Partial Appropriation Clause Samples
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Partial Appropriation. If less than the entire Premises or Improvements are Appropriated and this Lease is not terminated pursuant to Section 17.4(b) above: (A) this Lease shall be deemed amended, effective as of the earlier of the date that the Appropriating authority obtains title to the Appropriated portion of the Premises or Improvements or the date that the Appropriating authority takes possession of the Appropriated portion of the Premises or Improvements, such that the definition of the "Premises" shall include only that portion of the land described in Exhibit A attached that is not Appropriated; (B) Lessee, as promptly as reasonably practicable and with all commercially reasonable diligence, shall perform all Restoration Work that may be necessary to restore the Project consistent with the requirements of this Lease, to the maximum extent feasible; (C) Annual Base Rent shall be equitably reduced based upon the ratio that the gross square footage of the Improvements that are the subject of the Appropriation bears to the Aggregate Permitted Square Footage (calculated for purposes of this Section 17.4(c) with reference to Entitlements issued by the City as of the date this Lease is deemed amended pursuant to clause (A) of this Section 17.4(c)), and (D) any Award shall be divided between Lessor and Lessee in the manner provided in Section 17.5(b) below.
Partial Appropriation. In the event of any Appropriation of the nature covered by Section 17.4(c) above, all Awards therefor shall be applied first to the restoration, repair and replacement by Lessee of the Premises, Improvements and Personal Property that were not Appropriated, with any severance award being applied in its entirety before any other portion of the Award is so applied, and the unexpended portion of the Award, if any, shall be divided between Lessor and Lessee in the manner provided by Section 17.5(a) above.
Partial Appropriation. In the event of any Appropriation of the nature covered by Section 17.4(c) above, all Awards therefor shall be payable in the following order of priority:
(i) Lessee and Lessor shall first be entitled to payment for all out of pocket third party costs and expenses, including, without limitation, attorneys' fees, costs and disbursements, reasonably incurred in collecting the Awards.
(ii) Lessor shall next be entitled to payment for the amount of the Discounted Rent Value of the future Rent to be received by Lessor pursuant to this Lease which is fairly allocable to the land so Appropriated (specifically excluding, however, the value of Lessor's reversionary interest in any Improvements affected by such Appropriation); provided, however, that if the sum received by Lessor pursuant to this clause (ii) is less than the portion of the Initial Investment Amount allocated by Lessor in its sole, good faith discretion to the Appropriated land, then Lessor shall be entitled to receive such additional sum as shall be sufficient to pay to Lessor in the aggregate an amount equal to such allocated portion of the Initial Investment Amount, and such additional sum shall be paid to Lessor out of any remaining portion of the Award, or otherwise out of Lessee's own funds.
(iii) Lessee shall next be entitled to reimbursement of all sums reasonably incurred by Lessee in restoring, repairing and replacing the Premises and the Improvements that were not Appropriated. EXHIBIT 10.27 *CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTION HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.
(iv) Any Lender who is the holder of a Loan approved by Lessor pursuant to Section 15.5 above shall next be entitled to payment of all sums secured by its Leasehold Mortgage which reasonably reflect the loss in value of the Lender's security attributable to any Improvements so Appropriated, as and to the extent required thereby.
(v) Lessor shall next be entitled to payment of the Reversionary Value, plus any portion of the Award made for severance damages.
(vi) The balance of the Award shall be paid to Lessee.
Partial Appropriation. If during the Term only part of the Building is Appropriated, then:
(a) If fifty percent (50%) or more of the Rentable Area of the Building is Appropriated on a permanent basis, whether or not the Premises are or may be affected, Landlord may terminate this Lease;
(b) If any such Appropriation materially, permanently or temporarily (for more than sixty (60) days), and adversely interferes with Tenant’s ability to operate its business in the Premises (including access thereto), Tenant may terminate this Lease;
(c) If five percent (5%) or more Rentable Area of the Premises is Appropriated permanently or temporarily (for more than sixty (60) days), Tenant may terminate this Lease. Any such termination shall be exercised during the sixty (60) day period commencing on the Appropriation Date by giving at least thirty (30) days’ notice to the other party. If either party so exercises its right of termination hereunder, this Lease shall terminate on the date stated in the notice.