Common use of Taking Clause in Contracts

Taking. In case the whole of the Premises, or such part thereof as shall substantially interfere with Tenant's use and occupancy thereof, shall be taken by any lawful power or authority by exercise of the right of eminent domain, or sold to prevent such taking, within sixty (60) days of receipt of notice of such taking, either Tenant or Landlord may terminate this Lease effective as of the date possession is required to be surrendered to said authority. If such portion of the Building is so taken or sold so as to require, in the opinion of Landlord, a substantial alteration or reconstruction of the remaining portions thereof, or which renders the Building economically unviable for its use as presently intended, 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 date on which said vesting will occur. Except as provided herein, Tenant shall not because of such taking assert any claim against Landlord or the taking authority for any compensation because of such taking, and Landlord shall be entitled to receive the entire amount of any award without deduction for any estate or interest of Tenant. In the event the amount of property or the type of estate taken shall not substantially interfere with Tenant's use of the Premises, Landlord shall be entitled to the entire amount of the award without deduction for any estate or interest of Tenant. In such event, Landlord shall promptly proceed to restore the Premises to substantially their condition prior to such partial taking, and the rent shall be abated in proportion 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 Article 13 shall be deemed to give Landlord any interest in, or prevent Tenant from seeking any award against the taking authority for, the taking of personal property and fixtures belonging to Tenant or for relocation or business interruption expenses recoverable from the taking authority.

Appears in 3 contracts

Samples: Office Lease (Vestin Group Inc), Office Lease (Vestin Group Inc), Office Lease (Vestin Group Inc)

AutoNDA by SimpleDocs

Taking. In case the whole 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 part thereof as shall substantially interfere with Tenant's use damaging of property by, through or under any governmental or statutory authority, and occupancy any purchase or acquisition in lieu thereof, whether the damaging or taking is by government or any other person. If, in the reasonable judgment of Landlord, a taking of any part of the Premises 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), the Lease may, at the option of either party, be terminated by written notice given to the other party not more than thirty (30) days after Landlord gives Tenant written notice of the taking, and such termination shall be taken by any lawful power or authority by exercise of the right of eminent domain, or sold to prevent such taking, within sixty (60) days of receipt of notice of such taking, either Tenant or Landlord may terminate this Lease effective as of the date possession when Tenant is required to be surrendered to said authority. If such vacate the portion of the Building Premises so taken. If this Lease is so taken or sold so as terminated, all Base and Additional Rent shall be paid to require, in the opinion of Landlord, a substantial alteration or reconstruction of the remaining portions thereof, or which renders the Building economically unviable for its use as presently intended, 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 termination. Whenever any portion of the date on which said vesting will occur. Except as provided hereinPremises is taken by Eminent Domain and this Lease is not terminated, Tenant Landlord shall not because at its expense proceed with all reasonable dispatch to restore, to the extent of such taking assert any claim against Landlord or available proceeds and to the taking authority for any compensation because 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 Landlord Tenant shall be entitled to receive the entire amount of any award without deduction for any estate or interest of Tenant. In the event the amount of property or the type of estate taken shall not substantially interfere at its expense proceed with Tenant's use of the Premises, Landlord shall be entitled to the entire amount of the award without deduction for any estate or interest of Tenant. In such event, Landlord shall promptly proceed all reasonable dispatch to restore its personal property and all improvements made by it to the Premises to substantially their the same condition they were in immediately prior to such partial taking, . The Base and the rent Additional Rent payable hereunder shall be abated reduced from the date Tenant is required to partially vacate the Premises in the same proportion that the Rentable Area taken bears to the time during which, and to the part total Rentable Area of the Premises of which, Tenant shall be so deprived on account of such taking and restoration. Nothing contained in this Article 13 shall be deemed prior to give Landlord any interest in, or prevent Tenant from seeking any award against the taking authority for, the taking of personal property and fixtures belonging to Tenant or for relocation or business interruption expenses recoverable from the taking authoritytaking.

Appears in 3 contracts

Samples: Basic Lease Terms (Helix Biomedix Inc), Work Letter Agreement (Auteo Media Inc), Basic Lease Terms (Helix Biomedix Inc)

Taking. In case the whole of If the Premises, or such part portion thereof as shall substantially interfere with Tenant's use and occupancy thereofto render the balance (when reconstructed) unsuitable for the purposes of the Tenant in the reasonable opinion of the Landlord, shall be taken by any lawful power condemnation or authority by exercise of the right of eminent domain, or sold to prevent such takingeither party, within sixty (60) days of receipt of notice of such taking, either Tenant or Landlord may terminate this Lease effective as of the date possession is required to be surrendered to said authority. If such portion of the Building is so taken or sold so as to require, in the opinion of Landlord, a substantial alteration or reconstruction of the remaining portions thereof, or which renders the Building economically unviable for its use as presently intended, this Lease may be terminated by Landlord, as of the date of the vesting of title under such taking or sale, by upon written notice to Tenant within sixty (60) days following notice to Landlord of the date on which said vesting will occur. Except as provided hereinother, Tenant shall not because of such taking assert any claim against Landlord or the taking authority for any compensation because of such taking, and Landlord shall be entitled to receive 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 amount of any award without deduction for any estate or interest of Tenant. In the Premises, and in such event the amount Tenant shall be treated as having been deprived of property or possession on the type of estate taken shall not substantially interfere with Tenant's use effective date thereof. Should any part of the PremisesPremises be so taken or condemned, and should this lease not be terminated in accordance with the foregoing provision, the Landlord shall 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 entitled necessary of the net amount which may be awarded to the entire amount of the award without deduction for any estate or interest of Tenant. In Landlord in such event, Landlord shall promptly proceed to restore condemnation proceedings in restoring the Premises to substantially an architectural unit as nearly like their condition prior to such partial taking, and the rent taking as shall be abated in proportion practicable. Should the net amount so awarded to the time during whichLandlord 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 part foregoing portion of this paragraph, the Landlord shall notify the Tenant of the Premises Landlord's election not later than ninety (90) days after the final determination of whichthe amount of the award. Further, Tenant if so much of the Commercial Unit shall be so deprived on account 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 and restoration. Nothing contained in this Article 13 shall be deemed to give Landlord any interest in, or prevent Tenant from seeking any award against the taking authority for, the taking of personal property and fixtures belonging to Tenant or for relocation or business interruption expenses recoverable from the taking authoritytaking.

Appears in 2 contracts

Samples: Agreement (Paratek Pharmaceuticals, Inc.), Paratek Pharmaceuticals, Inc.

Taking. In case Taking" shall mean and refer to the acquisition or taking of property (or any right, title or interest therein) by any governmental or quasi-governmental authority acting under power of condemnation or eminent domain, and shall encompass contested as well as uncontested takings as long as initiated by the applicable governmental or quasi-governmental authority. If the whole of the Premises is temporarily taken for a period in excess of thirty (30) days, or is permanently taken, in either case by virtue of a Taking, 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 (a) twenty percent (20%) or more of the Premises is permanently taken by virtue of a Taking, or (b) in the case of a Taking of less than twenty percent (20%) of the Premises, or such part thereof as shall substantially interfere with Tenant's Tenant is unable to make reasonable use and occupancy thereof, shall be taken by any lawful power or authority by exercise of the right balance of eminent domainthe Premises remaining after the Taking, as determined by Tenant in its reasonable, good faith discretion, or sold (c) access to prevent such takingthe Building or Premises by Tenant is, by virtue of a Taking, permanently denied, or (d) if free parking is provided for under this Lease, the parking ratio for the Building is, by virtue of a Taking of any parking areas serving the Building, permanently reduced to a ratio which fails to meet applicable code requirements after taking into account any portion of the Building taken and any reasonable substitute parking provided by Landlord in lieu of the parking areas so taken, then Landlord and Tenant shall each have the right (to be exercised by written notice to the other within sixty (60) days of after receipt of notice of such said taking, either Tenant or Landlord may ) to terminate this Lease effective as upon the date when possession of the date possession applicable portion of the Property is required taken thereunder pursuant to be surrendered to said authoritysuch Taking. If neither party elects to terminate this Lease, as aforesaid, then Landlord shall diligently, and within a reasonable time, after 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 extent reasonably practicable, and, if any portion of the Premises is taken, thereafter the Base Rent (and Tenant's Share) 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 Building, or if a Taking of other portions of the Building or common areas does not deny Tenant access to the Building and Premises, or if less than twenty percent (20%) of the Premises is permanently taken by a Taking and Tenant is able to make reasonable use of the balance of the Premises as determined by Tenant in its reasonable good faith discretion, then this Lease shall not terminate, and Landlord shall, as soon as reasonably practicable thereafter, repair and restore, at its own expense, the portion not taken so as to render same into an architectural whole to the fullest extent reasonably practicable. If any portion of the Premises was permanently taken, then the Base Rent (and Tenant's Share) shall be reduced (on a per square foot basis) in proportion to the portion of the Premises taken, commencing on the date Tenant is deprived of the use of such portion of the Building is so taken or sold so as to require, in the opinion of Landlord, a substantial alteration or reconstruction Premises. If any portion of the remaining portions thereofPremises was temporarily taken, or which renders then the Building economically unviable for its use as presently intended, 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 Base Rent (60and Tenant's Share) days following notice to Landlord of the date on which said vesting will occur. Except as provided herein, Tenant shall not because of such taking assert any claim against Landlord or the taking authority for any compensation because of such taking, and Landlord shall be entitled to receive the entire amount of any award without deduction for any estate or interest of Tenant. In the event the amount of property or the type of estate taken shall not substantially interfere with Tenant's use of the Premises, Landlord shall be entitled to the entire amount of the award without deduction for any estate or interest of Tenant. In such event, Landlord shall promptly proceed to restore the Premises to substantially their condition prior to such partial taking, and the rent shall be abated reduced (on a per square foot basis) in proportion to the time during which, and to the part portion of the Premises of which, Tenant shall be so deprived on account taken for the period of such taking and restoration. Nothing contained in this Article 13 shall be deemed to give Landlord any interest intemporary taking, or prevent Tenant from seeking any award against the taking authority forthat is, the taking of personal property and fixtures belonging to Tenant or for relocation or business interruption expenses recoverable from the taking authoritydate upon which Tenant is deprived of the use of such portion of the Premises until the date Tenant is restored to the use of such portion of the Premises.

Appears in 2 contracts

Samples: Lease (Arbor National Holdings Inc), Lease (Marcam Solutions Inc)

Taking. 899 (a) In case the whole of event that the PremisesParking Facility, or such any part thereof as shall substantially interfere with Tenant's use and occupancy thereof, or access thereto, shall be taken by any lawful power 900 in condemnation proceedings or authority by exercise of the any right of eminent domaindomain or by agreement (such as 901 deed in lieu of an eminent domain action) between Landlord, Tenant, and those authorized to exercise 902 such right (any such matters being hereinafter referred to as a “taking”), Landlord and Tenant shall have 903 the right to participate in any such condemnation proceedings or agreement for the purpose of protecting 904 their interests hereunder. Each party so participating shall pay its own expenses and fees incurred therein. 905 906 (b) If at any time during the Term of this Lease there shall be a taking of any of the Parking 907 Facility, so that as a result of the taking, or sold to prevent such taking, within sixty (60) days of receipt of notice condemnation or deed in lieu of such takingtaking (the “Taking”), either 908 Tenant or Landlord may terminate this Lease effective as of the date possession is required unable to be surrendered to said authority. If such use, in a commercially reasonable manner, any portion of the Building is so taken or sold so as to require, in the opinion of Landlord, a substantial alteration or reconstruction of the remaining portions thereof, or which renders the Building economically unviable Parking Facility for its use as presently intended909 intended purpose, this Lease may be terminated by Landlord, shall terminate as of the date of the vesting Taking. If the effect of title under such taking or sale, by written notice a Taking event is 910 to cause Tenant within sixty to lose the right to use greater than thirty percent (6030%) days following notice to Landlord of the date on which said vesting will occur. Except as provided hereinLeased Spaces, Tenant shall will 911 have the right to terminate this Lease or to keep this Lease in effect and to reduce Rent proportionately in 912 accordance with the number of Leased Spaces taken or which Tenant does not because have use of such taking assert relative to the 913 total number of Leased Spaces that existed just prior to the Taking. If the Parking Facility is only 914 partially usable after any claim against Landlord or the taking authority for any compensation because of such taking, then the Landlord shall have the authority to reallocate parking 915 spaces throughout the Parking Facility subject to availability, and to determine which parking spaces in 916 the Facility will be available for those purposes. Section 11.17(j) shall not apply with respect to an 917 amendment to effectuate the changes provided for in this subsection (b). 918 919 (c) If this Lease shall have terminated as a result of a Taking, or if Tenant loses use of any 920 portion of the Leased Spaces as a result of a Taking, then Tenant shall be entitled to assert and recover an 921 award from the condemnor for the loss of the value of Tenant’s leasehold estate and its other rights under 922 this Lease. Additionally, in that action Tenant shall be entitled to assert a claim against condemnor and 923 receive compensation from the condemnor for its other damages incurred as a result of such 924 condemnation. Landlord shall be entitled to receive the entire amount of any assert and recover an award without deduction for any estate or interest of Tenant. In the event the amount of property or the type of estate taken shall not substantially interfere with Tenant's use of the Premises, Landlord shall be entitled to the entire amount of the award without deduction for any estate or interest of Tenant. In such event, Landlord shall promptly proceed to restore the Premises to substantially their condition prior to such partial taking, and the rent shall be abated in proportion 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 Article 13 shall be deemed to give Landlord any interest in, or prevent Tenant from seeking any award against the taking authority for, the taking of personal property and fixtures belonging to Tenant or for relocation or business interruption expenses recoverable from the taking authority.condemnor for the loss 925 of Landlord’s remainder interest in the fee estate and all other damages and amounts allowed by law. 926

Appears in 2 contracts

Samples: Parking Lease Agreement, Parking Lease Agreement

Taking. In case the whole of the Premises, or such part thereof as shall substantially interfere with Tenant's ’s use and occupancy of the entirety thereof, shall be taken by any lawful power or authority by exercise of the right of eminent domain, or sold to prevent such taking, within sixty (60) days of receipt after delivery of notice of such taking, either Tenant or Landlord may terminate this Lease effective as of the date possession is required to be surrendered to said authority. If such portion of the Building or Project is so taken or sold in lieu thereof so as to require, in the opinion of Landlord, a substantial alteration or reconstruction of the remaining portions thereof, or which renders the Building or Project economically unviable for its use as presently intended, 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 date on which said vesting will occur. Except as provided herein, Tenant shall not because of such taking assert any claim against Landlord or the taking authority any Landlord’s Mortgagee for any compensation because of such taking, and Landlord shall be entitled to receive the entire amount of any award without deduction for any estate or interest of Tenantmade to Landlord. In the event the amount of property or the type of estate taken shall this Lease is not substantially interfere with Tenant's use of the Premisesterminated pursuant to this Section 14.1, Landlord shall be entitled to the entire amount of the award without deduction for any estate or interest of Tenant. In such event, Landlord shall promptly proceed to restore the Premises Building to substantially their condition prior to such partial taking, and the rent Base Rent and Tenant’s Pro Rata Share of Operating Expenses shall be abated in proportion to the time during which, and to the part of the Premises of which, Tenant shall be so is actually deprived on account of such 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 during the period of the Rent abatement. Nothing contained in this Article 13 Section shall be deemed to give Landlord any interest in, or prevent Tenant from seeking any a separate award against the taking authority for, the taking of personal property and fixtures belonging to Tenant or Tenant, for relocation or business interruption expenses recoverable from the taking authority, loss of business or goodwill, for the taking of Tenant’s trade fixtures, the Tenant Improvements, Tenant’s leasehold estate, the cost of relocating Tenant and/or disruption of Tenant’s business, so long as Tenant’s award does not diminish Landlord’s award.

Appears in 2 contracts

Samples: Office Lease (YETI Holdings, Inc.), Office Lease (YETI Holdings, Inc.)

Taking. In case the whole of the Premises, or such part thereof as shall substantially interfere with Tenant's ’s use and occupancy thereof, shall be taken by any lawful power or authority by exercise of the right of eminent domain, or sold to prevent such taking, within sixty (60) 60 days of after receipt of notice of such taking, either Tenant or Landlord may terminate this Lease effective as of the date possession is required to be surrendered to said authority. If such portion of the Building or Property is so taken or sold so as to require, in the opinion of Landlord, a substantial alteration or reconstruction of the remaining portions thereof, or which renders the Building or Property economically unviable inviable for its use as presently intended, or requires cancellation of substantially all tenant leases in the Building, 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) 60 days following notice to Landlord of the date on which said vesting will occur. Except as provided herein, Tenant shall not because of such taking assert any claim against Landlord or the taking authority for any compensation because of such taking, and Landlord shall be entitled to receive the entire amount of any award without deduction for any estate or interest of Tenant. In the event If the amount of property or the type of estate taken shall not substantially interfere with Tenant's ’s use of the Premises, Landlord shall be entitled to the entire amount of the award without deduction for any estate or interest of Tenant. In such event, Landlord shall promptly proceed to restore the Premises and the Building to substantially their condition prior to such partial taking, and the rent Rent shall be abated in proportion 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. 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 during the period of the Rent abatement. Nothing contained in this Article 13 shall be deemed to give Landlord any interest in, or prevent Tenant from seeking any award against the taking authority for, the taking of personal property and fixtures belonging to Tenant or for relocation or business interruption expenses recoverable from the taking authority.. Notwithstanding that the entire Premises are not condemned or taken for any public or quasi-public use or purpose, Tenant shall have the right to terminate this Lease in the event that (i) a portion of the Premises is taken such that the remaining portion of the Premises cannot be used for its intended purposes, as reasonably determined by Tenant; (ii) access to the Building is taken; (iii) vehicular access to the Garage is taken; or (iv) the existing parking spaces leased to Tenant are taken (unless Landlord replaces the lost parking spaces with new parking spaces within reasonable proximity to the Building). 13.2

Appears in 1 contract

Samples: Office Lease (Lincoln National Corp)

Taking. In case If the whole or a material portion of the Premises, the Datacenter, the Campus, the Building or such part thereof as shall substantially interfere with Tenant's use and occupancy thereof, the Project shall be taken by any lawful under the power or authority by exercise of the right of eminent domain, or sold to prevent such takingthe exercise thereof (collectively, within sixty (60) days of receipt of notice of such takinga “Taking”), either Tenant or Landlord may terminate this Lease effective shall automatically terminate as of the earlier of the date of transfer of title resulting from such Taking or the date of transfer of possession is required to be surrendered to said authorityresulting from such Taking (the “Taking Date”). If In the event of a Taking of: (a) such portion of the Datacenter the Building is so taken or sold so the Project as to requireshall, in the opinion of Landlord, a substantial alteration or reconstruction of the remaining portions substantially interfere with Landlord’s operation thereof, or which renders the Building economically unviable for its use as presently intended, Landlord may terminate this Lease may be terminated by Landlord, as of the date of the vesting of title under such taking or sale, by upon thirty (30) days written notice to Tenant within given at any time prior to the date that is sixty (60) days following the Taking Date or (b) such portion of the Premises, the Datacenter, the Campus, the Building or the Project as shall prevent Tenant from conducting Tenant’s business in any portion of the Premises, for a period of time in excess of ninety (90) days, Tenant shall have the option to terminate this Lease upon thirty (30) days’ written notice to Landlord given at any time prior to the date that is sixty (60) days following the Taking Date. If a portion of the date Premises is so taken and this Lease is not terminated: (i) Landlord shall, with reasonable diligence and at Landlord’s cost (to the extent of the condemnation award received by Landlord), proceed to restore (to the extent permitted by applicable Laws) the Premises and the Building (other than Tenant’s Personal Property) to a complete, functioning unit and (ii) the Base Rent payable hereunder shall be reduced proportionately based on which said vesting will occurthe portion of the Premises that Tenant is prevented from using for the Permitted Use as a result of such Taking. Except as expressly provided hereinotherwise in this Section 10.2, Tenant shall not because of such taking assert any claim against Landlord or the taking authority entire award for any compensation because of such taking, and Taking shall belong to Landlord shall be entitled to receive the entire amount of any award (without deduction for any estate or interest of Tenant. In ), except that Tenant shall be entitled to independently pursue a separate award for the event loss of, or damage to, Tenant’s Personal Property and Tenant’s relocation costs directly associated with the amount of property Taking (but Tenant shall not otherwise assert any claim against Landlord or the type of estate taken shall not substantially interfere with Tenant's use condemning authority). No temporary Taking (for less than ninety (90) days) of the Premises, the Datacenter, the Campus, the Building or the Project (or any portion thereof) shall terminate this Lease or entitle Tenant to any abatement of the Rent payable to Landlord under this Lease; provided, however, that any award for any such temporary Taking shall belong to Tenant, but only to the extent that the award applies to any time period during the Term of this Lease. This Section 10.2 shall be entitled Tenant’s sole and exclusive remedy in the event of a Taking, and each of Landlord and Tenant hereby waives the provisions of any Laws to the entire amount of the award without deduction for any estate or interest of Tenantcontrary. In such event, Landlord shall promptly proceed to restore the Premises to substantially their condition prior to such partial taking, Vantage Confidential and the rent shall be abated in proportion 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 Article 13 shall be deemed to give Landlord any interest in, or prevent Tenant from seeking any award against the taking authority for, the taking of personal property and fixtures belonging to Tenant or for relocation or business interruption expenses recoverable from the taking authority.Proprietary

Appears in 1 contract

Samples: Wholesale Datacenter Lease (Box Inc)

Taking. In case the whole 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 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 judgment of Xxxxxxxx, a taking of any part of the Premises by Eminent Domain, or a taking of part 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, be terminated by written notice given to the other party not more than thirty (30) days after Landlord gives Tenant written notice of the taking, and such part thereof as shall substantially interfere with Tenant's use and occupancy thereof, termination shall be taken by any lawful power or authority by exercise of the right of eminent domain, or sold to prevent such taking, within sixty (60) days of receipt of notice of such taking, either Tenant or Landlord may terminate this Lease effective as of the date possession when Tenant is required to be surrendered to said authority. If such vacate the portion of the Building Premises so taken. If this Lease is so taken or sold so as terminated, all Base and Additional Rent shall be paid to require, in the opinion of Landlord, a substantial alteration or reconstruction of the remaining portions thereof, or which renders the Building economically unviable for its use as presently intended, 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 termination. Whenever any portion of the date on which said vesting will occur. Except as provided hereinPremises is taken by Eminent Domain and this Lease is not terminated, Tenant Landlord shall not because at its expense proceed with all reasonable dispatch to restore, to the extent of such taking assert any claim against Landlord or available proceeds and to the taking authority for any compensation because 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 Landlord Tenant shall be entitled to receive the entire amount of any award without deduction for any estate or interest of Tenant. In the event the amount of property or the type of estate taken shall not substantially interfere at its expense proceed with Tenant's use of the Premises, Landlord shall be entitled to the entire amount of the award without deduction for any estate or interest of Tenant. In such event, Landlord shall promptly proceed all reasonable dispatch to restore its personal property and all improvements made by it to the Premises to substantially their the same condition they were in immediately prior to such partial taking, . The Base and the rent Additional Rent payable hereunder shall be abated reduced from the date Tenant is required to partially Vacate the Premises in the same proportion that the Rentable Square Footage taken bears to the time during which, and to the part total Rentable Square Footage of the Premises of which, Tenant shall be so deprived on account of such taking and restoration. Nothing contained in this Article 13 shall be deemed prior to give Landlord any interest in, or prevent Tenant from seeking any award against the taking authority for, the taking of personal property and fixtures belonging to Tenant or for relocation or business interruption expenses recoverable from the taking authoritytaking.

Appears in 1 contract

Samples: Lease (Tripath Imaging Inc)

Taking. In case the whole of the Premises, or such part thereof as shall substantially interfere with Tenant's use and occupancy thereof, shall be taken by any lawful power or authority by exercise of the right of eminent domain, or sold to prevent such taking, within sixty (60) days of receipt of notice of such taking, either Tenant or Landlord may terminate this Lease effective as of the date possession is required to be surrendered to said authority. If such portion of the Building or Project is so taken or sold so as to require, in the opinion of Landlord, a substantial alteration or reconstruction of the remaining portions thereof, or which renders the Building or Project economically unviable for its use as presently intended, or requires cancellation of substantially all tenant leases in the Building, 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 date on which said vesting will occur. Except as provided herein, Tenant shall not because of such taking assert any claim against Landlord or the taking authority for any compensation because of such taking, and Landlord shall be entitled to receive the entire amount of any award without deduction for any estate or interest of Tenant. In the event event, the amount of property or the type of estate taken shall not substantially interfere with Tenant's ' s use of the Premises, Landlord shall be entitled to the entire amount of the award without deduction for any estate or interest of Tenant. In such event, Landlord shall promptly proceed to restore the Premises to substantially their condition prior to such partial taking, and the rent shall be abated in proportion 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 Article 13 11 shall be deemed to give Landlord any interest in, or prevent Tenant from seeking any award against the taking authority for, the taking of personal property and fixtures belonging to Tenant or for relocation or business interruption expenses recoverable from the taking authority. Nothing in this paragraph shall prohibit Tenant from making a claim on its behalf against any public authority for damages Tenant incurs as a result of a taking or exercise of the right of eminent domain.

Appears in 1 contract

Samples: Lease Agreement (CLS Holdings USA, Inc.)

Taking. In case the whole of the Premises, or such part thereof as shall substantially interfere with Tenant's ’s use and occupancy thereof, shall be taken by any lawful power or authority by exercise of the right of eminent domain, or sold to prevent such taking, within sixty (60) days of after receipt of notice of such taking, either Tenant or Landlord may terminate this Lease effective as of the date possession is required to be surrendered to said authority. If such portion of the Building or Project is so taken or sold so as to require, in the opinion of Landlord, a substantial alteration or reconstruction of the remaining portions thereof, or which renders the Building or Project economically unviable inviable for its use as presently intended, or requires cancellation of substantially all tenant leases in the Building, 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 date on which said vesting will occur. Except as provided herein, Tenant shall not because of such taking assert any claim against Landlord or the taking authority for any compensation because of such taking, and Landlord shall be entitled to receive the entire amount of any award without deduction for any estate or interest of Tenant. In the event If the amount of property or the type of estate taken shall not substantially interfere with Tenant's ’s use of the Premises, Landlord shall be entitled to the entire amount of the award without deduction for any estate or interest of Tenant. In such event, Landlord shall promptly proceed to restore the Premises to substantially their condition prior to such partial taking, and the rent shall be abated in proportion 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. Notwithstanding the foregoing, during any rent abatement under this Lease, Tenant shall continue to be obligated to pay Landlord Additional Rent for all services and utilities provided to and used by Tenant during the period of the rent abatement. Nothing contained in this Article 13 shall be deemed to give Landlord any interest in, or prevent Tenant from seeking any award against the taking authority for, the taking of personal property and fixtures belonging to Tenant or for relocation or business interruption expenses recoverable from the taking authority.

Appears in 1 contract

Samples: Office Lease (Genius Products Inc)

Taking. In case the whole of the Premises, or such part thereof as shall substantially interfere with Tenant's use and occupancy thereof, shall be taken by any lawful power or authority by exercise of the right of eminent domain, or sold to prevent such taking, within sixty (60) days of receipt of notice of such taking, either Tenant or Landlord may terminate this Lease effective as of the date possession is required to be surrendered to said authority. If such portion of the Building or Project is so taken or sold so as to require, in the opinion of Landlord, a substantial alteration or reconstruction of the remaining portions thereof, or which renders the Building or Project economically unviable for its use as presently intended, or requires cancellation of substantially all tenant leases in the Building, 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 date on which said vesting will occur. Except as provided herein, Tenant shall not because of such taking assert any claim against Landlord or the taking authority for any compensation because of such taking, and Landlord shall be entitled to receive the entire amount of any award without deduction for any estate or interest of Tenant. In the event event, the amount of property or the type of estate taken shall not substantially interfere with Tenant's use of the Premises, Landlord shall be entitled to the entire amount of the award without deduction for any estate or interest of Tenant. In such event, Landlord shall promptly proceed to restore the Premises to substantially their condition prior to such partial taking, and the rent shall be abated in proportion 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 Article 13 11 shall be deemed to give Landlord any interest in, or prevent Tenant from seeking any award against the taking authority for, the taking of personal property and fixtures belonging to Tenant or for relocation or business interruption expenses recoverable from the taking authority. Nothing in this paragraph shall prohibit Tenant from making a claim on its behalf against any public authority for damages Tenant incurs as a result of a taking or exercise of the right of eminent domain.

Appears in 1 contract

Samples: Lease Agreement (CLS Holdings USA, Inc.)

Taking. In case the whole If a substantial part of the Premises, or such part thereof as shall substantially interfere with Tenant's use and occupancy thereof, Premises shall be taken for any public or quasi-public use under governmental law or by any lawful power or authority by exercise of the right of eminent domaindomain and such taking would materially interfere with the use of the Premises by Tenant for the purposes contemplated by this Lease, then the Lease may be terminated by either Landlord or sold to prevent Tenant. Landlord or Tenant shall make such taking, election by giving the other party written notice within sixty (60) days of receipt of notice of after the event giving rise to a right to terminate. Any such taking, either Tenant or Landlord may terminate this Lease termination shall be effective as of the date possession is required to be surrendered to said authority. If such portion of the Building is so taken or sold so as to require, in the opinion of Landlord, a substantial alteration or reconstruction of the remaining portions thereof, or which renders the Building economically unviable for its use as presently intended, this Lease may be terminated by Landlord, as of thirty (30) days after the date of notice thereof and in the vesting of title under such taking case where all or sale, by written notice to Tenant within sixty (60) days following notice to Landlord substantially all of the date on which said vesting will occur. Except as provided herein, Tenant shall not because of such taking assert any claim against Landlord or the taking authority for any compensation because of such taking, and Landlord 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 is entitled to receive retain, will be sufficient to pay-off the entire amount then existing outstanding principal indebtedness then owed to such Mortgage. If any taking materially interferes with Tenant’s use and occupation of any award without deduction for any estate or interest of Tenant. In the event the amount of property or the type of estate taken shall not substantially interfere with Tenant's use part of the Premises, Landlord shall be entitled to the entire amount a just portion of the award without deduction for any estate or interest of Tenant. In such event, Landlord shall promptly proceed to restore the Premises to substantially their condition prior to such partial taking, and the rent shall be abated from the date the Premises or such lesser part are rendered unusable until the date when the Premises (or in proportion the case of a partial taking, what remains thereof) shall be put in proper condition for use and occupation. Tenant shall receive a permanent abatement of rent to the time during which, and to the extent that all or any part of the Premises cannot be so used and occupied for the balance of whichtheTerm. Landlord reserves all rights to damages payable by reason of anything lawfully done in pursuance of any public or other authority and, by way of confirmation, Tenant shall be so deprived on account grants to Landlord all of Tenant’s rights to such taking damages and restoration. Nothing contained in this Article 13 shall be deemed agrees to give execute and deliver such further instruments of assignment thereof as Landlord any interest inmay from time to time request, or prevent provided, however, that Tenant from seeking reserves for itself any award against specifically reimbursing Tenant for moving or relocation expenses and any other award the taking authority for, payment of which does not diminish the taking amount otherwise payable to Landlord. Tenant shall also be entitled to share in the award proportionately to the unamortized value of personal property and fixtures belonging any lease improvements constructed by Tenant pursuant to Tenant or for relocation or business interruption expenses recoverable from the taking authorityterms of this Lease.

Appears in 1 contract

Samples: Lease

AutoNDA by SimpleDocs

Taking. (a) In case the whole of the Premises, or such part thereof as shall substantially interfere with Tenant's use and occupancy thereofof the remainder of the Premises not so taken, shall be taken by any lawful power or authority by exercise of the right of eminent domain, or sold to prevent such taking, within sixty (60) days of receipt of notice of such taking, either Tenant or Landlord may terminate this Lease effective as of the date possession is required to be surrendered to said authority. If such portion of the Building or the Project is so taken or sold so as to require, in the opinion of Landlord, a substantial alteration or reconstruction of the remaining portions thereof, or which renders the Building or the Project economically unviable for its use as presently intended, or requires cancellation of substantially all tenant leases in the Building, 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 date on which said vesting will occur. Except as provided herein, Tenant shall not because of such taking assert any claim against Landlord or the taking authority for any compensation because of such taking, and Landlord shall be entitled to receive the entire amount of any award without deduction for any estate or interest of Tenant. In the event that the amount of property or the type of estate taken shall not substantially interfere with Tenant's use of the Premises, Landlord shall be entitled to the entire amount of the award without deduction for any estate or interest of Tenant. In such eventSubject to Section 13.2, in the event of a taking of a ------------ portion of the Premises which does not result in the termination of this Lease, Landlord shall promptly proceed to restore the Premises substantially to substantially their condition prior to such partial taking, and the rent Rent shall be abated in proportion 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 restorationrestoration (including the restoration of tenant improvements to the extent that funds are available from the condemning authority or Tenant) in accordance with Section 12.3. For purposes of ------------ this Section 13.1, the Premises shall be deemed to have been restored to ------------ substantially their condition prior to such partial taking when Landlord has repaired or restored the Premises to substantially the same (or better) condition as the Premises were in immediately prior to such casualty, and Landlord has given Tenant sufficient time (but in no event more than two (2) weeks) and access to reinstall and reconnect Tenant's personal property, furniture, fixtures and equipment in the Premises. Notwithstanding the foregoing, during any rent abatement under this Lease, Tenant shall continue to be obligated to pay Landlord Additional Rent (including, without limitation, Additional Rent under Article 5) for all services and utilities provided to and used by Tenant during the period of the rent abatement. Nothing contained in this Article 13 shall be deemed to give Landlord any interest in, or prevent ---------- Tenant from seeking any award against the taking authority for, the taking of personal property property, tenant improvements and fixtures Tenant Alterations and FF&E belonging to Tenant or for relocation or business interruption expenses recoverable from the taking authority.

Appears in 1 contract

Samples: Lease (Global Crossing LTD)

Taking. In case the whole If there is a taking by condemnation or similar proceedings or actions of the Premises, or such part thereof as shall substantially interfere with Tenant's use and occupancy thereof, shall be taken by any lawful power or authority by exercise of the right of eminent domain, or sold to prevent such taking, within sixty (60) days of receipt of notice of such taking, either Tenant or Landlord may terminate this Lease effective as of the date possession is required to be surrendered to said authority. If such only a portion of the Building Owned Real Property which is so taken or sold so as not material to require, in the opinion of Landlord, a substantial alteration or reconstruction use of the remaining portions thereof, or which renders remainder of the Building economically unviable for its use Owned Real Property (as presently intendedmutually determined by Seller and Buyer in their reasonable discretion), this Lease may be terminated Agreement will remain in full force and effect, and Seller must pay or assign to Buyer at Closing Seller’s interest in and to any condemnation awards or proceeds from any such proceedings or actions in lieu thereof to the extent such awards or proceeds relate to the Owned Real Property. If there is a taking by Landlord, as condemnation or similar proceedings or actions of all of the date Property or a portion of the vesting Owned Real Property which is material to the use of title under such taking the remainder of the Owned Real Property (as mutually determined by Seller and Buyer in their reasonable discretion or salein any event if more than thirty percent (30%) of the square footage of the Owned Real Property), by Buyer will have the option to terminate this Agreement upon written notice to Tenant Seller within sixty (60) 10 days following notice to Landlord of such condemnation, but in no event later than the Closing Date, in which event neither Buyer nor Seller will have any further rights or obligations hereunder except for obligations of the date on which said vesting parties contained herein that survive the Closing pursuant to Section 8.01. If Buyer does not exercise its option to terminate this Agreement, then this Agreement will occur. Except as provided herein, Tenant shall not because of remain in full force and effect and Seller must pay or assign to Buyer at Closing Seller's interest in and to any and all condemnation awards or proceeds from such taking assert any claim against Landlord proceedings or the taking authority for any compensation because of such taking, and Landlord shall be entitled to receive the entire amount of any award without deduction for any estate actions in lieu thereof or interest of Tenant. In the event the amount of property or the type of estate taken shall not substantially interfere with Tenant's use of the Premises, Landlord shall be entitled to the entire amount of the award without deduction for any estate extent such awards or interest of Tenant. In such event, Landlord shall promptly proceed to restore the Premises to substantially their condition prior to such partial taking, and the rent shall be abated in proportion proceeds relate 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 Article 13 shall be deemed to give Landlord any interest in, or prevent Tenant from seeking any award against the taking authority for, the taking of personal property and fixtures belonging to Tenant or for relocation or business interruption expenses recoverable from the taking authorityOwned Real Property.

Appears in 1 contract

Samples: Asset Purchase Agreement (Bassett Furniture Industries Inc)

Taking. In case the whole of the Premises, or such part thereof as shall substantially interfere with Tenant's ’s use and occupancy thereof, shall be taken by any lawful power or authority by exercise of the right of eminent domain, or sold to prevent such taking, within sixty (60) days of receipt of notice of such taking, either Tenant or Landlord may terminate this Lease effective as of the date possession is required to be surrendered to said authority. If such portion of the Building is so taken or sold so as to require, in the opinion of Landlord, a substantial alteration or reconstruction of the remaining portions thereof, or which renders the Building economically unviable for its use as presently intended, 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 date on which said vesting will occur. Except as provided herein, Tenant shall not because of such taking assert any claim against Landlord or the taking authority for any compensation because of such taking, and Landlord shall be entitled to receive the entire amount of any award without deduction for any estate or interest of Tenant. In the event the amount of property or the type of estate taken shall not substantially interfere with Tenant's ’s use of the Premises, Landlord shall be entitled to the entire amount of the award without deduction for any estate or interest of Tenant. In such event, Landlord shall promptly proceed to restore the Premises to substantially their condition prior to such partial taking, and the rent shall be abated in proportion 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 Article 13 shall be deemed to give Landlord any interest in, or prevent Tenant from seeking any award against the taking authority for, the taking of personal property and fixtures belonging to Tenant or for relocation or business interruption expenses recoverable from the taking authority.

Appears in 1 contract

Samples: Office Lease (Vestin Fund Iii LLC)

Taking. In case the whole of the Premises, or such part thereof as shall substantially interfere with Tenant's ’s use and occupancy thereof, shall be taken by any lawful power or authority by exercise of the right of eminent domain, or sold to prevent such taking, within sixty (60) days of after receipt of notice of such taking, either Tenant or Landlord may terminate this Lease effective as of the date possession is required to be surrendered to said authority. If such portion of the Building or Project is so taken or sold so as to require, in the opinion of Landlord, a substantial alteration or reconstruction of the remaining portions thereof, or which renders the Building or Project economically unviable for its use as presently intended, or requires cancellation of tenant leases representing substantially all of the Building, 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 date on which said vesting will occur. Except as provided herein, Tenant shall not because of such taking assert any claim against Landlord or the taking authority for any compensation because of such taking, and Landlord shall be entitled to receive the entire amount of any award without deduction for any estate or interest of Tenant. In the event If the amount of property or the type of estate taken shall not substantially interfere with Tenant's ’s use of the Premises, Landlord shall be entitled to the entire amount of the award without deduction for any estate or interest of Tenant. In such event, Landlord shall promptly proceed to restore the Premises to substantially their condition prior to such partial taking, and the rent shall be abated in proportion 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. Notwithstanding the foregoing, during any rent abatement under this Lease, Tenant shall continue to be obligated to pay Landlord Additional Rent for all services and utilities provided to and used by Tenant during the period of the rent abatement. Nothing contained in this Article 13 shall be deemed to give Landlord any interest in, or prevent Tenant from seeking any award against the taking authority for, the taking of personal property and fixtures belonging to Tenant or for relocation or business interruption expenses recoverable from the taking authority.

Appears in 1 contract

Samples: Office Lease (Maguire Properties Inc)

Taking. In case the whole of the Premises, or such part thereof as shall substantially interfere with Tenant's ’s use and occupancy thereof, shall be taken by any lawful power or authority by exercise of the right of eminent domain, or sold to prevent such taking, within sixty (60) 60 days of after receipt of notice of such taking, either Tenant or Landlord may terminate this Lease effective as of the date possession is required to be surrendered to said authority. If such portion of the Building or Property is so taken or sold so as to require, in the opinion of Landlord, a substantial alteration or reconstruction of the remaining portions thereof, or which renders the Building or Property economically unviable inviable for its use as presently intended, or requires cancellation of substantially all tenant leases in the Building, 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) 60 days following notice to Landlord of the date on which said vesting will occur. Except as provided herein, Tenant shall not because of such taking assert any claim against Landlord or the taking authority for any compensation because of such taking, and Landlord shall be entitled to receive the entire amount of any award without deduction for any estate or interest of Tenant. In the event If the amount of property or the type of estate taken shall not substantially interfere with Tenant's ’s use of the Premises, Landlord shall be entitled to the entire amount of the award without deduction for any estate or interest of Tenant. In such event, Landlord shall promptly proceed to restore the Premises and the Building to substantially their condition prior to such partial taking, and the rent Rent shall be abated in proportion 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. 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 during the period of the Rent abatement. Nothing contained in this Article 13 shall be deemed to give Landlord any interest in, or prevent Tenant from seeking any award against the taking authority for, the taking of personal property and fixtures belonging to Tenant or for relocation or business interruption expenses recoverable from the taking authority. Notwithstanding that the entire Premises are not condemned or taken for any public or quasi-public use or purpose, Tenant shall have the right to terminate this Lease in the event that (i) a portion of the Premises is taken such that the remaining portion of the Premises cannot be used for its intended purposes, as reasonably determined by Tenant; (ii) access to the Building is taken; (iii) vehicular access to the Garage is taken; or (iv) the existing parking spaces leased to Tenant are taken (unless Landlord replaces the lost parking spaces with new parking spaces within reasonable proximity to the Building).

Appears in 1 contract

Samples: Loan Agreement (Thomas Properties Group Inc)

Taking. In case the whole of the Premises, or such part thereof as shall substantially interfere with Tenant's ’s use and occupancy thereof, shall be taken by any lawful power or authority by exercise of the right of eminent domain, or sold to prevent such taking, within sixty (60) days of after receipt of notice of such taking, either Tenant or Landlord may terminate this Lease effective as of the date possession is required to be surrendered to said authority. If such portion of the Building or Project is so taken or sold so as to require, in the opinion of Landlord, a substantial alteration or reconstruction of the remaining portions thereof, or which renders the Building or Project economically unviable for its use as presently intended, or requires cancellation of substantially all tenant leases in the Building, 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 date on which said vesting will occur. Except as provided herein, Tenant shall not because of such taking assert any claim against Landlord or the taking authority for any compensation because of such taking, and Landlord shall be entitled to receive the entire amount of any award without deduction for any estate or interest of Tenant. In the event If the amount of property or the type of estate taken shall not substantially interfere with Tenant's ’s use of the Premises, Landlord shall be entitled to the entire amount of the award without deduction for any estate or interest of Tenant. In such event, Landlord shall promptly proceed to restore the Premises to substantially their condition prior to such partial taking, and the rent shall be abated in proportion 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 Article 13 12 shall be deemed to give Landlord any interest in, or prevent Tenant from seeking any award against the taking authority for, the taking of personal property and fixtures belonging to Tenant or for relocation or business interruption expenses recoverable from the taking authority.

Appears in 1 contract

Samples: Work Letter Agreement (MPG Office Trust, Inc.)

Taking. In case If the whole or a material portion of the Premises, the Datacenter, the Campus, the Building or such part thereof as shall substantially interfere with Tenant's use and occupancy thereof, the Project shall be taken by any lawful under the power or authority by exercise of the right of eminent domain, or sold to prevent such takingthe exercise thereof (collectively, within sixty (60) days of receipt of notice of such takinga “Taking”), either Tenant or Landlord may terminate this Lease effective shall automatically terminate as of the earlier of the date of transfer of title resulting from such Taking or the date of transfer of possession is required to be surrendered to said authorityresulting from such Taking (the “Taking Date”). If In the event of a Taking of: (a) such portion of the Datacenter the Building is so taken or sold so the Project as to requireshall, in the opinion of Landlord, a substantial alteration or reconstruction of the remaining portions substantially interfere with Landlord’s operation thereof, or which renders the Building economically unviable for its use as presently intended, Landlord may terminate this Lease may be terminated by Landlord, as of the date of the vesting of title under such taking or sale, by upon thirty (30) days written notice to Tenant within given at any time prior to the date that is sixty (60) days following the Taking Date or (b) such portion of the Premises, the Datacenter, the Campus, the Building or the Project as shall prevent Tenant from conducting Tenant’s business in any portion of the Premises, for a period of time in excess of ninety (90) days, Tenant shall have the option to terminate this Lease upon thirty (30) days’ written notice to Landlord given at any time prior to the date that is sixty (60) days following the Taking Date. If a portion of the date Premises is so taken and this Lease is not terminated: (i) Landlord shall, with reasonable diligence and at Landlord’s cost (to the extent of the condemnation award received by Landlord), proceed to restore (to the extent permitted by applicable Laws) the Premises and the Building (other than Tenant’s Personal Property) to a complete, functioning unit and (ii) the Base Rent payable hereunder shall be reduced proportionately based on which said vesting will occurthe portion of the Premises that Tenant is prevented from using for the Permitted Use as a result of such Taking. Except as expressly provided hereinotherwise in this Section 10.2, Tenant shall not because of such taking assert any claim against Landlord or the taking authority entire award for any compensation because of such taking, and Taking shall belong to Landlord shall be entitled to receive the entire amount of any award (without deduction for any estate or interest of Tenant. In ), except that Tenant shall be entitled to independently pursue a separate award for the event loss of, or damage to, Tenant’s Personal Property and Tenant’s relocation costs directly associated with the amount of property Taking (but Tenant shall not otherwise assert any claim against Landlord or the type of estate taken shall not substantially interfere with Tenant's use condemning authority). No temporary Taking (for less than ninety (90) days) of the Premises, the Datacenter, the Campus, the Building or the Project (or any portion thereof) shall terminate this Lease or entitle Tenant to any abatement of the Rent payable to Landlord under this Lease; provided, however, that any award for any such temporary Taking shall belong to Tenant, but only to the extent that the award applies to any time period during the Term of this Lease. This Section 10.2 shall be entitled Tenant’s sole and exclusive remedy in the event of a Taking, and each of Landlord and Tenant hereby waives the provisions of any Laws to the entire amount of the award without deduction for any estate or interest of Tenant. In such event, Landlord shall promptly proceed to restore the Premises to substantially their condition prior to such partial taking, and the rent shall be abated in proportion 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 Article 13 shall be deemed to give Landlord any interest in, or prevent Tenant from seeking any award against the taking authority for, the taking of personal property and fixtures belonging to Tenant or for relocation or business interruption expenses recoverable from the taking authoritycontrary.

Appears in 1 contract

Samples: Wholesale Datacenter Lease (Box Inc)

Taking. In case the whole of the Premises, or such part thereof as shall substantially interfere with Tenant's ’s use and occupancy thereof, shall be taken by any lawful power or authority by exercise of the right of eminent domain, or sold to prevent such taking, within sixty (60) days of receipt of notice of such taking, either Tenant or Landlord may terminate this Lease effective as of the date possession is required to be surrendered to said authority. If such portion of the Building or Project is so taken or sold so as to require, in the opinion of Landlord, a substantial alteration or reconstruction of the remaining portions thereof, or which renders the Building or Project economically unviable for its use as presently intended, or requires cancellation of substantially all tenant leases in the Building, 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 date on which said vesting will occur. Except as provided herein, Tenant shall not because of such taking assert any claim against Landlord or the taking authority for any compensation because of such taking, and Landlord shall be entitled to receive the entire amount of any award without deduction for any estate or interest of Tenant. In the event event, the amount of property or the type of estate taken shall not substantially interfere with Tenant's ’s use of the Premises, Landlord shall be entitled to the entire amount of the award without deduction for any estate or interest of Tenant. In such event, Landlord shall promptly proceed to restore the Premises to substantially their condition prior to such partial taking, and the rent shall be abated in proportion 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 Article 13 11 shall be deemed to give Landlord any interest in, or prevent Tenant from seeking any award against the taking authority for, the taking of personal property and fixtures belonging to Tenant or for relocation or business interruption expenses recoverable from the taking authority. Nothing in this paragraph shall prohibit Tenant from making a claim on its behalf against any public authority for damages Tenant incurs as a result of a taking or exercise of the right of eminent domain.

Appears in 1 contract

Samples: Lease Agreement (CLS Holdings USA, Inc.)

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