Common use of TAKING OF PARKING AREA Clause in Contracts

TAKING OF PARKING AREA. In the event there shall be a taking of the parking area such that Landlord can no longer provide reasonable and sufficient parking to comply with this Lease, Landlord, after reasonable prior notice to Tenant, may substitute reasonably equivalent parking in a location reasonably close to the Building; provided that if Landlord fails to make that substitution prior to or substantially concurrently with the taking and if the taking materially impairs Tenant's use and enjoyment of the Premises, Tenant may, at its option, terminate this Lease by written notice to Landlord. If this Lease is not so terminated by Tenant, there shall be no abatement of rent and this Lease shall continue in effect.

Appears in 2 contracts

Samples: Lease (New Century Financial Corp), New Century Financial Corp

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TAKING OF PARKING AREA. In the event there shall be a taking of the parking area such that Landlord can no longer provide reasonable and sufficient parking to comply with this Lease, Landlord, after reasonable prior notice Landlord shall have no obligation to Tenant, may locate or provide substitute reasonably equivalent parking in a location reasonably close to the Building; provided that if Landlord fails to make that substitution prior to or substantially concurrently with the taking and if additional parking. If the taking materially impairs Tenant's use and enjoyment of the Premises, Tenant may, at its option, terminate this Lease by written notice to Landlord. If this Lease is not so terminated by Tenant, there shall be no abatement of rent and this Lease shall continue in effect.

Appears in 2 contracts

Samples: Industrial Lease (Minimed Inc), Industrial Lease (Minimed Inc)

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TAKING OF PARKING AREA. In the event there shall be a taking of the parking area such that Landlord can no longer provide reasonable and sufficient parking to comply with this Lease, Landlord, after reasonable prior notice to Tenant, may substitute reasonably equivalent parking in a location reasonably close to the BuildingBuildings; provided that if Landlord fails to make that substitution prior to or substantially concurrently with the taking and if the taking materially impairs Tenant's use and enjoyment of the Premises, Tenant may, at its option, terminate this Lease by written notice to Landlord. If this Lease is not so terminated by Tenant, there shall be no abatement of rent and this Lease shall continue in effect.

Appears in 1 contract

Samples: License Agreement (New Century Financial Corp)

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