Taking. If the Premises, or such portion thereof as to render the balance (when reconstructed) unsuitable for the purposes of the Tenant in the reasonable opinion of the Landlord, shall be taken by condemnation or right of eminent domain, either party, upon written notice to the other, shall be entitled to terminate this Lease, provided that such notice is given not later than thirty (30) days after the Tenant has been deprived of possession. For the purposes of this Article, any deed or other transfer of title in lieu of any such taking shall be treated as such a taking. Moreover, for the purposes of this Article, such a taking of the Tenant's entire leasehold interest hereunder in the Premises (or assignment or termination in lieu thereof) shall be treated as a taking of the entire Premises, and in such event the Tenant shall be treated as having been deprived of possession on the effective date thereof. Should any part of the Premises be so taken or condemned, and should this lease not be terminated in accordance with the foregoing provision, the Landlord covenants and agrees within a reasonable time after such taking or condemnation, and the determination of the Landlord's award therein, to expend so much as may be necessary of the net amount which may be awarded to the 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 practicable. Should the net amount so awarded to the Landlord be insufficient to cover the cost of restoring the Premises, as estimated by the Landlord's architect, the Landlord may, but shall not be obligated to, supply the amount of such insufficiency and restore the Premises as above provided, with all reasonable diligence, or terminate this lease. Where the Tenant has not already exercised any right of termination accorded to it under the foregoing portion of this paragraph, the Landlord shall notify the Tenant of the Landlord's election not later than ninety (90) days after the final determination of the amount of the award. Further, if so much of the Commercial Unit shall be so taken that continued operation of the Commercial Unit as operated prior to the taking would be uneconomic in the Landlord's judgment or prohibited by zoning or other applicable law or by or pursuant to applicable provisions of the Condominium Documents or the Land Disposition Agreement, the Landlord shall have the right to terminate this lease by giving notice to the Tenant of the Landlord's desire so to do not later than thirty (30) days after the effective date of such taking.
Appears in 2 contracts
Sources: Office Lease (Paratek Pharmaceuticals, Inc.), Office Lease (Paratek Pharmaceuticals, Inc.)
Taking. If the Premises, or such portion thereof as to render the balance (when reconstructed) unsuitable for the purposes all of the Premises are taken by Eminent Domain, this Lease shall terminate as of the date Tenant is required to vacate the Premises and all Base and Additional Rent shall be paid to that date. The term "Eminent Domain" shall include the taking or damaging of property by, through or under any governmental or statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other person. If, in the reasonable opinion judgment of Landlord, a taking of any part of the LandlordPremises by Eminent Domain renders the remainder thereof unusable for the business of Tenant (or the cost of restoration of the Premises is not commercially reasonable), shall be taken by condemnation or right the Lease may, at the option of eminent domain, either party, upon be terminated by written notice given to the other, shall be entitled to terminate this Lease, provided that such notice is given other party not later more than thirty (30) days after Landlord gives Tenant written notice of the Tenant has been deprived of possession. For the purposes of this Articletaking, any deed or other transfer of title in lieu of any and such taking termination shall be treated effective as such a taking. Moreover, for the purposes of this Article, such a taking of the Tenant's entire leasehold interest hereunder in date when Tenant is required to vacate the Premises (or assignment or termination in lieu thereof) shall be treated as a taking of the entire Premises, and in such event the Tenant shall be treated as having been deprived of possession on the effective date thereof. Should any part portion of the Premises so taken. If this Lease is so terminated, all Base and Additional Rent shall be so paid to the date of termination. Whenever any portion of the Premises is taken or condemnedby Eminent Domain and this Lease is not terminated, Landlord shall at its expense proceed with all reasonable dispatch to restore, to the extent of available proceeds issued from the taking governmental authority and should this lease not be terminated in accordance with to the foregoing provisionextent it is reasonably prudent to do so, the Landlord covenants and agrees within a reasonable time after such taking or condemnation, and the determination remainder of the Landlord's award therein, to expend so much as may be necessary of the net amount which may be awarded to the Landlord in such condemnation proceedings in restoring the Premises to an architectural unit as nearly like their the condition they were in immediately prior to such taking as taking, and Tenant shall be practicable. Should the net amount so awarded to the Landlord be insufficient to cover the cost of restoring the Premises, as estimated by the Landlord's architect, the Landlord may, but shall not be obligated to, supply the amount of such insufficiency and restore the Premises as above provided, at its expense proceed with all reasonable diligence, or terminate this leasedispatch to restore its personal property and all improvements made by it to the Premises to the same condition they were in immediately prior to such taking. Where The Base and Additional Rent payable hereunder shall be reduced from the date Tenant has not already exercised any right of termination accorded is required to it under partially vacate the foregoing portion of this paragraph, Premises in the Landlord shall notify same proportion that the Tenant Rentable Area taken bears to the total Rentable Area of the Landlord's election not later than ninety (90) days after the final determination of the amount of the award. Further, if so much of the Commercial Unit shall be so taken that continued operation of the Commercial Unit as operated Premises prior to the taking would be uneconomic in the Landlord's judgment or prohibited by zoning or other applicable law or by or pursuant to applicable provisions of the Condominium Documents or the Land Disposition Agreement, the Landlord shall have the right to terminate this lease by giving notice to the Tenant of the Landlord's desire so to do not later than thirty (30) days after the effective date of such taking.
Appears in 2 contracts
Sources: Office Lease Agreement (F5 Networks Inc), Office Lease Agreement (F5 Networks Inc)
Taking. If the PremisesPremises are taken by condemnation or right of eminent domain then this Lease shall terminate as of the date that Tenant has been deprived of possession. If, or however, less than all the Premises has been taken by eminent domain but there has been taken such portion thereof as to render the balance (when reconstructed) unsuitable for the purposes of the Tenant in the reasonable opinion of the Landlord, shall be taken by condemnation or right of eminent domain, either partyor if access to the Premises is materially, adversely and permanently affected by such a taking or if more than ten (10) parking spaces allocated to Tenant's use are taken by such condemnation or right of eminent domain and Landlord promptly does not provide alternative spaces to Tenant reasonably acceptable to Tenant, Tenant, upon written notice to the otherLandlord, shall be entitled to terminate this Leaselease, provided that such notice is given not later than thirty (30) days after the Tenant has been deprived of possession. For the purposes of this Article, any deed or other transfer of title in lieu of any such taking shall be treated as such a taking. Moreover, for the purposes of this Article, such a taking of the Tenant's entire leasehold interest hereunder in the Premises (or assignment or termination in lieu thereof) shall be treated as a taking of the entire Premises, and in such event the Tenant shall be treated as having been deprived of possession on the effective date thereof. Should any part of the Premises be so taken or condemned, and should this lease Lease not be terminated in accordance with the foregoing provision, the Landlord covenants and agrees within a reasonable time after such taking or condemnation, and the determination of the Landlord's award therein, to expend so much as may be necessary of the net amount which may be awarded to the Landlord in such condemnation proceedings proceedings, in restoring the Premises to an architectural unit as nearly like their condition prior to such taking as shall be practicable. Should the net amount so awarded to the Landlord be insufficient to cover the cost of restoring the Premises, as estimated by the Landlord's architect, the Landlord may, but shall not be obligated to, supply the amount of such insufficiency and restore the Premises as above provided, with all reasonable diligence, or terminate this leaseLease. Where the Tenant has not already exercised any right of termination accorded to it under the foregoing portion of this paragraph, the Landlord shall notify the Tenant of the Landlord's election not later than ninety (90) days after the final determination of the amount of the award. Further, if so much of the Commercial Unit shall be so taken that continued operation of the Commercial Unit as operated prior to the taking would be uneconomic in the Landlord's judgment or prohibited by zoning or other applicable law or by or pursuant to applicable provisions of the Condominium Documents or the Land Disposition Agreement, the Landlord shall have the right to terminate this lease by giving notice to the Tenant of the Landlord's desire so to do not later than thirty (30) days after the effective date of such taking.
Appears in 2 contracts
Taking. If the Premises, or such portion thereof as to render the balance (when reconstructed) unsuitable for the purposes all of the Premises are taken by Eminent Domain, this Lease shall terminate as of the date Tenant is required to vacate the Premises and all Base Rent, Additional Rent, and Percentage Rent (if applicable) shall be paid to that date. The term “Eminent Domain” shall include the taking or damaging of property by, through or under any governmental or statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other person who under applicable law has the power to exercise the power of condemnation or eminent domain. If, in the reasonable opinion judgment of Landlord, a taking of any part of the LandlordPremises by Eminent Domain renders the remainder thereof unusable for the business of Tenant this Lease, shall be taken by condemnation or right at the option of eminent domain, either party, upon may be terminated by written notice given to the other, shall be entitled to terminate this Lease, provided that such notice is given other party not later more than thirty (30) days after Landlord gives Tenant written notice of the Tenant has been deprived of possession. For the purposes of this Articletaking, any deed or other transfer of title in lieu of any and such taking termination shall be treated effective as such a taking. Moreover, for the purposes of this Article, such a taking of the Tenant's entire leasehold interest hereunder in date when Tenant is required to vacate the portion of the Premises so taken. If this Lease is so terminated, all Base Rent, Additional Rent, and Percentage Rent (or assignment or termination in lieu thereofif applicable) shall be treated as a taking paid to the date of termination. Whenever any portion of the Premises is taken by Eminent Domain and this Lease is not terminated, Landlord shall at its expense proceed with all reasonable dispatch to restore, to the extent of available proceeds and to the extent it is reasonably prudent to do so, the remainder of the Premises to the condition they were in immediately prior to such taking, and Tenant shall at its expense proceed with all reasonable dispatch to restore its personal property and all improvements made by it to the Premises to the same condition they were in immediately prior to such taking. The Base Rent payable hereunder shall be equitably reduced based on (i) the square footage of the Premises so taken compared to the square footage of the entire Premises, and in (ii) the relative gross revenue from operations generated at such event time by the Tenant shall be treated as having been deprived of possession on the effective date thereof. Should any part portion of the Premises be so taken or condemnedcompared to the gross revenue from operations generated at such time by the remainder of the Premises. If this Lease is terminated pursuant to this Subsection 8.2(a), Landlord shall pay Tenant the Lease Termination Fee provided that Tenant has delivered to Landlord any Casino Personal Property and Casino Personal Property Additions that are not taken and all condemnation proceeds relating to the taken Casino Personal Property, the taken Casino Personal Property Additions, any Alterations to the Premises and any and all damages relating to the Casino Business and Tenant’s leasehold interest under this Lease. Tenant shall deliver such items to Landlord free and clear of liens, encumbrances, and should this lease not be terminated in accordance with defects of title, except any such matters arising through Prime Landlord for the foregoing provision, the Landlord covenants benefit of its Mortgagee and agrees within a reasonable time after such taking or condemnation, and the determination of the Landlord's award therein, to expend so much as may be necessary of the net amount which may be awarded to the 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 practicable. Should the net amount so awarded to the Landlord be insufficient to cover the cost of restoring the Premises, as estimated by the Landlord's architect, the Landlord may, but shall not be obligated to, supply the amount of such insufficiency and restore the Premises as above provided, with all reasonable diligence, or terminate this lease. Where the Tenant has not already exercised any right of termination accorded to it under the foregoing portion of this paragraph, the Landlord shall notify the Tenant of the Landlord's election not later than ninety (90) days after the final determination of the amount of the award. Further, if so much of the Commercial Unit shall be so taken that continued operation of the Commercial Unit as operated prior to the taking would be uneconomic in the Landlord's judgment or prohibited by zoning or other applicable law or by or pursuant to applicable provisions of the Condominium Documents or the Land Disposition Agreement, the Landlord shall have the right to terminate this lease by giving notice to the Tenant of the Landlord's desire so to do not later than thirty (30) days after the effective date of such takingexcept for Casino Personal Property Additions Capital Leases then outstanding.
Appears in 1 contract
Taking. If (a) In the Premises, event all or such portion thereof as to render the balance (when reconstructed) unsuitable for the purposes any part of the Tenant in Mortgaged Property shall be damaged or taken as a result of a Taking, either temporarily or permanently, Agency and Mortgagor shall assign, transfer and set over unto Mortgagee the reasonable opinion Taking Proceeds or any claim for damages for any of the Landlord, shall be Premises taken by condemnation or right damaged under the power of eminent domain, either party, upon written notice to the other, shall be entitled to terminate this Lease, provided and agrees that such notice is given not later than thirty (30) days after the Tenant has been deprived of possession. For the purposes of this Article, any deed or other transfer of title in lieu of any such taking shall be treated as such a taking. Moreover, for the purposes of this Article, such a taking of the Tenant's entire leasehold interest hereunder in the Premises (or assignment or termination in lieu thereof) shall be treated as a taking of the entire Premises, and in such event the Tenant shall be treated as having been deprived of possession on the effective date thereof. Should whole or any part of the Premises is taken by eminent domain proceedings, then all sums awarded as damages for the Taking shall be so taken applied in reduction of the indebtedness secured by this Mortgage, but without imposition of the prepayment premium to such application. Any and all costs and expenses, including, without limitation, reasonable attorneys' fees and expenses to the fullest extent not then prohibited by applicable law, incurred by Mortgagee by reason of any condemnation, threatened condemnation or proceedings thereunder shall be secured hereby and Mortgagor shall reimburse Mortgagee therefor immediately, or Mortgagee shall have the right, at its option, to deduct such costs and expenses from any Taking Proceeds paid to Mortgagee hereunder. In the event that the Premises is wholly condemned, Mortgagee shall receive from Mortgagor and should Agency and/or from the Taking Proceeds, payment of the entire amount of the indebtedness secured by this lease not Mortgage. Notwithstanding anything in the foregoing to the contrary, if there is no Event of Default, the Mortgagor may repair or replace the Mortgaged Property with the replacement or repair to be terminated conducted, and the proceeds to be disbursed, in accordance with the foregoing provisionMortgagee's customary construction loan practices and requirements.
(b) Subject to paragraph (a) of this Section, the Landlord covenants Agency and agrees within a reasonable time after such taking or condemnation, and the determination Mortgagor will immediately notify Mortgagee of the Landlord's award therein, to expend so much as may be necessary actual or threatened commencement of the net amount which may be awarded to the Landlord in such condemnation any Taking proceedings in restoring the Premises to an architectural unit as nearly like their condition prior to such taking as shall be practicable. Should the net amount so awarded to the Landlord be insufficient to cover the cost affecting all or any part of restoring the Premises, as estimated including any easement therein or appurtenance thereof, including severance and consequential damage and change in grade of streets, and will deliver to Mortgagee copies of any and all papers served in connection with any such proceedings. Agency and Mortgagor further covenant and agree to make, execute and deliver to Mortgagee, from time to time upon request, free, clear and discharged of any encumbrances of any kind whatsoever, any and all further assignments or other instruments deemed necessary by Mortgagee for the Landlord's architectpurpose of validly and sufficiently assigning the Taking Proceeds and all other awards and compensation heretofore and hereafter to be made to Agency and Mortgagor, including the assignment of any award from the United States Government at any time after the allowance of the claim therefor, the Landlord mayascertainment of the amount thereof and the issuance of the warrant for payment thereof, but for any Taking, either permanent or temporary, under any such proceedings. In the event of a Taking, Mortgagee shall not be obligated to, supply limited to the amount rate of such insufficiency and restore interest paid on the Premises as above provided, with all reasonable diligence, or terminate this lease. Where award by the Tenant has not already exercised any right condemning authority but shall be entitled to receive out of termination accorded to it the Taking Proceeds interest on the entire unpaid principal sum under the foregoing portion of this paragraph, Note and the Landlord shall notify other Construction Loan Documents at the Tenant of the Landlord's election not later than ninety (90applicable rate(s) days after the final determination of the amount of the awardprovided therein. Further, if Agency and Mortgagor hereby assigns to Mortgagee so much of the Commercial Unit shall be so taken that continued operation balance of the Commercial Unit Taking Proceeds payable by the condemning authority as operated prior is required to pay such interest.
(c) Notwithstanding anything in the foregoing to the taking would contrary, if there is no Event of Default and provided that Mortgagor provides evidence satisfactory to Mortgagee showing that Mortgagor and the Mortgaged Property will be uneconomic in financially viable following repair or replacement, the Landlord's judgment Mortgagor may repair or prohibited by zoning replace the Mortgaged Property with the replacement or other applicable law or by or pursuant repair to applicable provisions be conducted, and the proceeds of the Condominium Documents or insurance to be disbursed, in accordance with the Land Disposition Agreement, the Landlord shall have the right to terminate this lease by giving notice to the Tenant of the LandlordMortgagee's desire so to do not later than thirty (30) days after the effective date of such takingcustomary construction loan practices and requirements.
Appears in 1 contract
Taking. (i) If prior to the PremisesClosing Date any Material Taking occurs, or such portion thereof as to render the balance (when reconstructed) unsuitable for the purposes of the Tenant in the reasonable opinion of the Landlord, shall be taken then Purchaser may terminate this Agreement by condemnation or right of eminent domain, either party, upon written notice given to the other, shall be entitled to terminate this Lease, provided that such notice is given not later than thirty Seller within twenty (3020) days after Seller has given Purchaser the Tenant has been deprived notice of possession. For the purposes of this ArticleMaterial Taking (and the Closing Date shall be so extended as applicable), in which case the parties shall have no further obligations to each other hereunder except as specifically provided herein.
(ii) If prior to Closing, any deed or other transfer Non-Material Taking occurs, then the Closing shall take place without abatement of title the Purchase Price, but Seller shall assign to Purchaser at the Closing all of Seller’s interest in lieu any condemnation award which may be payable to Seller on account of any such taking Non-Material Taking and at Closing, Seller shall be treated as such a taking. Moreover, for the purposes of this Article, such a taking of the Tenant's entire leasehold interest hereunder in the Premises (or assignment or termination in lieu thereof) shall be treated as a taking of the entire Premises, and in such event the Tenant shall be treated as having been deprived of possession on the effective date thereof. Should any part of the Premises be so taken or condemned, and should this lease not be terminated in accordance with the foregoing provision, the Landlord covenants and agrees within a reasonable time after such taking or condemnation, and the determination of the Landlord's award therein, credit to expend so much as may be necessary of the net amount which may be awarded to the 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 practicable. Should the net amount so awarded to the Landlord be insufficient to cover the cost of restoring the Premises, as estimated by the Landlord's architect, the Landlord may, but shall not be obligated to, supply the amount of such insufficiency and restore the Premises as above provided, with all reasonable diligence, or terminate this lease. Where the Tenant has not already exercised any right of termination accorded to it under the foregoing portion of this paragraph, the Landlord shall notify the Tenant of the Landlord's election not later than ninety (90) days after the final determination of the amount of the award. FurtherPurchase Price payable by Purchaser the amount, if so much any, of condemnation proceeds received by Seller between the Effective Date and the Closing less (x) any amounts reasonably expended by Seller in collecting such sums; (y) any amounts reasonably expended by Seller to repair the Property as a result of such Non-Material Taking; and (z) any amounts which are reasonably allocated to lost earnings or other damages or losses (other than unrepaired property damages) reasonably allocated or attributed to the period of time prior to Closing. For purposes of Section 12.2 hereof, estimates of costs and time required for restoration or repair shall be made by an architect or engineer, as appropriate, designated by Seller and reasonably acceptable to Purchaser. The provisions of Section 12.2 hereof constitute an express agreement to the contrary of Section 5-1311 of the Commercial Unit New York General Obligations Law. All risk of loss or damage to the Property, including loss or damage resulting from casualty, condemnation, eminent domain and any business interruption resulting therefrom, attributable to any acts or occurrences on or after the Closing Date shall be so taken that continued operation of the Commercial Unit as operated prior to the taking would be uneconomic in the Landlord's judgment or prohibited borne solely by zoning or other applicable law or by or pursuant to applicable provisions of the Condominium Documents or the Land Disposition Agreement, the Landlord shall have the right to terminate this lease by giving notice to the Tenant of the Landlord's desire so to do not later than thirty (30) days after the effective date of such takingPurchaser.
Appears in 1 contract
Sources: Asset Purchase and Sale Agreement (Marriott International Inc /Md/)
Taking. If the Premises, or such portion thereof as to render the balance (when reconstructed) unsuitable for the purposes all of the Premises are taken by Eminent Domain, this Lease shall terminate as of the date Tenant is required to vacate the Premises and all Base and Additional Rent shall be paid to that date. The term "Eminent Domain" shall include the taking or damaging of property by, through or under any governmental or statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other person. If, in the reasonable opinion judgment of Landlord, a taking of any part of the LandlordPremises by Eminent Domain renders the remainder thereof unusable for the business of Tenant (or the cost of restoration of the Premises is not commercially reasonable), shall be taken by condemnation or right the Lease may, at the option of eminent domain, either party, upon be terminated by written notice given to the other, shall be entitled to terminate this Lease, provided that such notice is given other party not later more than thirty (30) days after Landlord gives Tenant written notice of the Tenant has been deprived of possession. For the purposes of this Articletaking, any deed or other transfer of title in lieu of any and such taking termination shall be treated effective as such a taking. Moreover, for the purposes of this Article, such a taking of the Tenant's entire leasehold interest hereunder in date when Tenant is required to vacate the Premises (or assignment or termination in lieu thereof) shall be treated as a taking of the entire Premises, and in such event the Tenant shall be treated as having been deprived of possession on the effective date thereof. Should any part portion of the Premises so taken. If this Lease is so terminated, all Base and Additional Rent shall be so paid to the date of termination. Whenever any portion of the Premises is taken or condemnedby Eminent Domain and this Lease is not terminated, Landlord shall at its expense proceed with all reasonable dispatch to restore, to the extent of available proceeds and should this lease not be terminated in accordance with to the foregoing provisionextent it is reasonably prudent to do so, the Landlord covenants and agrees within a reasonable time after such taking or condemnation, and the determination remainder of the Landlord's award therein, to expend so much as may be necessary of the net amount which may be awarded to the Landlord in such condemnation proceedings in restoring the Premises to an architectural unit as nearly like their the condition they were in immediately prior to such taking as shall be practicable. Should the net amount so awarded to the Landlord be insufficient to cover the cost of restoring the Premises, as estimated by the Landlord's architect, the Landlord may, but shall not be obligated to, supply the amount of such insufficiency and restore the Premises as above provided, with all reasonable diligence, or terminate this lease. Where the Tenant has not already exercised any right of termination accorded to it under the foregoing portion of this paragraph, the Landlord shall notify the Tenant of the Landlord's election not later than ninety (90) days after the final determination of the amount of the award. Further, if so much of the Commercial Unit shall be so taken that continued operation of the Commercial Unit as operated prior to the taking would be uneconomic in the Landlord's judgment or prohibited by zoning or other applicable law or by or pursuant to applicable provisions of the Condominium Documents or the Land Disposition Agreement, the Landlord shall have the right to terminate this lease by giving notice to the Tenant of the Landlord's desire so to do not later than thirty (30) days after the effective date of such taking.,
Appears in 1 contract
Taking. If any material portion of the PremisesProject shall be taken for any public or quasi-public purpose by any lawful power or authority by exercise of the right of appropriation, condemnation or eminent domain, or sold to prevent such portion thereof taking to such an extent as to render untenantable the balance (when reconstructed) unsuitable for the purposes of the Tenant in the reasonable opinion of the Landlord, shall be taken by condemnation or right of eminent domain, either party, upon written notice to the other, shall be entitled to terminate this Lease, provided that such notice is given not later than thirty (30) days after the Tenant has been deprived of possession. For the purposes of this Article, any deed or other transfer of title in lieu of any such taking shall be treated as such a taking. Moreover, for the purposes of this Article, such a taking of the Tenant's entire leasehold interest hereunder in the Premises (or assignment or termination in lieu thereof) shall be treated as a taking of the entire Premises, and in such event the Tenant shall be treated as having been deprived of possession on the effective date thereof. Should any part entirety of the Premises be so taken or condemned, and should this lease not be terminated in accordance with the foregoing provision, the Landlord covenants and agrees within such a reasonable time after such taking or condemnation, and the determination material portion of the LandlordPremises that Tenant's award therein, to expend so much as may be necessary operation from the remainder of the net amount which may be awarded to the Landlord in such condemnation proceedings in restoring the Premises to an architectural unit is not reasonably practicable as nearly like their condition prior to such taking as shall be practicable. Should the net amount so awarded to the Landlord be insufficient to cover the cost of restoring the Premises, as estimated reasonably determined by the Landlord's architectparties, the Landlord may, but shall not be obligated to, supply the amount of such insufficiency and restore the Premises as above provided, with all reasonable diligence, or terminate this lease. Where the Tenant has not already exercised any right of termination accorded to it under the foregoing portion of this paragraph, the Landlord shall notify the Tenant of the Landlord's election not later than ninety (90) days after the final determination of the amount of the award. Further, if so much of the Commercial Unit shall be so taken that continued operation of the Commercial Unit as operated prior to the taking would be uneconomic in the Landlord's judgment or prohibited by zoning or other applicable law or by or pursuant to applicable provisions of the Condominium Documents or the Land Disposition Agreement, the Landlord either party shall have the right to terminate this lease Lease effective as of the date possession is required to be surrendered to said authority by giving written notice to the Tenant of the Landlord's desire so to do not later than thirty (30) days after other party by the effective date of such taking. Tenant shall not assert any claim against Landlord or the taking authority for any compensation because of such taking, other than a claim for any separate award attributable to the value of any personal property or trade fixtures of Tenant which are taken, costs of Tenant's relocation, and Tenant hereby assigns to Landlord all of Tenant's interest in, and Landlord shall be entitled to receive, the entire amount of any other award without deduction for any estate or interest of Tenant (including, without limitation, any award attributable to the value of the remaining Lease Term of this Lease). If neither Tenant nor Landlord so elects to terminate, Landlord shall, to the extent of proceeds received, commence to restore the Premises to substantially their same condition prior to such partial taking, and a proportionate allowance shall be made to Tenant for the Monthly Base Rent and Tenant's obligation for payment of Tenant's Expenses Excess corresponding to the time during which, and to the part of the Premises of which, Tenant shall be so deprived on account of such taking and restoration. Nothing contained in this Section 12.1 shall be deemed to give Landlord any interest in any award made to Tenant for the taking of Tenant's personal property and trade fixtures or for Tenant's costs of relocation.
Appears in 1 contract
Taking. If all of the PremisesPremises are taken by Eminent Domain, this Lease shall terminate as of the date Tenant is required to vacate the Premises and all Base Rent and Additional Rent shall be paid to that date. The term "Eminent Domain" shall include the taking or such portion damaging of property by, through or under any governmental or statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other person. If a taking of any part of the Premises by Eminent Domain renders the remainder thereof as to render the balance (when reconstructed) unsuitable unusable for the purposes business of the Tenant Tenant, in the reasonable opinion judgment of the Landlord, shall be taken by condemnation or right this Lease, at the option of eminent domain, either party, upon may be terminated by written notice given to the other, shall be entitled to terminate this Lease, provided that such notice is given other party not later more than thirty (30) days after Landlord gives Tenant written notice of the Tenant has been deprived of possession. For the purposes of this Articletaking, any deed or other transfer of title in lieu of any and such taking termination shall be treated effective as such a taking. Moreover, for the purposes of this Article, such a taking of the Tenant's entire leasehold interest hereunder in date when Tenant is required to vacate the Premises (or assignment or termination in lieu thereof) shall be treated as a taking of the entire Premises, and in such event the Tenant shall be treated as having been deprived of possession on the effective date thereof. Should any part portion of the Premises so taken. If this Lease is so terminated, all Base Rent and Additional Rent shall be so paid to the date of termination. Whenever any portion of the Premises is taken or condemnedby Eminent Domain and this Lease is not terminated, Landlord shall at its expense proceed with all reasonable dispatch to restore, to the extent of available proceeds and should this lease not be terminated in accordance with to the foregoing provisionextent it is reasonably prudent to do so, the Landlord covenants and agrees within a reasonable time after such taking or condemnation, and the determination remainder of the Landlord's award therein, to expend so much as may be necessary of the net amount which may be awarded to the Landlord in such condemnation proceedings in restoring the Premises to an architectural unit as nearly like their the condition they were in immediately prior to such taking as taking. The Base Rent and Additional Rent payable hereunder shall be practicable. Should reduced from the net amount so awarded date Tenant is required to partially vacate the Premises in the same proportion that the rentable area taken bears to the Landlord be insufficient to cover the cost total rentable area of restoring the Premises, as estimated by the Landlord's architect, the Landlord may, but shall not be obligated to, supply the amount of such insufficiency and restore the Premises as above provided, with all reasonable diligence, or terminate this lease. Where the Tenant has not already exercised any right of termination accorded to it under the foregoing portion of this paragraph, the Landlord shall notify the Tenant of the Landlord's election not later than ninety (90) days after the final determination of the amount of the award. Further, if so much of the Commercial Unit shall be so taken that continued operation of the Commercial Unit as operated prior to the taking would be uneconomic in the Landlord's judgment or prohibited by zoning or other applicable law or by or pursuant to applicable provisions of the Condominium Documents or the Land Disposition Agreement, the Landlord shall have the right to terminate this lease by giving notice to the Tenant of the Landlord's desire so to do not later than thirty (30) days after the effective date of such taking.
Appears in 1 contract
Taking. If a substantial part of the Premises, Premises shall be taken for any public or quasi-public use under governmental law or by right of eminent domain and such portion thereof as to render taking would materially interfere with the balance (when reconstructed) unsuitable use of the Premises by Tenant for the purposes of the Tenant in the reasonable opinion of the Landlord, shall be taken contemplated by condemnation or right of eminent domain, either party, upon written notice to the other, shall be entitled to terminate this Lease, provided that then the Lease may be terminated by either Landlord or Tenant. Landlord or Tenant shall make such election by giving the other party written notice is given not later than within sixty (60) days after the event giving rise to a right to terminate. Any such termination shall be effective thirty (30) days after the date of notice thereof and in the case where all or substantially all of the Premises shall be taken or when Landlord terminates this Lease, to the extent that Landlord pays to each Mortgagee any amount necessary, when added to any condemnation award which Tenant has been deprived of possessionis entitled to retain, will be sufficient to pay-off the then existing outstanding principal indebtedness then owed to such Mortgage. For the purposes of this Article, If any deed or other transfer of title in lieu taking materially interferes with Tenant’s use and occupation of any such taking part of the Premises, a just portion of the rent shall be treated as abated from the date the Premises or such a taking. Moreover, for lesser part are rendered unusable until the purposes of this Article, such a taking of the Tenant's entire leasehold interest hereunder in date when the Premises (or assignment or termination in lieu the case of a partial taking, what remains thereof) shall be treated as a taking of the entire Premises, put in proper condition for use and in such event the occupation. Tenant shall be treated as having been deprived receive a permanent abatement of possession on rent to the effective date thereof. Should extent that all or any part of the Premises cannot be so taken used and occupied for the balance of theTerm. Landlord reserves all rights to damages payable by reason of anything lawfully done in pursuance of any public or condemnedother authority and, and should this lease not be terminated in accordance with the foregoing provisionby way of confirmation, the Tenant grants to Landlord covenants all of Tenant’s rights to such damages and agrees within a reasonable to execute and deliver such further instruments of assignment thereof as Landlord may from time after such taking to time request, provided, however, that Tenant reserves for itself any award specifically reimbursing Tenant for moving or condemnation, relocation expenses and any other award the determination payment of which does not diminish the amount otherwise payable to Landlord's . Tenant shall also be entitled to share in the award therein, to expend so much as may be necessary of the net amount which may be awarded proportionately to the 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 practicable. Should the net amount so awarded unamortized value of any lease improvements constructed by Tenant pursuant to the Landlord be insufficient to cover the cost of restoring the Premises, as estimated by the Landlord's architect, the Landlord may, but shall not be obligated to, supply the amount of such insufficiency and restore the Premises as above provided, with all reasonable diligence, or terminate this lease. Where the Tenant has not already exercised any right of termination accorded to it under the foregoing portion terms of this paragraph, the Landlord shall notify the Tenant of the Landlord's election not later than ninety (90) days after the final determination of the amount of the award. Further, if so much of the Commercial Unit shall be so taken that continued operation of the Commercial Unit as operated prior to the taking would be uneconomic in the Landlord's judgment or prohibited by zoning or other applicable law or by or pursuant to applicable provisions of the Condominium Documents or the Land Disposition Agreement, the Landlord shall have the right to terminate this lease by giving notice to the Tenant of the Landlord's desire so to do not later than thirty (30) days after the effective date of such takingLease.
Appears in 1 contract
Sources: Lease Agreement
Taking. If the Premises, or such portion thereof as to render the balance (when reconstructed) unsuitable for the purposes there shall be a total taking of the Tenant Building in the reasonable opinion of the Landlord, shall be taken condemnation proceedings or by condemnation or any right of eminent domain, either partythis Lease and the Term and estate hereby granted shall terminate as of the date of taking of possession by the condemning authority and all Base Rent and Additional Rent under Article 4 shall be prorated and paid as of such termination date. If there shall be a taking of any material (in Landlord’s reasonable judgment) portion of the Land or the Building (whether or not the Premises are affected by such taking), upon written then Landlord may terminate this Lease and the Term and estate granted hereby by giving notice to the other, shall be entitled to terminate this Lease, provided that such notice is given not later than thirty (30) Tenant within 60 days after the Tenant has been deprived date of possessiontaking of possession by the condemning authority. For the purposes of this Article, any deed or other transfer of title in lieu of any such taking If there shall be treated as such a taking. Moreover, for the purposes of this Article, such a taking of the Tenant's entire leasehold interest hereunder Premises of such scope (but in no event less than 25% of the Above-Grade Premises) that the untaken part of the Premises (would in Tenant’s reasonable judgment be uneconomic to operate, then Tenant may terminate this Lease and the Term and estate granted hereby by giving notice to Landlord within 60 days after the date of taking of possession by the condemning authority. If either Landlord or assignment or Tenant shall give a termination in lieu thereof) notice as aforesaid, then this Lease and the Term and estate granted hereby shall terminate as of the date of such notice and all Base Rent and Additional Rent under Article 4 shall be treated prorated and paid as of such termination date. In the event of a taking of the entire Premises, Premises which does not result in the termination of this Lease (a) the Term and in such event estate hereby granted with respect to the Tenant shall be treated as having been deprived of possession on the effective date thereof. Should any taken part of the Premises be so taken or condemned, and should this lease not be terminated in accordance with the foregoing provision, the Landlord covenants and agrees within a reasonable time after such taking or condemnation, and the determination shall terminate as of the Landlord's award therein, to expend so much as may date of taking of possession by the condemning authority and all Base Rent and Additional Rent under Article 4 shall be necessary of appropriately abated for the net amount which may be awarded period from such date to the Expiration Date and (b) Landlord shall perform the work required to be performed by Landlord pursuant to Section 23.04 of this Lease. “Condemnation” shall mean a total or partial taking in such condemnation proceedings in restoring the Premises to an architectural unit as nearly like their condition prior to such taking as shall be practicable. Should the net amount so awarded to the Landlord be insufficient to cover the cost of restoring the Premises, as estimated or by the Landlord's architect, the Landlord may, but shall not be obligated to, supply the amount of such insufficiency and restore the Premises as above provided, with all reasonable diligence, or terminate this lease. Where the Tenant has not already exercised any right of termination accorded to it under the foregoing portion of this paragraph, the Landlord shall notify the Tenant of the Landlord's election not later than ninety (90) days after the final determination of the amount of the award. Further, if so much of the Commercial Unit shall be so taken that continued operation of the Commercial Unit as operated prior to the taking would be uneconomic in the Landlord's judgment or prohibited by zoning or other applicable law or by or pursuant to applicable provisions of the Condominium Documents or the Land Disposition Agreement, the Landlord shall have the right to terminate this lease by giving notice to the Tenant of the Landlord's desire so to do not later than thirty (30) days after the effective date of such takingeminent domain.
Appears in 1 contract
Taking. If In case the whole of the Premises, or such portion thereof as to render the balance (when reconstructed) unsuitable for the purposes part of the Tenant in Premises or the reasonable opinion Building as shall substantially interfere with Tenant’s use and occupancy of the LandlordPremises, shall be taken (whether permanent or temporarily for a period that exceeds 30 days) by condemnation any lawful power or authority by exercise of the right of eminent domain, or sold to prevent such taking, within sixty (60) days after receipt of notice of such taking, either partyTenant or Landlord may terminate this Lease effective as of the date possession is required to be surrendered to said authority. If a portion of the Building or Property is so taken or sold in lieu thereof, upon which renders the Building or Property economically unviable for its use as presently intended, or requires cancellation of substantially all tenant leases in the Building, or any Landlord’s Mortgagee requires that Landlord terminate this Lease, this Lease may be terminated by Landlord, as of the date of the vesting of title under such taking or sale, by written notice to Tenant within sixty (60) days following notice to Landlord of the otherdate on which said vesting will occur. Tenant shall not because of such taking assert any claim against Landlord, any Landlord’s Mortgagee or the taking authority for any compensation because of such taking, and Landlord shall be entitled to terminate this Lease, provided that such notice is given not later than thirty (30) days after receive the Tenant has been deprived of possession. For the purposes of this Article, any deed or other transfer of title in lieu entire amount of any such taking award without deduction for any estate or interest of Tenant. In the event this Lease is not terminated pursuant to this Section 14.1, Landlord shall be treated as such a taking. Moreover, for restore the purposes of this Article, such a taking of the Tenant's entire leasehold interest hereunder in the Premises (or assignment or termination in lieu thereof) shall be treated as a taking of the entire Premises, and in such event the Tenant shall be treated as having been deprived of possession on the effective date thereof. Should any part of the Premises be so taken or condemned, and should this lease not be terminated in accordance with the foregoing provision, the Landlord covenants and agrees within a reasonable time after such taking or condemnation, Building and the determination of the Landlord's award therein, Property to expend so much as may be necessary of the net amount which may be awarded to the Landlord in such condemnation proceedings in restoring the Premises to an architectural unit as nearly like substantially their condition prior to such taking as partial taking, and the Rent shall be practicable. Should the net amount so awarded abated in proportion to the Landlord be insufficient time during which, and to cover the cost part of restoring the Premises, the Common Area and/or the Parking Facility of which, Tenant is actually deprived of normal and customary use on account of such taking and restoration in substantially the same manner as estimated before the taking and restoration. Notwithstanding the foregoing, during any Rent abatement under this Lease, Tenant shall continue to be obligated to pay Landlord for all services and utilities provided to and used by Tenant, if any, during the Landlord's architectperiod of the Rent abatement. Nothing contained in this Section shall be deemed to give Landlord any interest in, or prevent Tenant from seeking a separate award against the taking authority for, the Landlord may, but shall not be obligated to, supply the amount taking of such insufficiency personal property and restore the Premises as above provided, with all reasonable diligence, fixtures belonging to Tenant or terminate this lease. Where the Tenant has not already exercised any right of termination accorded to it under the foregoing portion of this paragraph, the Landlord shall notify the Tenant of the Landlord's election not later than ninety (90) days after the final determination of the amount of the award. Further, if so much of the Commercial Unit shall be so taken that continued operation of the Commercial Unit as operated prior to for relocation or business interruption expenses recoverable from the taking would be uneconomic in the Landlord's judgment or prohibited by zoning or other applicable law or by or pursuant to applicable provisions of the Condominium Documents or the Land Disposition Agreement, the Landlord shall have the right to terminate this lease by giving notice to the Tenant of the Landlord's desire so to do not later than thirty (30) days after the effective date of such takingauthority.
Appears in 1 contract
Taking. If all of the PremisesPremises are taken by Eminent Domain, this Lease shall terminate as of the date Tenant is required to vacate the Premises and all Base and Additional Rent shall be paid to that date. The term "Eminent Domain" shall include the taking or such portion damaging of property by, through or under any governmental or statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other person. If a taking of any part of the Premises by Eminent Domain renders the remainder thereof as to render the balance (when reconstructed) unsuitable unusable for the purposes business of Tenant (or the cost of restoration of the Tenant in Premises is not commercially reasonable), the reasonable opinion Lease may, at the option of the Landlord, shall be taken by condemnation or right of eminent domain, either party, upon be terminated by written notice given to the other, shall be entitled to terminate this Lease, provided that such notice is given other party not later more than thirty (30) days after Landlord gives Tenant written notice of the Tenant has been deprived of possession. For the purposes of this Articletaking, any deed or other transfer of title in lieu of any and such taking termination shall be treated effective as such a taking. Moreover, for the purposes of this Article, such a taking of the Tenant's entire leasehold interest hereunder in date when Tenant is required to vacate the Premises (or assignment or termination in lieu thereof) shall be treated as a taking of the entire Premises, and in such event the Tenant shall be treated as having been deprived of possession on the effective date thereof. Should any part portion of the Premises so taken. If this Lease is so terminated, all Base and Additional Rent shall be so paid to the date of termination. Whenever any portion of the Premises is taken or condemnedby Eminent Domain and this Lease is not terminated, Landlord shall at its expense proceed with all reasonable dispatch to restore, to the extent of available proceeds and should this lease not be terminated in accordance with to the foregoing provisionextent it is reasonably prudent to do so, the Landlord covenants and agrees within a reasonable time after such taking or condemnation, and the determination remainder of the Landlord's award therein, to expend so much as may be necessary of the net amount which may be awarded to the Landlord in such condemnation proceedings in restoring the Premises to an architectural unit as nearly like their the condition they were in immediately prior to such taking as taking, and Tenant shall be practicable. Should the net amount so awarded to the Landlord be insufficient to cover the cost of restoring the Premises, as estimated by the Landlord's architect, the Landlord may, but shall not be obligated to, supply the amount of such insufficiency and restore the Premises as above provided, at its expense proceed with all reasonable diligence, or terminate this leasedispatch to restore its personal property and all improvements made by it to the Premises to the same condition they were in immediately prior to such taking. Where The Base and Additional Rent payable hereunder shall be reduced from the date Tenant has not already exercised any right of termination accorded is required to it under partially vacate the foregoing portion of this paragraph, Premises in the Landlord shall notify same proportion that the Tenant Rentable Area taken bears to the total Rentable Area of the Landlord's election not later than ninety (90) days after the final determination of the amount of the award. Further, if so much of the Commercial Unit shall be so taken that continued operation of the Commercial Unit as operated Premises prior to the taking would be uneconomic in the Landlord's judgment or prohibited by zoning or other applicable law or by or pursuant to applicable provisions of the Condominium Documents or the Land Disposition Agreement, the Landlord shall have the right to terminate this lease by giving notice to the Tenant of the Landlord's desire so to do not later than thirty (30) days after the effective date of such taking.
Appears in 1 contract
Taking. If a. In the Premises, event all or such portion thereof as to render the balance (when reconstructed) unsuitable for the purposes any part of the Tenant in Mortgaged Property shall be damaged or taken as a result of a Taking, either temporarily or permanently, Mortgagor shall assign, transfer and set over unto Mortgagee the reasonable opinion Taking Proceeds or any claim for damages for any of the Landlord, shall be Premises taken by condemnation or right damaged under the power of eminent domain, either party, upon written notice to the other, shall be entitled to terminate this Lease, provided and agrees that such notice is given not later than thirty (30) days after the Tenant has been deprived of possession. For the purposes of this Article, any deed or other transfer of title in lieu of any such taking shall be treated as such a taking. Moreover, for the purposes of this Article, such a taking of the Tenant's entire leasehold interest hereunder in the Premises (or assignment or termination in lieu thereof) shall be treated as a taking of the entire Premises, and in such event the Tenant shall be treated as having been deprived of possession on the effective date thereof. Should whole or any part of the Premises is taken by eminent domain proceedings, then all sums awarded as damages for the Taking shall be so taken applied in reduction of the indebtedness secured by this Mortgage, but without imposition of the prepayment premium to such application. Any and all costs and expenses, including, without limitation, reasonable attorneys’ fees and expenses to the fullest extent not then prohibited by applicable law, incurred by Mortgagee by reason of any condemnation, threatened condemnation or proceedings thereunder shall be secured hereby and Mortgagor shall reimburse Mortgagee therefor immediately, or Mortgagee shall have the right, at its option, to deduct such costs and expenses from any Taking Proceeds paid to Mortgagee hereunder. In the event that the Premises is wholly condemned, Mortgagee shall receive from Mortgagor and/or from the Taking Proceeds payment of the entire amount of the indebtedness secured by this Mortgage.
b. Subject to paragraph (a) of this Section, Mortgagor will immediately notify Mortgagee of the actual or threatened commencement of any Taking proceedings affecting all or any part of the Premises, including any easement therein or appurtenance thereof, including severance and should this lease not be terminated consequential damage and change in accordance grade of streets, and will deliver to Mortgagee copies of any and all papers served in connection with the foregoing provision, the Landlord any such proceedings. Mortgagor further covenants and agrees within a reasonable to make, execute and deliver to Mortgagee, from time to time upon request, free, clear and discharged of any encumbrances of any kind whatsoever, any and all further assignments or other instruments deemed necessary by Mortgagee for the purpose of validly and sufficiently assigning the Taking Proceeds and all other awards and compensation heretofore and hereafter to be made to Mortgagor, including the assignment of any award from the United States Government at any time after such taking or condemnationthe allowance of the claim therefor, the ascertainment of the amount thereof and the determination issuance of the Landlord's award thereinwarrant for payment thereof, to expend so much as may be necessary for any Taking, either permanent or temporary, under any such proceedings. In the event of the net amount which may be awarded to the 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 practicable. Should the net amount so awarded to the Landlord be insufficient to cover the cost of restoring the Premisesa Taking, as estimated by the Landlord's architect, the Landlord may, but Mortgagee shall not be obligated to, supply limited to the amount rate of such insufficiency and restore interest paid on the Premises as above provided, with all reasonable diligence, or terminate this lease. Where award by the Tenant has not already exercised any right condemning authority but shall be entitled to receive out of termination accorded to it the Taking Proceeds interest on the entire unpaid principal sum under the foregoing portion of this paragraph, Note and the Landlord shall notify other Loan Documents at the Tenant of the Landlord's election not later than ninety (90applicable rate(s) days after the final determination of the amount of the awardprovided therein. Further, if Mortgagor hereby assigns to Mortgagee so much of the Commercial Unit shall be so taken that continued operation balance of the Commercial Unit Taking Proceeds payable by the condemning authority as operated prior is required to pay such interest.
c. Subject to paragraph (a) of this Section, Mortgagor hereby irrevocably authorizes and appoints Mortgagee its attorney-in-fact, coupled with an interest, to collect and receive any such Taking Proceeds from the taking would be uneconomic authorities making the same, to appear in any proceeding therefor, to give receipts and acquittances therefor, and to apply the Landlord's judgment or prohibited by zoning or other applicable law or by or pursuant same to applicable provisions payment on account of the Condominium Documents indebtedness secured hereby whether then matured or the Land Disposition Agreement, the Landlord not. Mortgagor shall have the right execute and deliver to terminate this lease by giving notice to the Tenant of the Landlord's desire so to do not later than thirty (30) days after the effective date of Mortgagee on demand such takingassignments and other instruments as Mortgagee may require for such purposes.
Appears in 1 contract
Sources: Mortgage and Security Agreement (Document Security Systems Inc)
Taking. If the Premises, or such portion thereof as to render the balance (when reconstructed) unsuitable for the purposes all of the Premises are taken by Eminent Domain, this Lease shall terminate as of the date Tenant is required to vacate the Premises and all Base and Additional Rent shall be paid to that date. The term "Eminent Domain" shall include the taking or damaging of property by, through or under any governmental or statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other person. If, in the reasonable opinion judgment of Landlord, a taking of any part of the LandlordPremises by Eminent Domain renders the remainder thereof unusable for the business of Tenant (or the cost of restoration of the Premises is not commercially reasonable), shall be taken by condemnation or right the Lease may, at the option of eminent domain, either party, upon be terminated by written notice given to the other, shall be entitled to terminate this Lease, provided that such notice is given other party not later more than thirty (30) days after Landlord gives Tenant written notice of the Tenant has been deprived of possession. For the purposes of this Articletaking, any deed or other transfer of title in lieu of any and such taking termination shall be treated effective as of the date when Tenant is required to vacate the portion of the Premises so taken. If this Lease is so terminated, all Base and Additional Rent shall be paid to the date of termination. Whenever any portion of the Premises is taken by Eminent Domain and this Lease is not terminated, Landlord shall at its expense proceed with all reasonable dispatch to restore, to the extent of available proceeds, the remainder of the Premises to the condition they were in immediately prior to such a taking. Moreover, for including the purposes of this ArticleLandlord's Work and ▇▇▇▇▇▇'s Work described in the Work Letter, such a taking of and Tenant shall at its expense proceed with all reasonable dispatch to restore its personal property and all improvements and alterations other than the Tenant's entire leasehold interest Work made by it to the Premises to the same condition they were in immediately prior to such taking. The Base and Additional Rent payable hereunder shall be reduced from the date Tenant is required to partially vacate the Premises in the Premises (or assignment or termination in lieu thereof) shall be treated as a taking of same proportion that the entire Premises, and in such event Rentable Area taken bears to the Tenant shall be treated as having been deprived of possession on the effective date thereof. Should any part total Rentable Area of the Premises be so taken or condemned, and should this lease not be terminated in accordance with the foregoing provision, the Landlord covenants and agrees within a reasonable time after such taking or condemnation, and the determination of the Landlord's award therein, to expend so much as may be necessary of the net amount which may be awarded to the 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 practicable. Should the net amount so awarded to the Landlord be insufficient to cover the cost of restoring the Premises, as estimated by the Landlord's architect, the Landlord may, but shall not be obligated to, supply the amount of such insufficiency and restore the Premises as above provided, with all reasonable diligence, or terminate this lease. Where the Tenant has not already exercised any right of termination accorded to it under the foregoing portion of this paragraph, the Landlord shall notify the Tenant of the Landlord's election not later than ninety (90) days after the final determination of the amount of the award. Further, if so much of the Commercial Unit shall be so taken that continued operation of the Commercial Unit as operated prior to the taking would be uneconomic in the Landlord's judgment or prohibited by zoning or other applicable law or by or pursuant to applicable provisions of the Condominium Documents or the Land Disposition Agreement, the Landlord shall have the right to terminate this lease by giving notice to the Tenant of the Landlord's desire so to do not later than thirty (30) days after the effective date of such taking.
Appears in 1 contract
Sources: Lease Agreement (Blue Nile Inc)
Taking. If a material portion of the PremisesPremises is taken, either permanently or temporarily, by eminent domain or condemnation and as a result of such taking the Tenant can no longer reasonably use the Premises for its intended purpose, this Lease shall automatically terminate as of the date title vests in the condemning authority, and Tenant shall pay all Base Rent, Additional Rent, and other payments up to that date. If any part of the Premises is permanently taken, or such portion thereof as if access to render the balance by Tenant is, by virtue of a taking, permanently denied, by eminent domain or condemnation, then Landlord or Tenant shall have the right (when reconstructed) unsuitable for the purposes of the Tenant in the reasonable opinion of the Landlord, shall to be taken exercised by condemnation or right of eminent domain, either party, upon written notice to the other, shall be entitled other within sixty (60) days after receipt of notice of said taking) to terminate this Lease from the date when possession is taken thereunder pursuant to such proceeding or purchase. If neither party elects to terminate this Lease, provided that such notice is given not later than thirty (30) days after the Tenant has been deprived of possession. For the purposes of this Articleas aforesaid, any deed or other transfer of title in lieu of any such taking then Landlord shall be treated as such a taking. Moreover, for the purposes of this Article, such a taking of the Tenant's entire leasehold interest hereunder in the Premises (or assignment or termination in lieu thereof) shall be treated as a taking of the entire Premises, and in such event the Tenant shall be treated as having been deprived of possession on the effective date thereof. Should any part of the Premises be so taken or condemned, and should this lease not be terminated in accordance with the foregoing provision, the Landlord covenants and agrees within a reasonable time after such title vests in the condemning authority, repair and restore, at Landlord’s expense, the portion not taken so as to render same into an architectural whole to the fullest extent reasonably possible, and, if any portion of the Premises is taken, thereafter the Base Rent shall be reduced (on a per square foot basis) in proportion to the portion of the Premises taken. If there is a temporary taking involving the Premises or condemnationBuilding, if a taking of other portions of the Building or Common Areas does not deny Tenant access to the Building and Premises, then this Lease shall not terminate, and Landlord shall repair and restore, at its own expense, the determination portion not taken so as to render same into an architectural whole to the fullest extent reasonably possible, and, if any portion of the Landlord's award thereinPremises was taken, thereafter the Base Rent shall be reduced (on a per square foot basis) in proportion to expend so much as may be necessary the portion of the net amount which may be awarded to the 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 practicable. Should the net amount so awarded to the Landlord be insufficient to cover the cost of restoring the Premises, as estimated by the Landlord's architect, the Landlord may, but shall not be obligated to, supply the amount of such insufficiency and restore the Premises as above provided, with all reasonable diligence, or terminate this lease. Where the Tenant has not already exercised any right of termination accorded to it under the foregoing portion of this paragraph, the Landlord shall notify the Tenant of the Landlord's election not later than ninety (90) days after the final determination of the amount of the award. Further, if so much of the Commercial Unit shall be so taken that continued operation of the Commercial Unit as operated prior to the taking would be uneconomic in the Landlord's judgment or prohibited by zoning or other applicable law or by or pursuant to applicable provisions of the Condominium Documents or the Land Disposition Agreement, the Landlord shall have the right to terminate this lease by giving notice to the Tenant of the Landlord's desire so to do not later than thirty (30) days after the effective date of such takingtaken.
Appears in 1 contract
Taking. (a) If the Premises, all or such portion thereof as to render the balance (when reconstructed) unsuitable for the purposes part of the Leased Premises is proposed to be taken as a result of any action or proceeding in eminent domain or is proposed to be transferred in lieu of condemnation to any authority entitled to exercise the power of eminent domain (collectively, a “Taking”), Landlord shall provide Tenant with reasonable advance notice of any and all impending proceedings or meetings related to such Taking, and Leasehold Mortgagee shall have the right to participate in the reasonable opinion any such meetings and proceedings. Should title or possession of all of the Landlord, shall Leased Premises be taken in condemnation proceedings by condemnation a Governmental Entity or private party under the exercise of the right of eminent domain, or should a partial Taking render the remaining portion of the Leased Premises unsuitable for Tenant’s use (in Tenant’s reasonable discretion), then this Lease shall terminate upon such vesting of title or taking of possession.
(b) All payments made on account of any Taking by eminent domain shall be deposited with Leasehold Mortgagee and such payments shall first be allocated to either party, upon written notice restore the Leased Premises in accordance with the Leasehold Mortgagee’s loan documents or to the otherLeasehold Mortgagee in the amount equal to the outstanding indebtedness secured by the Leasehold Mortgage and, thereafter, such payments shall be made to the Parties in accordance with their respective interests hereunder (and, for avoidance of doubt, any allocation to the Leased Premises, the Rolling Mill and any other improvements or fixtures thereon or therein shall be allocated exclusively to Tenant), and Tenant, at its sole discretion, shall be entitled seek a separate award for any damages allowable by law, including those damages for (a) the removal and relocation Tenant’s business, (b) the loss or damage to terminate this Leaseany property that Tenant elects or is required not to remove, provided that such notice is given not later than thirty and (30c) days after the Tenant has been deprived loss of possession. For the purposes of this Article, any deed or other transfer of title in lieu of any such taking shall be treated as such a taking. Moreover, for the purposes of this Article, such a taking use of the Leased Premises by Tenant's entire leasehold interest hereunder in the Premises (or assignment or termination in lieu thereof) shall be treated as a taking of the entire Premises, ; and in such event the Tenant shall be treated as having been deprived of possession on the effective date thereof. Should any part of the Premises be so taken or condemned, and should this lease not be terminated in accordance with the foregoing provision, the Landlord covenants and agrees within a reasonable time after such taking or condemnation, and the determination of the Landlord's award therein, to expend so much as may be necessary of the net amount which may be awarded to the 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 practicable. Should the net amount so awarded to the Landlord be insufficient to cover the cost of restoring the Premises, as estimated by the Landlord's architect, the Landlord may, but shall not be obligated to, supply the amount of such insufficiency and restore the Premises as above provided, with all reasonable diligence, or terminate this lease. Where the Tenant has not already exercised any right of termination accorded to it under the foregoing portion of this paragraph, the Landlord shall notify the have no right, title or interest in or to any separate award made therefor. Tenant of the Landlord's election not later than ninety (90) days after the final determination of the amount of the award. Further, if so much of the Commercial Unit shall be so taken that continued operation of the Commercial Unit as operated prior to the taking would be uneconomic in the Landlord's judgment or prohibited by zoning or other applicable law or by or pursuant to applicable provisions of the Condominium Documents or the Land Disposition Agreement, the Landlord shall have the right to terminate this lease by giving notice to participate in any settlement proceedings, and Landlord shall not enter into any binding settlement agreement without the Tenant prior written consent of the Landlord's desire so to do Tenant, which consent shall not later than thirty (30) days after the effective date of such takingbe unreasonably withheld, conditioned or delayed.
Appears in 1 contract
Taking. If the Premises, Premises or such any portion thereof as to render shall be condemned or taken by any public authority or by any other person or entity with the balance (when reconstructed) power of condemnation, by eminent domain or by purchase in lieu thereof, and such condemnation or taking renders the Premises unsuitable for the purposes Tenant's business operation therein, then Tenant may terminate this Lease by giving notice thereof to Landlord, such termination being effective as of the date specified in such notice. If Tenant in the reasonable opinion of the Landlordso terminates this Lease, Minimum Annual Rent and Additional Rent shall be taken by condemnation or right of eminent domain, either party, upon written notice paid to the othereffective date of such termination, and Tenant shall be entitled to terminate an appropriate refund of any Minimum Annual Rent and Additional Rent and any other amounts paid by Tenant hereunder for any period after the effective date of termination. If this Lease is not so terminated, this Lease and the Term thereof shall continue, except that if Tenant is deprived of the use of any portion of the Premises or any rights under this Lease as a result of such condemnation or taking, Minimum Annual Rent, Additional Rent and any other amounts payable by Tenant hereunder shall be abated or reduced according to the extent to which Tenant is deprived of the use or benefit of the Premises or any rights under this Lease, provided that such notice . Whether or not this Lease is given not later than thirty (30) days after the terminated by Tenant has been deprived of possession. For the purposes of this Article, any deed or other transfer of title in lieu as a result of any such condemnation or taking, all damages awarded as a result of the condemnation or taking shall be treated as such a taking. Moreoverfor the value of Tenant's leasehold interest, for the purposes cost of this Article, such a taking of the Tenant's entire any leasehold interest hereunder in the Premises (or assignment or termination in lieu thereof) shall be treated as a taking of the entire Premises, improvements paid for by Tenant and in such event the Tenant shall be treated as having been deprived of possession on the effective date thereof. Should any part of the Premises be so taken or condemned, and should this lease not be terminated in accordance with the foregoing provision, the Landlord covenants and agrees within a reasonable time after such taking or condemnation, and the determination of the Landlord's award therein, to expend so much as may be necessary of the net amount which may be awarded to the 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 practicable. Should the net amount so awarded to the Landlord be insufficient to cover for the cost of restoring the PremisesTenant's equipment, as estimated by machinery, furniture, fixtures and other personal property shall belong to Tenant. All other damages awarded shall belong to the Landlord's architect. In addition, the Landlord may, but shall not be obligated to, supply the amount of such insufficiency and restore the Premises as above provided, with all reasonable diligence, or terminate this lease. Where the Tenant has not already exercised any right of termination accorded to it under the foregoing portion of this paragraph, the Landlord shall notify the Tenant of the Landlord's election not later than ninety (90) days after the final determination of the amount of the award. Further, if so much of the Commercial Unit shall be so taken that continued operation of the Commercial Unit as operated prior to the taking would be uneconomic in the Landlord's judgment or prohibited by zoning or other applicable law or by or pursuant to applicable provisions of the Condominium Documents or the Land Disposition Agreement, the Landlord shall have the right to terminate this lease by giving notice to claim, prove, collect and retain any other damages awarded and any other damages compensable under the Tenant applicable laws of the Landlord's desire so to do not later than thirty (30) days after jurisdiction in which the effective date Premises are located as a result of such condemnation or taking.
Appears in 1 contract
Taking. If all of the PremisesPremises arc taken by eminent domain, this Lease shall terminate as of the date Tenant is required to vacate the Premises and all rentals shall be paid to that date. The term “eminent domain” shall include the taking or such portion damaging of property by, through or under any governmental or statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other person. If a taking of any part of the Premises by eminent domain renders the remainder thereof as to render the balance (when reconstructed) unsuitable unusable for the purposes business of the Tenant Tenant, in the reasonable opinion judgment of the Landlord, shall be taken by condemnation or right this Lease, at the option of eminent domain, either party, upon may be terminated by written notice given to the other, shall be entitled to terminate this Lease, provided that such notice is given other party not later more than thirty (30) days after the Landlord gives Tenant has been deprived of possession. For the purposes of this Article, any deed or other transfer of title in lieu of any such taking shall be treated as such a taking. Moreover, for the purposes of this Article, such a taking written notice of the Tenant's entire leasehold interest hereunder in taking, and such termination stall be effective as of the date when Tenant is required to vacate the portion of the Premises (so taken. If the whole or assignment or termination in lieu thereof) shall be treated as a taking of the entire Premises, and in such event the Tenant shall be treated as having been deprived of possession on the effective date thereof. Should any material part of the Building shall be taken by eminent domain, Landlord, at its option, may terminate this Lease by written notice to Tenant. If this Lease is so terminated, all rent shall be paid to the date of termination. Whenever any portion of the Premises be so is taken by eminent domain and this Lease is not terminated, Landlord shall at its expense proceed with all reasonable dispatch to restore, to the extent of available condemnation or condemned, insurance proceeds and should this lease not be terminated in accordance with to the foregoing provisionextent it is reasonably prudent to do so, the Landlord covenants and agrees within a reasonable time after such taking or condemnation, and the determination remainder of the Landlord's award therein, to expend so much as may be necessary of the net amount which may be awarded to the Landlord in such condemnation proceedings in restoring the Premises to an architectural unit as nearly like their the condition they were in immediately prior to such taking as taking, and Tenant shall be practicable. Should the net amount so awarded to the Landlord be insufficient to cover the cost of restoring the Premises, as estimated by the Landlord's architect, the Landlord may, but shall not be obligated to, supply the amount of such insufficiency and restore the Premises as above provided, at its expense proceed with all reasonable diligence, or terminate this leasedispatch to restore its personal property and all improvements made by it to the Premises to the same condition they were in immediately prior to such taking. Where The base rent payable hereunder shall be reduced from the date Tenant has not already exercised any right of termination accorded is required to it under partially vacate the foregoing portion of this paragraph, Premises in the Landlord shall notify same proportion that the Tenant rentable area taken bears to the total rentable area of the Landlord's election not later than ninety (90) days after the final determination of the amount of the award. Further, if so much of the Commercial Unit shall be so taken that continued operation of the Commercial Unit as operated Premises prior to the taking would be uneconomic in the Landlord's judgment or prohibited by zoning or other applicable law or by or pursuant to applicable provisions of the Condominium Documents or the Land Disposition Agreement, the Landlord shall have the right to terminate this lease by giving notice to the Tenant of the Landlord's desire so to do not later than thirty (30) days after the effective date of such taking.
Appears in 1 contract
Sources: Lease Agreement (iVOW, Inc.)
Taking. If all of the PremisesPremises are taken by Eminent Domain, this Lease shall terminate as of the date Tenant is required to vacate the Premises and all Base Rent and Additional Rent shall be paid to that date. The term "Eminent Domain" shall include the taking or such portion damaging of property by, through or under any governmental or statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other person. If a taking of any part of the Premises by Eminent Domain renders the remainder thereof as to render the balance (when reconstructed) unsuitable unusable for the purposes business of the Tenant Tenant, in the reasonable opinion judgment of the Landlord, shall be taken by condemnation or right this Lease, at the option of eminent domain, either party, upon may be terminated by written notice given to the other, shall be entitled to terminate this Lease, provided that such notice is given other party not later more than thirty (30) days after Landlord gives Tenant written notice of the Tenant has been deprived of possession. For the purposes of this Articletaking, any deed or other transfer of title in lieu of any and such taking termination shall be treated effective as such a taking. Moreover, for the purposes of this Article, such a taking of the Tenant's entire leasehold interest hereunder in date when Tenant is required to vacate the Premises (or assignment or termination in lieu thereof) shall be treated as a taking of the entire Premises, and in such event the Tenant shall be treated as having been deprived of possession on the effective date thereof. Should any part portion of the Premises so taken. If this Lease is so terminated, all Base Rent and Additional Rent shall be so paid to the date of termination. Whenever any portion of the Premises is taken or condemnedby Eminent Domain and this Lease is not terminated, Landlord shall at its expense proceed with all reasonable dispatch to restore, to the extent of available proceeds and should this lease not be terminated in accordance with to the foregoing provisionextent it is reasonably prudent to do so, the Landlord covenants and agrees within a reasonable time after such taking or condemnation, and the determination remainder of the Landlord's award therein, to expend so much as may be necessary of the net amount which may be awarded to the Landlord in such condemnation proceedings in restoring the Premises to an architectural unit as nearly like their the condition they were in immediately prior to such taking as taking, and Tenant shall be practicable. Should the net amount so awarded to the Landlord be insufficient to cover the cost of restoring the Premises, as estimated by the Landlord's architect, the Landlord may, but shall not be obligated to, supply the amount of such insufficiency and restore the Premises as above provided, at its expense proceed with all reasonable diligence, or terminate this leasedispatch to restore its personal property and all improvements made by it to the Premises to the same condition they were in immediately prior to such taking. Where The Base Rent and Additional Rent payable hereunder shall be reduced from the date Tenant has not already exercised any right of termination accorded is required to it under partially vacate the foregoing portion of this paragraph, Premises in the Landlord shall notify same proportion that the Tenant rentable area taken bears to the total rentable area of the Landlord's election not later than ninety (90) days after the final determination of the amount of the award. Further, if so much of the Commercial Unit shall be so taken that continued operation of the Commercial Unit as operated Premises prior to the taking would be uneconomic in the Landlord's judgment or prohibited by zoning or other applicable law or by or pursuant to applicable provisions of the Condominium Documents or the Land Disposition Agreement, the Landlord shall have the right to terminate this lease by giving notice to the Tenant of the Landlord's desire so to do not later than thirty (30) days after the effective date of such taking.
Appears in 1 contract
Sources: Lease (Photoworks Inc /Wa)
Taking. If the Premises, or such portion thereof as to render the balance (when reconstructed) unsuitable for the purposes all of the Premises are taken by Eminent Domain, this Lease shall terminate as of the date Tenant is required to vacate the Premises and all Minimum and Additional Rent shall be paid to that date. The term "Eminent Domain" shall include the taking or damaging of property by, through or under any governmental or statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other person. If, in the reasonable opinion judgment of Landlord, a taking of any part of the LandlordPremises by Eminent Domain renders the remainder thereof unusable for the business of Tenant (or the cost of restoration of the Premises is not commercially reasonable), shall be taken by condemnation or right the Lease may, at the option of eminent domain, either party, upon be terminated by written notice given to the other, shall be entitled to terminate this Lease, provided that such notice is given other party not later more than thirty (30) days after Landlord gives Tenant written notice of the Tenant has been deprived of possession. For the purposes of this Articletaking, any deed or other transfer of title in lieu of any and such taking termination shall be treated effective as such a taking. Moreover, for the purposes of this Article, such a taking of the Tenant's entire leasehold interest hereunder in date when Tenant is required to vacate the Premises (or assignment or termination in lieu thereof) shall be treated as a taking of the entire Premises, and in such event the Tenant shall be treated as having been deprived of possession on the effective date thereof. Should any part portion of the Premises so taken. If this Lease is so terminated, all Minimum and Additional Rent shall be so paid to the date of termination. Whenever any portion of the Premises is taken or condemnedby Eminent Domain and this Lease is not terminated, Landlord shall at its expense proceed with all reasonable dispatch to restore, to the extent of available proceeds and should this lease not be terminated in accordance with to the foregoing provisionextent it is reasonably prudent to do so, the Landlord covenants and agrees within a reasonable time after such taking or condemnation, and the determination remainder of the Landlord's award therein, to expend so much as may be necessary of the net amount which may be awarded to the Landlord in such condemnation proceedings in restoring the Premises to an architectural unit as nearly like their the condition they were in immediately prior to such taking as taking, and Tenant shall be practicable. Should the net amount so awarded to the Landlord be insufficient to cover the cost of restoring the Premises, as estimated by the Landlord's architect, the Landlord may, but shall not be obligated to, supply the amount of such insufficiency and restore the Premises as above provided, at its expense proceed with all reasonable diligence, or terminate this leasedispatch to restore its personal property and all improvements made by it to the Premises to the same condition they were in immediately prior to such taking. Where The Minimum and Additional Rent payable hereunder shall be reduced from the date Tenant has not already exercised any right of termination accorded is required to it under partially vacate the foregoing portion of this paragraph, Premises in the Landlord shall notify same proportion that the Tenant Rentable Area taken bears to the total Rentable Area of the Landlord's election not later than ninety (90) days after the final determination of the amount of the award. Further, if so much of the Commercial Unit shall be so taken that continued operation of the Commercial Unit as operated Premises prior to the taking would be uneconomic in the Landlord's judgment or prohibited by zoning or other applicable law or by or pursuant to applicable provisions of the Condominium Documents or the Land Disposition Agreement, the Landlord shall have the right to terminate this lease by giving notice to the Tenant of the Landlord's desire so to do not later than thirty (30) days after the effective date of such taking.
Appears in 1 contract
Sources: Lease Agreement (Sonosight Inc)
Taking. If all of the PremisesPremises are taken by Eminent Domain, this Lease shall terminate as of the date Lessee is required to vacate the Premises and all Rent and Additional Charges shall be paid to that date. The term "Eminent Domain" shall include the taking or such portion thereof as to render damaging of property by, through or under any governmental or statutory authority, and any purchase or acquisition in lieu thereof, whether the balance (when reconstructed) unsuitable damaging or taking is by government or any other person. If a taking of any part of the Building or the Premises by Eminent Domain renders the remainder of the Premises unusable for the purposes Permitted Use of Lessee, the Tenant in Lease may, at the reasonable opinion option of the Landlord, shall be taken by condemnation or right of eminent domain, either party, upon be terminated by written notice given to the other, shall be entitled to terminate this Lease, provided that such notice is given other party not later more than thirty (30) days after City gives Lessee written notice of the Tenant has been deprived of possession. For the purposes of this Articletaking, any deed or other transfer of title in lieu of any and such taking termination shall be treated effective as such a taking. Moreover, for the purposes of this Article, such a taking of the Tenant's entire leasehold interest hereunder in date when Lessee is required to vacate the Premises (or assignment or termination in lieu thereof) shall be treated as a taking of the entire Premises, and in such event the Tenant shall be treated as having been deprived of possession on the effective date thereof. Should any part portion of the Premises so taken. If this Lease is so terminated, all Rent and Additional Charges shall be so paid to the date of the taking. Whenever any portion of the Premises is taken or condemnedby Eminent Domain and this Lease is not terminated, City, at its expense, shall proceed with all reasonable dispatch to restore, to the extent of available proceeds and should this lease not be terminated in accordance with to the foregoing provisionextent it is reasonably prudent to do so, the Landlord covenants and agrees within a reasonable time after such taking or condemnation, and the determination remainder of the Landlord's award therein, to expend so much as may be necessary of the net amount which may be awarded to the Landlord in such condemnation proceedings in restoring the Premises to an architectural unit as nearly like their the condition they were in immediately prior to such taking as taking, and Lessee, at its expense, shall be practicable. Should the net amount so awarded to the Landlord be insufficient to cover the cost of restoring the Premises, as estimated by the Landlord's architect, the Landlord may, but shall not be obligated to, supply the amount of such insufficiency and restore the Premises as above provided, proceed with all reasonable diligencedispatch to restore its personal property and all improvements made by it to the Premises to the same condition they were in immediately prior to such taking, or terminate this leaseto the extent award is available therefor. Where The Rent and Additional Charges payable hereunder shall be reduced from the Tenant has not already exercised any right of termination accorded date Lessee is required to it under partially vacate the foregoing portion of this paragraph, Premises in the Landlord shall notify same proportion that the Tenant Rentable Area taken bears to the total Rentable Area of the Landlord's election not later than ninety (90) days after the final determination of the amount of the award. Further, if so much of the Commercial Unit shall be so taken that continued operation of the Commercial Unit as operated Premises prior to the taking would be uneconomic in the Landlord's judgment or prohibited by zoning or other applicable law or by or pursuant to applicable provisions of the Condominium Documents or the Land Disposition Agreement, the Landlord shall have the right to terminate this lease by giving notice to the Tenant of the Landlord's desire so to do not later than thirty (30) days after the effective date of such taking.
Appears in 1 contract
Sources: Lease Agreement
Taking. If the Premises, or such portion thereof as to render the balance (when reconstructed) unsuitable for the purposes all of the Premises are taken by Eminent Domain, this Lease shall terminate as of the date Tenant is required to vacate the Premises and all Base and Additional Rent shall be paid to that date. The term "Eminent Domain" shall include the taking or damaging of property by, through or under any governmental or statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other person. If, in the reasonable opinion judgment of Landlord, a taking of any part of the LandlordPremises by Eminent Domain renders the remainder thereof unusable for the business of Tenant (or the cost of restoration of the Premises is not commercially reasonable), shall be taken by condemnation or right the Lease may, at the option of eminent domain, the either party, upon be terminated by written notice given to the other, shall be entitled to terminate this Lease, provided that such notice is given other party not later more than thirty (30) days after Landlord gives Tenant written notice of the Tenant has been deprived of possession. For the purposes of this Articletaking, any deed or other transfer of title in lieu of any and such taking termination shall be treated effective as such a taking. Moreover, for the purposes of this Article, such a taking of the Tenant's entire leasehold interest hereunder in date when Tenant is required to vacate the Premises (or assignment or termination in lieu thereof) shall be treated as a taking of the entire Premises, and in such event the Tenant shall be treated as having been deprived of possession on the effective date thereof. Should any part portion of the Premises so taken. If this Lease is so terminated, all Base Monthly Rent and Additional Rent shall be so paid to the date of termination. Whenever any portion of the Premises is taken or condemnedby Eminent Domain and this Lease is not terminated, Landlord shall at its expense proceed with all reasonable dispatch to restore, to the extent of available proceeds and should this lease not be terminated in accordance with to the foregoing provisionextent it is reasonably prudent to do so, the Landlord covenants and agrees within a reasonable time after such taking or condemnation, and the determination remainder of the Landlord's award therein, to expend so much as may be necessary of the net amount which may be awarded to the Landlord in such condemnation proceedings in restoring the Premises to an architectural unit as nearly like their the condition they were in immediately prior to such taking as taking, and Tenant shall be practicable. Should the net amount so awarded to the Landlord be insufficient to cover the cost of restoring the Premises, as estimated by the Landlord's architect, the Landlord may, but shall not be obligated to, supply the amount of such insufficiency and restore the Premises as above provided, at its expense proceed with all reasonable diligence, or terminate this leasedispatch to restore its personal property and all improvements made by it to the Premises to the same condition they were in immediately prior to such taking. Where The Base Monthly Rent and Additional Rent payable hereunder shall be reduced from the date Tenant has not already exercised any right of termination accorded is required to it under partially vacate the foregoing portion of this paragraph, Premises in the Landlord shall notify same proportion that the Tenant rentable area taken bears to the total rentable area of the Landlord's election not later than ninety (90) days after the final determination of the amount of the award. Further, if so much of the Commercial Unit shall be so taken that continued operation of the Commercial Unit as operated Premises prior to the taking would be uneconomic in the Landlord's judgment or prohibited by zoning or other applicable law or by or pursuant to applicable provisions of the Condominium Documents or the Land Disposition Agreement, the Landlord shall have the right to terminate this lease by giving notice to the Tenant of the Landlord's desire so to do not later than thirty (30) days after the effective date of such taking.
Appears in 1 contract
Taking. If all of the PremisesPremises are taken by Eminent Domain, this Lease shall terminate as of the date Tenant is required to vacate the Premises and all Base and Additional Rent shall be paid to that date. The term "Eminent Domain" shall include the taking or such portion damaging of property by, through or under any governmental or statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other person. If a taking of any part of the Premises by Eminent Domain renders the remainder thereof as to render the balance (when reconstructed) unsuitable reasonably unusable for the purposes business of Tenant (or the cost of restoration of the Tenant in Premises is not commercially reasonable), the reasonable opinion Lease may, at the option of the Landlord, shall be taken by condemnation or right of eminent domain, either party, upon be terminated by written notice given to the otherother party not more than thirty (30) days after Landlord gives Tenant written notice of the taking, and such termination shall be effective as of the date when Tenant is required to vacate the portion of the Premises so taken. If this Lease is so terminated, all Base Monthly Rent and Additional Rent shall be paid to the date of termination. Whenever any portion of the Premises is taken by Eminent Domain and this Lease is not terminated, Landlord shall at its expense proceed with all reasonable dispatch to restore, to the extent of available proceeds and to the extent it is reasonably prudent to do so, the remainder of the Premises to the condition they were in immediately prior to such taking, and Tenant shall at its expense proceed with all reasonable dispatch to restore its personal property and all improvements made by it to the Premises to the same condition they were in immediately prior to such taking. Notwithstanding the foregoing, if the Premises has been rendered unusable by Eminent Domain and Landlord elects for any reason not to restore the same to a reasonably usable condition, Tenant shall be entitled to terminate this Lease, provided that such notice is given not later than thirty (30) days after the Tenant has been deprived of possession. For the purposes of this Article, any deed or other transfer of title in lieu of any such taking The Base Monthly Rent and Additional Rent payable hereunder shall be treated as such a taking. Moreover, for reduced from the purposes of this Article, such a taking of date Tenant is required to partially vacate the Tenant's entire leasehold interest hereunder Premises in the Premises (or assignment or termination in lieu thereof) shall be treated as a taking of same proportion that the entire Premises, and in such event rentable area taken bears to the Tenant shall be treated as having been deprived of possession on the effective date thereof. Should any part total rentable area of the Premises be so taken or condemned, and should this lease not be terminated in accordance with the foregoing provision, the Landlord covenants and agrees within a reasonable time after such taking or condemnation, and the determination of the Landlord's award therein, to expend so much as may be necessary of the net amount which may be awarded to the 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 practicable. Should the net amount so awarded to the Landlord be insufficient to cover the cost of restoring the Premises, as estimated by the Landlord's architect, the Landlord may, but shall not be obligated to, supply the amount of such insufficiency and restore the Premises as above provided, with all reasonable diligence, or terminate this lease. Where the Tenant has not already exercised any right of termination accorded to it under the foregoing portion of this paragraph, the Landlord shall notify the Tenant of the Landlord's election not later than ninety (90) days after the final determination of the amount of the award. Further, if so much of the Commercial Unit shall be so taken that continued operation of the Commercial Unit as operated prior to the taking would be uneconomic in the Landlord's judgment or prohibited by zoning or other applicable law or by or pursuant to applicable provisions of the Condominium Documents or the Land Disposition Agreement, the Landlord shall have the right to terminate this lease by giving notice to the Tenant of the Landlord's desire so to do not later than thirty (30) days after the effective date of such taking.
Appears in 1 contract
Taking. If the Premises, or such portion thereof as to render the balance (when reconstructed) unsuitable for the purposes all of the Premises are taken by Eminent Domain, this Lease shall terminate as of the date Tenant is required to vacate the Premises and all Base and Additional Rent shall be paid to that date. The term “Eminent Domain” shall include the taking or damaging of property by, through or under any governmental or statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other person. If, in the reasonable opinion judgment of Landlord, a taking of any part of the LandlordPremises by Eminent Domain renders the remainder thereof unusable for the business of Tenant (or the cost of restoration of the Premises is not commercially reasonable), shall be taken by condemnation or right the Lease may, at the option of eminent domain, either party, upon be terminated by written notice given to the other, shall be entitled to terminate this Lease, provided that such notice is given other party not later more than thirty (30) days after Landlord gives Tenant written notice of the Tenant has been deprived of possession. For the purposes of this Articletaking, any deed or other transfer of title in lieu of any and such taking termination shall be treated effective as such a taking. Moreover, for the purposes of this Article, such a taking of the Tenant's entire leasehold interest hereunder in date when Tenant is required to vacate the Premises (or assignment or termination in lieu thereof) shall be treated as a taking of the entire Premises, and in such event the Tenant shall be treated as having been deprived of possession on the effective date thereof. Should any part portion of the Premises so taken. If this Lease is so terminated, all Base and Additional Rent shall be so paid to the date of termination. Whenever any portion of the Premises is taken or condemnedby Eminent Domain and this Lease is not terminated, and should this lease not be terminated in accordance Landlord shall at its expense proceed with all reasonable dispatch to restore, to the foregoing provisionextent of available proceeds, the Landlord covenants and agrees within a reasonable time after such taking or condemnation, and the determination remainder of the Landlord's award therein, to expend so much as may be necessary of the net amount which may be awarded to the Landlord in such condemnation proceedings in restoring the Premises to an architectural unit as nearly like their the condition they were in immediately prior to such taking as shall be practicable. Should the net amount so awarded to the Landlord be insufficient to cover the cost of restoring the Premisestaking, as estimated by including the Landlord's architect’s Work and Tenant’s Work described in the Work Letter, the Landlord may, but and Tenant shall not be obligated to, supply the amount of such insufficiency and restore the Premises as above provided, at its expense proceed with all reasonable diligence, or terminate this leasedispatch to restore its personal property and all improvements and alterations other than the Tenant’s Work made by it to the Premises to the same condition they were in immediately prior to such taking. Where The Base and Additional Rent payable hereunder shall be reduced from the date Tenant has not already exercised any right of termination accorded is required to it under partially vacate the foregoing portion of this paragraph, Premises in the Landlord shall notify same proportion that the Tenant Rentable Area taken bears to the total Rentable Area of the Landlord's election not later than ninety (90) days after the final determination of the amount of the award. Further, if so much of the Commercial Unit shall be so taken that continued operation of the Commercial Unit as operated Premises prior to the taking would be uneconomic in the Landlord's judgment or prohibited by zoning or other applicable law or by or pursuant to applicable provisions of the Condominium Documents or the Land Disposition Agreement, the Landlord shall have the right to terminate this lease by giving notice to the Tenant of the Landlord's desire so to do not later than thirty (30) days after the effective date of such taking.
Appears in 1 contract
Sources: Commercial Lease (Blue Nile Inc)
Taking. If the Premises, or such portion thereof as to render the balance (when reconstructed) unsuitable for the purposes there shall be a total taking of the Tenant Building in the reasonable opinion of the Landlord, shall be taken condemnation proceedings or by condemnation or any right of eminent domain, either partythis Lease and the Term and estate hereby granted shall terminate as of the date of taking of possession by the condemning authority and all Base Rent and Additional Rent under Article 4 shall be prorated and paid as of such termination date. If there shall be a taking of any material (in Landlord’s reasonable judgment) portion of the Land or the Building (whether or not the Premises are affected by such taking), upon written then Landlord may terminate this Lease and the Term and estate granted hereby by giving notice to the other, shall be entitled to terminate this Lease, provided that such notice is given not later than thirty (30) Tenant within 60 days after the Tenant has been deprived date of possessiontaking of possession by the condemning authority. For the purposes of this Article, any deed or other transfer of title in lieu of any such taking If there shall be treated as such a taking. Moreover, for the purposes of this Article, such a taking of the Tenant's entire leasehold interest hereunder Premises of such scope (but in no event less than 25% of the Premises) that the untaken part of the Premises (would in Tenant’s reasonable judgment be uneconomic to operate, then Tenant may terminate this Lease and the Term and estate granted hereby by giving notice to Landlord within 60 days after the date of taking of possession by the condemning authority. If either Landlord or assignment or Tenant shall give a termination in lieu thereof) notice as aforesaid, then this Lease and the Term and estate granted hereby shall terminate as of the date of such notice and all Base Rent and Additional Rent under Article 4 shall be treated prorated and paid as of such termination date. In the event of a taking of the entire Premises, Premises which does not result in the termination of this Lease (a) the Term and in such event estate hereby granted with respect to the Tenant shall be treated as having been deprived of possession on the effective date thereof. Should any taken part of the Premises be so taken or condemned, and should this lease not be terminated in accordance with the foregoing provision, the Landlord covenants and agrees within a reasonable time after such taking or condemnation, and the determination shall terminate as of the Landlord's award therein, to expend so much as may date of taking of possession by the condemning authority and all Base Rent and Additional Rent under Article 4 shall be necessary of appropriately abated for the net amount which may be awarded period from such date to the Expiration Date and (b) Landlord shall perform the work required to be performed by Landlord pursuant to Section 23.04 of this Lease. “Condemnation” means a total or partial taking in such condemnation proceedings in restoring the Premises to an architectural unit as nearly like their condition prior to such taking as shall be practicable. Should the net amount so awarded to the Landlord be insufficient to cover the cost of restoring the Premises, as estimated or by the Landlord's architect, the Landlord may, but shall not be obligated to, supply the amount of such insufficiency and restore the Premises as above provided, with all reasonable diligence, or terminate this lease. Where the Tenant has not already exercised any right of termination accorded to it under the foregoing portion of this paragraph, the Landlord shall notify the Tenant of the Landlord's election not later than ninety (90) days after the final determination of the amount of the award. Further, if so much of the Commercial Unit shall be so taken that continued operation of the Commercial Unit as operated prior to the taking would be uneconomic in the Landlord's judgment or prohibited by zoning or other applicable law or by or pursuant to applicable provisions of the Condominium Documents or the Land Disposition Agreement, the Landlord shall have the right to terminate this lease by giving notice to the Tenant of the Landlord's desire so to do not later than thirty (30) days after the effective date of such takingeminent domain.
Appears in 1 contract
Taking. If the whole of the Premises is taken, either permanently or temporarily, by eminent domain or condemnation, this Lease shall automatically terminate as of the date title vests in the condemning authority, and Tenant shall pay all Base Rent, Additional Rent, and other payments up to the date on which Tenant loses the right of possession and use of all or substantially all of the Premises. If any part of the Premises is permanently taken, or such portion thereof as if access to render the balance Premises by Tenant is, by virtue of a taking, permanently denied, by eminent domain or condemnation, then Landlord or Tenant shall have the right (when reconstructed) unsuitable for the purposes of the Tenant in the reasonable opinion of the Landlord, shall to be taken exercised by condemnation or right of eminent domain, either party, upon written notice to the other, shall be entitled other within sixty (60) days after receipt of notice of said taking) to terminate this Lease from the date when possession is taken thereunder pursuant to such proceeding or purchase. If neither parry elects to terminate this Lease, provided that such notice is given not later than thirty (30) days after the Tenant has been deprived of possession. For the purposes of this Articleas aforesaid, any deed or other transfer of title in lieu of any such taking then Landlord shall be treated as such a taking. Moreover, for the purposes of this Article, such a taking of the Tenant's entire leasehold interest hereunder in the Premises (or assignment or termination in lieu thereof) shall be treated as a taking of the entire Premises, and in such event the Tenant shall be treated as having been deprived of possession on the effective date thereof. Should any part of the Premises be so taken or condemned, and should this lease not be terminated in accordance with the foregoing provision, the Landlord covenants and agrees within a reasonable time after such title vests in the condemning authority, repair and restore, at Landlord’s expense, the portion not taken so as to render same into an architectural whole to the fullest extent reasonably possible, and, if any portion of the Premises is taken, thereafter the Base Rent shall be reduced (on a per square foot basis) in proportion to the portion of the Premises taken. If there is a temporary taking involving the Premises or condemnationBuilding, if a taking of other portions of the Building or Common Areas does not deny Tenant access to the Building and Premises, then this Lease shall not terminate, and Landlord shall repair and restore, at its own expense, the determination portion not taken so as to render same into an architectural whole to the fullest extent reasonably possible, and, if any portion of the Landlord's award thereinPremises was taken, thereafter the Base Rent shall be reduced (on a per square foot basis) in proportion to expend so much as may be necessary the portion of the net amount which may be awarded to the 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 practicable. Should the net amount so awarded to the Landlord be insufficient to cover the cost of restoring the Premises, as estimated by the Landlord's architect, the Landlord may, but shall not be obligated to, supply the amount of such insufficiency and restore the Premises as above provided, with all reasonable diligence, or terminate this lease. Where the Tenant has not already exercised any right of termination accorded to it under the foregoing portion of this paragraph, the Landlord shall notify the Tenant of the Landlord's election not later than ninety (90) days after the final determination of the amount of the award. Further, if so much of the Commercial Unit shall be so taken that continued operation of the Commercial Unit as operated prior to the taking would be uneconomic in the Landlord's judgment or prohibited by zoning or other applicable law or by or pursuant to applicable provisions of the Condominium Documents or the Land Disposition Agreement, the Landlord shall have the right to terminate this lease by giving notice to the Tenant of the Landlord's desire so to do not later than thirty (30) days after the effective date of such takingtaken.
Appears in 1 contract
Sources: Deed of Lease (NCI, Inc.)
Taking. If the Premises, or such portion thereof as to render the balance (when reconstructed) unsuitable for the purposes all of the Premises are taken by Eminent Domain, this Lease shall terminate as of the date Tenant is required to vacate the Premises and all Base and Additional Rent shall be paid to that date. The term “Eminent Domain” shall include the taking or damaging of property by, through or under any governmental or statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other person. If, in the reasonable opinion judgment of Landlord, a taking of any part of the LandlordPremises by Eminent Domain renders the remainder thereof unusable for the business of Tenant (or the cost of restoration of the Premises is not commercially reasonable), shall be taken by condemnation or right the Lease may, at the option of eminent domain, either party, upon be terminated by written notice given to the other, shall be entitled to terminate this Lease, provided that such notice is given other party not later more than thirty (30) days after Landlord gives Tenant written notice of the Tenant has been deprived of possession. For the purposes of this Articletaking, any deed or other transfer of title in lieu of any and such taking termination shall be treated effective as such a taking. Moreover, for the purposes of this Article, such a taking of the Tenant's entire leasehold interest hereunder in date when Tenant is required to vacate the Premises (or assignment or termination in lieu thereof) shall be treated as a taking of the entire Premises, and in such event the Tenant shall be treated as having been deprived of possession on the effective date thereof. Should any part portion of the Premises so taken. If this Lease is so terminated, all Base and Additional Rent shall be so paid to the date of termination. Whenever any portion of the Premises is taken or condemnedby Eminent Domain and this Lease is not terminated, Landlord shall at its expense proceed with all reasonable dispatch to restore, to the extent of available proceeds issued from the taking governmental authority and should this lease not be terminated in accordance with to the foregoing provisionextent it is reasonably prudent to do so, the Landlord covenants and agrees within a reasonable time after such taking or condemnation, and the determination remainder of the Landlord's award therein, to expend so much as may be necessary of the net amount which may be awarded to the Landlord in such condemnation proceedings in restoring the Premises to an architectural unit as nearly like their the condition they were in immediately prior to such taking as taking, and Tenant shall be practicable. Should the net amount so awarded to the Landlord be insufficient to cover the cost of restoring the Premises, as estimated by the Landlord's architect, the Landlord may, but shall not be obligated to, supply the amount of such insufficiency and restore the Premises as above provided, at its expense proceed with all reasonable diligence, or terminate this leasedispatch to restore its personal property and all improvements made by it to the Premises to the same condition they were in immediately prior to such taking. Where The Base and Additional Rent payable hereunder shall be reduced from the date Tenant has not already exercised any right of termination accorded is required to it under partially vacate the foregoing portion of this paragraph, Premises in the Landlord shall notify same proportion that the Tenant Rentable Area taken bears to the total Rentable Area of the Landlord's election not later than ninety (90) days after the final determination of the amount of the award. Further, if so much of the Commercial Unit shall be so taken that continued operation of the Commercial Unit as operated Premises prior to the taking would be uneconomic in the Landlord's judgment or prohibited by zoning or other applicable law or by or pursuant to applicable provisions of the Condominium Documents or the Land Disposition Agreement, the Landlord shall have the right to terminate this lease by giving notice to the Tenant of the Landlord's desire so to do not later than thirty (30) days after the effective date of such taking.
Appears in 1 contract
Taking. If all of the PremisesPremises are taken by Eminent Domain, this Lease shall terminate as of the date Lessee is required to vacate the Premises and all Rent and Additional Charges shall be paid to that date. The term "Eminent Domain" shall include the taking or such portion damaging of property by, through or under any governmental or statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other person. If a taking of any part of the Premises by Eminent Domain renders the remainder thereof as to render the balance (when reconstructed) unsuitable unusable for the purposes business of the Tenant Lessee, in the reasonable opinion judgment of City, the LandlordLease may, shall be taken by condemnation or right at the option of eminent domain, either party, upon be terminated by written notice given to the other, shall be entitled to terminate this Lease, provided that such notice is given other party not later more than thirty (30) days after City gives Lessee written notice of the Tenant has been deprived of possession. For the purposes of this Articletaking, any deed or other transfer of title in lieu of any and such taking termination shall be treated effective as such a taking. Moreover, for the purposes of this Article, such a taking of the Tenant's entire leasehold interest hereunder in date when Lessee is required to vacate the Premises (or assignment or termination in lieu thereof) shall be treated as a taking of the entire Premises, and in such event the Tenant shall be treated as having been deprived of possession on the effective date thereof. Should any part portion of the Premises so taken. If this Lease is so terminated, all Rent and Additional Charges shall be so paid to the date of termination. Whenever any portion of the Premises is taken or condemnedby Eminent Domain and this Lease is not terminated, City, at its expense, shall proceed with all reasonable dispatch to restore, to the extent of available proceeds and should this lease not be terminated in accordance with to the foregoing provisionextent it is reasonably prudent to do so, the Landlord covenants and agrees within a reasonable time after such taking or condemnation, and the determination remainder of the Landlord's award therein, to expend so much as may be necessary of the net amount which may be awarded to the Landlord in such condemnation proceedings in restoring the Premises to an architectural unit as nearly like their the condition they were in immediately prior to such taking as taking, and Lessee, at its expense, shall be practicable. Should the net amount so awarded to the Landlord be insufficient to cover the cost of restoring the Premises, as estimated by the Landlord's architect, the Landlord may, but shall not be obligated to, supply the amount of such insufficiency and restore the Premises as above provided, proceed with all reasonable diligencedispatch to restore its personal property and all improvements made by it to the Premises to the same condition they were in immediately prior to such taking, or terminate this leaseto the extent award is available therefor. Where The Rent and Additional Charges payable hereunder shall be reduced from the Tenant has not already exercised any right of termination accorded date Lessee is required to it under partially vacate the foregoing portion of this paragraph, Premises in the Landlord shall notify same proportion that the Tenant Lease area taken bears to the total Lease Area of the Landlord's election not later than ninety (90) days after the final determination of the amount of the award. Further, if so much of the Commercial Unit shall be so taken that continued operation of the Commercial Unit as operated Premises prior to the taking would be uneconomic in the Landlord's judgment or prohibited by zoning or other applicable law or by or pursuant to applicable provisions of the Condominium Documents or the Land Disposition Agreement, the Landlord shall have the right to terminate this lease by giving notice to the Tenant of the Landlord's desire so to do not later than thirty (30) days after the effective date of such taking.
Appears in 1 contract
Sources: Lease Agreement
Taking. (a) If the Premises, all or such portion thereof as to render the balance (when reconstructed) unsuitable for the purposes substantially all of the Tenant Demised Premises and Improvements are taken or transferred as described in Section 9.1, this Lease and all of the rights, title and interest under this Lease shall cease on the date title to the Demised Premises and Improvements vests in the reasonable opinion condemning authority, and the proceeds of the Landlord, condemnation shall be taken by condemnation or right of eminent domain, either party, upon written notice paid to Lessor. In the other, shall be entitled to terminate this Lease, provided that such notice is given not later than thirty (30) days after the Tenant has been deprived of possession. For the purposes of this Article, any deed or other transfer of title in lieu event of any such taking shall be treated as such a taking. Moreover, for the purposes of this Article, such a taking of the Tenant's entire leasehold interest hereunder in the Premises (or assignment or termination in lieu thereof) shall be treated as a taking of the entire Premises, and in such event the Tenant shall be treated as having been deprived of possession on the effective date thereof. Should any part of the Premises be so taken or condemned, and should this lease not be terminated in accordance with the foregoing provision, the Landlord covenants and agrees within a reasonable time after such taking or condemnation, and the determination of all or any part of the Landlord's award thereinDemised Premises or the Improvements, Lessee shall have no claim against Lessor and shall not have any claim or right to expend so much as may be necessary any portion of the net amount which that may be awarded to the Landlord in such condemnation proceedings in restoring the Premises to an architectural unit as nearly like their condition prior to damages or paid as a result of such taking as or condemnation; and all rights of Lessee to damages therefore are hereby assigned by Lessee to Lessor, and Lessee shall be practicablehave no claim against Lessor or the condemnor for the value of the unexpired Term of this Lease. Should the net amount so awarded to the Landlord be insufficient to cover the cost of restoring the Premises, as estimated by the Landlord's architectHowever, the Landlord may, but foregoing provisions of this section shall not be obligated toconstrued to deprive Lessee of the right to claim and receive payment from the condemnor or taking authority for moving and related expenses or for the taking of Lessee’s personal property or fixtures as long as such claim or the payment thereof does not reduce the award which Lessor would otherwise be entitled to receive. In the event of any such taking or condemnation of part of the Demised Premises, supply the amount Basic Rent shall be proportionately reduced from the date that possession of such insufficiency the Demised Premises is required to be surrendered to the condemnor or taking authority.
(b) If less than all or substantially all of the Demised Premises and restore Improvements is taken or transferred as described in Section 9.1, and if in Lessee’s opinion the remainder of the Demised Premises as above provided, with all reasonable diligenceand Improvements is in a location, or in a form, shape, or reduced size that Lessee is in its commercially reasonable opinion unable to effectively and practicably operate Lessee’s business on the remaining Demised Premises and Improvements, then this Lease shall terminate on the date title to the portion of the Demised Premises and Improvements taken or transferred vests in the condemning authority. The proceeds of the condemnation shall be payable as set forth in Section 9.2(a).
(c) If less than all or substantially all of the Demised Premises and Improvements is taken or transferred as described in Section 9.1, and if in Lessee’s opinion the remainder of the Demised Premises and Improvements is in a location and a form, shape, or size that makes it possible for Lessee to effectively and practicably operate Lessee’s business on the remaining Demised Premises and Improvements, this leaseLease shall terminate as to the portion of the Demised Premises and Improvements taken or transferred as of the date title to the portion vests in the condemning authority. Where However, this Lease shall continue in full force and effect as to that portion of the Tenant has Demised Premises and Improvements not already exercised any right taken or transferred. From and after the date of termination accorded taking or transfer, the rental required to it under be paid by Lessee to Lessor shall be reduced during the foregoing unexpired portion of this paragraph, the Landlord shall notify the Tenant Lease by that proportion of the Landlord's election not later than ninety (90) days after annual rent that the final determination value of the amount part of the award. Further, if so much Demised Premises and Improvements taken or transferred bears to the value of the Commercial Unit total Demised Premises and Improvements. These values shall be so taken that continued operation determined as of the Commercial Unit as operated prior to the taking would be uneconomic in the Landlord's judgment or prohibited by zoning or other applicable law or by or pursuant to applicable provisions date immediately before any actual taking. The proceeds of the Condominium Documents or the Land Disposition Agreement, the Landlord condemnation shall have the right to terminate be payable as set forth in this lease by giving notice to the Tenant of the Landlord's desire so to do not later than thirty (30) days after the effective date of such takingSection 9.2(a).
Appears in 1 contract
Sources: Lease Agreement (LIVE VENTURES Inc)
Taking. If In the Premises, event the whole or such portion thereof as to render the balance (when reconstructed) unsuitable for the purposes any part of the Tenant in the reasonable opinion of the Landlord, Parking Area shall be taken by condemnation or right of eminent domaindomain or any similar authority of law (a “Taking”), either party, upon written notice the entire award for the value of the land and improvements so taken shall belong to the otherfee title owner of the subject property or portion thereof so taken or to such fee title owner’s mortgagees or tenants, as their interest may appear, and no other Owner shall have a right to claim any portion of such award by virtue of any interest created by this Agreement. Any Owner who is not the fee title owner of the property which is the subject of a Taking may, however, file a collateral claim with the condemning authority over and above the value of the land and improvements being so taken to the extent of any damage suffered by such Owner resulting from the severance of the land or improvements so taken if such claim shall not operate to reduce the award allocable to the property taken. Notwithstanding the foregoing, in the event of a Taking of a portion of the Parking Area and such portion is not required for reasonable access to and use of the remaining Parking Area, the Manager shall restore the improvements located on the Parking Area as nearly as possible to the condition existing prior to the Taking and any portion of any condemnation award necessary therefor shall be paid to the Manager and held in trust and applied for such purpose, and the balance, if any, shall be entitled paid to terminate this Leasethe Owner; provided, provided however, that the Manager shall in no event be obligated to undertake any restoration except to the extent that funding for such notice restoration is given not later than thirty (30) days after readily available from the Tenant has been deprived of possession. For the purposes of this Article, any deed or other transfer of title in lieu proceeds of any condemnation award. In the event of a Taking of all or a portion of the Parking Area and such taking portion is required for the reasonable use of the remainder of the Parking Area or such portion is required for reasonable access to the Parking Area, then this Agreement shall terminate effective as of the day possession of all or a portion of the Parking Area shall be treated as such a taking. Moreover, for the purposes of this Article, such a taking of the Tenant's entire leasehold interest hereunder in the Premises (or assignment or termination in lieu thereof) shall be treated as a taking of the entire Premises, and in such event the Tenant shall be treated as having been deprived of possession on the effective date thereof. Should any part of the Premises be so taken or condemned, and should this lease not be terminated in accordance with the foregoing provision, the Landlord covenants and agrees within a reasonable time after such taking or condemnation, and the determination of the Landlord's award therein, to expend so much as may be necessary of the net amount which may be awarded to the 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 practicable. Should the net amount so awarded to the Landlord be insufficient to cover the cost of restoring the Premises, as estimated by the Landlord's architect, the Landlord may, but shall not be obligated to, supply the amount of such insufficiency and restore the Premises as above provided, with all reasonable diligence, or terminate this lease. Where the Tenant has not already exercised any right of termination accorded to it under the foregoing portion of this paragraph, the Landlord shall notify the Tenant of the Landlord's election not later than ninety (90) days after the final determination of the amount of the award. Further, if so much of the Commercial Unit shall be so taken that continued operation of the Commercial Unit as operated prior to the taking would be uneconomic in the Landlord's judgment or prohibited by zoning or other applicable law or by or pursuant to applicable provisions of the Condominium Documents or the Land Disposition Agreement, the Landlord shall have the right to terminate this lease by giving notice to the Tenant of the Landlord's desire so to do not later than thirty (30) days after the effective date of such takingcondemning authority.
Appears in 1 contract
Sources: Parking Easement Agreement
Taking. If any material portion of the PremisesProject shall be taken for any public or quasi-public purpose by any lawful power or authority by exercise of the right of appropriation, condemnation or eminent domain, or sold to prevent such portion thereof taking to such an extent as to render untenantable the balance (when reconstructed) unsuitable for the purposes of the Tenant in the reasonable opinion of the Landlord, shall be taken by condemnation or right of eminent domain, either party, upon written notice to the other, shall be entitled to terminate this Lease, provided that such notice is given not later than thirty (30) days after the Tenant has been deprived of possession. For the purposes of this Article, any deed or other transfer of title in lieu of any such taking shall be treated as such a taking. Moreover, for the purposes of this Article, such a taking of the Tenant's entire leasehold interest hereunder in the Premises (or assignment or termination in lieu thereof) shall be treated as a taking of the entire Premises, and in such event the Tenant shall be treated as having been deprived of possession on the effective date thereof. Should any part entirety of the Premises be so taken or condemned, and should this lease not be terminated in accordance with the foregoing provision, the Landlord covenants and agrees within such a reasonable time after such taking or condemnation, and the determination material portion of the LandlordPremises that Tenant's award therein, to expend so much as may be necessary operation from the remainder of the net amount which may be awarded to the Landlord in such condemnation proceedings in restoring the Premises to an architectural unit is not reasonably practicable as nearly like their condition prior to such taking as shall be practicable. Should the net amount so awarded to the Landlord be insufficient to cover the cost of restoring the Premises, as estimated reasonably determined by the Landlord's architectparties, the Landlord may, but shall not be obligated to, supply the amount of such insufficiency and restore the Premises as above provided, with all reasonable diligence, or terminate this lease. Where the Tenant has not already exercised any right of termination accorded to it under the foregoing portion of this paragraph, the Landlord shall notify the Tenant of the Landlord's election not later than ninety (90) days after the final determination of the amount of the award. Further, if so much of the Commercial Unit shall be so taken that continued operation of the Commercial Unit as operated prior to the taking would be uneconomic in the Landlord's judgment or prohibited by zoning or other applicable law or by or pursuant to applicable provisions of the Condominium Documents or the Land Disposition Agreement, the Landlord either party shall have the right to terminate this lease Lease effective as of the date possession is required to be surrendered to said authority by giving written notice to the Tenant of the Landlord's desire so to do not later than thirty (30) days after other party by the effective date of such taking. If all or any part of the Premises shall be taken, and if such taking is permanent, the term of this Lease shall automatically terminate with respect to the part of the Premises so taken as of the date when the possession of such part is required. Tenant shall not assert any claim against Landlord or the taking authority for any compensation because of such taking, other than a claim for any separate award attributable to the value of any personal property or trade fixtures of Tenant which are taken, costs of Tenant's relocation, and Tenant hereby assigns to Landlord all of Tenant's interest in, and Landlord shall be entitled to receive, the entire amount of any other award without deduction for any estate or interest of Tenant (including, without limitation, any award attributable to the value of the remaining Term of this Lease). If neither Tenant nor Landlord so elects to terminate, Landlord shall, to the extent of proceeds received, commence to restore the Premises to substantially their same condition prior to such partial taking, and a proportionate abatement shall be made to Tenant for the Monthly Base Rent and Tenant's obligation for payment of Tenant's Expenses Excess corresponding to the time during which, and to the part of the Premises of which, Tenant shall be so deprived on account of such taking and restoration; provided that if during the progress of Landlord's restoration work the balance of the Premises cannot reasonably be used by Tenant for the operation of its business, then Monthly Base Rent and Tenant's Expenses Excess shall abate until that remaining portion of the Premises is again u▇▇▇▇▇ by Tenant. Nothing contained in this Section 12.1 shall be deemed to give Landlord any interest in any award made to Tenant for the taking of Tenant's personal property and trade fixtures or for Tenant's costs of relocation.
Appears in 1 contract
Sources: Office Lease (Spatialight Inc)
Taking. If In case the whole of the Subleased Premises, or such portion part thereof as to render the balance (when reconstructed) unsuitable for the purposes or of the Tenant in the reasonable opinion of the LandlordBuilding Property as shall substantially interfere with Subtenant’s use and occupancy thereof, shall be taken by condemnation any lawful power or authority by exercise of the right of eminent domain, either partyor sold to prevent such taking, upon written notice and if the Prime Lease is terminated pursuant to its terms or the terms of the Prime Landlord’s Consent with respect to the otherportion of the Prime Lease Premises that includes the Subleased Premises, then this Sublease shall thereupon terminate. Except as expressly permitted by the terms of this Sublease or the Prime Landlord’s Consent, (i) Subtenant shall not because of such taking assert any claim against Sublandlord, Prime Landlord or the taking authority for any compensation because of such taking, and (ii) Sublandlord or Prime Landlord, in accordance with the Prime Lease, shall be entitled to terminate this Lease, provided that such notice is given not later than thirty (30) days after receive the Tenant has been deprived entire amount of possessionany award without deduction for any estate or interest of Subtenant. For Subtenant shall have no claim against Sublandlord or Prime Landlord for the purposes value of any unexpired portion of the Term of this ArticleSublease, any deed other than for prepaid Rent. If the amount of property or other transfer the type of title in lieu of any such taking estate taken shall be treated as such a taking. Moreover, for the purposes of this Article, such a taking not substantially interfere with Subtenant’s use of the Tenant's entire leasehold interest hereunder in Subleased Premises and neither this Sublease or the Premises (Prime Lease is terminated, Sublandlord or assignment or termination in lieu thereof) shall be treated as a taking of the entire PremisesPrime Landlord, and in such event the Tenant shall be treated as having been deprived of possession on the effective date thereof. Should any part of the Premises be so taken or condemned, and should this lease not be terminated in accordance with the foregoing provisionPrime Lease, shall be entitled to the Landlord covenants and agrees within a reasonable time after such taking or condemnation, and the determination entire amount of the Landlord's award therein, to expend so much as may be necessary without deduction for any estate or interest of the net amount which may be awarded to the Landlord Subtenant and in such condemnation proceedings event, Sublandlord or Prime Landlord, in restoring accordance with the Prime Lease and Prime Landlord’s Consent, shall promptly proceed to restore the Subleased Premises to an architectural unit as nearly like substantially their condition prior to such taking as partial taking, and the Rent shall be practicable. Should the net amount so awarded abated in proportion to the Landlord be insufficient time during which, and to cover the cost of restoring the Premises, as estimated by the Landlord's architect, the Landlord may, but shall not be obligated to, supply the amount of such insufficiency and restore the Premises as above provided, with all reasonable diligence, or terminate this lease. Where the Tenant has not already exercised any right of termination accorded to it under the foregoing portion of this paragraph, the Landlord shall notify the Tenant part of the Landlord's election not later than ninety (90) days after the final determination Subleased Premises of the amount of the award. Furtherwhich, if so much of the Commercial Unit Subtenant shall be so taken that continued operation deprived on account of the Commercial Unit as operated prior such taking and restoration. Nothing contained in this Article 13 shall be deemed to give Sublandlord or Prime Landlord any interest in, or prevent Subtenant from seeking any award against the taking would be uneconomic in the Landlord's judgment or prohibited by zoning or other applicable law or by or pursuant to applicable provisions of the Condominium Documents or the Land Disposition Agreementauthority for, the Landlord shall have taking of personal property and fixtures belonging to Subtenant or for relocation or business interruption expenses recoverable from the right to terminate this lease by giving notice to the Tenant of the Landlord's desire so to do not later than thirty (30) days after the effective date of such takingtaking authority.
Appears in 1 contract
Taking. If the Premises, or such portion thereof as to render the balance (when reconstructed) unsuitable for the purposes there shall be a total taking of the Tenant Building in the reasonable opinion of the Landlord, shall be taken condemnation proceedings or by condemnation or any right of eminent domain, this Lease and the Term and estate hereby granted shall terminate as of the date of taking of possession by the condemning authority and all Base Rent and Additional Rent under Article 4 shall be prorated and paid as of such termination date. If there shall be a taking of (x) at least forty percent (40%) of the Building or (y) any material (in Landlord’s reasonable judgment) portion of the Land or the Building, including at least forty percent (40%) of the Premises, then in either party, upon written such case Landlord may terminate this Lease and the Term and estate granted hereby by giving notice to the other, shall be entitled to terminate this Lease, provided that such notice is given not later than thirty Tenant within sixty (3060) days after the Tenant has been deprived date of possessiontaking of possession by the condemning authority, provided that Landlord shall concurrently terminate the leases covering at least 75% of the rentable area of the Building (including the Premises). For the purposes of this Article, any deed or other transfer of title in lieu of any such taking If there shall be treated as such a taking. Moreover, for the purposes of this Article, such a taking of the Tenant's entire leasehold interest hereunder Premises of such scope (but in no event less than forty percent (40%) of the Premises) that the untaken part of the Premises would in Tenant’s reasonable judgment be uneconomic to operate, then Tenant may terminate this Lease and the Term and estate granted hereby by giving notice to Landlord within sixty (60) days after the date of taking of possession by the condemning authority. If either Landlord or assignment or Tenant shall give a termination in lieu thereof) notice as aforesaid, then this Lease and the Term and estate granted hereby shall terminate as of the date of such notice and all Base Rent and Additional Rent under Article 4 shall be treated prorated and paid as of such termination date. In the event of a taking of the entire Premises, Premises which does not result in the termination of this Lease (i) the Term and in such event estate hereby granted with respect to the Tenant shall be treated as having been deprived of possession on the effective date thereof. Should any taken part of the Premises be so taken or condemned, and should this lease not be terminated in accordance with the foregoing provision, the Landlord covenants and agrees within a reasonable time after such taking or condemnation, and the determination shall terminate as of the Landlord's award therein, to expend so much as may date of taking of possession by the condemning authority and all Base Rent and Additional Rent under Article 4 shall be necessary of appropriately abated for the net amount which may be awarded period from such date to the Expiration Date and (ii) Landlord shall perform the work required to be performed by Landlord pursuant to Section 23.04 of this Lease. “Condemnation” shall mean a total or partial taking in such condemnation proceedings in restoring the Premises to an architectural unit as nearly like their condition prior to such taking as shall be practicable. Should the net amount so awarded to the Landlord be insufficient to cover the cost of restoring the Premises, as estimated or by the Landlord's architect, the Landlord may, but shall not be obligated to, supply the amount of such insufficiency and restore the Premises as above provided, with all reasonable diligence, or terminate this lease. Where the Tenant has not already exercised any right of termination accorded to it under the foregoing portion of this paragraph, the Landlord shall notify the Tenant of the Landlord's election not later than ninety (90) days after the final determination of the amount of the award. Further, if so much of the Commercial Unit shall be so taken that continued operation of the Commercial Unit as operated prior to the taking would be uneconomic in the Landlord's judgment or prohibited by zoning or other applicable law or by or pursuant to applicable provisions of the Condominium Documents or the Land Disposition Agreement, the Landlord shall have the right to terminate this lease by giving notice to the Tenant of the Landlord's desire so to do not later than thirty (30) days after the effective date of such takingeminent domain.
Appears in 1 contract
Sources: Lease (KCG Holdings, Inc.)
Taking. If the Premises, or such portion thereof as to render the balance (when reconstructed) unsuitable for the purposes all of the Premises are taken by Eminent Domain, this Lease shall terminate as of the date Tenant is required to vacate the premises and all Base and Additional Rent shall be paid to that date. The term "Eminent Domain" shall include the taking or damaging of property by, through or under any governmental or statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other person. If, in the reasonable opinion judgment of ▇▇▇▇▇▇▇▇, a taking of any part of the LandlordPremises by Eminent Domain, shall be taken by condemnation or right a taking of eminent domainpart or all of the parking for the Project, renders the Premises or any remainder thereof unusable for the business of Tenant (or the cost of restoration of the Premises or the parking is not commercially reasonable), the Lease may, at the option of either party, upon be terminated by written notice given to the other, shall be entitled to terminate this Lease, provided that such notice is given other party not later more than thirty (30) days after Landlord gives Tenant written notice of the Tenant has been deprived of possession. For the purposes of this Articletaking, any deed or other transfer of title in lieu of any and such taking termination shall be treated effective as such a taking. Moreover, for the purposes of this Article, such a taking of the Tenant's entire leasehold interest hereunder in date when Tenant is required to vacate the Premises (or assignment or termination in lieu thereof) shall be treated as a taking of the entire Premises, and in such event the Tenant shall be treated as having been deprived of possession on the effective date thereof. Should any part portion of the Premises so taken. If this Lease is so terminated, all Base and Additional Rent shall be so paid to the date of termination. Whenever any portion of the Premises is taken or condemnedby Eminent Domain and this Lease is not terminated, Landlord shall at its expense proceed with all reasonable dispatch to restore, to the extent of available proceeds and should this lease not be terminated in accordance with to the foregoing provisionextent it is reasonably prudent to do so, the Landlord covenants and agrees within a reasonable time after such taking or condemnation, and the determination remainder of the Landlord's award therein, to expend so much as may be necessary of the net amount which may be awarded to the Landlord in such condemnation proceedings in restoring the Premises to an architectural unit as nearly like their the condition they were in immediately prior to such taking as taking, and Tenant shall be practicable. Should the net amount so awarded to the Landlord be insufficient to cover the cost of restoring the Premises, as estimated by the Landlord's architect, the Landlord may, but shall not be obligated to, supply the amount of such insufficiency and restore the Premises as above provided, at its expense proceed with all reasonable diligence, or terminate this leasedispatch to restore its personal property and all improvements made by it to the Premises to the same condition they were in immediately prior to such taking. Where The Base and Additional Rent payable hereunder shall be reduced from the date Tenant has not already exercised any right of termination accorded is required to it under partially Vacate the foregoing portion of this paragraph, Premises in the Landlord shall notify same proportion that the Tenant Rentable Square Footage taken bears to the total Rentable Square Footage of the Landlord's election not later than ninety (90) days after the final determination of the amount of the award. Further, if so much of the Commercial Unit shall be so taken that continued operation of the Commercial Unit as operated Premises prior to the taking would be uneconomic in the Landlord's judgment or prohibited by zoning or other applicable law or by or pursuant to applicable provisions of the Condominium Documents or the Land Disposition Agreement, the Landlord shall have the right to terminate this lease by giving notice to the Tenant of the Landlord's desire so to do not later than thirty (30) days after the effective date of such taking.
Appears in 1 contract
Sources: Master Lease (Tripath Imaging Inc)
Taking. If (a) In the Premises, event all or such portion thereof as to render the balance (when reconstructed) unsuitable for the purposes any part of the Tenant in Mortgaged Property shall be damaged or taken as a result of a Taking, either temporarily or permanently, Agency and Mortgagor shall assign, transfer and set over unto Mortgagee the reasonable opinion Taking Proceeds or any claim for damages for any of the Landlord, shall be Premises taken by condemnation or right damaged under the power of eminent domain, either party, upon written notice to the other, shall be entitled to terminate this Lease, provided and agrees that such notice is given not later than thirty (30) days after the Tenant has been deprived of possession. For the purposes of this Article, any deed or other transfer of title in lieu of any such taking shall be treated as such a taking. Moreover, for the purposes of this Article, such a taking of the Tenant's entire leasehold interest hereunder in the Premises (or assignment or termination in lieu thereof) shall be treated as a taking of the entire Premises, and in such event the Tenant shall be treated as having been deprived of possession on the effective date thereof. Should whole or any part of the Premises is taken by eminent domain proceedings, then all sums awarded as damages for the Taking shall be so taken applied in reduction of the indebtedness secured by this Mortgage, but without imposition of the prepayment premium to such application. Any and all costs and expenses, including, without limitation, reasonable attorneys' fees and expenses to the fullest extent not then prohibited by applicable law, incurred by Mortgagee by reason of any condemnation, threatened condemnation or proceedings thereunder shall be secured hereby and Mortgagor shall reimburse Mortgagee therefor immediately, or Mortgagee shall have the right, at its option, to deduct such costs and expenses from any Taking Proceeds paid to Mortgagee hereunder. In the event that the Premises is wholly condemned, Mortgagee shall receive from Mortgagor and should Agency and/or from the Taking Proceeds, payment of the entire amount of the indebtedness secured by this lease not Mortgage. Notwithstanding anything in the foregoing to the contrary, if there is no Event of Default, the Mortgagor may repair or replace the Mortgaged Property with the replacement or repair to be terminated conducted, and the proceeds to be disbursed, in accordance with the foregoing provisionMortgagee's customary construction loan practices and requirements.
(b) Subject to paragraph (a) of this Section, the Landlord covenants Agency and agrees within a reasonable time after such taking or condemnation, and the determination Mortgagor will immediately notify Mortgagee of the Landlord's award therein, to expend so much as may be necessary actual or threatened commencement of the net amount which may be awarded to the Landlord in such condemnation any Taking proceedings in restoring the Premises to an architectural unit as nearly like their condition prior to such taking as shall be practicable. Should the net amount so awarded to the Landlord be insufficient to cover the cost affecting all or any part of restoring the Premises, as estimated including any easement therein or appurtenance thereof, including severance and consequential damage and change in grade of streets, and will deliver to Mortgagee copies of any and all papers served in connection with any such proceedings. Agency and Mortgagor further covenant and agree to make, execute and deliver to Mortgagee, from time to time upon request, free, clear and discharged of any encumbrances of any kind whatsoever, any and all further assignments or other instruments deemed necessary by Mortgagee for the Landlord's architectpurpose of validly and sufficiently assigning the Taking Proceeds and all other awards and compensation heretofore and hereafter to be made to Agency and Mortgagor, including the assignment of any award from the United States Government at any time after the allowance of the claim therefor, the Landlord mayascertainment of the amount thereof and the issuance of the warrant for payment thereof, but for any Taking, either permanent or temporary, under any such proceedings. In the event of a Taking, Mortgagee shall not be obligated to, supply limited to the amount rate of such insufficiency and restore interest paid on the Premises as above provided, with all reasonable diligence, or terminate this lease. Where award by the Tenant has not already exercised any right condemning authority but shall be entitled to receive out of termination accorded to it the Taking Proceeds interest on the entire unpaid principal sum under the foregoing portion of this paragraph, Note and the Landlord shall notify other Loan Documents at the Tenant of the Landlord's election not later than ninety (90applicable rate(s) days after the final determination of the amount of the awardprovided therein. Further, if Agency and Mortgagor hereby assigns to Mortgagee so much of the Commercial Unit shall be so taken that continued operation balance of the Commercial Unit Taking Proceeds payable by the condemning authority as operated prior is required to pay such interest.
(c) Notwithstanding anything in the foregoing to the taking would contrary, if there is no Event of Default and provided that Mortgagor provides evidence satisfactory to Mortgagee showing that Mortgagor and the Mortgaged Property will be uneconomic in financially viable following repair or replacement, the Landlord's judgment Mortgagor may repair or prohibited by zoning replace the Mortgaged Property with the replacement or other applicable law or by or pursuant repair to applicable provisions be conducted, and the proceeds of the Condominium Documents or insurance to be disbursed, in accordance with the Land Disposition Agreement, the Landlord shall have the right to terminate this lease by giving notice to the Tenant of the LandlordMortgagee's desire so to do not later than thirty (30) days after the effective date of such takingcustomary construction loan practices and requirements.
Appears in 1 contract
Taking. If all of the PremisesPremises are taken by Eminent Domain, this Lease shall terminate as of the date Lessee is required to vacate the Premises and all Rent and Additional Charges shall be paid to that date. The term "Eminent Domain" shall include the taking or such portion damaging of property by, through or under any governmental or statutory authority, and any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other person. If a taking of any part of the Premises by Eminent Domain renders the remainder thereof as to render the balance (when reconstructed) unsuitable unusable for the purposes business of the Tenant Lessee, in the reasonable opinion judgment of City, the LandlordLease may, shall be taken by condemnation or right at the option of eminent domain, either party, upon be terminated by written notice given to the other, shall be entitled to terminate this Lease, provided that such notice is given other party not later more than thirty (30) days after City gives Lessee written notice of the Tenant has been deprived of possession. For the purposes of this Articletaking, any deed or other transfer of title in lieu of any and such taking termination shall be treated effective as such a taking. Moreover, for the purposes of this Article, such a taking of the Tenant's entire leasehold interest hereunder in date when Lessee is required to vacate the Premises (or assignment or termination in lieu thereof) shall be treated as a taking of the entire Premises, and in such event the Tenant shall be treated as having been deprived of possession on the effective date thereof. Should any part portion of the Premises so taken. If this Lease is so terminated, all Rent and Additional Charges shall be so paid to the date of termination. Whenever any portion of the Premises is taken or condemnedby Eminent Domain and this Lease is not terminated, City, at its expense, shall proceed with all reasonable dispatch to restore, to the extent of available proceeds and should this lease not be terminated in accordance with to the foregoing provisionextent it is reasonably prudent to do so, the Landlord covenants and agrees within a reasonable time after such taking or condemnation, and the determination remainder of the Landlord's award therein, to expend so much as may be necessary of the net amount which may be awarded to the Landlord in such condemnation proceedings in restoring the Premises to an architectural unit as nearly like their the condition they were in immediately prior to such taking as taking, and Lessee, at its expense, shall be practicable. Should the net amount so awarded to the Landlord be insufficient to cover the cost of restoring the Premises, as estimated by the Landlord's architect, the Landlord may, but shall not be obligated to, supply the amount of such insufficiency and restore the Premises as above provided, proceed with all reasonable diligencedispatch to restore its personal property and all improvements made by it to the Premises to the same condition they were in immediately prior to such taking, or terminate this leaseto the extent award is available therefor. Where The Rent and Additional Charges payable hereunder shall be reduced from the Tenant has not already exercised any right of termination accorded date Lessee is required to it under partially vacate the foregoing portion of this paragraph, Premises in the Landlord shall notify same proportion that the Tenant Rentable Area taken bears to the total Rentable Area of the Landlord's election not later than ninety (90) days after the final determination of the amount of the award. Further, if so much of the Commercial Unit shall be so taken that continued operation of the Commercial Unit as operated Premises prior to the taking would be uneconomic in the Landlord's judgment or prohibited by zoning or other applicable law or by or pursuant to applicable provisions of the Condominium Documents or the Land Disposition Agreement, the Landlord shall have the right to terminate this lease by giving notice to the Tenant of the Landlord's desire so to do not later than thirty (30) days after the effective date of such taking.
Appears in 1 contract
Sources: Lease Agreement