premises.
23.3 If a Condemnation in which more than fifty percent (50%) or more of the Premises are taken or appropriated which otherwise materially impairs access to the Premises or conveyed and neither party hereto shall parking thereon (a “Total Condemnation”) occurs, Tenant may elect to terminate this Lease and by providing written notice to Landlord within sixty (60) days after the Premises date of the Casualty, in which case, Tenant shall have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall no obligation to restore the Premises continuing under Premises. If Tenant terminates this Lease at Landlord’s cost and expense; providedpursuant to this Section 23.3, however, that Landlord shall not be required to repair then Tenant may remain in possession of all or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken taken, for up to one hundred eighty (180) days after such termination date (which time period shall be specifically identified by Tenant in its written termination notice), in which case, the terms and conditions of this Lease shall continue to apply to the portion of the Premises occupied by Tenant, and Tenant shall pay as the Monthly Installment of Rent during such period an amount equal to the Monthly Installment of Rent payable under this Lease for the last full month prior to the date of such termination prorated based on the ratio that the rentable square footage of the Premises actually occupied by Tenant during such period bears to the total area rentable square footage of the Premises prior to the occurrence of the Total Condemnation which shall be recalculated on a monthly basis during each month of such taking. Notwithstanding anything one hundred eighty (180) day period to reflect the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part actual rentable square footage of the Premises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and which Tenant shall continue continues to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled occupy.
23.4 In addition to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areasother remedies, if a Total Condemnation occurs, then Tenant shall have the right to terminate exercise the Lease unlessPurchase Option by providing Landlord written notice within sixty (60) after the occurrence of such Total Condemnation (which notice shall specify the “Closing Date” which shall be a date within thirty (30) days after the delivery of such notice), if applicablein which case, Landlord agrees the terms and conditions of Section 39 below shall apply to provide valet parking such exercise of the Purchase Option except (at no cost i) Tenant’s notice delivered pursuant to Tenant) in this Section 23.4 shall be deemed to be the same as described in clause “Exercise Notice”, (ii) the “Closing Date” shall be date specified in Tenant’s notice delivered pursuant to this Section 23.4, and (iii) Landlord shall assign the Net Award to Tenant at the closing of the first sentence Purchase Option.
23.5 Tenant hereby waives any and all rights under and benefits of this ParagraphSection 1265.130 of the California Code of Civil Procedure, or any similar or successor Regulations or other laws now or hereinafter in effect.
Appears in 1 contract
Sources: Lease Agreement (Facebook Inc)
Eminent Domain. Section 1. If any part over ten percent (10%) after the Commencement Date the whole or substantially all of the Premises or ten percent (10%) of the parking spaces serving the Subleased Premises shall be taken or appropriated under the power of eminent domain or conveyed by purchase in lieu thereofthereof by any public, Tenant quasi-public or private authority, or condemned as unlawful, or suffer any damage that shall entitle Landlord to make a claim for injury to the Building arising to the level of a taking, direct or consequential, all herein referred to as "Taking," then this Sublease shall, at the election of Landlord by written notice to Subtenant, be terminated.
Section 2. If after the Commencement Date:
(i) the aggregate of all reductions of the floor area of the Subleased Premises shall equal or exceed twenty (20%) or more of the original floor area of the Subleased Premises; or
(ii) the Building shall be permanently deprived of access by motor vehicle to and from a public street or private way, then, in either such case, Subtenant shall have the right at its election to terminate this Lease at Sublease by giving Landlord notice of its optionelection within thirty (30) days after such event; provided, however, Tenant’s right in the case of (ii) that if Landlord shall have undertaken to terminate due to provide substitute access and Landlord shall have completed the same within thirty (30) days, Subtenant's notice of termination shall be void.
Section 3. All damages awarded for any Taking, whether for the whole or a taking of over ten percent (10%) part of the parking spaces Subleased Premises, or the Building or otherwise, shall belong to and be the sole property of the Landlord whether such damages shall be void if either: (i) awarded as compensation for diminishing the value of the Subleasehold, fee or otherwise, and Subtenant does hereby assign to Landlord builds all of its right, title, and interest thereto; provided, however, that Subtenant shall be entitled to receive and retain any amounts which may be specifically awarded to it by reason of the loss of its furniture or trade fixtures or for moving expenses. Subtenant agrees to execute and deliver any document necessary or desirable to confirm Landlord's rights under this Article XVI, Section 3.
Section 4. If this Sublease shall not be terminated as provided in Article XVI, Section 1, Landlord shall, within a parking structure on reasonable period of time after such damage, commence to restore the Land damage or destruction to replace said spaces the Subleased Premises. Landlord shall proceed with reasonable diligence to the completion of such restoration so that they shall have been restored as nearly as possible to the condition they were in prior to such damage. If Landlord fails to proceed with reasonable diligence or fails to complete restoration within ninety (90) days of the taking subject to Tenant’s reasonable approval of the designits estimated completion date, location Subtenant may, as its sole and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day periodexclusive remedy, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid terminate this Sublease by virtue of such proceedings, whether or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable written notice to Landlord’s ground lessor (if any) . If the net award after all costs and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership expenses incurred by Landlord in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord collection thereof shall not be required sufficient to repair restore the Building, Landlord may terminate this Sublease by written notice to that effect to the Subtenant.
Section 5. During the period of restoration, the Annual Base Rent reserved hereunder shall be suspended or restore any injury abated according to the proportion of the floor area of the Subleased Premises rendered unusable and Subtenant's Proportionate Share for all purposes shall be adjusted in accordance with Article III, Section 3. There shall be no abatement or suspension of Rent hereunder if there shall be no actual physical damage to the property Subleased Premises, nor, in any case shall there be an abatement of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue Subtenant's obligation to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this Paragraph.other charges due under this
Appears in 1 contract
Sources: Commercial Sublease (pSivida LTD)
Eminent Domain. If (a) Mortgagor shall notify Mortgagee immediately upon obtaining knowledge of any Taking affecting the Trust Estate or any part over ten percent (10%) thereof. If the Taking is a Taking of less than the whole or substantially all of the Premises or ten percent (10%) of the parking spaces serving the Premises shall be taken or appropriated under the power of eminent domain or conveyed in lieu thereof, Tenant shall have the right to terminate this Lease at its option; however, Tenant’s right to terminate due to a taking of over ten percent (10%) of the parking spaces shall be void if either: but (i) Landlord builds a parking structure on the Land is estimated to replace said spaces within ninety (90) days result in an award of the taking subject to Tenant’s reasonable approval of the design, location and construction of said structure; more than $10,000,000 or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days the Taking will interfere with or adversely affect the operation of the taking Casino Hotel (other than any portion thereof consisting solely of unimproved, paved or unpaved surface parking) other than to a de minimis extent, then within 30 days after such Taking, Mortgagor shall deliver to Mortgagee a certificate of an Architect stating whether, in such Architect's opinion, applicable Legal Requirements permit the Restoration of any buildings and provides valet parking during Business Hours (at no cost or expense to Tenant) improvements for the number of cars which is equal same uses and to the number of parking spaces which have been so taken or appropriated, same size and quality in all material respects as existed immediately prior to the Taking (and if Landlord agrees said certificate states that Legal Requirements do not permit such Restoration, said certificate shall describe the manner closest approximating such criteria to which the buildings and improvements could be so build restored and shall be accompanied by a parking structure it Certificate of Appraised Value dated not more than 10 days prior to delivery setting forth the Appraised Value immediately prior to the Taking and the estimated Appraised Value immediately after the permitted Restoration). If Mortgagor is required to deliver such Certificate of Appraised value and if based on such Certificate of Appraised Value immediately after Restoration, (i) the Outstanding Amount of Indebtedness of the Mortgagor, the Company or TCHI immediately after such Restoration shall promptly commence exceed the greater of (A) 80% of the Appraised Value immediately after such Restoration or (B) the quotient of the Outstanding Amount of the Indebtedness of the Mortgagor, the Company or TCHI immediately prior to such Taking divided by the Appraised Value immediately prior to the Taking multiplied by the Appraised Value immediately after such Restoration, or (ii) applicable Legal Requirements do not permit the Restoration of the Casino Hotel for use as a casino and diligently pursue the building of such parking structure to completion. In either hotel complex, then, in any of such events, Landlord the Taking shall receive (and Tenant be deemed a Taking of "the whole or substantially all of the Premises." The Taking shall assign be deemed a Taking of "less than the whole or substantially all of the Premises" if Mortgagor is not required to Landlord upon demand from Landlord) any incomedeliver a Certificate Of Appraised Value or if, rent, award or any interest therein which may be paid in connection with at the exercise time of delivery of such power of eminent domainCertificate, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or not attributable to the value neither of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for the following : tests set forth in clauses (i) the then unamortized cost of any Alterations or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); and (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or met.
(b) If at any time there shall occur a Taking of less than the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage whole or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full substantially all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use award or awards resulting therefrom payable to Mortgagor (and occupancy of the Premises not to any lessor under any Facility Lease) (after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant there shall have been first deducted the right fees and expenses incurred in connection with the termination, settlement and collection of such award or awards, including, without limitation, reasonable counsel fees and expenses, hereinafter referred to terminate as "Settlement Costs") (i) shall be less than $10,000,000 (except to the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this Paragraph.extent that
Appears in 1 contract
Sources: Indenture of Mortgage and Security Agreement (Trumps Castle Associates Lp)
Eminent Domain. If any part over ten percent (10%) of the Premises all or ten percent (10%) of the parking spaces serving the Premises shall be taken or appropriated under the power of eminent domain or conveyed in lieu thereof, Tenant shall have the right to terminate this Lease at its option; however, Tenant’s right to terminate due to a taking of over ten percent (10%) of the parking spaces shall be void if either: (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (90) days of the taking subject to Tenant’s reasonable approval of the design, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be taken appropriated by any local, state or appropriated under power of eminent domain during the Termfederal government or any agency or division thereof, whether such appropriation be by agreement or by suit, then this Lease shall terminate as to the part so taken on the day when Tenant is required to yield exclusive possession thereof. In such event, Landlord shall make such repairs and alterations as may be necessary in order to restore the part not so taken to useful condition (except for the Tenant Improvements and remain unaffected any other leasehold improvements installed by Tenant), and the Rent due hereunder shall be reduced equitably. Tenant shall have the option to terminate this Lease if a Substantial Portion (as hereinafter defined in Section 16) of the Premises is so taken. The option to terminate shall exist as of the date when Tenant is required to yield exclusive possession of such taking or appropriation portion of the Premises, and Tenant shall continue to pay in full all Rent must exercise the termination option within thirty (30) days after the Tenant receives final notice from Landlord and/or the governmental authority pursing the appropriation of the nature, extent and Additional Charges payable hereunder by Tenant during timing of the Term; in appropriation involving the Premises. In the event of any such temporary appropriation appropriation, Landlord shall be entitled to all judgments, awards or takingcompensation paid on account thereof; provided, however, that Tenant shall be entitled to receive that seek and recover an award (but only to the extent such award would not diminish Landlord’s recovery) by any said governmental agency (or any division thereof) for loss of business, cost of removal of stock and trade fixtures, relocation costs and expenses, including increased rental at a new location, and/or the unamortized portion of Tenant Improvements to the Premises paid for by Tenant and any award which represents compensation other improvements made by Tenant beyond the Tenant Improvements. Notwithstanding the foregoing, it shall not be considered a “taking” or an “appropriation” for purposes of this Section 15 if any portion of the Land, but not the Building, is dedicated by Landlord to any municipality, provided that Tenant’s rights under this Lease to use of or occupancy such portion of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If are not materially affected by such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this Paragraphdedication.
Appears in 1 contract
Sources: Lease Agreement (AtriCure, Inc.)
Eminent Domain. 16.1 If any part over ten more than thirty percent (1030%) of the floor area of the Demised Premises should be taken for any public or ten quasi-public use under any governmental law, ordinance or regulation or by right of eminent domain or by private purchase in lieu thereof, this Lease, shall terminate and the rent shall be abated during the unexpired portion of this Lease, effective on the date physical possession is taken by the condemning, authority.
16.2 If less than thirty percent (1030%)of the floor area of the Demised Premises should be taken as aforesaid, this Lease shall not terminate, however, the Minimum Guaranteed Rental (but not Percentage Rental) is payable hereunder during the unexpired portion of this Lease in proportion to the area taken, effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an Exhibit B is attached hereto, all necessary repairs or alterations within the scope of Landlord's Work as described in Exhibit B, as the case may be required to make the remaining portions of the Demised Premises an architectural whole.
16.3 If any part of the Common Area should be taken as aforesaid, this Lease shall not terminate nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate .this Lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to the Shopping Center shall be less than seventy percent (70%) of the parking spaces serving area of the Premises shall be taken or appropriated under Common Area immediately prior to the power of eminent domain or conveyed in lieu thereof, Tenant shall have the right taking. Any election to terminate this Lease at its option; however, Tenant’s right in accordance with this provision shall be evidenced by written notice of termination delivered to terminate due to a the other party within thirty (30) days after the date physical possession is taken by the condemning authority.
16.4 All compensation awarded for any taking (or the proceeds of over ten percent (10%private sale in lieu thereof) of the parking spaces Demised Premises or Common Area shall be void if either: (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (90) days property of the taking subject to Tenant’s reasonable approval of the design, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for hereby assigns its interest in any part of sum paid by virtue of such proceedings, whether or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required have no interest in any award made to repair Tenant for Tenant ' s moving and relocation expenses or restore any injury or damage to for the property loss of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent ' s fixtures and Additional Charges to be paid under this Lease other tangible personal property if a separate award for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking items is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost made to Tenant) in the same as described in clause (ii) of the first sentence of this Paragraph.
Appears in 1 contract
Sources: Lease Agreement (Etravnet Com Inc)
Eminent Domain. If all or substantially all of the Premises shall be sold to or taken by any public authority under its power of condemnation or the threat thereof, this Lease shall terminate as of the date possession shall be transferred to the acquiring authority, and the Rent payable hereunder shall be apportioned accordingly. Upon any taking of less than substantially all of the Premises, this Lease shall continue in force as to the part over ten of the Premises not taken. In the event of any such partial taking, Tenant, at Tenant’s sole cost except as otherwise provided herein, shall diligently rebuild or restore the remainder of the Premises to the condition in which they existed at the time of such taking. Except as herein specifically provided otherwise, all damages awarded by or amounts paid by the acquiring authority for any such taking, whether for the whole or a part of the Premises, shall belong to and be the property of Landlord; provided that Tenant shall have the right to make its separate claim for compensation for any loss or damage it suffers to its trade fixtures and for statutory relocation expenses, provided any such claim does not reduce the amount of the award otherwise payable to Landlord. In the event of a partial taking any proceeds received by Landlord shall first be applied to reimburse Tenant for the costs of rebuilding or restoring the Premises to its condition at the time of taking on mutually agreeable, reasonable terms and conditions (which may include, without limitation, those that an institutional construction lender would customarily and reasonably require for disbursement of construction loan proceeds).
4.2.1 Notwithstanding anything contained in this Lease to the contrary, if more than fifty percent (1050%) of the Premises or ten percent (10%) floor area of the parking spaces serving Premises are taken during the Premises shall be taken or appropriated under last year of the power of eminent domain or conveyed in lieu thereofTerm, Landlord and Tenant each shall have the right to terminate this Lease at its option; however, Tenant’s right by giving to terminate due to a taking the other written notice of over ten percent such termination within thirty (10%) of the parking spaces shall be void if either: (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (9030) days after the date of the taking subject to Tenant’s reasonable approval such taking, specifying a termination date of the design, location and construction of said structure; or at least sixty (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (27060) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer more than ninety (90) days and unreasonably interferes with Tenant’s use after the date of the Premises or the Project Common Areas, then Tenant notice of termination. Failure to give notice of termination within such thirty (30) day period shall have the be deemed to be a waiver of such right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this Paragraphtermination.
Appears in 1 contract
Sources: Triple Net Lease (Voltari Corp)
Eminent Domain. If all or any part over ten percent (10%) of the Premises or ten percent (10%) of the parking spaces serving the Premises System shall be taken or appropriated under the power of by eminent domain proceedings or conveyed conveyance in lieu thereof, Tenant the net proceeds realized by the City therefrom shall have be deposited with the right Trustee in a special fund in trust and shall be applied and disbursed by the Trustee subject to terminate this Lease the following conditions:
(a) If such funds are sufficient to provide for the payment of the entire amount of Principal due or to become due upon all of the Outstanding Bonds and outstanding Repayment Obligations, together with all of the interest due or to become due thereon and any redemption premiums thereon, so as to enable the City to retire all of the Bonds then Outstanding, either by call and redemption at its option; howeverthe then current Redemption Prices or by payment at maturity or partly by redemption prior to maturity and partly by payment at maturity, Tenant’s right and to terminate due pay all Repayment Obligations, the Trustee shall apply such moneys to a taking such retirement or payment, as appropriate, and to the payment of over ten percent such interest. Pending the application of such proceeds for such purpose, such moneys shall be invested by the Trustee, at the Written Request of the City, in Government Obligations. The balance of such moneys, if any, shall be transferred to the City.
(10%b) If such proceeds are insufficient to provide the moneys required for the purposes set forth in subsection (a) of this Section, the parking spaces City shall file with the Trustee a Written Request of the City requesting the Trustee to apply such proceeds for one of the following purposes:
(1) If such Written Request requests the Trustee to apply such proceeds to the purchase, redemption or retirement of Bonds, the Trustee shall apply such proceeds to the purchase, redemption or retirement of Bonds then Outstanding and Repayment Obligations then outstanding. If more than one Series of Bonds is then Outstanding, such proceeds shall be void if either: (i) Landlord builds a parking structure on applied pro rata among each such Series to the Land to replace said spaces within ninety (90) days purchase, redemption or retirement of the taking subject Bonds of each such Series and the payment of Repayment Obligations in the proportion which the Principal amount of Bonds of each such Series then Outstanding and Repayment Obligations then outstanding bears to Tenant’s reasonable approval the aggregate Principal amount of all Bonds then Outstanding and Repayment Obligations then outstanding. Pending the application of such proceeds for such purpose, such moneys shall be invested by the Trustee, at the Written Request of the designCity, location in Government Obligations.
(2) If such Written Request requests the Trustee to deliver such proceeds to the City to apply to the cost of additions, improvements or extensions to the System, the City shall also file with the Trustee an Engineer’s Certificate showing the loss in annual Revenues, if any, suffered, or to be suffered, by the City by reason of such eminent domain proceedings, together with a general description of the additions, improvements or extensions to the System then proposed to be acquired or constructed by the City from such proceeds. If, in the opinion of the City (evidenced by a Written Certificate of the City filed with the Trustee), which shall be final, the additional Revenues to be derived from such additions or improvements will sufficiently offset the loss of Revenues resulting from such eminent domain proceedings so that the ability of the City to meet its obligations hereunder will not be substantially impaired, the Trustee shall pay such proceeds to the City. The City, in reaching such determination, may rely upon the Engineer’s Certificate. The City shall hold such proceeds in trust and apply them to the acquisition or construction of said structure; the additions, improvements or extensions substantially in accordance with such Engineer’s Certificate. The City shall acquire or construct such additions or improvements in a sound and economic manner and as expeditiously as is practicable. Any balance of such proceeds not required by the City for such additions, improvements or extensions shall be deposited into the Revenue Fund.
(ii3) if If such Written Request requests the Trustee to transfer such proceeds to the City for deposit into the Revenue Fund upon the basis that such eminent domain proceedings have had no effect, or at the most a parking structure cannot be built within said ninety (90) day periodrelatively immaterial effect, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days upon the security of the taking and provides valet parking during Business Hours (Bonds, the City shall also file with the Trustee an Engineer’s Certificate stating that such eminent domain proceedings have not substantially impaired or affected the operation of the Systems or the ability of the System to produce Net Revenues at no cost or expense to Tenant) for the number of cars which is least equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building Rate Covenant Requirement. Upon receipt of such parking structure to completion. In either of Written Request and such eventsEngineer’s Certificate, Landlord the Trustee shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of transfer such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or not attributable proceeds to the value of City for deposit into the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this ParagraphRevenue Fund.
Appears in 1 contract
Sources: Master Trust Indenture
Eminent Domain. If any part over ten percent (10%) Either party may terminate this Lease if one-third or more of the square footage of the Premises or ten percent (10%) any other material part of the parking spaces serving the Premises shall be is taken or appropriated condemned for any public or quasi-public use under the power of Law, by eminent domain or conveyed private purchase in lieu thereofthereof (a “Taking”). Landlord shall also have the right to terminate this Lease if there is a Taking of any portion of the Building or Project which would have a material adverse effect on Landlord’s ability to profitably operate the remainder of the Project. The termination shall be effective as of the effective date of any order granting possession to, or vesting legal title in, the condemning authority. If this Lease is not terminated, Basic Rent and Tenant’s Share of Operating Expenses shall be appropriately adjusted to account for any reduction in the square footage of the Building or Premises. All compensation awarded for a Taking shall be the property of Landlord and the right to receive compensation or proceeds in connection with a Taking are expressly waived by Tenant; provided, however, Tenant may file a separate claim for Tenant’s personal property and Tenant’s reasonable relocation costs, moving expenses and the unamortized cost of any Alterations installed in the Premises at Tenant’s sole cost and expense, provided the filing of the claim does not diminish the amount of Landlord’s award. If only a part of the Premises is subject to a Taking and this Lease is not terminated, Landlord, with reasonable diligence, will restore the remaining portion of the Premises as nearly as practicable to the condition immediately prior to the Taking. For avoidance of doubt if more than 50% of the Premises is subject to a Taking for a period of 12 consecutive months, Tenant shall have the right to terminate this Lease at its option; however, Tenant’s right within 60 days after the earlier to terminate due to a taking occur of over ten percent (10%) of the parking spaces shall be void if either: (i) Landlord builds a parking structure on the Land effective date of such Taking if such temporary Taking is specified to replace said spaces within ninety (90) days be period of the taking subject to Tenant’s reasonable approval of the design12 consecutive months or more, location and construction of said structure; or (ii) the expiration of 12 consecutive months after the occupancy by the applicable authority if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days the term of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for Taking is indeterminate when such occupancy commences. Tenant agrees that the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or not attributable to the value of the unexpired term provisions of this Lease except that Tenant shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost govern any Taking and shall accordingly supersede any contrary statute or rule of any Alterations or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this Paragraphlaw.
Appears in 1 contract
Sources: Lease (Proofpoint Inc)
Eminent Domain. 19.01. If any part over ten percent (10%) the whole of the Premises premises or ten percent (10%) of so much thereof as to render the parking spaces serving the Premises balance unusable by Tenant shall be taken or appropriated under the power of eminent domain or conveyed in lieu thereof, Tenant shall have the right to terminate this Lease at its option; however, Tenant’s right to terminate due to a taking under threat of over ten percent (10%) of the parking spaces shall be void if either: (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (90) days of the taking subject to Tenant’s reasonable approval of the design, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power power, this lease shall automatically terminate as of eminent domainthe date of such condemnation, or as of the date possession is taken by the condemning authority, whichever is earlier. No award for any partial or entire taking shall be apportioned, and Tenant shall have no claim against hereby assigns to Landlord for any award which may be made in such taking or condemnation, together with any and all rights of Tenant now or hereafter arising in or to the same or any part of sum paid by virtue of such proceedings, whether or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expensethereof; provided, however, that nothing contained herein shall be deemed to give Landlord any interest in or to require Tenant to assign to Landlord any award made to Tenant for the taking of personal property and fixtures belonging to Tenant and/or for the interruption of or damage to Tenant's business and/or for Tenant's unamortized cost of leasehold improvements.
19.02. In the event of a partial taking which does not result in a termination of this lease, rent shall be abated in proportion to the part of the premises unusable by Tenant. Tenant and Landlord each waives the provisions of Code of Civil Procedure Section 1265.130 allowing either party to petition the Superior Court to terminate this lease in the event of a partial taking of the premises.
19.03. No temporary taking of the premises and/or of Tenant's rights therein or under this lease lasting less than 180 consecutive days shall terminate this lease or give Tenant any right to any abatement of rent hereunder; any award made to Tenant by reason of any such temporary taking shall belong entirely to Tenant and Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this Paragraphshare therein.
Appears in 1 contract
Sources: Office Lease (Harbor Bancorp /)
Eminent Domain. 14.1 If any part over ten percent (10%) portion of the Premises or ten percent (10%) floor area of the parking spaces serving the Demised Premises shall should be taken for any public or appropriated quasi-public use under the power any governmental law, ordinance or regulation or by right of eminent domain or conveyed by private purchase in lieu thereof, or if the rentable square footage in the Shopping Center should be reduced by twenty percent (20%) or more, this Lease shall terminate at Tenant's option and the rent shall be abated during the unexpired portion of this Lease, effective on the date physical possession is taken by the condemning authority.
14.2 If Tenant shall have the right elect not to terminate this Lease at its option; howeveras aforesaid, the rent payable hereunder during the unexpired portion of this Lease shall be reduced in a manner that is fair and equitable, effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations to make the remaining portions of the Demised Premises a complete architectural and commercial unit.
14.3 If any part of the Common Area should be taken as aforesaid, this Lease shall not terminate, nor shall the rentals payable hereunder be reduced, except that Tenant may terminate this Lease if, in Tenant’s right 's sole judgment, access to the Demised Premises or Shopping Center or any other essential service or facility is materially diminished, or if the parking area shall be reduced by fifteen percent (15%) or more, or if the required parking ratios are not maintained, or if the lease of or occupancy by any Key Tenant is terminated. Any election to terminate due this Lease in accordance with this provision shall be evidenced by written notice of termination delivered to a the Landlord.
14.4 All compensation awarded for any taking (or the proceeds of over ten percent (10%private sale in lieu thereof) of the parking spaces Demised Premises or Common Area shall be void if either: (i) the property of Tenant to the extent of Tenant's moving costs and relocation expenses, the loss of personal property, fixtures, and equipment taken, and the unamortized cost of any leasehold improvements by Tenant, and Landlord builds a parking structure on the Land to replace said spaces within ninety (90) days hereby assigns its interest in any such portion of the taking subject award to Tenant’s reasonable approval . The balance of the design, location and construction award shall be the property of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part interest therein. For purposes hereof, Tenant's leasehold improvements shall be deemed amortized in annual increments as of sum paid by virtue of such proceedings, whether or not attributable to the value each anniversary of the unexpired term Rent Commencement Date, with the number of this whole integer Lease except that Tenant shall be entitled to petition Years having expired in the condemning authority for the following : (i) the then unamortized cost of any Alterations or tenant improvements paid for by Tenant from its own funds (Lease Term as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is date of taking being the lesser numerator, and the number of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership whole integer Lease Years originally contained in the Property. If a part of Lease Term being the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this Paragraphdenominator.
Appears in 1 contract
Sources: Shopping Center Lease (Alrenco Inc)
Eminent Domain. 23.1. If the entire Premises, or so much thereof as to render the balance thereof not reasonably usable for the conduct of Tenant's business, shall be taken or appropriated under the power of eminent domain or conveyed in lieu thereof, either party hereto may, by serving written notice upon the other party hereto within thirty (30) days thereafter, immediately terminate this Lease. If any substantial part over ten percent (10%) of the Premises or ten percent (10%) of the parking spaces serving Project excluding the Premises shall be taken or appropriated under the power of eminent domain or conveyed in lieu thereof, Tenant shall have the right to Landlord may so terminate this Lease at its option; however, Tenant’s right to terminate due to a taking of over ten percent (10%) of the parking spaces shall be void if either: (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (90) days of the taking subject to Tenant’s reasonable approval of the design, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completionLease. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from by Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domaintherewith, and Tenant shall have no claim against Landlord for any part of any sum paid by virtue of such proceedingsso paid, whether or not attributable to the value of the unexpired term of this Lease except Lease; provided, however, that Tenant nothing herein shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations or tenant improvements paid for by prevent Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) pursuing a separate award in connection with the value taking of Tenant’s trade fixtures; (iii) 's removable tangible personal property placed in the Premises solely at Tenant’s 's expense and for Tenant's relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property.
23.2. If a part of the Premises shall be so taken or taken, appropriated or conveyed and neither party hereto shall elect to so terminate this Lease Lease, (i) Base Rent and Additional Rent payable hereunder shall be abated in the proportion that the area of the portion of the Premises so taken, appropriated or conveyed bears to the area of the entire Premises, and (ii) if the Premises shall have been damaged as a consequence of such partial taking or taking, appropriation or conveyance, Landlord shall shall, to the extent of any severance damages received by Landlord, restore the Premises continuing under this Lease at Landlord’s cost and expenseLease; provided, however, that the Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs to or restoration of any Alterations alterations, additions, fixtures or improvements installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be pay any amount in the ratio that they are excess of the portion of the Premises not so taken bears such severance damages required to the total area of the Premises prior to complete such takingrepairs or restoration.
23.3. Notwithstanding anything to the contrary contained in this Paragraph 21Article 23, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under the power of eminent domain or conveyed in lieu thereof during the Termterm of this Lease, this Lease shall be and remain unaffected by such taking taking, appropriation or appropriation conveyance and Tenant shall continue to pay in full all Rent and Additional Charges rent payable hereunder by Tenant during the Term; in term of this Lease. In the event of any such temporary taking, appropriation or takingconveyance, Tenant shall be entitled to receive that portion of any award which represents compensation for the loss of this use of or occupancy of the Premises during the Termterm of this Lease, and Landlord shall be entitled to receive the balance of such award. To the extent that portion it is inconsistent with the above, each party hereto hereby waives the provisions of any award which represents the cost of restoration Section 1265.130 of the Premises and California Code of Civil Procedure allowing either party to petition a court to terminate this Lease in the use and occupancy event of a partial taking of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this ParagraphPremises.
Appears in 1 contract
Eminent Domain. If any part over ten percent (10%) the whole of the Premises or ten percent (10%) of the parking spaces serving the Leased Premises shall be taken or appropriated by any public authority under the power of eminent domain domain, or conveyed in lieu thereofunder a threat of condemnation, the lease term shall cease as of the day possession shall be taken by such public authority, and Tenant shall pay rent up to that date with an appropriate refund by Landlord of such rent as shall have been paid in advance for a period subsequent to the right to terminate this Lease at its option; however, Tenant’s right to terminate due to a taking date of over ten taking. If more than forty percent (1040%) of the parking spaces total square footage of all buildings on the Leased Premises shall be void if either: (i) Landlord builds a parking structure on taken under the Land to replace said spaces within ninety (90) days of the taking subject to Tenant’s reasonable approval of the design, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, or conveyed under the threat of condemnation, or more than forty percent (40%) of the paved area on the Leased Premises is taken under the power of eminent domain, or conveyed under the threat of condemnation, Tenant may, by notice in writing to Landlord on or before the day of surrendering possession to the public authority, terminate this Lease, and Tenant rent shall have no claim against be paid or refunded as of the date of termination. In the event the Lease is not so terminated, then the Lease shall continue in full force and effect except that the base rent shall be equitably abated for the taking of the Leased Premises and Landlord shall make all necessary repairs or alterations, to the extent of available condemnation proceeds, to the basic building and exterior work so as to constitute the remaining Leased Premises a complete architectural unit. All compensation awarded for any taking under the power of eminent domain, whether for the whole or part of sum paid by virtue the Leased Premises, shall be property of such proceedingsthe Landlord, whether or not attributable to such damages shall be awarded as compensation for the diminution in the value of or loss of the unexpired term leasehold or for diminution in the value of this Lease except that or loss of the fee of the Leased Premises, or otherwise. Nothing contained herein shall prevent Tenant shall be entitled to petition from applying for reimbursement from the condemning authority (if permitted by law) for the following : (i) the then unamortized cost of any Alterations or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Leasemoving expenses, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of removal of Tenant. Thereafter's trade fixtures, the Rent and Additional Charges to be paid under this Lease for the remainder or loss of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this Paragraph's good will.
Appears in 1 contract
Eminent Domain. If If: (i) the whole or any part over ten percent (10%) of the Premises building on the Premises, or ten percent (ii) more than 10%) % of the parking spaces serving land comprising the Premises Premises, shall be taken by any public authority or appropriated utility under the power of eminent domain or conveyed in lieu thereofdomain, then Tenant shall have the right either to terminate this Lease by sixty (60) days' prior written notice given to Landlord by Tenant, which notice may be given at its option; howeverany time after such taking and on or before four (4) months after the date possession is required pursuant to such taking, Tenant’s right or to terminate due to a taking of over ten percent (10%) continue in possession of the parking spaces remainder of the Premises under the terms herein provided, except that the Term shall be void if either: (i) Landlord builds a parking structure cease on the Land to replace said spaces within ninety (90) days of the taking subject to Tenant’s reasonable approval of the design, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been part so taken or appropriatedfrom the day possession of that part is taken, and if Landlord agrees to so build a parking structure it the rent shall promptly commence from and diligently pursue the building of after such parking structure to completionday be reduced as hereinafter provided in this Paragraph 15. In either of such eventsIf this Lease is not terminated, Landlord shall receive deposit with Tenant the entire proceeds of the condemnation award for the purpose of restoring the Premises to a tenable condition, and Tenant, but only to the extent of such condemnation proceeds, shall restore the Premises to a tenable condition substantially comparable to the condition thereof prior to the taking. If after restoration of the Premises to a tenable condition, any portion of the condemnation award deposited by Landlord with Tenant remains unused (and "Unused Award"), then the Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with pay the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or not attributable Unused Award over to the value Landlord, subject, however, to the rights of the unexpired term of this Lease except that mortgagee, if any. Tenant shall be entitled to petition the condemning authority claim an award for the following : (i) the then unamortized loss of business, going business, going concern value of business, goodwill, depreciation of trade fixtures and trade fixture and equipment damage, cost or removal of trade fixtures, cost of any Alterations or tenant reinstallation of trade fixtures, and cost of all leasehold improvements paid for made by Tenant from its own funds (as opposed Tenant; and Landlord shall not be entitled to any allowance provided by Landlord); (ii) the value portion of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Leasesuch condemnation award, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of make a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Propertyclaim thereof. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall Tenant does not elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage pursuant to the property provisions of this Paragraph 15, then if Tenant or to make any repairs or restoration of any Alterations installed on exercises the Premises by or at the expense of Tenant. ThereafterOption, the Rent and Additional Charges to Option Price ($10,000,000) shall be paid under this Lease for reduced by the remainder amount of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such takingUnused Award. Notwithstanding anything to the contrary contained in foregoing provisions of this Paragraph 2115, if the temporary use whole or occupancy of any part of the Premises shall be taken by any public authority or appropriated utility under the power of eminent domain during prior to the expiration of the Term, this Lease shall be Tenant may exercise Tenant's option to purchase the Premises as provided in Paragraph 4 hereof and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion the proceeds of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this Paragraphall condemnation awards.
Appears in 1 contract
Eminent Domain. Section 16.1. If any part over ten more than thirty-three percent (1033%) of the Premises or ten percent (10%) floor area of the parking spaces serving the Premises demised premises shall be taken or appropriated under the power of eminent domain or conveyed in lieu thereofthe portion not so taken will not be reasonably adequate for the operation of Tenant's business after the Landlord completes such repairs or alterations as the Landlord is obligated or elects to make, or if Tenant's parking rights under the Lease are materially reduced as a result of such taking, Tenant shall have the right to elect either to terminate this Lease, or, subject to Landlord's right to terminate the Lease pursuant to Section 16.4., to continue in possession of the remainder of the demised premises, and shall notify Landlord in writing within ten (10) days after such taking of Tenant's election. Subject to Landlord's termination rights, in the event Tenant elects to remain in possession, as provided in the first sentence hereof, all of the terms herein provided shall continue in effect, except that the base rent shall be reduced in the same proportion that the floor area of the demised premises taken bears to the original floor area of the demised premises, and Landlord shall at its own cost and expense make all necessary repairs or alterations to the demised premises so as to constitute the portion of the demised premises not taken a complete architectural unit for the purposes allowed by this Lease, but such work shall not exceed the scope of the work to be done by Landlord in originally constructing the building and the demised premises (but including the Tenant Improvements).
Section 16.2. Each party waives the provisions of Code of Civil Procedure Section 1265.130 allowing either party to petition the Superior Court to terminate this Lease at its option; however, Tenant’s right to terminate due to in the event of a partial taking.
Section 16.3. All damages or awards for any taking of over ten percent (10%) of under the parking spaces shall be void if either: (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (90) days of the taking subject to Tenant’s reasonable approval of the design, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, domain whether or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations whole or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises demised premises shall belong to and be the property of Landlord whether such damages or awards shall be so taken awarded as compensation for diminution in value to the leasehold or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence fee of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expensedemised premises; provided, however, that Landlord shall not be required to repair or restore any injury or damage entitled to the property of award made to Tenant or Landlord for loss of business, depreciation to, and cost or removal of stock and fixtures and for leasehold improvements which have been installed by Tenant at its sole cost and expense less depreciation which is to make any repairs or restoration of any Alterations installed be computed on the Premises by or at basis of completely depreciating such leasehold improvements during the expense initial term of Tenant. Thereafterthis Lease, the Rent and Additional Charges any award made to be paid under this Lease for the remainder Tenant in excess of the Term then depreciated value of leasehold improvements shall be proportionately reduced, such that thereafter payable to the amounts to be paid by Tenant shall be in the ratio that they are Landlord.
Section 16.4. If more than thirty-three percent (33%) of the portion floor areas of the Premises not so taken bears to building or the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises demised premises shall be taken or appropriated under power of eminent domain during domain, or if any material part of the TermParking and Accommodation Areas shall be so taken, Landlord may, by written notice to Tenant delivered on or before the date of surrendering possession to the public authority pursuant to such taking, terminate this Lease as of such date.
Section 16.5. If this Lease is terminated as provided in this Article, the rent shall be and remain unaffected paid up to the day that possession is so taken by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, public authority and Landlord shall be entitled to receive that portion make a prorata refund of any award which represents the cost of restoration of the Premises rent and the use all deposits paid by Tenant in advance and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this Paragraphnot yet earned.
Appears in 1 contract
Sources: Lease (Xtent Inc)
Eminent Domain. SECTION 13.01. If any part over ten percent (10%) the whole of the Premises or ten percent the Building, or such part thereof (10%including parking areas) as will render the remainder untenantable or commercially unfeasible for Tenant's Permitted use, shall be acquired or condemned for any public or quasi-public use or purpose, this Lease shall end as of the parking spaces serving date of the vesting of title in the condemning authority (either through court order or by voluntary conveyance by Landlord in lieu of condemnation) with the same effect as if said date were the Expiration Date. If only a part of the Premises shall be taken so acquired or appropriated under the power of eminent domain or conveyed condemned, then, except as otherwise provided in lieu thereofthis Article, Tenant shall have the right to terminate this Lease at its option; howeverand the Term shall continue in force and effect, Tenant’s right to terminate due to a taking of over ten percent (10%) but, from and after the date of the parking spaces vesting of title, the Fixed Rent shall be void if either: (i) Landlord builds a parking structure on an amount which bears the Land same ratio to replace said spaces within ninety (90) days the Fixed Rent payable immediately prior to such condemnation pursuant to this Lease, as the value of the taking subject to Tenant’s reasonable approval untaken portion of the design, location and construction of said structure; or Premises (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of appraised after the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number repair of cars which is equal any damage to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees Building pursuant to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlordthis Section) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or not attributable bears to the value of the unexpired term entire Premises immediately before the taking; and any Additional Rent payable or credits receivable pursuant to Article 6 shall be adjusted to reflect the diminution of --------- Premises. The value of the Premises before and after the taking shall be determined for the purposes of this Lease except that Tenant Section by an independent appraiser selected by Landlord. If only a part of the Building but a material part of the Land shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations so acquired or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwillcondemned, loss of business and business interruption; and (v) one-half of the amount which is the lesser of then
(a) whether or not the bonus value Premises shall be affected thereby, Landlord, at Landlord's sole option, may give to Tenant, within sixty (60) days next following the date upon which Landlord shall have received notice of vesting of title, thirty (30) days notice of termination of this Lease, or and (b) if the amount part of the award in excess Building so acquired or condemned shall contain more than twenty-five percent (25%) of the sum total of amounts payable the Premises immediately prior to such acquisition or condemnation, or if, by reason of such acquisition or condemnation, Tenant no longer has reasonable means of access to the Premises, Tenant, at Tenant's sole option, may give to Landlord’s ground lessor , within sixty (if any60) and any holder days following the date upon which Tenant shall have received notice of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Propertyvesting of title, thirty (30) days notice of termination of this Lease. If a part of the Premises shall be so taken acquired or appropriated or conveyed and neither party hereto shall elect to terminate this Lease condemned, and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage terminated pursuant to the property provisions of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or this Section, Landlord, at the expense of Tenant. ThereafterLandlord's expense, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such restore that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion part of the Premises not so taken bears acquired or condemned to a self-contained rental unit; provided that the Premises as so restored shall consist of no less than 4,000 rentable square feet. In the event of any termination of this Lease pursuant to the total area provisions of this Section, the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Fixed Rent and Additional Charges payable hereunder Rent shall be apportioned as of the date of such termination and any prepaid portion of Fixed Rent and Additional Rent for any period after such date shall be refunded by Tenant during the Term; in Landlord to Tenant.
SECTION 13.02. In the event of any such temporary appropriation acquisition or takingcondemnation of all or any part of the Building and/or Common Areas, Tenant Landlord shall be entitled to receive that the entire award for any such acquisition or condemnation. Tenant shall have no claim against Landlord or the condemning authority for the value of any unexpired portion of the Term, and Tenant hereby expressly assigns to Landlord all of its right, title and interest in and to any award which represents compensation award, and also agrees to execute any and all further documents that may be required in order to facilitate the collection thereof by Landlord. Nothing contained in this Section shall be deemed to prevent Tenant from making a separate claim in any condemnation proceedings for any moving expenses and for the use value of or occupancy any Tenant's Property which would be removable at the end of the Premises during Term, pursuant to the Termprovisions of Article 9. ----------
SECTION 13.03. If the grade of any street upon which the Land is situated or abuts shall be changed by any competent authority, this Lease shall nevertheless continue in full force and effect, and Landlord shall be entitled to receive collect from such authority the entire award that portion may be made in such proceedings. Tenant hereby expressly assigns to Landlord all of any its right, title and interest in or to every such award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord also agrees to provide valet parking (at no cost execute any and all further documents that may be required in order to Tenant) in facilitate the same as described in clause (ii) of the first sentence of this Paragraphcollection thereof by Landlord.
Appears in 1 contract
Eminent Domain. 16.1 If any part over ten more than thirty percent (1030%) of the floor area of the Demised Premises should be taken for any public or ten quasi-public use under any governmental law, ordinance or regulation or by right of eminent domain or by private purchase in lieu thereof, this lease shall terminate and the rent shall be abated during the unexpired portion of this lease, effective on the date physical possession is taken by the condemning authority.
16.2 If less than thirty percent (1030%) of the parking spaces serving floor area of the Demised Premises shall should be taken or appropriated under the power of eminent domain or conveyed in lieu thereofas aforesaid, Tenant this lease shall have the right to terminate this Lease at its optionnot terminate; however, Tenant’s right the minimum guaranteed rental (but not percentage rental) payable hereunder during the unexpired portion of this lease shall be reduced in proportion to the area taken, effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alteration to the remaining premises or, if an Exhibit D is attached hereto, all necessary repairs or alterations within the scope of Landlord's Work as described in Exhibit D, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole.
16.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate due this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in reasonable proximity to a taking of over ten the Shopping Center shall be less than seventy percent (1070%) of the parking spaces area of the Common Area immediately prior to the taking. Any election to terminate this lease in accordance with this provision shall be void if either: evidenced by written notice of termination delivered to the other party within thirty (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (9030) days after the date physical possession is taken by the condemning authority.
16.4 All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) of the taking subject to Tenant’s reasonable approval Demised Premises or Common Area shall be the property of the design, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriatedLandlord, and if Landlord agrees Tenant hereby assigns its interest in any such award to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such eventsLandlord, provided,however, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord interest in any award made by Tenant for any part of sum paid by virtue of such proceedings, whether Tenant's moving and relocation expenses or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value loss of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business 's fixtures and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the other tangible personal property if a separate award in excess of the sum of amounts payable to Landlord’s ground lessor (for such items if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost made to Tenant) in the same as described in clause (ii) of the first sentence of this Paragraph.
Appears in 1 contract
Sources: Building Lease (Care Group Inc)
Eminent Domain. If the Premises, or any part over ten thereof, or more than thirty percent (1030%) of the Premises or ten percent (10%) of the parking spaces serving the Premises shall be Showroom, is taken or appropriated under the power of eminent domain or conveyed (including any conveyance made in lieu thereof), Tenant and if such taking makes the operation of Tenant's business in the Premises impractical, then either party shall have the right to terminate this Lease by delivery of written notice to the other party within sixty (60) days after title vests in the condemning authority. The effective date of such termination shall be thirty (30) days after the date of the notice of termination; provided, however, that Tenant's obligation to pay rent shall cease at the time Tenant is dispossessed of the Premises as a result of such taking. If neither party elects to terminate this Lease, Landlord shall apply the proceeds of condemnation to restore the Premises and the Showroom to a tenantable condition as soon as practical, in which event the rental paid by Tenant under this Lease shall be proportionately and equitably reduced. Notwithstanding anything in this paragraph B.25 to the contrary, Landlord shall not be required to pay, but may at its option; howeveroption choose to pay, Tenant’s right to terminate due to a taking for such restoration or repair any amount in excess of over ten the condemnation award (or the proceeds of private sale in lieu thereof) received by Landlord as the result of such taking. If less than thirty percent (1030%) of the parking spaces shall be void if either: (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (90) days Showroom, none of the taking subject to Tenant’s reasonable approval of the design, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so Premises, is taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue under the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, than Landlord shall restore the Premises continuing Showroom on the same terms and conditions as if Landlord had elected to restore under this Lease at Landlord’s cost and expensethe preceding paragraph; provided, however, that Landlord shall not be required obligated to pay for such restoration or repair any amount in excess of the condemnation amount (or restore the proceeds of private sale in lieu thereof) received by Landlord as the result of such taking. All compensation awarded for any injury taking (or damage to the proceeds of private sale in lieu thereof), whether for the whole or a part of the Premises, shall be the property of Landlord, whether such award is compensation for damages to Landlord's or Tenant's interest in the Premises, and Tenant hereby assigns all of its interest in any such award to Landlord; provided, however, Landlord shall have no interest in any award made to Tenant for relocation expenses or to make any repairs or restoration for the taking of any Alterations installed on Tenant's trade fixtures and other property within the Premises by or (that Tenant is authorized to remove at the expense termination pursuant to paragraphs B.17 and B.21) if a separate award of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking items is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost made to Tenant) in the same as described in clause (ii) of the first sentence of this Paragraph.
Appears in 1 contract
Eminent Domain. 17.1 If any part over ten more than twenty percent (1020%) of the floor area of the Demised Premises should be taken for any public or ten quasi-public use under any governmental law, ordinance or regulation or by right of eminent domain or by private purchase in lieu thereof, this lease shall terminate and the rent shall be abated during the unexpired portion of this lease, effective on the date physical possession is taken by the condemning authority.
17.2 If less than twenty percent (1020%) of the parking spaces serving floor area of the Demised Premises shall should be taken or appropriated under the power of eminent domain or conveyed in lieu thereofas afore said, Tenant this lease shall have the right to terminate this Lease at its optionnot terminate; however, Tenant’s right the minimum guaranteed rental payable hereunder during the expired portion of this lease shall be reduced in proportion to the area taken, effective on the date physical possession is taken by the condemning authority. Following such partial taking, Landlord shall make all necessary repairs or alterations to the remaining premises or, if an exhibit describing Landlord's Work is attached to this lease, all necessary repairs within the scope of Landlord's work as described in such exhibit, as the case may be, required to make the remaining portions of the Demised Premises an architectural whole.
17.3 If any part of the Common Area should be taken as aforesaid, this lease shall not terminate, nor shall the rent payable hereunder be reduced, except that either Landlord or Tenant may terminate due this lease if the area of the Common Area remaining following such taking plus any additional parking area provided by Landlord in adjacent to a taking of over ten the Flour Mill shall be less than eighty percent (1080%) of the parking spaces area of the Common Area immediately prior to the taking. Any election to terminate this lease in accordance with this provision shall be void if either: evidenced by written notice of termination delivered to the other party within thirty (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (9030) days after date physical possession is taken by condemning authority.
17.4 All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) of the taking subject to Tenant’s reasonable approval Demised Premises or Common Area shall be the property of the design, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for hereby assigns its interest in any part of sum paid by virtue of such proceedings, whether or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required have no Interest in any award made to repair Tenant for Tenant's moving and relocation expenses or restore any injury or damage to for the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense loss of Tenant. Thereafter, the Rent 's fixtures and Additional Charges to be paid under this Lease other tangible personal property if a separate award for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking items is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost made to Tenant) in the same as described in clause (ii) of the first sentence of this Paragraph.
Appears in 1 contract
Sources: Lease Agreement (Guar Global Ltd.)
Eminent Domain. If the whole of the Leased Premises shall be taken by any part over public authority under the power of eminent domain, this Lease shall cease as of the day possession shall be taken by such public authority and Tenant shall pay rent up to that date with an appropriate refund by Landlord of any rent which has been paid in advance for a period of subsequent to the date possession is so taken. If ten percent (10%) or less of the area of the Leased Premises shall be so taken and if the remainder thereof and of the Common Areas is tenantable by Tenant for the purposes for which the Leased Premises were used immediately prior thereto and Tenant’s parking rights are not materially affected, then this Lease shall cease only as to the parts so taken as of the day possession shall be so taken by such public authority and Tenant shall pay rent for such parts up to that day with an appropriate refund by Landlord of any rent which has been paid in advance for a period subsequent to the date possession is so taken, and thereafter the Base Rent and Additional Rent shall be equitably adjusted. Landlord, at Landlord’s expense, shall make all necessary repairs or alterations to the Leased Premises and Common Areas so as to constitute the remaining premises a complete architectural unit; provided, that if the reasonable cost of such repairs or alterations (as determined by a licensed architect selected by Landlord) will exceed the amount of the award or if such repairs or alterations cannot in Landlord’s reasonable judgment be completed within sixty (60) days, then either Tenant or Landlord may terminate this Lease as of the day of possession by written notice to the other party and Tenant shall pay rent and other charges to such termination. If more than ten percent (10%) of the area of the Leased Premises shall be so taken or if such portion of the Common Areas is so taken that the remainder is not reasonably suitable for the purposes for which the Leased Premises were used immediately prior to such taking, then either party shall have the right to terminate this Lease upon notice in writing to the other delivered on or before the day of surrendering possession to the public authority. If neither party so terminates, all of the provisions of this Lease shall continue to effect, except that the rent and other charges payable by Tenant shall be equitably adjusted, and Landlord shall make all necessary repairs or alterations to the Leased Premises and Common Areas so as to constitute the remaining premises a complete architectural unit. If more than ten percent (10%) of the parking spaces serving aggregate floor area of the Premises shall be taken Building or appropriated under the power of eminent domain or conveyed in lieu thereof, Tenant shall have the right to terminate this Lease at its option; however, Tenant’s right to terminate due to a taking of over more than ten percent (10%) of the parking spaces area of the Land shall be void if either: (i) Landlord builds a parking structure taken under the power of eminent domain then Landlord, by notice in writing to Tenant delivered on or before the Land day of surrendering possession to replace said spaces within ninety (90) days public authority, may terminate this Lease and rent shall be paid or refunded as of the date of possession. All compensation awarded for any taking subject to Tenant’s reasonable approval of under the design, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord whether for the whole or a part of the Leased Premises, the Building or any part of sum paid by virtue the Project shall be the property of such proceedingsLandlord, whether or not attributable to awarded as compensation for diminution in the value of the unexpired term leasehold or to the fee of this Lease except that the Leased Premises or otherwise, and Tenant shall be entitled hereby assigns to petition Landlord all of the condemning authority for the following : (i) the then unamortized cost of any Alterations or tenant improvements paid for by Tenant from its own funds (as opposed Tenant’s right, title and interest in and to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of all such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expensecompensation; provided, however, that Landlord shall not be required entitled to repair or restore any injury or damage award made expressly to Tenant for the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense taking of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease ’s trade fixtures or furniture or for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this Paragraphmoving costs.
Appears in 1 contract
Eminent Domain. If (a) In the event that title to the whole or any part over of the Premises shall be lawfully condemned or taken in any manner for any public or quasi-public use, this Lease and the term and estate hereby granted shall forthwith cease and terminate as of the date of vesting of title and Landlord shall be entitled to receive the entire award, Tenant hereby assigning to Landlord Tenant's interest therein, if any. However, nothing herein shall be deemed to give Landlord any interest in or to require Tenant to assign to Landlord any award made to Tenant for the taking of personal property or fixtures belonging to Tenant or for the interruption of or damage to Tenant's business or for Tenant's moving expenses.
(b) In the event that title to a part of the Building other than the Premises shall be so condemned or taken, and the remainder of the Building is not reasonably capable of being restored to a complete architectural whole, Landlord or Tenant may terminate this Lease and the term and estate hereby granted by notifying the other party of such termination within sixty (60) days following the date of vesting of title, and this Lease and the term and estate hereby granted shall expire on the date specified in the notice of termination, not less than sixty (60) days after the giving of such notice, as fully and completely as if such date were the date hereinbefore set for the expiration of the term of this Lease, and the obligation of Tenant to pay Rent hereunder shall terminate as of such date.
(c) In the event of any condemnation or taking of any portion of the parking area of the Property, which does not result in a reduction of the parking spaces by more than ten percent (10%), the term of this Lease shall continue in full force and effect. If more of the parking area is taken and Landlord does not elect by notice in writing to Tenant to replace such parking spaces in excess of ten percent (10%) of with parking reasonably proximate to the Premises or ten percent (10%) of the parking spaces serving the Premises shall be taken or appropriated under the power of eminent domain or conveyed in lieu thereoftaken, Tenant either party shall have the right to terminate this Lease at its option; however, Tenant’s right upon giving written notice to terminate due to a taking of over ten percent the other party within thirty (10%) of the parking spaces shall be void if either: (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (9030) days of such taking.
(d) For the taking subject to Tenant’s reasonable approval of the design, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or not attributable to the value of the unexpired term purpose of this Lease except that Tenant Section 16, a sale to a public or quasi-public authority under threat of condemnation shall constitute a vesting of title and shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged construed as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this Paragraphcondemning authority.
Appears in 1 contract
Eminent Domain. If any part over ten fifteen percent (1015%) of the Premises or ten percent (10%) of the parking spaces serving the Premises shall be taken or appropriated under the power of eminent domain or conveyed in lieu thereof, Tenant shall have the right to terminate this Lease at its option; however, Tenant’s right to terminate due to a taking of over ten percent (10%) of the parking spaces shall be void if either: (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (90) days of the taking subject to Tenant’s reasonable approval of the design, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such eventsevent, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for the following following, without reducing Landlord’s award: (i) the then unamortized cost of any Alterations or tenant improvements Tenant Improvements paid for by Tenant from its own funds (as opposed to any allowance allowance, including the Tenant Allowance, provided by Landlord); (ii) the value of Tenant’s trade fixturesfixtures taken by the condemning authority; (iii) Tenant’s relocation costs; and (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations or any Tenant Improvements installed on the Premises by or at the expense of Tenant. Thereafter, the Monthly Base Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21Article 24, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Monthly Base Rent and Additional Charges payable hereunder by Tenant during the Term; in . In the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety two hundred and seventy (90270) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common AreasArea, then Tenant shall have the right to terminate the Lease unless, if applicableLease. In the event there shall be a taking of the parking area such that Landlord can no longer provide sufficient parking to comply with this Lease, Landlord agrees may substitute reasonably equivalent parking in a location reasonably close to provide valet parking (at no cost the Building. Landlord and Tenant understand and agree that the provisions of this Article 24 are intended to Tenant) govern fully the rights and obligations of the parties in the same as described in clause (ii) event of a Taking of all or any portion of the first sentence Premises. Tenant hereby waives any and all rights under and benefits of this ParagraphSection 1265.130 of the California Code of Civil Procedure, or any similar or successor Regulations or other laws now or hereinafter in effect.
Appears in 1 contract
Eminent Domain. If any part over ten percent (10%) the whole or substantially all of the Premises, or all or substantially all of the means of access thereto, be acquired by eminent domain or by purchase in lieu thereof, so that the Premises cannot be licensed as a 80 bed nursing home facility, or as otherwise amended by the approval of an amendment to the CON, this Lease shall terminate as of the date of the actual taking, Should, however, only a portion of the Premises be so condemned or ten percent (10%) taken, so as not to materially and adversely affect the usefulness of the parking spaces serving Premises for the Premises purposes for which it is leased hereunder, this Lease shall continue in full force and effect; provided, however, that the rent payable underthe unexpired portion of this Lease shall be taken or appropriated adjusted to such extent as may be fair and reasonable under the power circumstances. Landlord shall, in such event, promptly restore the Demised Premises as nearly as feasible to the condition of eminent domain such Premises immediately prior to the taking, subject to reasonable delays, but Landlord shall not be required to restore or conveyed in lieu thereofrebuild the Demised Premises during the last year of the lease term or to restore Tenant's fixtures, furnishings, floor coverings, equipment, stock or other personalty; provided, however, that if Landlord elects not to restore or rebuild the Demised Premises or to restore Tenant's fixtures, furnishings, floor coverings, equipment, stock or other personalty, Tenant shall have the right to terminate option of terminating this Lease at its option; however, Tenant’s right to terminate due to a taking of over ten percent (10%) of the parking spaces Lease. Tenant shall be void if either: (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (90) days of the taking subject to Tenant’s reasonable approval of the design, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period entitled to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedingsthe condemnation proceeds arising from any partial taking, whether or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority make a claim for the following : (i) the then unamortized cost of any Alterations or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount 's property which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or condemned other third party lien encumbering Landlord’s ground lease estate or fee simple ownership than Tenant's interest in the PropertyLease. If a part of Notwithstanding the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate foregoing, this Lease and shall terminate if, as the Premises have been damaged as result of only a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of being condemned or taken, Tenant is prevented from operating or using the Premises prior to under the then existing governmental and quasi-governmental licenses, permits, approvals and certifications. in such taking. Notwithstanding anything to the contrary contained in this Paragraph 21case, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation Landlord and Tenant shall continue have such rights to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is condemnation awards as are set forth above for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises total or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this Paragraphsubstantial taking.
Appears in 1 contract
Eminent Domain. If any part over ten percent (10%) of In the Premises or ten percent (10%) of the parking spaces serving the Premises shall be taken or appropriated under the power of eminent domain or conveyed in lieu thereof, Tenant shall have the right to terminate this Lease at its option; however, Tenant’s right to terminate due to a taking of over ten percent (10%) of the parking spaces shall be void if eitherevent of: (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (90) days taking of the taking subject to Tenant’s reasonable approval entire Premises, or a substantial portion as would render the balance of the design, location and construction of said structurePremises not suitable for Tenant's then current use; or (ii) if a taking of all or any portion of Landlord's Retail Facility, which results in Landlord permanently ceasing operations on such a parking structure cannot Real Property, then this Lease may be built terminated at the option of either party. Such option shall be exercised by giving written notice of such termination within said ninety sixty (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (27060) days after such taking or conveyance, whereupon this Lease shall forthwith terminate and the Rent shall be duly apportioned as of the date of such taking or conveyance. Upon such termination, Tenant shall surrender to Landlord the Premises and provides valet all of Tenant's interest therein under this Lease, and Landlord may re-enter and take possession of the Premises or remove Tenant therefrom. The taking of any portion of the building located on the Premises, fifteen percent (15%) of the then existing parking during Business Hours area, or the loss or adverse change in rights of access or ingress and egress as then established shall be considered a substantial taking as would render the Premises not suitable for Tenant's then current use. In the event of a taking of less than the entire Premises or less than a substantial portion as would render the balance of the Premises not suitable for Tenant's then current use, this Lease shall continue in full force and effect. Landlord shall promptly perform any repair or restoration work reasonably required to restore the Premises, insofar as possible, to its former condition, and the Rent owing hereunder shall be adjusted, if necessary, in such just manner and proportion as the part so taken (at no cost or expense and its effect on Tenant's ability to Tenantuse the remainder of the Premises) for the number of cars which is equal bears to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completionwhole. In either the event of such eventstaking or conveyance as described herein, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, the award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority consideration for the following : (i) the then unamortized cost of any Alterations or tenant lands and improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expensetaken; provided, however, that Landlord shall not be required to repair have no interest in any award made for Tenant's loss of business or restore any injury value of its leasehold interest or damage to for the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense taking of Tenant's fixtures or property, or for Tenant's relocation expenses. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right option to terminate perform such restoration and Landlord shall upon Tenant's election provide the Lease unless, if applicable, whole of such award or such portion thereof as may be necessary for Tenant to accomplish the restoration. Landlord agrees to provide valet parking (at no cost to Tenant) and Tenant shall cooperate with one another in the same as described in clause (ii) of the first sentence of this Paragraphmaking claims for condemnation awards.
Appears in 1 contract
Eminent Domain. 15.1 If any part over ten more than twenty five percent (1025%) of the floor area of the Demised Premises should be taken for any public or ten quasi-public use under any governmental law, ordinance or regulation or by right of eminent domain or by private purchase in lieu thereof, this Lease shall terminate and the rent shall be abated during the unexpired portion of this Lease, effective on the earlier of the date physical possession is taken by the condemning authority or title passes to the condemning authority.
15.2 If less than twenty five percent (1025%) of the floor area of the Demised Premises should be taken as aforesaid, this Lease shall not terminate; however, the Minimum Guaranteed Rental payable hereunder during the unexpired portion of this Lease shall be reduced in proportion to the area taken, effective on the earlier of the dates set forth above in 15.1 hereof. Following such partial taking, Landlord shall make all necessary repairs or alterations within the scope of the Landlord’s Work described in Exhibit C necessary to make the Demised Premises an architectural whole.
15.3 If any part of the Common Area shall be taken as aforesaid, this Lease shall not terminate, nor shall the rental payable hereunder be reduced, except that either Landlord or Tenant may terminate this Lease if the area of the Common Area remaining following such taking plus any additional parking spaces serving area provided by Landlord in reasonable proximity to the Demised Premises shall be taken or appropriated under less than twenty five percent (25%) of the power area of eminent domain or conveyed in lieu thereof, Tenant shall have Common Area immediately prior to the right taking. Any election to terminate this Lease at its option; however, Tenant’s right in accordance with this provision shall be evidenced by written notice of termination delivered to terminate due to a the other party within thirty days after the earlier of the dates set forth above in 15.1 hereof.
15.4 All compensation awarded for any taking (or the proceeds of over ten percent (10%private sale in lieu thereof) of the parking spaces Demised Premises or Common Area shall be void if either: (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (90) days property of the taking subject to Tenant’s reasonable approval of the design, location and construction of said structureLandlord; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) hereby assigns its interest in any income, rent, such award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required have no interest in any award made to repair Tenant for loss of business or restore any injury or damage to for the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense taking of Tenant. Thereafter, the Rent ’s fixtures and Additional Charges to be paid under this Lease other property if a separate award for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking items is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost made to Tenant) in the same as described in clause (ii) of the first sentence of this Paragraph.
Appears in 1 contract
Sources: Lease Agreement (AnythingIT, Inc.)
Eminent Domain. If any part over ten percent (10%) the whole of the Premises or ten percent (10%) of the parking spaces serving the Premises shall be taken, or such part thereof shall be taken or appropriated as shall substantially interfere with Tenant’s use and occupancy of the balance thereof, under the power of eminent domain domain, or sold, transferred, or conveyed in lieu thereof, either Tenant or Landlord may terminate this Lease as of the date of such condemnation or as of the date possession is taken by the condemning authority, whichever date occurs later. If any part of the Building (other than the Premises), the Facilities, Project or Real Property, shall be so taken, sold, transferred or conveyed in lieu thereof, then Landlord shall have the right right, at its option, to terminate this Lease at its option; however, Tenant’s right to terminate due to a taking of over ten percent (10%) as of the parking spaces date of such condemnation or as of the date possession is taken by the condemning authority. No award for any partial or entire taking shall be void if either: (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (90) days of the taking subject to Tenant’s reasonable approval of the design, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriatedapportioned, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign hereby assigns to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid made in connection such taking or condemnation, together with any and all rights of Tenant now or hereafter arising in or to the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for same or any part of sum paid by virtue of such proceedings, whether or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expensethereof; provided, however, that nothing contained herein shall be deemed to give Landlord shall not be required any interest in or require Tenant to repair assign to Landlord any award made to Tenant for the taking of personal property and fixtures belonging to Tenant and removable by Tenant at the expiration of the term hereof, as provided hereunder, or restore any injury for the interruption of, or damage to Tenant’s business or for relocation expenses recoverable against the property condemning authority. In the event of Tenant a partial taking, or a sale, transfer, or conveyance in lieu thereof, which does not result in a termination of this Lease, Landlord shall, to make any repairs or restoration the extent of any Alterations installed on the proceeds thereof, restore the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges substantially to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises their condition prior to such taking. Notwithstanding anything to partial taking and, thereafter and Rent shall be abated in the contrary contained in this Paragraph 21, if proportion which the temporary use or occupancy square footage of any the part of the Premises so made unusable bears to the amount of Rentable Area immediately prior to the taking. No temporary taking of a part of the Premises or of the Building, Facilities, or Real Property shall be taken or appropriated under power of eminent domain during the Term, give Tenant any right to terminate this Lease shall be and remain unaffected by such taking or appropriation and to any abatement of Rent hereunder. Tenant shall continue hereby waives the provisions of California Code of Civil Procedure Section 1265.130, which allows Tenant to pay in full all Rent and Additional Charges payable hereunder by Tenant during petition the Term; Superior Court to terminate this Lease in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy a partial taking of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this ParagraphPremises.
Appears in 1 contract
Sources: Lease Agreement (Cerus Corp)
Eminent Domain. 14.1 If the whole or any part over ten percent (10%) equal to or greater than 25% of the Floor Area of the Premises or ten percent (10%) of the parking spaces serving the Premises shall should be taken for any public or appropriated quasi-public use under the power any governmental law, ordinance or regulation or by right of eminent domain or conveyed by private purchase in lieu thereof, then at the option of either party hereto this Lease shall be cancelled and both parties shall be relieved of all obligations herein imposed. Should this Lease be so cancelled, then Tenant shall have no claim against Landlord and shall not have any claim or right to any portion of the amount that may be awarded as damages or paid as a result of such involuntary conversion whether brought about by suit or agreement for the cancellation of this Lease or for Tenant’s leasehold interest or leasehold improvements; any and all of such amounts shall belong to Landlord and all rights of Tenant to damages therefor, if any, are hereby assigned by Tenant to Landlord. Tenant shall, however, have the right to claim and recover from the condemning authority, but not from Landlord, and only to the extent that such recovery by Tenant shall not diminish the amounts recoverable by Landlord, such compensation as may be separately awarded or recoverable by Tenant in Tenant’s own right on account of any and all damage to ▇▇▇▇▇▇’s business, personal property or moving expenses by reason of the condemnation.
14.2 If less than 25% of the Floor Area of the Premises should be taken for any public or quasi-public use under any governmental law, ordinance or regulations or by right of eminent domain or by private purchase in lieu thereof, this Lease shall not terminate but Minimum Rent payable hereunder during the unexpired portion of this Lease shall be reduced in proportion to the reduction of the Floor Area in the Premises resulting from such taking from and after the date of such taking, and “Tenant’s Proportionate Share” hereunder shall be adjusted accordingly. Furthermore, if any material Common Area (such as parking areas or access points into the Center) are so taken, Minimum Rent payable hereunder during the unexpired portion of this Lease shall be equitably reduced in a manner mutually agreeable to Landlord and Tenant. In the event of such a taking, Tenant shall have the right to terminate recover damages suffered or sustained by Tenant as a result of such taking only with respect to property which upon the termination of this Lease at its option; however, Tenant’s right to terminate due to a taking of over ten percent (10%) of the parking spaces shall be void if either: (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (90) days of the taking subject to Tenant’s reasonable approval of the design, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal would belong to the number of parking spaces which have been so taken or appropriatedTenant, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and but Tenant shall have no claim against Landlord for and shall not have any part of sum paid by virtue of such proceedings, whether claim or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations or tenant improvements paid for by Tenant from its own funds (as opposed right to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half portion of the amount which is the lesser of (a) the bonus value of this Lease, that may be awarded as damages or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged paid as a consequence result of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy loss of any part of the Premises Tenant’s leasehold interest, leasehold improvements, and any and all of such amounts shall be taken or appropriated under power belong to Landlord and all rights of eminent domain during the TermTenant to damages therefor, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder if any, are hereby assigned by Tenant during the Term; in the event of any such temporary appropriation or takingto Landlord. Tenant shall, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Termhowever, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate claim and recover from the Lease unlesscondemning authority, if applicablebut not from Landlord, Landlord agrees and only to provide valet parking (at no cost the extent that such recovery by Tenant shall not diminish the amounts recoverable by Landlord, such compensation as may be separately awarded or recoverable by ▇▇▇▇▇▇ in Tenant’s own right on account of any and all damage to Tenant) in the same as described in clause (ii) ▇▇▇▇▇▇’s business or personal property by reason of the first sentence of this Paragraphcondemnation.
Appears in 1 contract
Eminent Domain. 13.1 If any part over ten percent fifty (1050%) percent or more of the leasable floor area of the Building or any material portion of the Premises is condemned or ten percent taken in any manner, including without limitation any conveyance in lieu of condemnation, for any public or quasi-public use (10“Taken”), the Term of this Lease shall cease and terminate as of the date title is vested in the condemning authority.
13.2 If less than fifty (50%) percent of the parking spaces serving leasable floor area of the Building or if any material portion of the Premises is Taken, Landlord shall have the right, but not the obligation, to terminate this Lease by giving written notice within thirty (30) days after being notified of such taking, and in such event, termination shall be taken effective upon the date designated by Landlord in the notice of termination. In addition, if less than fifty (50%) percent of the leasable floor area of the Building or appropriated under if any material portion of the power of eminent domain or conveyed Premises is Taken, and Tenant determines, in lieu thereofits reasonable business opinion, that operating its business is no longer tenable, then Tenant shall also have the right to terminate this the Lease by giving written notice to Landlord within thirty (30) days after being notified of such Taking.
13.3 The whole of any award or compensation for any portion of the Premises Taken, including the value of Tenant’s leasehold interest under the Lease, shall be solely the Premises of Landlord. Tenant is not precluded from seeking, at its option; howeverown expense, Tenant’s right to terminate due to a taking of over ten percent (10%) an award from the condemning authority for loss of the parking spaces value of any trade fixtures or other personal Premises in the Premises, or moving expenses, provided that the award for such claim or claims shall be void if either: (i) Landlord builds a parking structure on not diminish the Land award made to replace said spaces within ninety (90) days Landlord. If the unexpired Term of the Lease is not terminated, then Landlord shall, within 210 days after the taking subject to Tenant’s reasonable approval by the governmental authority, complete restoration of the design, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees Premises in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which its condition as close thereto as is equal to the number of parking spaces which have been so taken or appropriated, reasonably possible and if Landlord agrees fails to so build completely restore the Premises within the 210 day period other than as a parking structure it shall promptly commence and diligently pursue result of Tenant Delay, then Tenant may terminate the building of such parking structure to completionLease within twenty (20) days after the 210 day period. In either of such events, Landlord event all liability shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award terminate.
13.4 In the event the Premises or any interest therein which may be paid in connection with the exercise of such power of eminent domainportion are Taken, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or not attributable to the value of the any unexpired term Term of this Lease except that Tenant shall be entitled to petition or otherwise. In the condemning authority for the following : (i) the then unamortized cost event of any Alterations or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half a partial taking of the amount Premises which is the lesser of (a) the bonus value does not result in a termination of this Lease, or (b) the amount Annual Base Rent thereafter shall be partially reduced. The reduction shall be computed on the basis of the award in excess ratio which the floor area of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken Taken bears to the total rentable floor area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this ParagraphPremises.
Appears in 1 contract
Eminent Domain. If any part over ten percent (10%) the whole or substantially all of the Premises, or all or substantially all of the means of access thereto, be acquired by eminent domain or by purchase in lieu thereof, so that the Premises cannot be licensed as a 90 bed nursing home Facility, or as otherwise amended by the approval of an amendment to the CON, this Lease shall terminate as of the date of the actual taking. Should, however, only a portion of the Premises be so condemned or ten percent (10%) taken, so as not to materially and adversely affect the usefulness of the parking spaces serving Premises for the Premises purposes for which it is leased hereunder, this Lease shall continue in full force and effect; provided, however, that the rent payable under the unexpired portion of this Lease shall be taken or appropriated adjusted to such extent as may be fair and reasonable under the power circumstances. Landlord shall, in such event, promptly restore the Demised Premises as nearly as feasible to the condition of eminent domain such Premises immediately prior to the taking, subject to reasonable delays, but Landlord shall not be required to restore or conveyed in lieu thereofrebuild the Demised Premises during the last year of the lease term or to restore Tenant's fixtures, furnishings, floor coverings, equipment, stock or other personalty; provided, however, that if Landlord elects not to restore or rebuild the Demised Premises or to restore Tenant's fixtures, furnishings, floor coverings, equipment, stock or other personalty, Tenant shall have the right to terminate option of terminating this Lease at its option; however, Tenant’s right to terminate due to a taking of over ten percent (10%) of the parking spaces Lease. Tenant shall be void if either: (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (90) days of the taking subject to Tenant’s reasonable approval of the design, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period entitled to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedingsthe condemnation proceeds arising from any partial taking, whether or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority make a claim for the following : (i) the then unamortized cost of any Alterations or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount 's property which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or condemned other third party lien encumbering Landlord’s ground lease estate or fee simple ownership than Tenant's interest in the PropertyLease. If a part of Notwithstanding the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate foregoing, this Lease and shall terminate if, as the Premises have been damaged as result of only a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of being condemned or taken, Tenant is prevented from operating or using the Premises prior to under the then existing governmental and quasi-governmental licenses, permits, approvals and certifications. In such taking. Notwithstanding anything to the contrary contained in this Paragraph 21case, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation Landlord and Tenant shall continue have such rights to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is condemnation awards as are set forth above for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises total or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this Paragraphsubstantial taking.
Appears in 1 contract
Eminent Domain. If any part over ten percent (10%) of the Premises or ten percent (10%) of the parking spaces serving the Premises shall be taken or appropriated under the power of eminent domain or conveyed in lieu thereof, Tenant shall have the right to terminate this Lease at its option; however, Tenant’s right to terminate due to a taking of over ten percent (10%) of the parking spaces shall be void if either: (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (90) days of the taking subject to Tenant’s reasonable approval of the design, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award all or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any substantial part of the Premises shall be taken or appropriated by any public or quasi-public authority under the power of eminent domain, or conveyance in lieu of such appropriation, either party to this Lease shall have the right, at its option, of giving the other, at any time within thirty (30) days after such taking, notice terminating this Lease, except that Tenant may only terminate this Lease by reason of taking or appropriation, if such taking or appropriation shall be so substantial as to materially interfere with Tenant’s use and occupancy of the Premises. If neither party to this Lease shall so elect to terminate this Lease, the rental thereafter to be paid shall be adjusted on a fair and equitable basis under the circumstances. In addition to the rights of Landlord above, if any substantial part of the Project shall be taken or appropriated by any public or quasi-public authority under the power of eminent domain during or conveyance in lieu thereof, and regardless of whether the TermPremises or any part thereof are so taken or appropriated, Landlord shall have the right, at its sole option, to terminate this Lease Lease. In addition to the rights of Tenant above, if any of the parking areas in the Project shall be taken or appropriated by any public or quasi-public authority under the power of eminent domain or conveyance in lieu thereof and remain unaffected by such that taking or appropriation and reduces the number of parking spaces available to Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; below 5.5 spaces per 1,000 square feet of rentable area in the event of any such temporary appropriation or takingPremises, Tenant shall be entitled have the right, at its sole option, to receive that portion terminate this Lease unless Landlord provides suitable replacement parking to Tenant in reasonable proximity to the Building, sufficient to bring the number of any award which represents compensation for parking spaces available to Tenant up to 5.5 spaces per 1,000 square feet of rentable area in the use of or occupancy of the Premises during the Term, and Premises. Landlord shall be entitled to receive that portion any and all income, rent, award, or any interest whatsoever in or upon any such sum, which may be paid or made in connection with any such public or quasi-public use or purpose, and Tenant hereby assigns to Landlord any interest it may have in or claim to all or any part of such sums, other than any separate award which may be made with respect to Tenant’s trade fixtures and moving expenses; Tenant shall make no claim for the value of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the unexpired Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this Paragraph.
Appears in 1 contract
Sources: Lease Agreement (KBS Real Estate Investment Trust III, Inc.)
Eminent Domain. (a) If any part over ten percent there is a taking of the Project or the Premises by right or threat of eminent domain (10%a “Taking”) which results. in the remainder of the Premises or ten percent being unable to be restored to a condition reasonably suitable for Tenant’s business needs within one hundred eighty (10%180) days from the date of the parking spaces serving Taking (“Substantial Taking”), this Lease shall terminate. In such event, the Rent shall ▇▇▇▇▇ from the date of the Taking, and any Rent for any period beyond such date shall be returned to Tenant
(b) If there shall be a Taking which does not constitute a Substantial Taking, this Lease shall not terminate but Landlord shall, at its sole cost and expense, with due diligence, restore the Premises shall be taken or appropriated under as speedily as practical to the power of eminent domain or conveyed condition in lieu thereof, Tenant shall have which Landlord was required originally to deliver the right to terminate this Lease at its option; however, Tenant’s right to terminate due to a taking of over ten percent (10%) of the parking spaces shall be void if either: (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (90) days of the taking subject Premises to Tenant’s reasonable approval of the design, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for restore, at its sole cost and expense, with due diligence, any part of sum paid by virtue of such proceedings, whether or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value necessary portion of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwillProperty, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Leaseits Initial Improvements, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises made by or at the expense request of Tenant. ThereafterDuring the restoration period, the Rent and Additional Charges shall proportionately ▇▇▇▇▇ to be paid under this Lease the extent the Premises are not reasonably suitable for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the Tenant’s business needs. If only a portion of the Premises not so taken bears to is taken, the total area Rent shall ▇▇▇▇▇ proportionately.
(c) In the event of the Premises prior to such taking. Notwithstanding anything to the contrary contained in termination of this Lease under this Paragraph 2117, if the temporary use or occupancy of Tenant shall not be entitled to any part of the Premises shall be taken payment or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Taking, provided that Tenant may file a claim for any loss of Tenant’s use Property; moving expenses; or for damages for cessation or interruption of the Premises or the Project Common AreasTenant’s business, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this Paragraphprovided such claim will not diminish Landlord’s recovery.
Appears in 1 contract
Sources: Single Occupancy Net Lease Agreement (Griffin Capital Net Lease REIT, Inc.)
Eminent Domain. (a) If any part over ten percent (10%) after the execution of this Lease and prior to the expiration of the Premises or ten percent (10%) term of this Lease the parking spaces serving whole of the Premises shall be taken under the power of eminent domain, then the term of this Lease shall cease as of the time when Landlord shall be divested of its title in the Premises.
(b) If only a part of the Premises shall be taken under the power of eminent domain, and if as a result thereof the floor area of the Premises shall be reduced by more than twenty percent and the part remaining shall not be reasonably adequate for the operation of the business conducted in the Premises prior to the taking, Landlord or appropriated Tenant may, at its election, terminate the term of this Lease, by giving the other notice of the exercise of its election within twenty (20) days after it shall receive notice of such taking, and the termination shall be effective as of the time that possession of the part so taken shall be required for public use. If only a part of the Premises shall be taken under the power of eminent domain and if the term of this Lease shall not be terminated as aforesaid, then the term of this Lease shall continue in full force and effect and Landlord shall, within a reasonable time after possession is required for public use, repair and rebuild what may remain of the Premises so as to put the same into condition for use and occupancy by Tenant and a just proportion of the minimum rent according to the nature and extent of the injury to the Premises shall be suspended or abated until what may remain of the Premises shall be put into such condition by Landlord, and thereafter a just proportion of the minimum rent according to the nature and extent of the part so taken shall be abated for the balance of the term of this Lease. Notwithstanding the foregoing, Landlord shall not be required to expend in connection with such repair and rebuilding more than the eminent domain award actually received by Landlord and allocable to the Premises, nor shall Landlord be required to restore any leasehold improvements or personal property of Tenant.
(c) Landlord reserves to itself, and Tenant assigns to Landlord, all rights to damages accruing on account of any taking under the power of eminent domain or conveyed by reason of any act of any public or quasi public authority for which damages are payable. Tenant agrees to execute such instruments of assignment as may be reasonably required by Landlord in lieu thereof, Tenant shall have the right to terminate this Lease at its option; however, Tenant’s right to terminate due to a taking of over ten percent (10%) of the parking spaces shall be void if either: (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (90) days of the taking subject to Tenant’s reasonable approval of the design, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) any proceeding for the number recovery of cars which is equal to the number of parking spaces which have been so taken or appropriatedsuch damages if required by Landlord, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign turn over to Landlord upon demand from Landlord) any income, rent, award or any interest therein which damages that may be paid recovered in connection with the exercise of such power of eminent domain, proceeding. It is agreed and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; providedunderstood, however, that Landlord shall does not be required reserve to repair itself, and Tenant does not assign to Landlord, any damages payable for movable fixtures installed by Tenant at Tenant's sole cost or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense for moving expenses of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this Paragraph.
Appears in 1 contract
Sources: Lease (Embedded Support Tools Corp)
Eminent Domain. If the whole or any part over ten percent “Substantial Part” (10%as hereinafter defined) of the Leased Premises should be taken for any public or ten percent (10%) quasi-public use under governmental law, ordinance or regulation, or by right of eminent domain, or by private purchase in lieu thereof, either Landlord or Tenant may terminate this Lease effective as of the parking spaces serving date on which the physical taking of the Leased Premises shall occur, in which event the Rent shall be apportioned and paid to such date. If part of the Leased Premises shall be taken for any public or appropriated quasi-public use under the power any governmental law, ordinance or regulation, or by right of eminent domain domain, or conveyed by private purchase in lieu thereof, and this Lease is not terminated as provided above, this Lease shall not terminate but the Rent payable hereunder during the unexpired portion of this Lease shall be reduced to such extent as may be fair and reasonable under all of the circumstances. If part of Tenant’s Parking Lot shall be taken for any public or quasi-public use under any governmental law, ordinance or regulation, or by right of eminent domain, or by private purchase in lieu thereof, and there are less than one hundred (100) parking spaces remaining in Tenant’s Parking Lot after such taking, then Tenant shall have the right to terminate this Lease at its option; however, Tenant’s right to terminate due to a taking of over ten percent (10%) as of the parking spaces shall be void if either: (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (90) days of the taking subject to Tenant’s reasonable approval of the design, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition date the condemning authority for the following : (i) the then unamortized cost of any Alterations takes title or tenant improvements paid for possession, whichever occurs first, by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence giving written notice of such partial taking or appropriation or conveyance, termination to Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expensenot later than thirty (30) days after said date; provided, however, that if Landlord shall not be required is able to repair or restore provide alternative parking arrangements within the Park so that, when combined with any injury or damage to then-remaining parking within the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reducedParking Lot, such that thereafter the amounts alternative parking arrangements result in at least one hundred (100) parking spaces being made available to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the no right to terminate this Lease. All compensation awarded for any taking (or the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) proceeds of private sale in the same as described in clause (iilieu thereof) of the first sentence Leased Premises, the Building or other improvements, or any part thereof, shall be the property of Landlord and Tenant hereby assigns its interest in any such award to Landlord; provided, however Landlord shall have no interest in any award made to Tenant for loss of business, loss to Tenant’s Property, or relocation expenses if a separate award for such items is made to Tenant. In no event shall Landlord be required under this Paragraph.Lease to incur any expenses in excess of available proceeds from any taking contemplated hereby for the purposes of restoring the Building or the Leased Premises after any such taking. As used in this Article 10, the phrase “
Appears in 1 contract
Sources: Lease (Purple Innovation, Inc.)
Eminent Domain. If any part over ten percent (10%) the leased premises, or such portion thereof as to render the balance unsuitable for the use of Tenant, as set forth on the Premises or ten percent (10%) of the parking spaces serving the Premises Data Sheet, shall be taken by condemnation or appropriated under the power right of eminent domain or conveyed by private sale in lieu thereofthereof to the potential condemning authority, either party shall be entitled to terminate this Lease upon written notice to the other within thirty (30) days after Tenant has been deprived of possession by such taking or sale. If any portion of the leased premises is so taken or sold and if this Lease is not terminated in accordance with the provisions hereof, Lessor shall proceed to restore and rebuild the remaining portion thereof so as to make an architecturally complete unit as diligently as is practicable, and in such event, a proportionate reduction of the minimum guaranteed rent and reduction of Tenant's proportionate share pursuant to paragraphs 16 and 27 shall be allowed from the appropriate date, said proportionate reduction to be computed on the basis of the relation which the square foot area in the leased premises so taken bears to the total square foot area of the leased premises. Nothing in this paragraph shall be construed to permit the abatement or reduction, in whole or in part, of the percentage rent, or any other charges provided for in this Lease, but for the purpose of paragraph 11, the computation of percentage rent shall be based upon the revised minimum rent as the same may be reduced pursuant to this paragraph. In the event fifty percent (50%) or more of the building of which the leased premises are a part shall be taken by condemnation or the right of eminent domain or by private sale in lieu thereof to the potential condemning authority, either party shall be entitled to terminate this Lease upon written notice to the other on or before the date possession is to be surrendered to the public or quasi-public authority, such termination to be effective as of the date of surrender of possession. Tenant shall have the right to terminate this Lease at make its optionclaim for its unamortized cost of leasehold improvements to the extent paid for by Tenant, its fixtures and moving expenses, all to the extent such damages are allowable; howeverprovided, any award therefor can be made separately to Tenant without diminution of any award to be made to Lessor. Other than the foregoing, Tenant shall not be entitled to claim, or have paid to Tenant’s right to terminate due to a , any compensation or damages whatsoever for or on account of any loss, injury, damages or taking of over ten percent (10%) any right, interest or estate of the parking spaces shall be void if either: (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (90) days of the taking subject to Tenant’s reasonable approval of the design, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for hereby relinquishes and hereby assigns to Lessor any part of sum paid by virtue of such proceedings, whether or not attributable rights to any damages. Subject to the value of the unexpired term of this Lease except that Tenant foregoing, Lessor shall be entitled to petition the condemning authority claim and have paid to it for the following : (i) the then unamortized cost use and benefit of any Alterations Lessor all compensation and damages for and on account of or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value arising out of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation condemnation, without deduction from the amount thereof for and on account of any right, title, interest or estate of Tenant in or to the leased premises or matter relating thereto. Tenant, upon request of Lessor, shall continue to pay execute any and all releases or other documents as shall be required by such public or quasi-public authority in full all Rent and Additional Charges payable hereunder by Tenant during accordance with the Term; in provisions of this paragraph. In the event of any such temporary appropriation Tenant fails to execute and deliver said releases or takingother document within ten (10) days after said request, Tenant shall be entitled hereby appoints Lessor irrevocably as the attorney-in-fact of Tenant to receive that portion of any award which represents compensation for the use of execute and deliver said releases or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this Paragraphother documents.
Appears in 1 contract
Eminent Domain. If any part over ten more than twenty-five percent (1025%) of the Premises or ten percent (10%) of the parking spaces serving the Premises shall be taken appropriated by or appropriated conveyed to any public authority under the power of eminent domain or conveyed in lieu thereofdomain, Tenant either party hereto shall have the right right, at its option, within sixty (60) days after said taking, to terminate this Lease at its option; however, Tenant’s right to terminate due to a taking of over ten upon written notice. If less than twenty-five percent (1025%) of the parking spaces Premises is taken or conveyed, or if more than twenty-five percent (25%) is taken and neither party elects to terminate as herein provided, the Minimum Rent thereafter to be paid shall be void equitably reduced; Landlord shall, as diligently as practicable following receipt of the condemnation award, restore the Premises as nearly as is reasonably possible to the condition existing prior to the taking, and Tenant, at Tenant’s expense, shall make repairs and restorations to the Premises remaining to place the same in the condition as received and shall also repair or replace its stock in trade, personal property, equipment and fixtures, and, if either: Tenant has closed, shall promptly reopen for business. If any part of the Center other than the Premises shall be so taken, appropriated, or conveyed, Landlord shall within sixty (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (9060) days of the taking subject taking, or conveyance, whichever occurs later, have the right at its option, to terminate this Lease upon written notice to Tenant’s reasonable approval . Any such termination shall be effective as of the designdate specified in the notice, location and construction of said structure; or (ii) if such a parking structure cannot all rent shall be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days accounted for as of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number date of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completiontermination. In either the event of such eventsany taking, appropriation or conveyance, whatsoever, Landlord shall receive (be entitled to any and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein all awards and/or settlements which may be paid in connection with the exercise of such power of eminent domaingiven, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost value of any Alterations or tenant improvements paid for unexpired term of this Lease. In the event such appropriation by Tenant from its own funds (as opposed eminent domain does not give rise to any allowance provided award by the Tenant, then the Landlord); (ii) ’s rights herein to cancel would be subject to repayment by the value Landlord of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this Paragraphunamortized leasehold improvements.
Appears in 1 contract
Sources: Shopping Center Lease (Franklin Financial Network Inc.)
Eminent Domain. If Should the Premises, or any part over ten percent (10%) of the Premises thereof or ten percent (10%) of the parking spaces serving the Premises shall interest therein, be taken or appropriated under the power damaged by reason of any public improvement, eminent domain or conveyed other similar proceeding, ("Condemnation"), or should Mortgagor receive any notice or other information regarding such proceeding, Mortgagor shall give prompt written notice thereof to Mortgagee, and the following provisions shall apply:
(a) In the event of a Condemnation (x) requiring $50,000 or more to restore the Premises to the same value and character as existed before the Condemnation or (y) requiring less than $50,000 to so restore occurring after an. Event of Default has occurred and while such Event of Default is continuing hereunder:
(i) Mortgagee shall receive all compensation, awards and other payments of relief therefor made or granted for the benefit of Mortgagor. Mortgagee shall have the exclusive right to settle, adjust or compromise any claim and shall be entitled, at Mortgagee's option, to commence, appear in lieu thereofand prosecute in its own name any action or proceedings. All such compensation, Tenant awards, damages, rights of action and proceeds awarded to Mortgagor (the "Proceeds") shall be deemed assigned to Mortgagee, and Mortgagor agrees to execute such further assignments of the Proceeds as Mortgagee may require. Such assignment shall not relieve Mortgagor of its obligations to continue to pay and perform the obligations and indebtedness secured hereby or such portion thereof as remains unpaid after any application by Mortgagee, pursuant to this Section 1.15, of the Proceeds to the obligations or indebtedness so secured.
(ii) Mortgagee shall have the right to terminate this Lease at its option; howeverapply all such Proceeds, Tenant’s right to terminate due to a taking of over ten percent after deducting therefrom all costs and expenses (10%) regardless of the parking spaces shall be void if either: (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (90) days of the taking subject to Tenant’s particular nature thereof and whether incurred with or without suit), including reasonable approval of the designattorneys' fees, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure incurred by it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise collection of such power of eminent domainProceeds, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or not attributable to the value indebtedness secured hereby. Such application or release shall not, by itself, cure or waive any default hereunder or notice of the unexpired term of default under this Lease except that Tenant shall be entitled Mortgage or invalidate any act done pursuant to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or such notice.
(b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in In the event of any such temporary appropriation a condemnation of less than all or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration substantially all of the Premises and so long as an Event of Default shall not have occurred hereunder (or if an Event of Default shall have occurred hereunder but Mortgagee shall not have elected to avail itself of its rights under subparagraph (a)):
(i) Mortgagor shall have the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises exclusive right to settle, adjustment or the Project Common Areascompromise any claim, then Tenant but Mortgagee shall have the right to terminate monitor the Lease unlesssettlement process and the consent of Mortgagee shall be required for any settlement, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) adjustment or compromise of any such claim in the same as described in clause excess of $50,000.
(ii) Provided that (a) Mortgagee is satisfied that there are sufficient Proceeds to complete restoration of the first sentence Improvements to the same value and character as extended prior to the Condemnation and to fulfill Mortgagor's obligations with respect to the indebtedness secured hereby, Mortgagee shall apply the net Proceeds to restoration of this Paragraphthe Improvements on the terms and subject to the conditions set forth in Section 1.06(b)(iii).
(iii) If, prior to the commencement of restoration, or at any time during restoration, the estimated cost of restoration, as determined by Mortgagee, exceeds the net Proceeds, such difference shall be paid by Mortgagor to Mortgagee for deposit into the Restoration Account and disbursed prior to the disbursement of any Proceeds. Any sum so added by Mortgagor which remains in the Restoration Account upon completion of restoration shall be refunded by Mortgagor. All Proceeds, if any, remaining after completion of restoration or after the occurrence of an Event of Default hereunder shall be applied by Mortgagee to the then outstanding principal balance of the indebtedness secured hereby.
Appears in 1 contract
Sources: Open End Mortgage and Security Agreement (Alterra Healthcare Corp)
Eminent Domain. SECTION 1. If any part over ten percent (10%) the whole of the Premises building or ten percent (10%) premises is lawfully taken by condemnation or under threat thereof or in any other manner for any public or quasi-public purpose, this Lease shall terminate as of the parking spaces serving the Premises date of such taking, and rent shall be taken prorated to such date. If less than the whole of the building or appropriated under the power of eminent domain or conveyed in lieu thereofpremises is so taken, Tenant this Lease shall be unaffected by such taking, provided that: a) TENANT shall have the right to terminate this Lease at its option; however, Tenant’s right by notice to terminate due to a taking of over ten percent (10%) of the parking spaces shall be void if either: (i) Landlord builds a parking structure on the Land to replace said spaces LANDLORD given within ninety (90) days after the date of such taking if twenty percent (20%) or more of the taking subject to Tenant’s reasonable approval premises is taken and the remaining area of the designpremises is not reasonably sufficient for TENANT to continue operation of its business, location and construction of said structure; or (iib) if such a parking structure cannot be built LANDLORD shall have the right to terminate this Lease by notice to TENANT given within said ninety (90) day perioddays after the date of such taking. If either LANDLORD or TENANT so elects to terminate this Lease, Landlord agrees in writing within such ninety the Lease shall terminate on the thirtieth (9030th) day period after either such notice. The rent shall be prorated to build the date of termination. If this Lease continues in force upon such a parking structure within two hundred seventy (270) days partial taking, the base rent and TENANT'S proportionate share shall be equitably adjusted according to the remaining rentable area of the premises and project.
SECTION 2. In the event of a partial taking of the premises, or transfer under threat thereof, which 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 provides valet parking during Business Hours (at no cost or expense to Tenant) expense, for the number repair, restoration, replacement of cars which is equal any leasehold improvements previously constructed by TENANT and TENANT'S property.
SECTION 3. Except for the value allocated to alterations and additions made by TENANT after the number date of parking spaces which have been so taken or appropriatedthis Lease, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue all other damages awarded for such taking under the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations whole or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises leased premises, shall be so taken the property of LANDLORD, whether such damages shall be awarded as compensation for diminution in value of the leasehold or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence fee of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expenseleased premises; provided, however, that Landlord LANDLORD shall not be required entitled to repair or restore any injury or damage separate award made to the property TENANT for loss of Tenant business, depreciation to and cost of removal of stock and fixtures or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges other separate awards payable to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this ParagraphTENANT.
Appears in 1 contract
Eminent Domain. 13.1 If all or any part over ten percent (10%) of the Premises is condemned or ten percent (10%) taken in any manner for public or quasi-public use, including, but not limited to, a conveyance or assignment in lieu of a condemnation or taking, this Lease shall terminate as to the part so taken on the earlier to occur of the parking spaces serving date of the Premises shall be taken vesting of title or appropriated under the power date of eminent domain dispossession of Tenant as a result of such condemnation or conveyed in lieu thereoftaking, and either Landlord or Tenant shall have the right to terminate this Lease at its option; however, Tenant’s right as to terminate due to a taking of over ten percent (10%) the balance of the parking spaces Premises by written notice to the other party within thirty (30) days if the portion of the Premises taken shall be void of such extent and nature as to render the balance of the Premises untenantable and unusable by Tenant if either: any part of the Building other than the Premises is condemned or otherwise taken so as to require in the opinion of Landlord, a substantial alteration or reconstruction of the remaining portions thereof, this Lease may be terminated by Landlord, as of the earlier of the date of the vesting of title, or the date of dispossession as a result of such condemnation or taking, by written notice to Tenant within sixty (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (9060) days following notice to Landlord of the taking subject to Tenant’s reasonable approval of date on which said vesting or dispossession will occur. If the design, location and construction of said structure; or (ii) if such a parking structure canLease is not be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such eventsterminated, Landlord shall receive (proceed to repair and Tenant reconstruct the remaining portion of the Building to the extent insurance and condemnation proceeds are available to do so.
13.2 Landlord shall assign be entitled to Landlord upon demand from Landlord) the entire award in any incomecondemnation proceeding or other proceeding, rentincluding, without limitation, any award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord made for any part of sum paid by virtue of such proceedings, whether or not attributable to the value of the unexpired term leasehold estate created by this Lease. No award for any partial or entire taking shall be apportioned, and Tenant hereby assigns to Landlord any award that may be made in such condemnation or other taking, together with any and all rights of Tenant now or hereafter arising in or to same or any part thereof, provided, however, that nothing contained herein shall be deemed to give Landlord any interest in or to require Tenant to assign to Landlord any award made to Tenant specifically for its relocation expenses or the taking of personal property and fixtures belonging to Tenant.
13.3 In the event of a partial condemnation or other taking that does not result in a termination of this Lease except as to the entire Premises, the Rent and Additional Charges shall ▇▇▇▇▇ in the proportion that the rentable area of the Premises taken by such condemnation or other taking bears to the total rentable area of the Premises.
13.4 If all or any portion of the Premises is condemned or otherwise taken for public or quasi-public use for a limited period of time not to exceed 180 days, this Lease shall remain in full force and effect and Tenant shall be entitled continue to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half perform all of the amount which is the lesser of (a) the bonus value terms, conditions and covenants of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, ▇▇▇▇▇ during such that thereafter the amounts to be paid by Tenant shall be limited period in the ratio proportion that they are of the portion rentable area of the Premises not so taken rendered untenantable and unusable as a result of such condemnation or other taking bears to the total rentable area of the Premises prior to such takingPremises. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of the entire award made in connection with any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days condemnation or other taking.
13.5 Tenant hereby waives and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the releases any right to terminate the this Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) under Sections 1265.120 and 1265,130 of the first sentence California Code of this ParagraphCivil Procedure, or under any similar law, statute or ordinance now or hereafter in effect.
Appears in 1 contract
Sources: Office Lease (Andromedia Inc)
Eminent Domain. If any part over ten percent (10%) of In the Premises or ten percent (10%) of event that the parking spaces serving the entire Premises shall at any time after execution of this Lease be taken in public or appropriated quasi-public use or condemned under eminent domain, then this Lease shall terminate and expire effective the power date of eminent domain such taking and any prepaid rent or conveyed in lieu thereof, unearned charges shall be refunded to Tenant. Tenant shall have the right to terminate this Lease at its option; however, Tenant’s right to terminate due to a taking of over ten percent (10%) of the parking spaces shall be void if either: (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (90) days of the taking subject to Tenant’s reasonable approval of the design, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or not attributable to the value of the unexpired term termination of this Lease except that Tenant shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost with an appropriate refund of any Alterations prepaid rent or tenant improvements paid for by Tenant from its own funds (unearned charges, if, as opposed to any allowance provided by Landlord); (ii) the value a result of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) onesuch eminent domain proceeding or other governmental or quasi-half of the amount which is the lesser of public action:
(a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the Any portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during and the Term, this Lease remaining portion shall be unsuitable for Tenant's continued business operations, determined in Tenant's sole business judgments; or
(b) The total number of parking spaces established for the Premises shall be reduced by twenty percent (20%) or more, or Tenant, its customers, agents, employees and visitors are for more than thirty (30) days denied reasonable access to the Premises or parking areas. Should Tenant elect to remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event Premises under the circumstances described in subparagraph (a), then rent shall be reduced for the remainder of the term thereafter in proportion to the amount of the Premises taken. All damages awarded in connection with the taking of the Premises whether permitted as compensation for diminution in value to the leasehold or the fee of the Premises or for taking of any portion of the Property shall belong to Landlord, provided, however, if Tenant has made any leasehold improvements to the Premises or structural changes to the Premises with Landlord's written approval and at its own expense (regardless of when made), Tenant and not Landlord shall be entitled to claim an award for unamortized balance of Tenant's cost thereof amortized over the useful life thereof, not to exceed ten (10) years. In the event the condemning authority shall not make a separate award therefor, Landlord shall make a claim therefor on behalf of Tenant and if such temporary appropriation or takingclaim is allowed, assign the portion of its award equal to such unamortized cost to Tenant. In addition, Tenant shall be entitled to receive that portion claim an award from the condemning authority for loss of any award which represents compensation for the use of or occupancy of the Premises during the Termbusiness, damage to merchandise and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises fixtures, removal and the use reinstallation costs and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this Paragraphmoving expenses.
Appears in 1 contract
Eminent Domain. a. If any part over ten percent (10%) all of the Premises is taken by any public or ten percent (10%) of the parking spaces serving the Premises shall be taken or appropriated quasi-public authority under the power of eminent domain domain, or conveyed any agreement in lieu thereofthereof (a “taking”), Tenant this Lease shall terminate as to the portion of the Premises taken effective as of the date of taking. If more than twenty-five percent (25%) of the rentable square feet of the Premises is taken, or if access to the Premises is substantially impaired, in each case for a period in excess of one hundred eighty (180) days, either party shall have the option to terminate this Lease effective as of the date possession is required to be surrendered to the authority; provided, however, that Tenant’s right to terminate this Lease at its option; however, is conditioned upon the remaining portion of the Premises being of such size or configuration that such remaining portion of the Premises is unusable or uneconomical for Tenant’s right to terminate due to a taking of over ten percent (10%) of the parking spaces business. Landlord shall be void if either: (i) Landlord builds a parking structure on the Land entitled to replace said spaces within ninety (90) days of the taking subject to Tenant’s reasonable approval of the designall compensation, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day perioddamages, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any rent awards and interest therein thereon whatsoever which may be paid or made in connection with the exercise of such power of eminent domain, any taking and Tenant shall have no claim against Landlord or any governmental authority for any part of sum paid by virtue of such proceedings, whether or not attributable to the value of the any unexpired term Term of this Lease except or of any of the improvements or Alterations in the Premises; provided, however, that the foregoing shall not prohibit Tenant from prosecuting a separate claim against the taking authority for an amount separately designated for Tenant’s relocation expenses or the interruption of or damage to ▇▇▇▇▇▇’s business or as compensation for ▇▇▇▇▇▇’s personal property, trade fixtures, Alterations or other improvements paid for by Tenant so long as any award to Tenant will not reduce the award to Landlord. In the event of a partial taking of the Premises which does not result in a termination of this Lease, the Monthly Rent and Additional Rent under Paragraphs 5 and 7 hereunder shall be equitably reduced. If all or any material part of the Real Property other than the Premises is taken, Landlord may terminate this Lease upon written notice to Tenant given within ninety (90) days after the date of taking.
b. Notwithstanding the foregoing, if all or any portion of the Premises is taken for a period of time of one (1) year or less ending prior to the end of the Term of this Lease, this Lease shall remain in full force and effect and Tenant shall continue to pay all rent and to perform all of its obligations under this Lease; provided, however, that Tenant shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations all compensation, damages, income, rent awards and interest thereon that is paid or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half made in connection with such temporary taking of the amount which is the lesser of Premises (a) the bonus value of this Leaseor portion thereof), or (b) the amount of the award except that any such compensation in excess of the sum of rent or other amounts payable to Landlord’s ground lessor (if any) Landlord hereunder shall be promptly paid over to Landlord as received.
c. Landlord and Tenant each hereby waive the provisions of California Code of Civil Procedure Section 1265.130 and any holder other applicable existing or future Legal Requirement providing for, or allowing a party to petition the courts of the state in which the Real Property is located for a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If termination of this Lease upon a part partial taking of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and and/or the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this ParagraphBuilding.
Appears in 1 contract
Sources: Industrial Lease (Scilex Holding Co)
Eminent Domain. a. If all or any part over ten percent (10%) material portion of the Leased Premises or ten percent is taken by any condemning authority (10%) of the parking spaces serving the Premises shall be taken or appropriated under the power of eminent domain or conveyed in lieu thereof, Tenant shall have the right to terminate this Lease at its option; however, Tenant’s right to terminate due to a taking of over ten percent (10%) of the parking spaces shall be void if either: (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (90) days of the taking subject to Tenant’s reasonable approval of the design, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to other than Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken by statute or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power right of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or not attributable may elect to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for the following : either (i) the then unamortized cost of any Alterations cancel this Lease either totally or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half that portion of the amount which is Leased Premises so taken, and in the lesser event of (a) a partial termination, this Lease shall be amended to reflect the bonus value of this Lease, or (b) the amount release of the award canceled portion and a reduction in excess Rent equal to the proportion of the sum of amounts payable to Landlord’s ground lessor Buildings released (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in based upon the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are square footage of the portion of the Premises not Building so taken bears relative to the total area square footage of all of the Buildings), or (ii) continue the Lease in full with a proportionate reduction in Rent for the period the portion of the Leased Premises prior is not useable by Tenant, and during such period, the taken portion shall be released from the terms of this Lease. Such election shall be made in writing within thirty (30) days of the date possession is required by the condemning authority. In the event Tenant elects to such takingcontinue this Lease, either totally or partially, then Landlord and Tenant shall cooperate in good faith to prepare plans and specifications for repairs reasonably necessary to restore the remaining portion of the Leased Premises to a tenantable condition, considering Landlord's future plans for the Leased Premises. Notwithstanding anything Landlord shall make available to Tenant that portion of the condemnation proceeds allocable (in the reasonable judgment of the parties) to the contrary contained Buildings to be repaired up to the full costs of repairs. If the parties cannot reach agreement on the scope and nature of the necessary repairs, the plans and specifications for such repairs or the use of the condemnation proceeds in connection with such repairs, then Tenant may cancel this Paragraph 21Lease upon written notice to Landlord, if the temporary use or occupancy and any unearned prepaid rent shall be refunded to Tenant.
b. All awards and proceeds payable on account of any part of the Premises taking, whether whole or partial, shall be taken paid to Landlord and Tenant as their interests may appear. Nothing herein shall limit Tenant's right to seek damages from the condemning authority for business loss or appropriated under interruption or relocation expense.
c. Tenant agrees that Tenant shall not exercise any right or power of eminent domain it may have to condemn the Leased Premises, or the Personalty, or any portion thereof, during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this Paragraph.
Appears in 1 contract
Sources: Agreement for Sale and Purchase of Property (Abr Information Services Inc)
Eminent Domain. If any part over ten percent (10%) 12.1 In the event that the whole of the Premises or ten percent (10%) of the parking spaces serving the Demised Premises shall be taken or appropriated under the power of eminent domain, this Lease shall thereupon terminate as of the date of the taking of the Premises by the condemning authority. In the event that a portion of the floor area of the Demised Premises shall be taken under the power of eminent domain and the portion not so taken will not be reasonably adequate for the operation of Tenant's business notwithstanding Tenant's performance or conveyed in lieu thereofrestoration as hereinafter provided, Tenant this Lease shall have thereupon terminate as of the right to date possession of said portion is taken. In the event of any taking under the power of eminent domain which does not terminate this Lease at its option; howeveras aforesaid, Tenant’s right to terminate due to a taking of over ten percent (10%) all of the parking spaces provisions of this Lease shall remain in full force and effect, except that the basic rent shall be void if either: (i) Landlord builds a parking structure on reduced in the Land to replace said spaces within ninety (90) days same proportion that the amount of floor area of the taking subject Demised Premises taken bears to Tenant’s reasonable approval the total floor area of the designDemised Premises immediately prior to such taking, location and construction of said structure; or (ii) if Landlord shall at Landlord's own cost and expense, restore such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days part of the taking and provides valet parking during Business Hours (at no cost or expense Demised Premises as is not taken to Tenant) for as near its former condition as the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (circumstances will permit and Tenant shall assign do likewise with respect to Landlord upon demand from Landlord) all exterior signs, trade fixtures, equipment, display cases, furniture, furnishings and other installations of Tenant. All damages awarded for any income, rent, award or any interest therein which may be paid in connection with such taking under the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations whole or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises Demised Premises, shall belong to and be the property of the Landlord, whether such damages shall be so taken awarded as compensation for diminution in value of the leasehold or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and for the Premises have been damaged as a consequence fee of such partial taking or appropriation or conveyancethe Demised Premises, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required entitled to repair or restore any injury award made to Tenant for loss of or damage to Tenant's trade fixtures and removable personal property or for damages to improvements made by Tenant with approval of Landlord during the property term of Tenant this Lease and any extension thereof or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense for damages for cessation interruption of Tenant's business. ThereafterIf this Lease is terminated as provided in this Article XII, the Rent and Additional Charges to all rent shall be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears up to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be date that possession is taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Termpublic authority, and Landlord shall be entitled to receive that portion make an equitable refund of any award which represents rent paid by Tenant in advance and not yet earned. A voluntary sale by Landlord to any public or quasipublic body, agency or person, corporate or otherwise, having the cost power of restoration eminent domain, either under threat of condemnation or while condemnation proceedings are pending, shall be deemed to be a taking by eminent domain for the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence purpose of this ParagraphArticle XII.
Appears in 1 contract
Eminent Domain. If any part over ten percent (10more than Twenty-Five percent(25%) of either the Building or the Premises, or such part thereof as would render the Premises or ten percent (10%) unusable for the conduct of the parking spaces serving the Premises Tenant's business, shall be taken or appropriated under the power of lawfully condemned (which term includes eminent domain for the purposes of this Lease) and taken for any public or conveyed quasi-public use, or private purchase in lieu thereof, Landlord or Tenant shall have the right to terminate this Lease at its option; however, Tenant’s right to terminate due to a taking of over ten percent (10%) as of the parking spaces date title shall be void if either: vest in the acquiring authority upon thirty (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (9030) days of the taking subject to Tenant’s reasonable approval of the design, location and construction of said structure; or (ii) if notice. Upon such a parking structure cannot be built within said ninety (90) day periodtermination, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand be released from Landlord) any incomeobligations under this Lease, rent, award or except obligations previously accrued. Upon any interest therein which may be paid taking and the continuing in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or not attributable to the value of the unexpired term force of this Lease except that Tenant as to a part of the Premises, whether more or less than Twenty-Five percent (25%) thereof, the Rent shall be entitled reduced in proportion to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part area of the Premises shall be so taken taken, and Landlord at its expense and promptly after the receipt of the condemnation award or appropriated or conveyed and neither party hereto shall elect to terminate compensation from the acquiring entity shall, unless this Lease and the Premises have has been damaged as a consequence of such partial taking or appropriation or conveyanceterminated, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair diligently rebuild or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts Premises to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears substantially their former condition to the total area of extent that the Premises prior to such taking. Notwithstanding anything to the contrary contained same may be feasible as soon as reasonably practicable, but in this Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the no event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer more than ninety (90) days and unreasonably interferes with Tenant’s use from the date of condemnation. Landlord's obligations shall be to restore of the building structure and interior finishes to the Premises and the Common Areas to the same or better quality as Landlord furnished upon the Project Common AreasCommencement Date. In any event, then all damages awarded by the acquiring entity for any taking, whether for the whole or part of the Premises, shall be awarded to Landlord as compensation for loss of and diminution of value to the leasehold or of the Premises; provided, however, the Landlord shall not be entitled to any award made directly to Tenant by acquiring authority for removal of Tenant's fixtures, loss of business, moving expenses, build-out costs upon relocation and damage to Tenant's goodwill. In the event that this Lease is terminated as hereinabove provided, Tenant shall not have any claim against the right to terminate Landlord for the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) value of the first sentence unexpired portion of this Paragraphthe Term.
Appears in 1 contract
Sources: Lease (Cornerstone Bancorp Inc)
Eminent Domain. If any part over ten fifteen percent (1015%) of the Premises or ten percent (10%) of the parking spaces serving the Premises shall be taken or appropriated under the power of eminent domain or conveyed in lieu thereof, Tenant shall have the right to terminate this Lease at its option; however, Tenant’s right to terminate due to a taking of over ten percent (10%) of the parking spaces shall be void if either: (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (90) days of the taking subject to Tenant’s reasonable approval of the design, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such eventsevent, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for the following following: (i) the then unamortized cost of any Alterations or tenant improvements Tenant Improvements paid for by Tenant from its own funds (as opposed to any allowance allowance, including the Tenant Allowance, provided by Landlord); (ii) the value of Tenant’s 's trade fixtures; (iii) Tenant’s 's relocation costs; and (iv) Tenant’s 's goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s 's cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations or any Tenant Improvements installed on the Premises by or at the expense of Tenant. Thereafter, the Monthly Base Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Monthly Base Rent and Additional Charges payable hereunder by Tenant during the Term; in . In the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety two hundred and seventy (90270) days and unreasonably interferes with Tenant’s 's use of the Premises or the Project Common AreasArea, then Tenant shall have the right to terminate the Lease unless, if applicable, Lease. Landlord agrees and Tenant understand and agree that the provisions of this Paragraph 21 are intended to provide valet parking (at no cost to Tenant) govern fully the rights and obligations of the parties in the same as described in clause (ii) event of a Taking of all or any portion of the first sentence Premises. Accordingly, the parties each hereby waives any right to terminate this Lease in whole or in part under Sections 1265.120 and 1265.130 of this Paragraphthe California Code of Civil Procedure or under any similar Law now or hereafter in effect.
Appears in 1 contract
Sources: Lease Agreement (Broadcom Corp)
Eminent Domain. If the entire Premises, or so much thereof (but not less than 25% of the rentable area of the Premises) as to render the balance thereof not reasonably usable for the conduct of Tenant’s business, shall be taken or appropriated under the power of eminent domain or conveyed in lieu thereof, either party hereto may, by serving written notice upon the other party hereto within thirty (30) days thereafter, immediately terminate this Lease. If any substantial part over ten percent (10%) of the Premises or ten percent (10%) of the parking spaces serving Project excluding the Premises shall be taken or appropriated under the power of eminent domain or conveyed in lieu thereof, Landlord may so terminate this Lease. If more than fifty percent (50%) of the “Bank Visitor Only” parking stalls described in Section 34.8, or more than twenty percent (20%) of all of the parking stalls at the Project, are taken, then, unless Landlord can replace same, or substitute reasonably comparable spaces for the taken spaces, Tenant shall have the right to terminate this Lease at its option; however, Tenant’s right to terminate due to a taking of over ten percent by giving written notice received by Landlord within thirty (10%) of the parking spaces shall be void if either: (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (9030) days of the taking subject to Tenant’s reasonable approval of the design, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building after Tenant learns of such parking structure to completiontaking. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from by Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domaintherewith, and Tenant shall have no claim against Landlord for any part of any sum paid by virtue of such proceedingsso paid, whether or not attributable to the value of the unexpired term of this Lease except Lease; provided, however, that Tenant nothing herein shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations or tenant improvements paid for by prevent Tenant from its own funds pursuing a separate award (as opposed to any allowance provided by not reducing Landlord); (ii’s award) in connection with the value taking of Tenant’s trade fixtures; (iii) removable tangible personal property placed in the Premises solely at Tenant’s expense and for Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or taken, appropriated or conveyed and neither party hereto shall elect to so terminate this Lease Lease, (i) Base Rent and Additional Rent payable hereunder shall be abated in the proportion that the rentable area of the portion of the Premises so taken, appropriated or conveyed bears to the rentable area of the entire Premises, and (ii) if the Premises shall have been damaged as a consequence of such partial taking or taking, appropriation or conveyance, Landlord shall shall, to the extent of any severance damages received by Landlord, restore the Premises continuing under this Lease at Landlord’s cost and expenseLease; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs to or restoration of any Alterations alterations, additions, fixtures or improvements installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be pay any amount in the ratio that they are excess of the portion of the Premises not so taken bears such severance damages required to the total area of the Premises prior to complete such takingrepairs or restoration. Notwithstanding anything to the contrary contained in this Paragraph 21Section, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under the power of eminent domain or conveyed in lieu thereof during the Termterm of this Lease, this Lease shall be and remain unaffected by such taking taking, appropriation or appropriation conveyance, and Tenant shall continue to pay in full all Rent and Additional Charges rent payable hereunder by Tenant during the Termterm of this Lease; in the event of any such temporary taking, appropriation or takingconveyance, Tenant shall be entitled to receive that portion of any separate award which represents (not reducing Landlord’s award) made to Tenant as compensation for loss of the use of or occupancy of the Premises during the Termterm of this Lease. To the extent inconsistent with the above, and Landlord shall be entitled to receive that portion each party hereto hereby waives the provisions of any award which represents the cost of restoration Section 1265.130 of the Premises and California Code of Civil Procedure allowing either party to petition a court to terminate this Lease in the use and occupancy event of a partial taking of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this ParagraphPremises.
Appears in 1 contract
Eminent Domain. If the entire Premises, or so much thereof (but not less than 25% of the rentable area of the Premises) as to render the balance thereof not reasonably usable for the conduct of Tenant's business, shall be taken or appropriated under the power of eminent domain or conveyed in lieu thereof, either party hereto may, by serving written notice upon the other party hereto within thirty (30) days thereafter, immediately terminate this Lease. If any substantial part over ten percent (10%) of the Premises or ten percent (10%) of the parking spaces serving Project excluding the Premises shall be taken or appropriated under the power of eminent domain or conveyed in lieu thereof, Tenant shall have the right to Landlord may so terminate this Lease at its option; however, Tenant’s right to terminate due to a taking of over ten percent (10%) of the parking spaces shall be void if either: (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (90) days of the taking subject to Tenant’s reasonable approval of the design, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completionLease. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from by Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domaintherewith, and Tenant shall have no claim against Landlord for any part of any sum paid by virtue of such proceedingsso paid, whether or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value Term of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or taken, appropriated or conveyed and neither party hereto shall elect to so terminate this Lease Lease, (i) Base Rent and Additional Rent payable hereunder shall be abated in the proportion that the rentable area of the portion of the Premises so taken, appropriated or conveyed bears to the rentable area of the entire Premises, and (ii) if the Premises shall have been damaged as a consequence of such partial taking or taking, appropriation or conveyance, Landlord shall shall, to the extent of any severance damages received by Landlord, restore the Premises continuing under this Lease at Landlord’s cost and expenseLease; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs to or restoration of any Alterations alterations, additions, fixtures or improvements installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be pay any amount in the ratio that they are excess of the portion of the Premises not so taken bears such severance damages required to the total area of the Premises prior to complete such takingrepairs or restoration. Notwithstanding anything to the contrary contained in this Paragraph 21Section, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under the power of eminent domain or conveyed in lieu thereof during the TermTerm of this Lease, this Lease shall be and remain unaffected by such taking taking, appropriation or appropriation conveyance and Tenant shall continue to pay in full all Rent and Additional Charges rent payable hereunder by Tenant during the TermTerm of this Lease; in the event of any such temporary taking, appropriation or takingconveyance, Tenant shall be entitled to receive that portion of any a separate award which represents (not reducing Landlord's award) as compensation for loss of the use of or occupancy of the Premises during the TermTerm of this Lease. To the extent that it is inconsistent with the above, and Landlord shall be entitled to receive that portion each party hereto hereby waives the provisions of any award which represents the cost of restoration Section 1265.130 of the Premises and California Code of Civil Procedure allowing either party to petition a court to terminate this Lease in the use and occupancy event of a partial taking of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this ParagraphPremises.
Appears in 1 contract
Sources: Office Lease (Ministry Partners Investment Company, LLC)
Eminent Domain. If any part over ten percent (10%) the whole of the Premises or ten percent (10%) of the parking spaces serving the Premises shall be taken, or such part thereof shall be taken or appropriated as shall substantially interfere with Tenant's use and occupancy of the balance thereof, under the power of eminent domain domain, or sold, transferred, or conveyed in lieu thereof, either Tenant or Landlord may terminate this Lease as of the date of such condemnation or as of the date possession is taken by the condemning authority, whichever date occurs later. If any part of the Building other than the Premises, including parking facilities and interior and adjacent landscaped areas, shall be so taken, sold, transferred or conveyed in lieu thereof, Landlord shall have the right right, at its option, to terminate this Lease at its optionas of the date of such condemnation or as of the date possession is taken by the condemning authority. No award for any partial or entire taking shall be apportioned, and Tenant hereby assigns to Landlord any award which may be made in such taking or condemnation, together with any and all rights of Tenant now or hereafter arising in or to the same or any part thereof; provided, however, Tenant’s right to terminate due to a taking of over ten percent (10%) of the parking spaces that nothing contained herein shall be void if either: (i) deemed to give Landlord builds a parking structure on the Land any interest in or require Tenant to replace said spaces within ninety (90) days of the taking subject to Tenant’s reasonable approval of the design, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with made to Tenant for the exercise taking of such power of eminent domain, personal property and fixtures belonging to Tenant shall have no claim against Landlord for any part of sum paid and removable by virtue of such proceedings, whether or not attributable to Tenant at the value expiration of the unexpired term of this Lease except that Tenant shall be entitled hereof, as provided hereunder, or for the interruption of, or damage to petition Tenant's business or for relocation expenses recoverable against the condemning authority for authority. In the following : (i) the then unamortized cost event of any Alterations a partial taking, or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwilla sale, loss of business and business interruption; and (v) one-half of the amount transfer, or conveyance in lieu thereof, which is the lesser of (a) the bonus value does not result in a termination of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required substantially to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises their condition prior to such taking. Notwithstanding anything to partial taking and, thereafter, rent shall be abated in the contrary contained in this Paragraph 21, if proportion which the temporary use or occupancy square footage of any the part of the Premises shall be taken or appropriated under power so made unusable bears to the amount of eminent domain during Rentable Area immediately prior to the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such No temporary taking is for FOR LESS THAN SIX (6) MONTHS of a period longer than ninety (90) days and unreasonably interferes with Tenant’s use part of the Premises or of the Project Common AreasBuilding, then including parking facilities and interior and adjacent landscaped areas, shall give Tenant shall have the any right to terminate the this Lease unless, if applicable, Landlord agrees or to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) any abatement of the first sentence of this Paragraphrent hereunder.
Appears in 1 contract
Eminent Domain. If (a) Mortgagor shall notify Mortgagee immediately upon obtaining knowledge of any Taking affecting the Trust Estate or any part over ten percent (10%) thereof. If the Taking is a Taking of less than the whole or substantially all of the Premises or ten percent (10%) of the parking spaces serving the Premises shall be taken or appropriated under the power of eminent domain or conveyed in lieu thereof, Tenant shall have the right to terminate this Lease at its option; however, Tenant’s right to terminate due to a taking of over ten percent (10%) of the parking spaces shall be void if either: but (i) Landlord builds a parking structure on is estimated to result in an award of more than $10,000,000 or (ii) the Land to replace said spaces within ninety (90) days Taking will interfere with or adversely affect the operation of the taking subject Casino Hotel (other than any portion thereof consisting solely of unimproved, paved or unpaved surface parking) other than to Tenant’s reasonable approval a de minimis extent, then within 30 days after such Taking, Mortgagor shall deliver to Mortgagee a certificate of an Architect stating whether, in such Architect's opinion, applicable Legal Requirements permit the Restoration of any buildings and improvements for the same uses and to the same size and quality in all material respects as existed immediately prior to the Taking (and if said certificate states that Legal Requirements do not permit such Restoration, said certificate shall describe the manner closest approximating such criteria to which the buildings and improvements could be so restored and shall be accompanied by a Certificate of Appraised Value dated not more than 10 days prior to delivery setting forth the Appraised Value immediately prior to the Taking and the estimated Appraised Value immediately after the permitted Restoration). If Mortgagor is required to deliver such Certificate of Appraised value and if based on such Certificate of Appraised Value immediately after Restoration, (i) the Outstanding Amount of the designIndebtedness of the Mortgagor, location the Company or TCHI immediately after such Restoration shall exceed the greater of (A) 80% of the Appraised Value immediately after such Restoration or (B) the quotient of the Outstanding Amount of Indebtedness of the Mortgagor, the Company or TCHI Indebtedness immediately prior to such Taking divided by the Appraised Value immediately prior to the Taking multiplied by the Appraised Value immediately after such Restoration, or (ii) applicable Legal Requirements do not permit the Restoration of the Casino Hotel for use as a casino and construction hotel complex, then, in any of said structuresuch events, the Taking shall be deemed a Taking of "the whole or substantially all of the Premises." The Taking shall be deemed a Taking of "less than the whole or substantially all of the Premises" if Mortgagor is not required to deliver a Certificate Of Appraised Value or if, at the time of delivery of such Certificate, neither of the tests set forth in clauses (i) and (ii) is met.
(b) If at any time there shall occur a Taking of less than the whole or substantially all of the Premises and the award or awards resulting therefrom payable to Mortgagor (and not to any lessor under any Facility Lease) (after there shall have been first deducted the fees and expenses incurred in connection with the termination, settlement and collection of such award or awards, including, without limitation, reasonable counsel fees and expenses, hereinafter referred to as "Settlement Costs") (i) shall be less than $10,000,000 (except to the extent that the Insurance Trustee is required to hold such amount pursuant to a Superior Instrument Requirement), the entire amount of such award shall be paid to Mortgagor; or and (ii) if such a parking structure cannot award is $10,000,000 or more, the entire amount of such award shall be built within said ninety (90) day periodpaid to the Insurance Trustee. In either event, Landlord agrees in writing within such ninety (90) day period awards shall be applied to build such a parking structure within two hundred seventy (270) days the cost of Restoration of the taking Trust Estate as nearly as practicable to their uses, value and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal condition immediately prior to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees Taking (except to so build a parking structure it the extent otherwise provided by Superior Instrument Requirements). Mortgagor shall promptly commence and diligently pursue with due diligence perform the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid Restoration in connection accordance with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; clauses (iii) Tenant’s relocation costs; ), (iv) Tenant’s goodwill, loss of business and business interruption; and (vvii) one-half of Subsection 5.10(e) (after substituting the amount which is the lesser of (a) the bonus value of this Leasewords "Taking" for "Casualty" and "award" for "net insurance proceeds"), at no cost to Mortgagee. All claims or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration suits arising out of any Alterations installed on the Premises Taking may be settled by or at the expense of Tenant. ThereafterMortgagor, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such except that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant Mortgagee shall have the right (but not the obligation) to terminate participate in such claim or suit, and to approve settlement thereof (and notwithstanding anything in the Lease unlessFacility Leases to the contrary, Mortgagor shall not agree to any settlement or compromise of the amount of any such claim or suit, except a claim or suit where the amount reasonably anticipated to be received by Mortgagor is less than $5,000,000). If Mortgagee at its election as aforesaid joins such claim or suit, Mortgagee's approval of such settlement shall not be unreasonably withheld. The Insurance Trustee shall promptly pay such sums as are received by it from such Taking from time to time in accordance with the procedures set forth in clauses (v) and (vi) of Subsection 5.10(e) (after substituting the words "Taking" for "Casualty" and "award" for "net insurance proceeds").
(c) If at any time there shall occur a Taking of the whole or substantially all of the Premises, then the award payable to Mortgagor shall not be applied to Restoration but shall instead be paid and delivered to the Trustee (subject to the rights of the lessors under any Facility Leases) to the extent of the then Outstanding Amount of the Senior Partnership Upstream Note and any other interest or other sums due hereunder or thereunder to be applied to the satisfaction of this Mortgage to the extent proceeds are available for such purpose and provided that no additional sums are due to the trustee or the holders under the Senior Notes, the Senior Note Indenture, the Senior Guarantee, the TCHI Notes, the TCHI Note Indenture, the TCHI Guarantee, the Mortgage Notes or the Mortgage Note Indenture, the balance of any award shall be paid to Mortgagor.
(d) Notwithstanding anything contained herein to the contrary, if applicablean Event of Default shall have occurred and is continuing, Landlord agrees Mortgagee may, at its option, (i) refrain from paying to provide valet parking (at no cost to Tenant) in Mortgagor or the same as described in clause Insurance Trustee any award or (ii) of instruct the first sentence of this ParagraphInsurance Trustee to pay to Mortgagee any award then held by the Insurance Trustee, as the case may be.
Appears in 1 contract
Sources: Indenture of Mortgage and Security Agreement (Trumps Castle Associates Lp)
Eminent Domain. Section 16.1. If any part over ten more than thirty-three percent (1033%) of the Premises or ten percent (10%) floor area of the parking spaces serving building on the Premises demised premises shall be taken or appropriated under the power of eminent domain and the portion not so taken will not be reasonably adequate for the operation of Tenant's business after the Landlord completes such repairs or conveyed in lieu thereofalterations as the Landlord is obligated or elects to make, Tenant shall have the right to elect either to terminate this Lease at its option; howeverLease, Tenant’s or, subject to Landlord's right to terminate due the Lease pursuant to a Section 16.4, to continue in possession of the remainder of the demised premises and shall notify Landlord in writing within ten (10) days after such taking of over ten Tenant's election. In the event less than thirty-three percent (1033%) of the parking spaces floor area of the building on the demised premises shall be void if either: (i) Landlord builds a parking structure taken or Tenant elects to remain in possession, as provided in the first sentence hereof, all of the terms herein provided shall continue in effect, except that the base rent shall be reduced in the same proportion that the floor area of the building on the Land demised premises taken bears to replace said spaces within ninety (90) days the original floor area of the taking subject building on the demised premises, and Landlord shall at its own cost and expense make all necessary repairs or alterations to Tenant’s reasonable approval the building so as to constitute the portion of the designbuilding not taken a complete architectural unit and the demised premises a complete unit for the purposes allowed by this Lease, location and construction of said structure; or (ii) if but such a parking structure canwork shall not be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days exceed the scope of the work to be done by Landlord in originally constructing said building. From and after the taking date, and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal ▇▇▇▇▇▇▇▇’s alteration and repair work, rent shall proportionately ▇▇▇▇▇ to the number extent any portion of parking spaces which have been so taken the demised premises is rendered inaccessible or appropriated, and if Landlord agrees to so build not usable by Tenant as a parking structure it shall promptly commence and diligently pursue the building result of such parking structure taking or Landlord’s alteration and repair work.
Section 16.2. Each party waives the provisions of Code of Civil Procedure Section 1265.130 allowing either party to completionpetition the Superior Court to terminate this Lease in the event of a partial taking.
Section 16.3. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) All damages or awards for any income, rent, award or any interest therein which may be paid in connection with taking under the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, domain whether or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations whole or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises demised premises shall belong to and be the property of Landlord whether such damages or awards shall be so taken awarded as compensation for diminution in value to the leasehold or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence fee of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expensedemised premises; provided, provided however, that Landlord shall not be required to repair or restore any injury or damage entitled to the property of award made to Tenant or Landlord for loss of business, depreciation to, and cost or removal of stock and fixtures and for leasehold improvements which have been installed by Tenant at its sole cost and expense less depreciation which is to make any repairs or restoration of any Alterations installed be computed on the Premises by or at basis of completely depreciating such leasehold improvements during the expense initial term of Tenant. Thereafterthis Lease, the Rent and Additional Charges any award made to be paid under this Lease for the remainder Tenant in excess of the Term then depreciated value of leasehold improvements shall be proportionately reduced, such that thereafter payable to the amounts to be paid by Tenant Landlord.
Section 16.4. If more than thirty-three percent (33%) of the floor areas of the building on the demised premises shall be in the ratio that they are taken under power of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21eminent domain, or if the temporary use or occupancy of any part of the Premises Parking and Accommodation Areas shall be taken so taken, Landlord may, by written notice to ▇▇▇▇▇▇ delivered on or appropriated under power before the date of eminent domain during surrendering possession to the Termpublic authority pursuant to such taking, terminate this Lease as of such date.
Section 16.5. If this Lease is terminated as provided in this Article, the rent shall be and remain unaffected paid up to the day that possession is so taken by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, public authority and Landlord shall be entitled to receive that portion make a prorata refund of any award which represents the cost of restoration of the Premises rent and the use all deposits paid by Tenant in advance and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this Paragraphnot yet earned.
Appears in 1 contract
Sources: Lease (Biotime Inc)
Eminent Domain. If any part over ten more than (a) twenty-five percent (1025%) of the Premises or ten (b) five percent (105%) of the parking spaces within the Project serving the Premises (and Landlord is unable, within six (6) months, to provide reasonably comparable parking spaces such that Tenant shall have the use of at least ninety-five percent (95%) of the number of parking spaces referenced in Article 1.I. of the Basic Lease Provisions above) shall be taken or appropriated under the power of eminent domain domain, or are sold, transferred or conveyed in lieu thereofthereof (a “Taking”), Landlord and Tenant shall each have the option to terminate this Lease upon ninety (90) days’ written notice to the other party, provided such notice is given no later than one hundred eighty (180) days after the date of such Taking. In the event of any Taking, whether total or partial, Tenant shall have the right to terminate this Lease at claim and recover from the condemning authority such compensation as may be separately awarded or recoverable by Tenant in a separate proceeding for loss of its option; howeverbusiness fixtures, Tenant’s right or equipment belonging to terminate due Tenant immediately prior to a taking of over ten percent (10%) the Taking, so long as the same does not diminish any award to which Landlord is entitled or the “bonus value” of the parking spaces leasehold estate. The balance of any condemnation award shall be void if either: (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (90) days of the taking subject to Tenant’s reasonable approval of the design, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign belong to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domainexcept as provided below, and Tenant shall have no claim against further right to recover from Landlord for any part of sum paid by virtue of such proceedings, whether or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for any claims arising out of such Taking, provided that Tenant shall have the following : right to make a separate claim in the condemnation proceeding, as long as the award payable to Landlord is not reduced thereby, for the taking of the unamortized (iusing the initial Term of this Lease as the amortization period) the then unamortized cost value of any Alterations or tenant improvements paid for by Tenant which are not removed by Tenant. In the event Tenant recovers compensation from its own funds the condemning authority on account of the “bonus value” of the leasehold estate, Tenant agrees to pay to Landlord, within ten (as opposed to any allowance provided by Landlord); (ii10) the value of days following Tenant’s trade fixtures; receipt of said compensation, an amount equal to fifty percent (iii50%) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount total sum so recovered by Tenant. Tenant also agrees, upon request from Landlord, to keep Landlord fully and promptly apprised of the status of any efforts by Tenant to recover compensation from the condemning authority on account of the “bonus value” of the leasehold estate. In the event of a partial Taking described in this Article 18 which is the lesser of (a) the bonus value does not result in a termination of this Lease, or (b) the amount rent shall be apportioned according to the ratio that the rentable square footage of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid remaining useable by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area rentable square footage of the Premises prior Premises. Tenant hereby waives any and all rights it might otherwise have pursuant to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part Section 1265.130 of the Premises shall be taken or appropriated under power California Code of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this ParagraphCivil Procedure.
Appears in 1 contract
Eminent Domain. If any part over ten percent (10%) of In the Premises or ten percent (10%) of event that the parking spaces serving the entire Premises shall at any time after execution of this Lease be taken in public or appropriated quasi-public use or condemned under eminent domain, then this Lease shall terminate and expire effective the power date of eminent domain such taking and any prepaid rent or conveyed in lieu thereof, unearned charges shall be refunded to Tenant. Tenant shall have the right to terminate this Lease at its option; however, Tenant’s right to terminate due to a taking of over ten percent (10%) of the parking spaces shall be void if either: (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (90) days of the taking subject to Tenant’s reasonable approval of the design, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or not attributable to the value of the unexpired term termination of this Lease except that Tenant shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost with an appropriate refund of any Alterations prepaid rent or tenant improvements paid for by Tenant from its own funds (unearned charges, if, as opposed to any allowance provided by Landlord); (ii) the value a result of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) onesuch eminent domain proceeding or other governmental or quasi-half of the amount which is the lesser of public action:
(a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the Any portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during and the Term, this Lease remaining portion shall be unsuitable for Tenant's continued business operations, determined in Tenant's sole business judgments; or
(b) The total number of parking spaces established for the Premises shall be reduced by twenty percent (20%) or more, or Tenant, its customers, agents, employees and visitors are for more than thirty (30) days denied reasonable access to the Premises or parking areas. Should Tenant elect to remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event Premises under the circumstances described in subparagraph (a), then rent shall be reduced for the remainder of the term thereafter in proportion to the amount of the Premises taken. All damages awarded in connection with the taking of the Premises whether permitted as compensation for diminution in value to the leaseholdor the fee of the Premises or for taking of any portion of the Property shall belong to Landlord, provided, however, if Tenant has made any leasehold improvements to the Premises or structural changes to the Premises with Landlord's written approval and at its own expense (regardless of when made), Tenant and not Landlord shall be entitled to claim an award for unamortized balance of Tenant's cost thereof amortized over the useful life thereof, not to exceed ten (10) years. In the event the condemning authority shall not make a separate award therefor, Landlord shall make a claim therefor on behalf of Tenant and if such temporary appropriation or takingclaim is allowed, assign the portion of its award equal to such unamortized cost to Tenant. In addition, Tenant shall be entitled to receive that portion claim an award from the condemning authority for loss of any award which represents compensation for the use of or occupancy of the Premises during the Termbusiness, DAMAGE to merchandise and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises fixtures, removal and the use reinstallation costs and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this Paragraphmoving expenses.
Appears in 1 contract
Eminent Domain. Section 16.1. If any part over ten more than thirty-three percent (1033%) of the Premises or ten percent (10%) floor area of ------------- the parking spaces serving building on the Premises demised premises shall be taken or appropriated under the power of eminent domain and the portion not so taken will not be reasonably adequate for the operation of Tenant's business after the Landlord completes such repairs or conveyed in lieu thereofalterations as the Landlord is obligated or elects to make, Tenant shall have the right to elect either to terminate this Lease at its option; howeverLease, Tenant’s or, subject to Landlord's right to terminate due the Lease pursuant to a Section 16.4., to continue in ------------- possession of the remainder of the demised premises and shall notify Landlord in writing within ten (10) days after such taking of over ten Tenant's election. In the event less than thirty-three percent (1033%) of the parking spaces floor area of the building on the demised premises shall be void if either: (i) Landlord builds a parking structure taken or Tenant elects to remain in possession, as provided in the first sentence hereof, all of the terms herein provided shall continue in effect, except that the base rent shall be reduced in the same proportion that the floor area of the building on the Land demised premises taken bears to replace said spaces within ninety (90) days the original floor area of the taking subject building on the demised premises, and Landlord shall at its own cost and expense make all necessary repairs or alterations to Tenant’s reasonable approval the building so as to constitute the portion of the designbuilding not taken a complete architectural unit and the demised premises a complete unit for the purposes allowed by this Lease, location and construction of said structure; or (ii) if but such a parking structure canwork shall not be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days exceed the scope of the taking and provides valet parking during Business Hours (at no cost or expense work to Tenant) for be done by Landlord in originally constructing said building.
Section 16.2. Each party waives the number provisions of cars which is equal to the number Code of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In Civil Procedure ------------- Section 1265.130 allowing either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled party to petition the condemning authority Superior Court to terminate this Lease in the event of a partial taking.
Section 16.3. All damages or awards for any taking under the power of ------------- eminent domain whether for the following : (i) the then unamortized cost of any Alterations whole or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises demised premises shall belong to and be the property of Landlord whether such damages or awards shall be so taken awarded as compensation for diminution in value to the leasehold or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence fee of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expensedemised premises; provided, provided however, that Landlord shall not be required to repair or restore any injury or damage entitled to the property of award made to Tenant or Landlord for loss of business, depreciation to, and cost or removal of stock and fixtures and for leasehold improvements which have been installed by Tenant at its sole cost and expense less depreciation which is to make any repairs or restoration of any Alterations installed be computed on the Premises by or at basis of completely depreciating such leasehold improvements during the expense initial term of Tenant. Thereafterthis Lease, the Rent and Additional Charges any award made to be paid under this Lease for the remainder Tenant in excess of the Term then depreciated value of leasehold improvements shall be proportionately reduced, such that thereafter payable to the amounts to be paid by Tenant shall be in the ratio that they are Landlord.
Section 16.4. If more than thirty-three percent (33%) of the portion floor areas ------------- of the Premises not so taken bears to building on the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises demised premises shall be taken or appropriated under power of eminent domain during domain, or if more than fifteen percent (15%) of the TermParking and Accommodation Areas shall be so taken, Landlord may, by written notice to Tenant delivered on or before the date of surrendering possession to the public authority pursuant to such taking, terminate this Lease as of such date.
Section 16.5. If this Lease is terminated as provided in this Article, the ------------- rent shall be and remain unaffected paid up to the day that possession is so taken by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, public authority and Landlord shall be entitled to receive that portion make a prorate refund of any award which represents the cost of restoration of the Premises rent and the use all deposits paid by Tenant in advance and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this Paragraphnot yet earned.
Appears in 1 contract
Eminent Domain. 15.1 If any part over ten percent (10%) all of the Premises, access to the Premises, or such portion of the Premises or ten percent (10%) the Newport Corporate Center or access thereto as would, in Landlord's or Tenant's reasonable judgment, materially interfere with the continuation of Tenant's business operations in substantially the same manner and space, shall be permanently taken or condemned for any public purpose, then this Lease, at the option of Tenant or Landlord upon the giving of written notice to the other party, shall forthwith cease and terminate upon the date when title vests in the condemning or taking entity. If this Lease is terminated as provided above, then this Lease shall cease and expire as if the date of transfer of possession of the parking spaces serving Premises, the Premises shall be taken Newport Corporate Center, or appropriated any portion thereof, was the Expiration Date of this Lease.
15.2 In the event that this Lease is not terminated by either Landlord or Tenant under the power of eminent domain or conveyed in lieu thereofprior Section, Tenant shall have pay Rent up to the right to terminate this Lease at its option; however, Tenant’s right to terminate due to a taking date of over ten percent (10%) transfer of possession of such portion of the parking spaces shall be void if either: (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (90) days of the taking subject to Tenant’s reasonable approval of the design, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been Premises so taken or appropriatedcondemned and this Lease shall thereupon cease and terminate with respect to such portion of the Premises so taken or condemned as if the date of transfer of possession of the Premises was the Expiration Date of the term of this Lease relating to such portion of the Premises. Thereafter the Rent shall be adjusted on a pro rata, net rentable square foot basis.
15.3 In the event of any such condemnation or taking and if Landlord agrees to this Lease is not so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such eventsterminated, Landlord shall receive (promptly repair the Premises or the Newport Corporate Center, as the case may be, to the condition that existed at the Commencement Date, so that the remaining portion of the Premises or Newport Corporate Center, as the case may be, shall constitute a complete architectural unit, fit for Tenant's occupancy and Tenant business; provided, however, that Landlord's obligation to repair hereunder shall assign be limited to the extent of the net proceeds made available to Landlord upon demand for such repair from Landlord) any income, rent, award such condemnation or taking. Landlord shall promptly make available to Tenant any and all net proceeds made available to Landlord from such condemnation or taking to the extent such proceeds are attributable to Tenant Improvements owned by and/or paid for by Tenant and are not used in repairing or restoring such Tenant Improvements to the condition that existed at the Commencement Date.
15.4 In the event of any temporary taking or condemnation for any public purpose of the Premises or any interest therein which may portion thereof, then this Lease shall continue in full force and effect except that Rent shall be paid in connection with adjusted on a pro rata net rentable square foot basis for the exercise period of such power time that the Premises are so taken as of eminent domainthe date of transfer of possession of the Premises, and Landlord shall be under no obligation to make any repairs or alterations.
15.5 In the event of any condemnation or taking of the Premises, Tenant shall have no claim against hereby assigns to Landlord for any part of sum paid by virtue of such proceedings, whether or not attributable to the value of all or any portion of the unexpired term of this the Lease except that and all Tenant shall be entitled Improvements and Tenant may not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate attempt to petition recover an award or compensation against or from the condemning authority for the following : (i) the then unamortized cost value of any Alterations or tenant improvements paid for by fixtures, furniture, furnishings, and other personal property which were condemned but which under the terms of this Lease Tenant from its own funds (as opposed is permitted to any allowance provided by Landlord); remove at the end of the Term, (ii) the value unamortized cost of Tenant Improvements, which are not so removable by Tenant at the end of the term of this Lease but which were installed solely at Tenant’s trade fixtures; 's expense, (iii) Tenant’s relocation costs; and moving expenses, and (iv) compensation for loss to Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable 's business.
15.6 Subject to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyanceSection 15.5, Landlord shall restore have the Premises continuing under this Lease at Landlord’s cost exclusive authority to grant possession and expenseuse to the condemning authority and to negotiate and settle all issues of just compensation or, in the alternative, to conduct litigation concerning such issues; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of keep Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder informed of the Term shall be proportionately reduced, such that thereafter proceedings and negotiations concerning the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this ParagraphPremises.
Appears in 1 contract
Sources: Sublease Agreement (Mercata Inc)
Eminent Domain. Section 16.1. If any part over ten (i) more than thirty-three percent (1033%) of the Premises or ten percent (10%) floor area of the parking spaces serving building on the Premises demised premises or (ii) a portion of the Parking and Accommodation Areas shall be taken or appropriated under the power of eminent domain and the portion of the building and/or Parking and Accommodation Areas not so taken will not be reasonably adequate for the operation of Tenant's business after the Landlord completes such repairs or conveyed in lieu thereofalterations as the Landlord is obligated or elects to make, Tenant shall have the right to elect either to terminate this Lease at its option; howeverLease, Tenant’s or, subject to Landlord's right to terminate due the Lease pursuant to a Section 16.4., to continue in possession of the remainder of the demised premises and shall notify Landlord in writing within ten (10) days after such taking of over ten Tenant's election. In the event less than thirty-three percent (1033%) of the parking spaces floor area of the building on the demised premises shall be void if either: (i) Landlord builds a parking structure taken or Tenant elects to remain in possession, as provided in the first sentence hereof, all of the terms herein provided shall continue in effect, except that the base rent shall be reduced in the same proportion that the floor area of the building on the Land demised premises taken bears to replace said spaces within ninety (90) days the original floor area of the taking subject building on the demised premises, and Landlord shall at its own cost and expense make all necessary repairs or alterations to Tenant’s reasonable approval the building so as to constitute the portion of the designbuilding not taken a complete architectural unit and the demised premises a complete unit for the purposes allowed by this Lease, location and construction of said structure; or (ii) if but such a parking structure canwork shall not be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days exceed the scope of the work to be done by Landlord in originally constructing said building.
Section 16.3. All damages or awards for any taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for under the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, domain whether or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations whole or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises demised premises shall belong to and be the property of Landlord whether such damages or awards shall be so taken awarded as compensation for diminution in value to the leasehold or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence fee of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expensedemised premises; provided, provided however, that Landlord shall not be required to repair or restore any injury or damage entitled to the property of award made to Tenant or Landlord for loss of business, depreciation to, and cost or removal of stock and fixtures and for leasehold improvements which have been installed by Tenant at its sole cost and expense less depreciation which is to make any repairs or restoration of any Alterations installed be computed on the Premises by or at basis of completely depreciating such leasehold improvements during the expense initial term of Tenant. Thereafterthis Lease, the Rent and Additional Charges any award made to be paid under this Lease for the remainder Tenant in excess of the Term then depreciated value of leasehold improvements shall be proportionately reduced, such that thereafter payable to the amounts to be paid by Tenant Landlord.
Section 16.4. If more than thirty-three percent (33%) of the floor areas of the building on the demised premises shall be in the ratio that they are taken under power of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21eminent domain, or if the temporary use or occupancy of any part of the Premises Parking and Accommodation Areas shall be taken so taken, Landlord may, by written notice to Tenant delivered on or appropriated under power before the date of eminent domain during surrendering possession to the Termpublic authority pursuant to such taking, terminate this Lease as of such date.
Section 16.5. If this Lease is terminated as provided in this Article, the rent shall be and remain unaffected paid up to the day that possession is so taken by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, public authority and Landlord shall be entitled to receive that portion make a prorata refund of any award which represents the cost of restoration of the Premises rent and the use all deposits paid by Tenant in advance and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this Paragraphnot yet earned.
Appears in 1 contract
Sources: Lease (Broadbase Software Inc)
Eminent Domain. If any part over ten more than twenty-five percent (1025%) of the Premises or ten percent (10%) area of the parking spaces serving the Premises shall be is taken or appropriated for any public or quasi-public use under the power of eminent domain domain, or conveyed in lieu thereof, Tenant or if such amount of the Premises is taken or appropriated as makes it impracticable for Lessee to operate its business in the Premises (as reasonably determined by Lessee), either party hereto shall have the right right, at its option, to terminate this Lease at its option; however, Tenant’s right by written notice to terminate due to a taking of over the other party given within ten percent (10%) of the parking spaces shall be void if either: (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (90) days of the taking subject to Tenant’s reasonable approval date of the designsuch taking, location and construction of said structure; appropriation or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriatedconveyance, and if Landlord agrees Lessor shall be entitled to so build a parking structure it shall promptly commence any and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any all income, rent, award award, or any interest therein whatsoever which may be paid or made (the “Award”) in connection with the exercise of such power of eminent domainpublic or quasi-public use or purpose, and Tenant Lessee shall have no claim against Landlord Lessor for (and hereby assigns to Lessor any part of sum paid by virtue of such proceedings, whether or not attributable to claim which Lessee may have for) the value of the any unexpired term Term of this Lease except that Tenant Lease. Lessee shall be entitled to petition pursue its own award in the condemning authority event of a taking or appropriation that results in the termination of this Lease including sums to compensate Lessee for trade fixtures, moving expenses and loss of good will, provided that such award does not decrease the following amount or value of Lessor’s Award If any part of the Building or the Project other than the Premises may be so taken, appropriated or conveyed, Lessor shall have the right at its option to terminate this Lease, and in any such event Lessor shall be entitled to the entire Award whether or not this Lease is terminated. If this Lease is terminated as provided above: (i) the then unamortized cost termination shall be effective as of the date upon which title to the Premises, the Building, the Project, or a portion thereof, passes to and vests in the condemnor or the effective date of any Alterations or tenant improvements paid order for by Tenant from its own funds (as opposed possession if issued prior to any allowance provided by Landlord)the date title vests in the condemnor; (ii) Lessor shall refund to Lessee any prepaid but unearned Rentals and the value unused balance of Tenant’s trade fixturesthe Security Deposit; and (iii) Tenant’s relocation costs; (iv) Tenant’s goodwillLessee shall pay to Lessor any Rentals or other charges due Lessor under the Lease, loss of business and business interruption; and (v) one-half prorated as of the amount which is the lesser date of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Propertytaking. If a part less than twenty-five percent (25%) of the Premises shall be is so taken taken, appropriated or conveyed, or more than twenty-five percent (25%) thereof is so taken, appropriated or conveyed and neither party hereto shall elect elects to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; herein provided, however, that Landlord (i) Lessor shall not be required to repair or restore any injury or damage entitled to the property entirety of Tenant or the Award, and Lessee shall be entitled to make a claim for any repairs or restoration separate award attributable to any taking of Lessee’s trade fixtures so long as any Alterations installed on such award to Lessee does not reduce the Premises by or at amount of the expense of Tenant. Thereafter, Award available to Lessor; and (ii) the Rent and Additional Charges Rental thereafter to be paid under this Lease hereunder for the remainder Premises shall be reduced in the same ratio that the percentage of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion area of the Premises not so taken taken, appropriated or conveyed bears to the total area of the Premises immediately prior to such the taking, appropriation or conveyance. In addition, if any Rentable Area in the Building containing the Premises is so taken, appropriated or conveyed and this Lease is not terminated by Lessor, Lessee’s Percentage Share of Building Expenses allocated to the Office Cost Pool shall be adjusted pursuant to Article 7. Notwithstanding anything to the contrary contained in this Paragraph 21Article 24 above, if the upon a temporary use taking of all or occupancy of any part portion of the Premises shall be taken or appropriated under power of eminent domain during Premises, the Term, this Lease shall be remain in effect and remain unaffected by such taking or appropriation and Tenant Lessee shall continue to pay in full and be liable for all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any Rentals under this Lease. Upon such temporary appropriation or taking, Tenant Lessee shall be entitled to receive that portion of any award which represents compensation Award for the temporary use of or occupancy the portion of the Premises during taken which is attributable to the Termperiod prior to the date of Lease Termination, and Landlord Lessor shall be entitled to receive that any portion of any award which represents the cost of restoration of Award for such use attributable to the Premises and the use and occupancy of the Premises period after the end of the TermLease Termination. If such As used in this paragraph, a temporary taking is shall mean a taking for a period longer than ninety (90) days of one year or less and unreasonably interferes with Tenant’s use does not include a taking which is to last for an indefinite period and/or which will terminate only upon the happening of a specified event unless it can be determined at the time of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this Paragraphtaking when such event will occur.
Appears in 1 contract
Sources: Net Office Lease (SourceForge, Inc)
Eminent Domain. 14.1 If any part over ten percent (10%) the whole of the Premises or ten percent (10%) of the parking spaces serving the Premises shall be taken for a public or appropriated quasi-public use or purpose under power of eminent domain, the term of this Lease shall terminate as of the date actual physical possession thereof shall be so taken.
14.2 Except as otherwise provided in this Lease, all damages awarded or other sums or awards paid on account of any condemnation or taking under the power of eminent domain of the Premises or conveyed any portion or portions thereof shall belong to and be the sole property of Landlord, whether such damages or other sums are awarded as compensation for loss or diminution in lieu thereofvalue of the leasehold, or for the fee of the Premises, or otherwise.
14.3 Tenant in no event shall have any claims whatsoever against Landlord for loss or diminution in value of the leasehold or for the value of any unexpired term of this Lease, Tenant shall have the hereby expressly waiving any such right to terminate this Lease at its optionor claim; provided, however, Tenant’s right that Tenant shall be entitled to terminate due to a receive any award or portion thereof made for the taking of over ten percent (10%) any of Tenant's movable furniture, fixtures and equipment under the parking spaces shall be void if either: (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (90) days of the taking subject to Tenant’s reasonable approval of the design, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for damages thereto caused thereby and for any part cost to which Tenant might be put in removing Tenant's property.
14.4 A voluntary sale or transfer of sum paid by virtue of such proceedings, whether all or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for the following : (i) the then unamortized cost of any Alterations or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises by Landlord to any public or quasi-public body, agency or person, corporate or otherwise, having the power of eminent domain, either under threat or condemnation or while condemnation proceedings are pending, shall be taken or appropriated deemed to be a taking under the power of eminent domain during for the Term, purposes of this paragraph.
14.5 In the event this Lease is cancelled or terminated pursuant to any of the provisions of this paragraph, all rentals and other charges payable on the part of Tenant to Landlord hereunder shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during paid either as of the Term; in the event of any such temporary appropriation or taking, Tenant date upon which actual physical possession shall be entitled to receive that portion of any award which represents compensation for taken by the use of condemnor, or occupancy as of the Premises during date upon which Tenant ceases doing business in, upon or from the TermPremises, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises whichever last occurs; and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant parties shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this Paragraphthereupon be released from all further liability hereunder.
Appears in 1 contract
Sources: Lease (Allergy Research Group Inc)
Eminent Domain. If any part over ten fifteen percent (1015%) of the Premises or ten percent (10%) of the parking spaces serving the Premises shall be taken or appropriated under the power of eminent domain or conveyed in lieu thereof, Tenant shall have the right to terminate this Lease at its option; however, Tenant’s right to terminate due to a taking of over ten percent (10%) of the parking spaces shall be void if either: (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (90) days of the taking subject to Tenant’s reasonable approval of the design, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such eventsevent, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for the following following: (i) the then unamortized cost of any Alterations or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance allowance, including the TI Allowance, provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; and (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Monthly Base Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Monthly Base Rent and Additional Charges payable hereunder by Tenant during the Term; in . In the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety two hundred and seventy (90270) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common AreasArea, then Tenant shall have the right to terminate the Lease unless, if applicable, Lease. Landlord agrees and Tenant understand and agree that the provisions of this Paragraph 21 are intended to provide valet parking (at no cost to Tenant) govern fully the rights and obligations of the parties in the same as described in clause (ii) event of a Taking of all or any portion of the first sentence Premises. Accordingly, the parties each hereby waives any right to terminate this Lease in whole or in part under Sections 1265.120 and 1265.130 of this Paragraphthe California Code of Civil Procedure or under any similar Law now or hereafter in effect.
Appears in 1 contract
Eminent Domain. Section 14.01 Total Condemnation If at any part over ten percent (10%) time during the Term the whole of the Premises or ten percent (10%) of the parking spaces serving the Premises Building shall be taken for any public or appropriated quasi-public use under the power any statute, or by right of eminent domain or conveyed in lieu thereofdomain, the Term and all rights of the Tenant shall have immediately cease and terminate as of the right date of such taking, and the Basic Rent and Additional Rent shall be apportioned and paid to terminate the time of such termination.
Section 14.02 Partial In the event that only a part of the Building area shall be so taken, such building area being 50,000 square feet or less, either the Landlord or the Tenant may elect to cancel this Lease at its option; howeverprovided such cancelling party, Tenant’s right to terminate due to a taking of over ten percent (10%) of the parking spaces shall be void if either: (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (90) days after such taking, gives notice to that effect and upon the giving of such notice, the Basic Rent and Additional Rent shall be apportioned and paid to the date of the taking subject to Tenant’s reasonable approval expiration of the designTerm and this Lease and the Term shall cease, location expire and construction come to an end upon the expiration of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, days specified in said notice. If neither Landlord agrees in writing within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either of such events, Landlord shall receive (and nor Tenant shall assign elect to Landlord upon demand from Landlord) any incometerminate as hereinbefore provided, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or not attributable to the value of the unexpired term of this Lease shall remain unaffected except that the Tenant shall be entitled to petition a pro rata reduction of Basic Rent, based on the condemning authority for proportion which the following : (i) the then unamortized cost of any Alterations or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half area of the amount which is the lesser of (a) the bonus value of this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not building so taken bears to the total area of the Premises Building immediately prior to such taking. Notwithstanding anything .
Section 14.03 Award In case of any taking [illegible] regardless of whether this Lease survives, the entire award shall be paid to the contrary contained in this Paragraph 21, if Landlord and the temporary use Tenant hereby assigns such award or occupancy of any part of awards to the Premises shall be taken or appropriated under power of eminent domain during the Term, this Lease shall be and remain unaffected by such taking or appropriation and Landlord. Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall not be entitled to receive that portion share in any award or awards made in condemnation proceedings for consequential damages or for the taking of any award which represents compensation appurtenances to the premises, vaults, areas or projections outside of the boundaries of the lands owned by Landlord, or right in, under or above the streets adjoining said lands, or the rights and benefits of light, air, or access to said streets, or for the use taking of space or occupancy of rights therein, below the Premises during surface or above the Term, and Landlord shall be entitled to receive that portion of any award which represents the cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or the Project Common Areas, then Tenant shall have the right to terminate the Lease unless, if applicable, Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this ParagraphDemised Premises.
Appears in 1 contract
Sources: Lease (Viewcast Com Inc)