Common use of Recovery Clause in Contracts

Recovery. If City determines to recover all or any portion of the Premises, City shall provide Tenant with ninety (90) days prior written notice specifying what areas will be recovered. If any portion remaining after such recovery is tenantable in light of the purposes of this Agreement (as determined by City in its sole discretion), City shall reduce Tenant's rent hereunder by the percentage of the Premises that City recovers, and City shall pay the cost of any alterations to the Tenant Improvements that are required by City in connection therewith (so long as such improvements are not in breach of this Agreement). If City recovers all of the Premises, or if any remaining portion of the Premises is not tenantable pursuant to City’s determination, City may terminate this Agreement by including in the notice provided for in this Section 5.C.i a notice of termination, and this Agreement shall terminate at the end of such ninety (90) day period. In connection with any such termination, City shall pay only the following amount: the remaining, unamortized value of the Tenant Improvements (so long as such improvements are not in breach of this Agreement) based on amortizing Tenant’s certified construction costs (determined pursuant to Exhibit B, Section B.8.a) using a straight-line method over a thirty (30) year period that commences on the Commencement Date. Such thirty-year period relates only to the calculation contained in this Section 5.C.i, and it does not alter any other provision of this Agreement (including, but not limited to, the term hereof or any termination rights).

Appears in 18 contracts

Samples: Private Hangar Agreement, Private Hangar Agreement, Private Hangar Agreement

AutoNDA by SimpleDocs

Recovery. If City determines to recover all or any portion of the Premises, City shall provide Tenant with ninety (90) days prior written notice specifying what areas will be recovered. If any portion remaining after such recovery is tenantable in light of the purposes of this Agreement (as determined by City in its sole and absolute discretion), City shall reduce Tenant's rent hereunder by the percentage of the Premises that City recovers, and City shall pay the cost of any alterations to the Tenant Improvements that are required by City in connection therewith (so long as such improvements are not in breach of this Agreement). If City recovers all of the Premises, or if any remaining portion of the Premises is not tenantable pursuant to City’s determination, City may terminate this Agreement by including in the notice provided for in this Section 5.C.i a notice of termination, and this Agreement shall terminate at the end of such ninety (90) day period. In connection with any such terminationtermination where Tenant is not in default, City shall pay only to Tenant the following amount: the remaining, unamortized fair market value of the Tenant Improvements (so long and Tenant's leasehold interest as such improvements are not in breach determined by a professional real estate appraisal obtained and paid for City. The appraiser’s determination of this Agreement) based on amortizing Tenant’s certified construction costs (determined pursuant to Exhibit B, Section B.8.a) using a straight-line method over a thirty (30) year period that commences on fair market value shall take into consideration the Commencement Date. Such thirty-year period relates only to the calculation contained in this Section 5.C.i, and it does not alter any other provision remaining term of this Agreement (including, but not limited to, and the term hereof or any termination rights).parties’ rights to remove Tenant Improvements upon expiration of this Agreement as set forth in Section 11.A.

Appears in 5 contracts

Samples: Operating and Lease Agreement, Operating and Lease Agreement, Operating and Lease Agreement

Recovery. If City determines to recover all or any portion of the Premises, City shall provide Tenant with ninety (90) days prior written notice specifying what areas will be recovered. If any portion remaining after such recovery is tenantable in light of the purposes of this Agreement (as determined by City in its sole and absolute discretion), City shall reduce Tenant's rent hereunder by the percentage of the Premises that City recovers, and City shall pay the cost of any alterations to the Tenant Improvements that are required by City in connection therewith (so long as such improvements are not in breach of this Agreement). If City recovers all of the Premises, or if any remaining portion of the Premises is not tenantable pursuant to City’s determination, City may terminate this Agreement by including in the notice provided for in this Section 5.C.i a notice of termination, and this Agreement shall terminate at the end of such ninety (90) day period. In connection with any such terminationtermination where Tenant is not in default, City shall pay only to Tenant the following amount: the remaining, unamortized fair market value of the Tenant Improvements (so long and Tenant's leasehold interest as such improvements are not in breach determined by a professional real estate appraisal obtained and paid for City. The appraiser’s determination of fair market value shall take into consideration only the remaining term of this Agreement) based on amortizing Tenant’s certified construction costs (determined pursuant to Exhibit B, Section B.8.a) using a straight-line method over a thirty (30) year period that commences on offset by rent and fees due during the Commencement Date. Such thirty-year period relates only to the calculation contained in this Section 5.C.i, and it does not alter any other provision of this Agreement (including, but not limited to, the term hereof or any termination rights)remaining term.

Appears in 2 contracts

Samples: Saso Operating and Lease Agreement, Private Hangar Lease Agreement

AutoNDA by SimpleDocs

Recovery. If City determines to recover all or any portion of the Premises, City shall provide Tenant with ninety (90) days prior written notice specifying what areas will be recovered. If any portion remaining after such recovery is tenantable in light of the purposes of this Agreement (as determined by City in its sole discretion), City shall reduce Tenant's rent hereunder by the percentage of the Premises that City recovers, and City shall pay the cost of any alterations to the Tenant Improvements that are required by City in connection therewith (so long as such improvements are not in breach of this Agreement). If City recovers all of the Premises, or if any remaining portion of the Premises is not tenantable pursuant to City’s determination, City may terminate this Agreement by including in the notice provided for in this Section 5.C.i 5.3.a a notice of termination, and this Agreement shall terminate at the end of such ninety (90) day period. In connection with any such termination, City shall pay only the following amount: the remaining, unamortized value of the Tenant Improvements (so long as such improvements are not in breach of this Agreement) based on amortizing Tenant’s certified construction costs (determined pursuant to Exhibit B, Section B.8.a) using a straight-line method over a thirty (30) year period that commences on the Commencement Date. Such thirty-thirty- year period relates only to the calculation contained in this Section 5.C.i, 5.3.a and it does not alter any other provision of this Agreement (including, but not limited to, the term hereof or any termination rights).

Appears in 1 contract

Samples: Private Hangar Agreement

Time is Money Join Law Insider Premium to draft better contracts faster.