Common use of Lease Terminated Clause in Contracts

Lease Terminated. In the event of a condemnation and this Lease is terminated as herein provided, the parties shall use reasonable efforts to cause the condemning authority to make separate awards to Landlord, on the one hand, and Tenant, on the other hand, as to their respective interests. If the condemning authority does not make such separate awards, then the award paid by the condemning authority (after payment of expenses incurred in connection with collecting the same) shall be divided between Landlord and Tenant so that each party shall receive that portion of the award which bears the same proportion of the total award as the value of such party’s interests in the Premises bears to the total value of all interests in the Premises. The value of Landlord’s interests shall include the value of the land; the value of Landlord’s interest in this Lease had the Premises not been condemned, including the right to receive payment of all sums required to be paid by Tenant to Landlord hereunder for the remainder of the Lease term; and the value of Landlord’s residual right to the improvements located on the Premises upon termination of this Lease. The value of Tenant’s interest shall include the value of the improvements located on the Premises reduced by the value of Landlord’s reversionary interest therein; and the value of Tenant’s leasehold estate hereunder had the Premises not been condemned, including the right to use and occupy the Premises for the remainder of the Lease term subject to the obligation of Tenant to pay the amounts due hereunder. Tenant shall be entitled to claim in any condemnation proceedings such award as may be allowed for relocation costs or other consequential damages, but only to the extent that the same shall not reduce, and shall be in addition to, the award for the Premises and the improvements located on the Premises.

Lease Terminated. In If the event Premises or any portion thereof is taken under the power of a condemnation and eminent domain or sold under the threat of the exercise of said power ("Condemnation"), this Lease is terminated shall terminate as herein provided, to the parties shall use reasonable efforts to cause part so taken as of the date the condemning authority to make separate awards to Landlordtakes title or possession, whichever first occurs. If more than 10 percent of the floor area of the portion of the Building located on the one handPremises or more than 25 percent of the land area of the Premises which is not occupied by the Building is taken by Condemnation, and TenantTenant may, on at Tenant s option, to be exercised in writing only within ten days after Landlord has given Tenant written notice of such taking (or in the other handabsence of such notice, as to their respective interests. If within ten days after the condemning authority does not make such separate awardstakes possession), then terminate this Lease as of the award paid by date the condemning authority (after payment takes such possession. If Tenant does not terminate this Lease in accordance with the foregoing, this Lease will remain in full force and effect as to the portion of expenses incurred the Premises remaining, except that the rent will be reduced in connection with collecting the same) proportion that the floor area of the portion of the Building located on the Premises taken bears to the floor area of the Premises before Condemnation. No reduction of rent shall be divided between occur if the only area taken is that which does not have the Building located thereon, unless the taking materially reduces the parking space available, in which case Landlord and Tenant so that each party shall receive that portion agree on an equitable reduction of rent. Any award for the taking of all or any part of the award which bears Premises under the same proportion power of eminent domain or any payment made under threat of the total award as the value exercise of such party’s interests in power will be the Premises bears to the total value of all interests in the Premises. The value property of Landlord’s interests shall include the , whether such award will be made as compensation for diminution in value of the landleasehold or for the taking of the fee, or as severance damages; the value of Landlord’s interest in this Lease had the Premises not been condemnedprovided, including however, that Tenant will be entitled to: (a) Any sum awarded to Tenant which is attributable to Tenant's machinery and equipment which Tenant has the right to receive payment remove from the Premises pursuant to the provisions of all sums required this Lease but elects not to be paid by remove; (b) Any sum awarded to Tenant which is attributable to Landlord hereunder any excess of the market value of the Premises, exclusive of Tenant's improvements or alterations for which Tenant is compensated, over the present value at the date of taking of the monthly rent for the remainder of the Lease term; and the value of Landlord’s residual right to the improvements located on the Premises upon termination of this Lease. The value of Tenant’s interest shall include the value Term (or any renewal or extension thereof), calculated as of the improvements located on date of such taking, with allowances for the Premises reduced by estimated increases in the value cost of Landlord’s reversionary interest therein; and the value of Tenant’s leasehold estate hereunder had the Premises not been condemned, including the right to use and occupy the Premises living increase for the remainder of the Lease term subject Term (or any renewal or extension thereof) projected over the remainder of the Term (or any renewal or extension thereof); and (c) Severance damages specifically awarded to the obligation Tenant for restoration of Tenant to pay the amounts due hereunder. Tenant shall be entitled to claim in any condemnation proceedings such award as may be allowed for relocation costs or other consequential damages, but only to the extent that the same shall not reduce, and shall be in addition to, the award for the Premises and the improvements located on the Premises.