Condemnation. If all or substantially all of the Premises, or such portion of the Premises as would render, in Landlord’s reasonable judgment, the continuance of Tenant’s business from the Premises impracticable, shall be permanently taken or condemned for any public purpose, then Landlord or Tenant may terminate this Lease. If less than all or substantially all of the Premises shall be taken, then Landlord shall have the option of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation or taking. If this Lease is terminated as provided above, this Lease shall cease and expire as of the date of the taking. In the event that this Lease is not terminated and a portion of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period of such taking, and Landlord shall be under no obligation to make any repairs or alterations. In the event of any taking of the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenant’s business.
Appears in 12 contracts
Samples: Office Lease Agreement, Triple Net Office Lease Agreement (Franklin Financial Network Inc.), Triple Net Office Lease Agreement (Franklin Financial Network Inc.)
Condemnation. If all or substantially all of the Premises, or such any portion of the Premises as would renderwhich materially affects Tenant's ability to continue to use the remainder thereof for the purposes set forth herein, in Landlord’s reasonable judgment, the continuance of Tenant’s business from or which renders the Premises impracticableuntenantable, shall be permanently is taken by right of eminent domain or condemned for by condemnation, or is conveyed in lieu of any public purposesuch taking, then Landlord or Tenant this Lease may terminate this Lease. If less than all or substantially all of the Premises shall be taken, then Landlord shall have terminated at the option of terminating this Lease Tenant. Such option shall be exercised by written Tenant giving notice to Tenant within ten (10) days following the date Landlord of such condemnation termination within 30 days after such taking or taking. If this Lease is terminated as provided above, conveyance; whereupon this Lease shall cease forthwith terminate and expire the Rent shall be duly apportioned as of the date of such taking or conveyance. Upon such termination, Tenant shall surrender to Landlord the takingPremises and all of Tenant's interest therein under this Lease, and Landlord may re-enter and take possession of the Premises or remove Tenant therefrom. In the event that this Lease is not terminated and a If any portion of the Premises is taken, Tenant shall pay taken which does not materially affect Tenant's right to use the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion remainder of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereofpurposes set forth herein, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period of such takingeffect, and Landlord shall promptly perform any repair or restoration work required to restore the Premises, insofar as possible, to former condition, and the rental owing hereunder shall be under no obligation adjusted, if necessary, in such just manner and proportion as the part so taken (and its effect on Tenant's ability to make any repairs or alterationsuse the remainder of the Premises) bears to the whole. In the event of any taking of or conveyance as described herein, Landlord shall receive the Premises, Tenant hereby assigns to Landlord award or consideration for the value of all or any portion of the unexpired term of the Lease lands and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award thereforimprovements so taken; provided, however, Tenant may pursue a separate that Landlord shall have no interest in any award from the condemning authority made for (a) relocation and moving expenses, and (b) compensation for Tenant's loss of business or value of its leasehold interest or for the taking of Tenant’s business's fixtures or property, or for Tenant's relocation expenses. Landlord and Tenant shall cooperate with one another in making claims for condemnation awards.
Appears in 8 contracts
Samples: Lease Agreement (Rentx Industries Inc), Lease Agreement (Rentx Industries Inc), Lease Agreement (Rentx Industries Inc)
Condemnation. If all or substantially all of the PremisesComplex is taken or condemned, or such portion acquired under threat of condemnation, by or at the direction of any governmental authority (a “Taking” or “Taken”, as the context requires), or if so much of the Premises as would renderComplex is Taken that, in Landlord’s reasonable judgmentopinion, the continuance remainder cannot be restored to an economically viable, quality office building, or if the awards payable to Landlord as a result of Tenantany Taking are, in Landlord’s business from opinion, inadequate to restore the Premises impracticableremainder to an economically viable, shall be permanently taken or condemned for any public purposequality office building, then Landlord or Tenant may terminate this Lease. If less than all or substantially all may, at its election, exercisable by the giving of the Premises shall be taken, then Landlord shall have the option of terminating this Lease by written notice to Tenant within ten sixty (1060) days following after the date of such condemnation or taking. If the Taking, terminate this Lease is terminated as provided above, this Lease shall cease and expire Agreement as of the date of the taking. In Taking or the event that this Lease date Tenant is not terminated and a portion deprived of possession of the Leased Premises (whichever is taken, Tenant shall pay the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basislater). If this Lease Agreement is not terminatedterminated as a result of a Taking, Landlord shall promptly repair restore the Premises’ building Leased Premises remaining after the Taking to an architectural unita Building standard condition. During the period of restoration, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder Base Rent shall be limited abated to the extent the Leased Premises are rendered untenantable and, after the period of restoration, Base Rent and Tenant’s pro rata share shall be reduced in the proportion that the area of the net proceeds from such taking made available Leased Premises Taken or otherwise rendered untenantable bears to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant area of the extent Leased Premises just prior to which the Premises will be restoredTaking. In If any portion of Base Rent is abated under this Section 14, Landlord may elect to extend the event of any temporary taking or condemnation for any public purpose expiration date of the Premises or any portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis Term for the period of such takingthe abatement. All awards, and Landlord shall be under no obligation proceeds, compensation or other payments from or with respect to make any repairs or alterations. In the event of any taking Taking of the PremisesComplex or any portion thereof shall belong to Landlord, Tenant hereby assigns assigning to Landlord the value all of all or any portion of the unexpired term of the Lease its right, title, interest and all leasehold improvements, and claim to same. Tenant shall not have the right to assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award and recover from the condemning authority for (a) authority, but not from Landlord, such compensation as may be awarded on account of Tenant’s moving and relocation and moving expenses, and (b) compensation for depreciation to and loss of Tenant’s businessmovable personal property.
Appears in 6 contracts
Samples: Lease Agreement (Bellicum Pharmaceuticals, Inc), Lease Agreement (Bellicum Pharmaceuticals, Inc), Lease Agreement
Condemnation. If all or substantially all of the Premises, or such portion of the Premises as would render, in Landlord’s or Tenant’s reasonable judgment, the continuance of Tenant’s business from the Premises impracticable, shall be permanently taken or condemned for any public purpose, then Landlord or Tenant may terminate this Lease. If less than all or substantially all of the Premises shall be taken, then Landlord or Tenant shall have the option of terminating this Lease by written notice to Tenant the other within ten (10) days following the date of such condemnation or taking. If this Lease is terminated as provided above, this Lease shall cease and expire as of the date of the taking. In the event that this Lease is not terminated and a portion of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period of such taking, and Landlord shall be under no obligation to make any repairs or alterations. In the event of any taking of the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenant’s business.
Appears in 5 contracts
Samples: Triple Net Office Lease Agreement, Commencement Agreement (Franklin Financial Network Inc.), Triple Net Office Lease Agreement (Franklin Financial Network Inc.)
Condemnation. If all or substantially all of the Premises, entire Premises or such portion of part thereof as will render the Premises as would render, in Landlord’s reasonable judgment, the continuance of Tenant’s business from the Premises impracticable, remainder untenantable shall be permanently taken or condemned by eminent domain for any public or quasi-public use or purpose, then Landlord or Tenant may this Lease shall terminate this Leaseas of the date of the title vesting in such proceedings. If less than all twenty-five percent (25%) or substantially all more of the gross leasable area of the Premises shall be so taken, then Landlord Tenant shall each have the option of terminating right to terminate this Lease by written notice to Tenant Landlord within ten sixty (1060) days following after the date of title vesting in such condemnation or takingproceedings. If this Lease is terminated as provided above, this Lease shall cease and expire as of the date of the taking. In the event that this Lease is not terminated and a portion any part of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up to the date of the taking, be so taken and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall not be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, then this Lease shall continue in full force and effect effect, except that Base Rental the fixed minimum rent and other charges hereunder shall be reduced in the same proportion that the gross leasable area of the Premises taken bears to the original gross leasable area demised. Landlord shall, upon receipt of the award in condemnation, make all necessary repairs or alterations to restore the Premises remaining to as near its former condition as the circumstances will permit. However, Landlord shall not be required to spend for such repair an amount in excess of the amount received by Landlord as damages for the taking. Tenant, at Tenant’s expense, shall make all necessary repairs and alterations to Tenant’s trade and lighting fixtures, Signs, and contents. If more than fifty percent (50%) of the gross leasable area the Old Vanderburgh County Courthouse shall be so taken, Landlord shall have the right to give Tenant written notice to terminate this Lease, effective as of the date of title vesting in such proceedings. If this Lease is terminated pursuant to this Section 17, all rents and Additional Rental Rent shall be adjusted on an equitable basis for paid by Tenant up to the period of such taking, and Landlord shall be under no obligation to make any repairs or alterations. In the event of any taking later of the date that possession is so taken by public authority or the date Tenant vacates the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenant’s business.
Appears in 5 contracts
Samples: Lease Agreement, Lease Agreement, Lease Agreement
Condemnation. If all or substantially all of the Premises, or such portion of the Premises as would render, As used in Landlord’s reasonable judgmentthis Paragraph, the continuance of Tenant’s business from term “Condemnation Proceedings” means any actions or proceedings in which any interest in any Premises (the Premises impracticable, shall be permanently “Affected Premises”) is taken or condemned for any public purpose, then Landlord or Tenant may terminate this Leasequasi-public purpose by any lawful authority through exercise of the power of eminent domain or by purchase or other means in lieu of such exercise. If less than all or substantially all the whole of the Affected Premises shall be taken, then Landlord shall have the option of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation or taking. If this Lease is terminated as provided abovetaken through Condemnation Proceedings, this Lease shall cease and expire automatically terminate as of the date of the taking with respect to the Affected Premises (only). The phrase “as of the date of the taking” means the date of taking actual physical possession by the condemning authority or such earlier date as the condemning authority gives notice that it is deemed to have taken possession. Tenant may terminate this Lease with respect to the Affected Premises if more than twenty-five percent (25%) of the Affected Premises is taken or any portion of the Affected Premises is taken which substantially interferes with Tenant’s ability to operate or use the Affected Premises for either the permitted use for such Premises specified in Schedule A or such other use of such Affected Premises for which Landlord has previously given written approval. Any such termination must be accomplished through written notice given no later than thirty (30) days after, and shall be effective as of, the date of such taking. In the event that all other cases, or if Tenant fails to exercise its right to terminate, this Lease is not terminated shall remain in effect, and Tenant shall, subject to the availability of adequate condemnation proceeds, promptly repair and restore the Affected Premises as nearly as possible to the nature and character that existed immediately prior to such taking and, to the extent required by Section 12.1, in accordance with plans approved by Landlord. If a portion of the Affected Premises is taken, Tenant shall pay the Base Rental taken and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord the Monthly Rent shall promptly repair be reduced in the Premises’ building proportion that the area of the Premises taken bears to an architectural unitthe total area of the Premises immediately prior to the taking. Whether or not this Lease is terminated as a consequence of Condemnation Proceedings, fit all damages or compensation awarded for a partial or total taking, including any award for severance damage and any sums compensating for diminution in the value of or deprivation of the leasehold estate under this Lease, shall be the sole and exclusive property of Landlord, provided that Tenant shall be entitled to any award for the loss of, or damage to, Tenant’s occupancy trade fixtures, loss of business and businessmoving expenses; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent if (y) this Lease is not terminated as a consequence of the net proceeds from Condemnation Proceedings, and (z) Landlord receives an award in such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable Condemnation Proceedings for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, this Lease shall continue in full force repair and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period of such taking, and Landlord shall be under no obligation to make any repairs or alterations. In the event of any taking restoration of the Premises, Landlord shall make available to Tenant hereby assigns to Landlord the value of all or any a portion of the unexpired term award so designated, as necessary, for Tenant to complete its obligations of repair and restoration under this Paragraph. If made, the disbursement of such portion of the Lease and all leasehold improvementsaward shall be made by Landlord to Tenant in accordance with disbursement procedures typically used by construction lenders in the Provo/Orem, and Utah metropolitan area. Tenant shall not assert have no claim against Landlord for the occurrence of any Condemnation Proceedings, or for the termination of this Lease or a claim for reduction in the Premises as a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss result of Tenant’s businessany Condemnation Proceedings.
Appears in 4 contracts
Samples: Master Lease Agreement (Nu Skin Enterprises Inc), Master Lease Agreement (Nu Skin Enterprises Inc), Master Lease Agreement (Nu Skin Enterprises Inc)
Condemnation. (a) If all or substantially all the whole of the PremisesBuilding or Premises should be condemned, this Lease shall terminate as of the date when physical possession of the Building or the Premises is taken by the condemning authority. If less than substantially the whole of the Building or the Premises is thus taken or sold, this Lease shall be unaffected by such taking, provided that (i) Tenant shall have the right to terminate this Lease by written notice to Landlord given within ninety (90) days after the date of such taking if twenty percent (20%) or more of the Premises is taken and the remaining area of the Premises is not reasonably sufficient for Tenant to continue operation of its business, and (ii) Landlord (whether or not the Premises are affected thereby) may terminate this Lease by giving written notice thereof to Tenant within sixty (60) days after the date of such taking, in which event this Lease shall terminate as of the date when physical possession of such portion of the Building or Premises is taken by the condemning authority. If, upon any such condemnation of less than substantially the whole of the Building or the Premises, this Lease shall not be thus terminated, the Rent payable hereunder shall be diminished by an amount representing that part of the Rent as would rendershall properly be allocable to the portion of the Premises which was so condemned, and Landlord shall, at Landlord’s sole expense, restore and reconstruct the remainder of the Building and the Premises to substantially their former condition to the extent that the same, in Landlord’s reasonable judgment, may be feasible, but such work shall not exceed the continuance scope of the work done in originally constructing the Building, nor shall Landlord in any event be required to spend for such work an amount in excess of the amount received by Landlord as compensation awarded upon a taking of any part or all of the Building or the Premises. Subject to the rights of any mortgagee under a mortgage or deed of trust covering the Building, Landlord shall be entitled to and shall receive the total amount of any award made with respect to condemnation of the Premises or Building, regardless of whether the award is based on a single award or a separate award as between the respective parties, and to the extent that any such award or awards shall be made to Tenant or to any person claiming through or under Tenant, Tenant hereby irrevocably assigns to Landlord all of its rights, title and interest in and to any such awards. No portion of any such award or awards shall be allocated to or paid to Tenant for any so-called bonus or excess value of this Lease by reason of the relationship between the rental payable under this Lease and what may at the time be a fair market rental for the Premises, nor for Tenant’s unamortized costs of leasehold improvements. The foregoing notwithstanding, and if Tenant be not in default for any reason, Landlord shall turn over to Tenant, promptly after receipt thereof by Landlord, that portion of any such award received by Landlord hereunder which is attributable to Tenant’s fixtures and equipment which are condemned as part of the property taken but which Tenant would otherwise be entitled to remove, and the appraisal of the condemning authority with respect to the amount of any such award allocable to such items shall be conclusive. The foregoing shall not, however, be deemed to restrict Tenant’s right to pursue a separate award specifically for its relocation expenses or the taking of Tenant’s business from the Premises impracticable, shall be permanently taken personal property or condemned for trade fixtures so long as such separate award does not diminish any public purpose, then award otherwise due Landlord or Tenant may terminate this Lease. If less than all or substantially all of the Premises shall be taken, then Landlord shall have the option of terminating this Lease by written notice to Tenant within ten (10) days following the date as a result of such condemnation or taking. If Tenant hereby specifically waives any and all rights it may have under any law, statute, ordinance or regulation (including, without limitation, Sections 1265.120 and 1265.130 of the California Code of Civil Procedure), to terminate or petition to terminate this Lease is terminated as provided above, this Lease shall cease and expire as of the date of the taking. In the event that this Lease is not terminated and a portion of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or upon partial condemnation for any public purpose of the Premises or any portion thereofBuilding, and the parties hereto specifically agree that this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period of such taking, and Landlord shall be under no obligation to make any repairs or alterations. In the event of any taking of the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenant’s businessautomatically terminate upon condemnation.
Appears in 4 contracts
Samples: Lease Agreement (Singulex Inc), Standard Lease Agreement (Health Net Inc), Lease Agreement (eHealth, Inc.)
Condemnation. If all In the event of a condemnation or substantially all taking of the Premises, or such portion of the Premises as would render, in Landlord’s reasonable judgment, the continuance of Tenant’s business from the Premises impracticable, shall be permanently taken or condemned for any public purpose, then Landlord or Tenant may terminate this Lease. If less than all entire or substantially all of the Premises shall be taken, then Landlord shall have the option of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation a public or taking. If this Lease is terminated as provided abovequasi-public authority, this Lease shall cease and expire terminate as of the date of the taking. In the event that this Lease is not terminated and a portion of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, title vests in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restoredpublic or quasi-public authority. In the event of any temporary a taking or condemnation for any public purpose of fifteen percent (15%) or more (but less than the whole) of the Building and without regard to whether the Premises are part of such taking or any portion thereofcondemnation, Landlord or Tenant may elect to terminate this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for by giving notice to the period other within sixty (60) days of receiving notice of such taking, and Landlord shall be under no obligation to make any repairs or alterationscondemnation. In the event of a partial taking as described in this Article, or a sale, transfer or conveyance in lieu thereof, which does not result in the termination of this Lease, Rent shall be apportioned according to the ratio that the part of the Premises remaining usable by Tenant bears to the total area of the Premises and other equitable factors bearing on the Fair Rental Value of the Premises. All compensation awarded for any taking condemnation shall be the property of Landlord, whether such damages shall be awarded as a compensation for diminution in the value of the leasehold or to the fee of the Premises, and Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenant’s businessright, title and interest in and to any and all such compensation except that relating to Tenant Improvements paid for by Tenant and not reimbursed by Landlord. Providing, however that in the event this Lease is terminated, Tenant shall be entitled to make a separate claim for costs of relocation of its Tenant Improvements and moving. Notwithstanding anything herein to the contrary, any condemnation award to Tenant shall be available only to the extent such award is payable separately to Tenant and does not diminish the award available to Landlord or any Lender of Landlord. Any additional portion of such award shall belong to Landlord. Except as provided in this Article 11, Tenant hereby waives any and all rights, imposed by law, statute, ordinance, governmental regulation or requirement of the United States, the State in which the Building is located or any local government authority or agency or any political subdivision thereof, now or hereafter in effect, it might otherwise have to petition a court to terminate the Lease.
Appears in 4 contracts
Samples: Lease (Editas Medicine, Inc.), Lease (Editas Medicine, Inc.), Lease (Editas Medicine, Inc.)
Condemnation. If all or substantially all Mortgagor, promptly upon obtaining knowledge of the Premises, institution or such portion pending institution of the Premises as would render, in Landlord’s reasonable judgment, the continuance of Tenant’s business from the Premises impracticable, shall be permanently taken or condemned for any public purpose, then Landlord or Tenant may terminate this Lease. If less than all or substantially all of the Premises shall be taken, then Landlord shall have the option of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation or taking. If this Lease is terminated as provided above, this Lease shall cease and expire as of the date of the taking. In the event that this Lease is not terminated and a portion of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable proceedings for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, this Lease shall continue will notify Mortgagee thereof. Mortgagee may participate in full force any such proceedings and effect except that Base Rental may be represented therein by counsel of Mortgagee’s selection. Mortgagor from time to time will deliver to Mortgagee all instruments requested by it to permit or facilitate such participation. In the event of such condemnation proceedings, the award or compensation payable is hereby assigned to and Additional Rental shall be adjusted on an equitable basis for the period of such taking, and Landlord paid to Mortgagee. Mortgagee shall be under no obligation to make question the amount of any repairs such award or alterationscompensation and may accept the same in the amount in which the same shall be paid. The proceeds of any award or compensation so received shall, at the option of the Required Banks, either be applied to the prepayment of the Notes and all interest and other sums accrued and unpaid in respect thereof at the rate of interest provided therein and in the Loan Agreement regardless of the rate of interest payable on the award by the condemning authority, or be disbursed to Mortgagor from time to time for restoration of the Improvements. Notwithstanding the provisions of the immediately preceding sentence, provided no default shall exist hereunder or under the Loan Agreement and subject to the conditions set forth below, any such condemnation award proceeds received by Mortgagee (less Mortgagee’s reasonable expenses for collecting and disbursing the same, or otherwise incurred in connection therewith) shall be applied by Mortgagee to the payment of, or the reimbursement of Mortgagor for, the costs and expenses incurred by Mortgagor in the restoration of the Improvements on the Premises. Advances of condemnation award proceeds shall be made to Mortgagor in accordance with Mortgagee’s standard construction lending practices, terms and conditions. Notwithstanding the foregoing, in any case where the extent of the condemnation award proceeds paid in respect thereof are $2,000,000 or less, and provided no default shall exist hereunder or under the Loan Agreement, so long as Mortgagor shall promptly undertake, and thereafter diligently prosecute to completion, such restoration, such proceeds shall be paid directly to Mortgagor, to be applied by Mortgagor for expenses incurred in connection with such restoration. Condemnation award proceeds not required for restoration, or not in fact so applied, shall, at the option of the Required Banks, be applied either to the prepayment of the Notes and interest accrued and unpaid thereon (at the rate of interest provided therein and in the Loan Agreement regardless of the rate of interest payable on the award by the condemning authority) in such order and proportions as the Required Banks shall elect, or shall be paid over to Mortgagor. It is understood that any condemnation award proceeds (less Mortgagee’s reasonable expenses in connection therewith as set forth above) received by Mortgagee and not disbursed to Mortgagor due to the existence of a default hereunder or under the Loan Agreement, and any such condemnation award proceeds, or portions thereof, being held by Mortgagee for periodic disbursement during the course of restoration as set forth above, shall be held by Mortgagee in an interest-bearing account and not applied to the repayment of the Loan unless and until an Event of Default shall occur hereunder, provided, however, that upon such an Event of Default any such proceeds then held by Mortgagee, and any interest earned thereon, shall, at the option of the Required Banks, be applied by Mortgagee to the outstanding principal of and accrued and unpaid interest on the Notes in such order and proportions as the Required Banks shall elect. It shall be a condition to any restoration that Mortgagee and the Engineering Consultant shall have determined, in their reasonable judgment, that the amount of available condemnation award proceeds are sufficient to restore the Premises and Improvements, to the same condition, character and at least equal value and general utility as nearly as possible to that existing prior to the condemnation, no later than (x) in cases where the taking and available condemnation award proceeds are in the amount of $10,000,000 or more, twelve (12) months prior to the Maturity Date of the Loan or (y) in cases where the taking and available condemnation award proceeds are in the amount of less than $10,000,000, the Maturity Date of the Loan. In the event of any taking such condemnation award proceeds are inadequate for such restoration, Mortgagor shall deposit with Mortgagee an amount (the “Condemnation Excess Amount”) equal to the excess of the Premisesestimated cost of restoration, Tenant hereby assigns as determined by Mortgagee, over the amount of such condemnation award proceeds. Notwithstanding the foregoing, Mortgagee shall accept, in lieu of such deposit, an unconditional, irrevocable letter of credit in the Condemnation Excess Amount issued to Landlord Mortgagee by a financial institution, and otherwise in form and substance, acceptable to Mortgagee in all respects. If Mortgagor shall not have deposited the value Condemnation Excess Amount with Mortgagee or if Mortgagee shall not have received such letter of all or any portion credit, as the case may be, within thirty (30) days following Mortgagee’s receipt of the unexpired term condemnation award proceeds, or if restoration work shall not have been commenced and the other conditions therefor satisfied by Mortgagor within sixty (60) days following Mortgagee’s receipt of the Lease condemnation award proceeds and, thereafter, not diligently pursued in accordance with this Section and all leasehold improvementslegal requirements, and Tenant shall not assert a claim for a Mortgagee may apply such condemnation award therefor; provided, however, Tenant may pursue a separate proceeds to the prepayment of the Notes and interest accrued and unpaid thereon (at the rate of interest provided therein and in the Loan Agreement regardless of the rate of interest payable on the award from by the condemning authority for (aauthority) relocation in such order and moving expensesproportions as the Required Banks shall elect. If, and (b) compensation for loss of Tenant’s businessfollowing restoration in accordance with this Section 1.13, there are any excess condemnation award proceeds, such excess proceeds shall, provided there exists no default hereunder or under the Loan Agreement, be paid over to Mortgagor.
Appears in 4 contracts
Samples: Mortgage (Taubman Centers Inc), Mortgage (Taubman Centers Inc), Taubman Centers Inc
Condemnation. If all or substantially all of the Premises, or such portion of the Premises as would render, in Landlord’s reasonable judgmentProperty, the continuance of Tenant’s business from the Premises impracticable, Building or any portion thereof shall be permanently taken or condemned by any competent authority for any public purposeor quasi-public use or purpose (a “taking”), then or if the configuration of any roadway, street, alley, or railroad line adjacent to or beneath the Building is changed by any competent authority and such taking or change in configuration makes it necessary or desirable to remodel or reconstruct the Building or any part thereof, Landlord or Tenant may terminate shall have the right, exercisable at its sole discretion, to cancel this Lease. If Lease upon not less than all ninety (90) days’ notice prior to the date of cancellation designated in the notice. No money or substantially all other consideration shall be payable by Landlord to Tenant for the right of cancellation and Tenant shall have no right to share in the condemnation award or in any judgment for damages caused by such taking or change in configuration; provided, however, nothing herein shall prevent Tenant from pursuing a judgment from the taking authority for its moving expenses, the unamortized costs of improvements paid for by Tenant (and not paid by Landlord allowance) and trade fixtures so long as pursued in a separate action which will not result in a reduction of any award otherwise payable to Landlord (except for the cost of such Tenant’s trade fixtures, unamortized improvements (not paid by allowance) or the Tenant’s expense of moving that might otherwise have been paid to Landlord). In the event that any part of the Premises shall be takentaken by any public authority or for any public use and the remainder, even after restoration, would not be reasonably suitable for Tenant’s use, in Tenant’s bona fide business judgment, or in the event that a taking results in a permanent loss of adequate parking or a permanent deprivation of all reasonable commercial access to the Premises, then Landlord shall have the option of terminating this Lease may be terminated at the election of Tenant, which election shall be made by written giving of notice by Tenant to Tenant Landlord within ten thirty (1030) days following the date of such condemnation or taking. If this Lease is terminated as provided above, this Lease shall cease and expire as of after the date of the taking. In the event that this Lease is not terminated and a portion of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period of such taking, and Landlord shall be under no obligation to make any repairs or alterations. In the event of any taking of the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenant’s business.
Appears in 4 contracts
Samples: Office Lease (Wayfair Inc.), Office Lease (Wayfair Inc.), Office Lease (Wayfair LLC)
Condemnation. If all or substantially all Mortgagor, promptly upon obtaining knowledge of the Premises, institution or such portion pending institution of the Premises as would render, in Landlord’s reasonable judgment, the continuance of Tenant’s business from the Premises impracticable, shall be permanently taken or condemned for any public purpose, then Landlord or Tenant may terminate this Lease. If less than all or substantially all of the Premises shall be taken, then Landlord shall have the option of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation or taking. If this Lease is terminated as provided above, this Lease shall cease and expire as of the date of the taking. In the event that this Lease is not terminated and a portion of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable proceedings for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, this Lease shall continue will notify Mortgagee thereof. Mortgagee may participate in full force any such proceedings and effect except that Base Rental may be represented therein by counsel of Mortgagee’s selection. Mortgagor from time to time will deliver to Mortgagee all instruments requested by it to permit or facilitate such participation. In the event of such condemnation proceedings, the award or compensation payable is hereby assigned to and Additional Rental shall be adjusted on an equitable basis for the period of such taking, and Landlord paid to Mortgagee. Mortgagee shall be under no obligation to make question the amount of any repairs such award or alterationscompensation and may accept the same in the amount in which the same shall be paid. The proceeds of any award or compensation so received shall, at the option of the Required Banks, either be applied to the prepayment of the Mortgagor Notes and all interest and other sums accrued and unpaid in respect thereof at the rate of interest provided therein and in the Loan Agreement regardless of the rate of interest payable on the award by the condemning authority, or be disbursed to Mortgagor from time to time for restoration of the Improvements. Notwithstanding the provisions of the immediately preceding sentence, provided no default shall exist hereunder or under the Loan Agreement and subject to the conditions set forth below, any such condemnation award proceeds received by Mortgagee (less Mortgagee’s reasonable expenses for collecting and disbursing the same, or otherwise incurred in connection therewith) shall be applied by Mortgagee to the payment of, or the reimbursement of Mortgagor for, the costs and expenses incurred by Mortgagor in the restoration of the Improvements on the Premises. Advances of condemnation award proceeds shall be made to Mortgagor in accordance with Mortgagee’s standard construction lending practices, terms and conditions. Notwithstanding the foregoing, in any case where the extent of the condemnation award proceeds paid in respect thereof are $2,000,000 or less, and provided no default shall exist hereunder or under the Loan Agreement, so long as Mortgagor shall promptly undertake, and thereafter diligently prosecute to completion, such restoration, such proceeds shall be paid directly to Mortgagor, to be applied by Mortgagor for expenses incurred in connection with such restoration. Condemnation award proceeds not required for restoration, or not in fact so applied, shall, at the option of the Required Banks, be applied either to the prepayment of the Mortgagor Notes and interest accrued and unpaid thereon (at the rate of interest provided therein and in the Loan Agreement regardless of the rate of interest payable on the award by the condemning authority) in such order and proportions as the Required Banks shall elect, or shall be paid over to Mortgagor. It is understood that any condemnation award proceeds (less Mortgagee’s reasonable expenses in connection therewith as set forth above) received by Mortgagee and not disbursed to Mortgagor due to the existence of a default hereunder or under the Loan Agreement, and any such condemnation award proceeds, or portions thereof, being held by Mortgagee for periodic disbursement during the course of restoration as set forth above, shall be held by Mortgagee in an interest-bearing account and not applied to the repayment of the Loan unless and until an Event of Default shall occur hereunder, provided, however, that upon such an Event of Default any such proceeds then held by Mortgagee, and any interest earned thereon, shall, at the option of the Required Banks, be applied by Mortgagee to the outstanding principal of and accrued and unpaid interest on the Mortgagor Notes in such order and proportions as the Required Banks shall elect. It shall be a condition to any restoration that Mortgagee and the Engineering Consultant shall have determined, in their reasonable judgment, that the amount of available condemnation award proceeds are sufficient to restore the Premises and Improvements, to the same condition, character and at least equal value and general utility as nearly as possible to that existing prior to the condemnation, no later than (x) in cases where the taking and available condemnation award proceeds are in the amount of $10,000,000 or more, twelve (12) months prior to the Maturity Date of the Loan or (y) in cases where the taking and available condemnation award proceeds are in the amount of less than $10,000,000, the Maturity Date of the Loan. In the event of any taking such condemnation award proceeds are inadequate for such restoration, Mortgagor shall deposit with Mortgagee an amount (the “Condemnation Excess Amount”) equal to the excess of the Premisesestimated cost of restoration, Tenant hereby assigns as determined by Mortgagee, over the amount of such condemnation award proceeds. Notwithstanding the foregoing, Mortgagee shall accept, in lieu of such deposit, an unconditional, irrevocable letter of credit in the Condemnation Excess Amount issued to Landlord Mortgagee by a financial institution, and otherwise in form and substance, acceptable to Mortgagee in all respects. If Mortgagor shall not have deposited the value Condemnation Excess Amount with Mortgagee or if Mortgagee shall not have received such letter of all or any portion credit, as the case may be, within thirty (30) days following Mortgagee’s receipt of the unexpired term condemnation award proceeds, or if restoration work shall not have been commenced and the other conditions therefor satisfied by Mortgagor within sixty (60) days following Mortgagee’s receipt of the Lease condemnation award proceeds and, thereafter, not diligently pursued in accordance with this Section and all leasehold improvementslegal requirements, and Tenant shall not assert a claim for a Mortgagee may apply such condemnation award therefor; provided, however, Tenant may pursue a separate proceeds to the prepayment of the Mortgagor Notes and interest accrued and unpaid thereon (at the rate of interest provided therein and in the Loan Agreement regardless of the rate of interest payable on the award from by the condemning authority for (aauthority) relocation in such order and moving expensesproportions as the Required Banks shall elect. If, and (b) compensation for loss of Tenant’s businessfollowing restoration in accordance with this Section 1.13, there are any excess condemnation award proceeds, such excess proceeds shall, provided there exists no default hereunder or under the Loan Agreement, be paid over to Mortgagor.
Appears in 4 contracts
Samples: And Rents and Security Agreement (Taubman Centers Inc), And Security Agreement (Taubman Centers Inc), Mortgage (Taubman Centers Inc)
Condemnation. If all or substantially all of (a) the PremisesLand, Building and Demised Premises leased herein, or such of which the Demised Premises is a part, or any portion of the Premises as would render, in Landlord’s reasonable judgment, the continuance of Tenant’s business from the Premises impracticablethereof, shall be permanently taken under eminent domain or condemned for any public purposecondemnation proceedings, then Landlord or Tenant may terminate this Lease. If less than all (b) if suit or substantially all of the Premises other action shall be takeninstituted for the taking or condemnation thereof, then Landlord shall have the option or (c) if in lieu of terminating this Lease by written notice to Tenant within ten (10) days following the date of such any formal condemnation proceedings or taking. If this Lease is terminated as provided above, this Lease shall cease and expire as of the date of the taking. In the event that this Lease is not terminated and a portion of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminatedactions, Landlord shall promptly repair grant an option to purchase and or shall sell and convey the Premises’ building to an architectural unitLand, fit for Tenant’s occupancy Building and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Demised Premises or any portion thereof, then this Lease Lease, at the option of Landlord shall continue in full force terminate, and effect except that Base Rental and Additional Rental the term hereof shall be adjusted on an equitable basis for the period end as of such taking, and date as Landlord shall fix by notice in writing; and Tenant shall have no claim or right to claim or be under no obligation entitled to make any repairs or alterations. In the event portion of any taking amount which may be awarded as damages or paid as the result of such condemnation proceedings or paid as the Premisespurchase price for such option, sale or conveyance in lieu of formal condemnation proceedings, other than moving or relocation expenses or other damages which are the subject of an independent claim and do not reduce Landlord’s award or an independent claim for its furniture, fixtures and equipment (other than Tenant’s Work); and, subject to the above, all rights of Tenant to damages, if any, are hereby assigns assigned to Landlord Landlord. Tenant agrees to execute and deliver any instruments, at the value expense of all Landlord, as may be deemed necessary or required to expedite any condemnation proceedings or to effectuate a proper transfer of title to such governmental or other public authority, agency, body or public utility seeking to take or acquire the Land, Building and Demised Premises or any portion of thereof. Tenant covenants and agrees to vacate the unexpired term of Demised Premises, remove all Tenant’s personal property therefrom and deliver up peaceable possession thereof to Landlord or to such other party designated by Landlord in the Lease and all leasehold improvementsaforementioned notice. Failure by Tenant to comply with any provision in this clause shall subject Tenant to such costs, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, damages and (b) compensation for loss losses as Landlord may incur by reason of Tenant’s businessbreach hereof.
Appears in 3 contracts
Samples: Agreement of Lease (Reliant Pharmaceuticals, Inc.), Agreement of Lease (Reliant Pharmaceuticals, Inc.), Agreement of Lease (Reliant Pharmaceuticals, Inc.)
Condemnation. If all or substantially all In the event of a Total Taking of the Premises------------ Premises or the Building, then this Lease shall terminate as of the date when physical possession of the Premises or such Building, as applicable, is taken by the condemning authority. If a Partial Taking occurs which relates to a material portion of the Premises as would render, in Landlord’s reasonable judgment, Building or if Landlord is required to pay any of the continuance proceeds from such Partial Taking to the lessor under a Ground Lease or to the holder of Tenant’s business from the Premises impracticable, shall be permanently taken or condemned for any public purposea Financing Lien, then Landlord or Tenant may terminate this Lease. If less than all or substantially all of the Premises shall be taken, then Landlord shall have at the option of terminating this Lease Landlord, exercised by written notice to Tenant within ten thirty (1030) days following after the date of such condemnation or takingPartial Taking, shall terminate regardless of whether the Premises are affected by such Partial Taking. If In this event, Rent shall be apportioned as of the date when physical possession of the applicable portion of the Building is taken by the condemning authority. In the event of a Partial Taking of the Premises which results in the Premises being Untenantable, then Tenant may terminate this Lease is terminated as provided above, this Lease shall cease and expire as of the date of such Taking by giving Landlord written notice of Tenant's termination election within thirty (30) days after the takingdate of such Taking; and Rent shall be apportioned as of the date of such Taking. In If a Taking of the event that Premises occurs which entitles Tenant to terminate this Lease but Tenant does not do so in the manner and within the time period specified in the immediately preceding sentence, then Tenant shall be deemed to have irrevocably waived its termination right. If Tenant is deemed to have waived its termination right or if a Partial Taking of the Premises occurs which does not terminated and result in the Premises becoming Untenantable, then Landlord shall allow Tenant a fair diminution of Rent as to that portion of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up subject to the date of the taking, such Taking; and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, this Lease shall otherwise continue in full force and effect except that Base Rental and Additional Rental effect. All proceeds (whether in a lump sum or in separate awards) of any Taking shall be adjusted on an equitable basis for the period of such taking, and Landlord shall be under no obligation paid to make any repairs or alterations. In the event of any taking of the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvementsLandlord, and Tenant shall not be entitled to (and expressly waives any claim to) any portion of Landlord's award. However, Tenant shall have the right to assert a separate claim for a condemnation award therefor; provided, however, any loss resulting to Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expensessuch Taking if, and (b) compensation for loss of Tenant’s business.only
Appears in 3 contracts
Samples: Lease Agreement (Equinix Inc), Lease Agreement (Equinix Inc), Lease Agreement (Equinix Inc)
Condemnation. If the Premises or any portion thereof are taken under the power of eminent domain or sold under the threat of exercise of said power (all of which are herein called “condemnation”), this Lease shall terminate as to the part so taken as of the date the condemning authority takes title or substantially all possession, whichever first occurs. If more than 10% of the floor area of the Premises, or more than 25% of the portion of the Common Areas designated for Tenant’s parking, is taken by condemnation, Tenant may, at Tenant’s option, to be exercised in writing within 10 days after Landlord shall have given Tenant written notice of such taking (or in the absence of such notice, within 10 days after the condemning authority shall have taken possession), terminate this Lease as of the date the condemning authority takes such possession. If Tenant does not terminate this Lease in accordance with the foregoing, this Lease shall remain in full force and effect as to the portion of the Premises remaining, except that the Base Rent shall be reduced in the same proportion as would renderthe rentable floor area of the Premises taken bears to the total rentable floor area of the Premises and Landlord shall, if necessary, promptly proceed to restore the Premises or the Building, as applicable, to substantially its same condition prior to such partial condemnation, allowing for the reasonable effects of such partial condemnation, and a proportionate allowance shall be made to Tenant for the Rent corresponding to the time during which, and to the part of the Premises of which, Tenant is deprived on account of such partial condemnation and restoration. Landlord shall not be required to spend funds for restoration in excess of the amount received by Landlord as compensation awarded. No reduction of Base Rent shall occur if the condemnation does not apply to any portion of the Premises. Any award for the taking of all or any part of the Premises under the power of eminent domain or any payment made under threat of the exercise of such power shall be the property of Landlord; provided, however, that Tenant shall be entitled to any compensation, separately awarded to Tenant, for Tenant’s reasonable judgment, the continuance relocation expenses and/or loss of Tenant’s business from the Premises impracticable, shall be permanently taken or condemned for any public purpose, then Landlord or Tenant may terminate this Lease. If less than all or substantially all of the Premises shall be taken, then Landlord shall have the option of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation or taking. If this Lease is terminated as provided above, this Lease shall cease and expire as of the date of the takingtrade fixtures. In the event that this Lease is not terminated and a portion by reason of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminatedsuch condemnation, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent of its net severance damages in the condemnation matter, repair any damage to the Premises caused by such condemnation authority. Tenant shall be responsible for the payment of any amount in excess of such net proceeds from such taking made available severance damages required to Landlord for complete such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period of such taking, and Landlord shall be under no obligation to make any repairs or alterations. In the event of any taking of the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenant’s business.
Appears in 3 contracts
Samples: Pacific Biosciences of California Inc, Pacific Biosciences of California Inc, Pacific Biosciences of California Inc
Condemnation. If all the whole or substantially all any substantial part of the Premises, Building or such portion of the Premises as would render, in Landlord’s reasonable judgment, the continuance of Tenant’s business from the Premises impracticable, shall be permanently taken acquired or condemned for any public or quasi-public use or purpose, this Lease and the Term shall end as of the date of the vesting of title with the same effect as if said date were the Expiration Date. If only a part of the Building or Premises shall be so acquired or condemned then Landlord this Lease shall continue in force and effect, except (i) if a part of the Premises is acquired or condemned, from and after the date of the vesting of title, the Rent shall be reduced in the proportion which the area of the part of the Premises so acquired or condemned bears to the total area of the Premises immediately prior to such acquisition or condemnation, (ii) if the part of the Building so acquired or condemned shall contain more than thirty (30%) percent of the total area of the Premises immediately prior to such acquisition or condemnation, or if, by reason of such acquisition or condemnation, Tenant no longer has reasonable means of access to the Premises, Tenant, at Tenant’s option, may terminate this Lease, and (iii) whether or not the Premises shall be affected thereby, Landlord, at Landlord’s option, may terminate this Lease. If less than all Any termination by Landlord or substantially all of the Premises shall Tenant must be taken, then Landlord shall have the option of terminating this Lease by written notice to Tenant given within ten sixty (1060) days following the date of such condemnation or takingnotice of vesting of title. If any termination notice is given by Landlord or Tenant this Lease is terminated as provided above, this Lease and the Term shall cease come to an end and expire as of five (5) days after the date of the takingtermination notice with the same effect as if the date of expiration of said five (5) days were the Expiration Date. In the event that this Lease is not terminated and If a portion part of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up to the date of the taking, be so acquired or condemned and this Lease shall thereupon cease and terminate with respect not be terminated pursuant to the portion foregoing provisions of this Subsection, Landlord, at Landlord’s expense, shall restore that part of the Premises not so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises acquired or condemned to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restoredself-contained rental unit. In the event of any temporary taking or condemnation termination of this Lease pursuant to the provisions of this Subsection A, the Rent shall be apportioned as of the date of termination and any prepaid portion of Rent for any public purpose of the Premises or any portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental period after such date shall be adjusted on an equitable basis for the period of such taking, and refunded by Landlord shall be under no obligation to make any repairs or alterations. In the event of any taking of the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenant’s business.
Appears in 3 contracts
Samples: Agreement of Lease (Compass, Inc.), Lease (Urban Compass, Inc.), Agreement of Lease (Relmada Therapeutics, Inc.)
Condemnation. (a) If all the entire (or substantially all of the Premisesa material portion thereof as determined by Tenant) Property, or such portion the use or possession thereof, is taken in condemnation proceedings, or by any right of the Premises as would rendereminent domain, in Landlord’s reasonable judgment, the continuance of Tenant’s business from the Premises impracticable, shall be permanently taken or condemned for any public purposeor quasi-public use, then Landlord or Tenant may terminate this Lease. If less than all or substantially all of the Premises shall be taken, then if Landlord shall have the option deliver to a governmental authority a deed in lieu of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation or eminent domain (individually or collectively, a "taking. If this Lease is terminated as provided above" or “taken”), then, this Lease shall cease and expire as of terminate on the date when possession shall be taken by the condemnor or if earlier, upon Xxxxxx’s notice to Landlord that it is terminating as a result of the taking. In the event that this Lease is not terminated and a portion of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up to the date of the said taking, and Rent, Additional Rent and all other charges payable hereunder shall be apportioned and paid in full up to that date, and all prepaid unearned Fixed Rent, Additional Rent, and all other charges prepaid hereunder, shall promptly be repaid by Landlord to Tenant (including, for example, Taxes). If only a part of the Property shall be so taken, then Tenant may only terminate this Lease shall thereupon cease and terminate with respect to if in Tenant’s reasonable discretion, the portion loss of the Premises so taken. Thereafter the Base Rental taken portion shall interfere with Tenant’s use and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit occupancy for Tenant’s occupancy intended purpose, and business; provided, however, further provided that Landlord’s obligation Tenant shall so notify Landlord of its election to repair hereunder terminate. If Tenant shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may so terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, then this Lease shall continue in full force and effect effect, except that Base Rental Fixed Rent, Additional Rent and Additional Rental all other charges payable hereunder shall, subject to the provisions below regarding parking only, be equitably abated (and if the parties cannot agree on the appropriate abatement, then either may submit the matter to binding arbitration as permitted by this Lease). In such case, Tenant, at Xxxxxx's own expense not in excess of any condemnation proceeds, shall be adjusted on an equitable basis for repair all damage to the period of Property as shall have been caused by such partial taking, and Landlord shall restore the Property to a complete architectural unit. All proceeds of condemnation shall be under no obligation applied first to make any repairs or alterationssuch restoration, and then allocated between Landlord and Xxxxxx as contemplated hereby. In Fixed Rent, Additional Rent and other charges payable hereunder shall xxxxx until the event of any taking of Property shall have been restored to a tenantable condition, including a reasonable additional period, not to exceed 90 days, for Tenant to refixture. During the Premisesrestoration, Tenant hereby assigns may operate its business out of a temporary structure such as a trailer, subject to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvements, and compliance with Laws. Tenant shall not assert a claim be obligated to pay Fixed Rent, Additional Rent or other charges for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss use of or attributable to Tenant’s businesstemporary structure.
Appears in 3 contracts
Samples: Lease (TBS International PLC), Lease (TBS International LTD), Lease ( (TBS International LTD)
Condemnation. If all or substantially all of the Premises, or such a material portion of the Premises as would render, in Landlord’s reasonable judgment, the continuance of Tenant’s business from the Premises impracticable, shall be permanently taken or condemned for any public purpose, then Landlord or Tenant may terminate this Lease. If less than all or substantially all of the Premises shall be takentaken or appropriated for public or quasi-public use by right of eminent domain with or without litigation or transferred by agreement in connection with such public or quasi-public use, then either party hereto shall have the right at its option, exercisable within thirty (30) days of receipt of notice of such taking, to terminate this Lease as of the date possession is taken by the condemning authority, provided, however, that before Tenant may terminate this Lease by reason of taking or appropriation as provided hereinabove, such taking or appropriation shall be of such an extent and nature as to substantially handicap, impede or impair Tenant’s use of the Premises. If any part of the Building other than the Premises shall be so taken or appropriated, Landlord shall have the right at its option to terminate this Lease. No award for any partial or entire taking shall be apportioned, and Tenant hereby assigns to Landlord any award which may be made in such taking or condemnation, together with any and all rights of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation now or taking. If this Lease is terminated as provided above, this Lease shall cease and expire as of the date of the taking. In the event that this Lease is not terminated and a portion of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up hereafter arising in or to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and businesssame or any part thereof; provided, however, that Landlord’s obligation to repair hereunder nothing contained herein shall be limited deemed to give Landlord any interest in or to require Tenant to assign to Landlord any award made to Tenant for the extent taking of personal property and fixtures belonging to Tenant and/or for Tenant’s unamortized cost of leasehold improvements, so long as such award to Tenant does not decrease the value of the net proceeds from award that would otherwise be made to Landlord in such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restoredor condemnation. In the event of any temporary a partial taking or condemnation for any public purpose which does not result in a termination of this Lease, rent shall be abated in the proportion which the part of Premises so made unusable bears to the rented area of the Premises immediately prior to the taking, and Landlord, at Landlord’s cost, shall restore the Premises remaining to an architectural whole with the Base Rent reduced in proportion to what the area taken bears to the Premises prior to the taking. No temporary Please Initial Tenant ( ) taking of the Premises and/or of Tenant’s rights therein or any portion thereof, under this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for give Tenant the period right to terminate this Lease or to any abatement of such taking, and Landlord shall be under no obligation Rent thereunder. Any award made to make any repairs or alterations. In the event Tenant by reason of any such temporary taking of the Premises, where Landlord does not terminate this Lease shall belong entirely to Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall so long as said award does not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenantdiminish Landlord’s businessaward.
Appears in 3 contracts
Samples: Lease Agreement (Five9, Inc.), Lease Agreement (Five9, Inc.), Lease Agreement (Five9, Inc.)
Condemnation. If If, during the Lease Term, all or substantially all of the Premises, or such lesser portion of the Premises as would render, in Landlord’s reasonable judgment, the continuance of (and Tenant’s business from associated parking) that would make the Premises impracticable, shall remainder of the Project unfit for Tenant’s use should be permanently taken or condemned for any public purposeor quasi-public use under any governmental law, then Landlord ordinance or Tenant may terminate this Lease. If less than all regulation or substantially all by right of the Premises shall be taken, then Landlord shall have the option of terminating this Lease eminent domain or by written notice to Tenant within ten (10) days following the date of such condemnation or taking. If this Lease is terminated as provided aboveprivate purchase in lieu thereof, this Lease shall cease terminate and expire as the Monthly Rental Payment and Additional Rent shall be abated during the unexpired portion of this Lease, effective on the date that Tenant must exit and clear the Premises. Tenant shall have no claim against Landlord for the value of any unexpired portion of the date Lease Term. Landlord has the duty to give Tenant the notice of the takingany action that may occur pursuant to this section promptly after Landlord receives such notice. In the event that this Lease is not terminated and of a portion partial taking of the Premises (and Tenant’s associated parking) and the remainder is taken, Tenant shall pay the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit still for Tenant’s occupancy and business; providedbusiness operations , however, that Landlord’s obligation to repair hereunder then the Rent shall be limited fairly and justly reduced in proportion to the extent of amount remainder under the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking condemnation or condemnation for taking, total or partial, Tenant shall not be entitled to any public purpose part of the Premises award or any portion price paid in lieu thereof, this and Landlord shall receive the full amount of such award or price, Tenant hereby expressly waiving any right or claim to any part thereof. Notwithstanding the foregoing, Tenant shall be entitled to assert a separate claim against the condemning authority for the moving and relocation expenses incurred as a result of such condemnation; provided such award would not adversely affect Landlord’s award. In the event of a temporary taking, the Lease shall continue remain in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period of such taking, and Landlord shall be under no obligation to make any repairs or alterations. In the event of any taking of the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; continue to be obligated to make all payments required of it under this Lease, provided, however, Tenant may pursue a separate award from shall not be required to pay Monthly Rent payment(s) and/or Additional Rent during the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss period of Tenant’s businesssuch temporary taking.
Appears in 3 contracts
Samples: Commercial Lease Agreement, Commercial Lease Agreement (Mavenir Systems Inc), Commercial Lease Agreement (Mavenir Systems Inc)
Condemnation. If all the whole or substantially all the whole of the PremisesComplex or the Premises should be taken for any public or quasi-public use, by right of eminent domain or otherwise or should be sold in lieu of condemnation, then this Lease shall terminate as of the date when physical possession of the Complex or the Premises is taken by the condemning authority, and rent shall be prorated as of such date. If less than the whole or substantially the whole of the Complex or the Premises is thus taken or sold, Landlord (whether or not the Premises are affected thereby) may terminate this Lease by giving written notice thereof to Tenant, in which event this Lease shall terminate as of the date when physical possession of such portion of the Complex or Premises is taken by the condemning authority. If as a result of the condemnation, a material portion of the Premises are taken and are rendered unsuitable for Tenant's business operations, Tenant may terminate this Lease by giving written notice thereof to Landlord, in which event this Lease shall terminate as of the date when physical possession of such portion of the Premises as would render, in Landlord’s reasonable judgment, is taken by the continuance of Tenant’s business from the Premises impracticable, shall be permanently taken or condemned for any public purpose, then Landlord or Tenant may terminate this Lease. If less than all or substantially all of the Premises shall be taken, then Landlord shall have the option of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation or taking. If this Lease is terminated as provided above, this Lease shall cease and expire as of the date of the taking. In the event that this Lease is not terminated and a portion of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basiscondemning authority. If this Lease is not terminatedso terminated upon any such taking or sale, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair rent payable hereunder shall be limited diminished by a pro rata amount based on the portion of the Premises taken or sold, and Landlord shall, within a reasonable period of time following receipt of condemnation proceeds, to the extent of Landlord deems feasible, promptly and diligently restore the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore Complex and the Premises to a condition reasonably suitable for substantially their former condition, but such work shall not exceed the operation scope of Tenant’s business, Tenant may terminate this Lease, at work done by Landlord in originally constructing the time Landlord notifies Tenant Complex and the scope of the extent to which work in the Premises will as described in the Work Agreement, nor shall Landlord in any event be restoredrequired to spend for such work an amount in excess of the amount received by Landlord as compensation for such damage. In the event All amounts awarded upon a taking of any temporary taking part or condemnation for any public purpose all of the Complex or the Premises or any portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period of such taking, and Landlord shall be under no obligation belong to make any repairs or alterations. In the event of any taking of the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvementsLandlord, and Tenant shall not assert be entitled to and expressly waives all claim to any such compensation. However, if a claim for a condemnation portion of the award therefor; provided, howeveris specifically allocated to Tenant's property and moving and relocation expenses, Tenant may pursue a separate award from shall be entitled to such portion of the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenant’s businessaward.
Appears in 2 contracts
Samples: American Center Lease Agreement (Advanced Switching Communications Inc), Indemnity Agreement (Advanced Switching Communications Inc)
Condemnation. (a) If all during the term of this Lease the Property or substantially all Improvements, or any substantial part of either, is taken by eminent domain or by reason of any public improvement or condemnation proceeding, or in any manner by exercise of the Premisesright of eminent domain (including any transfer in avoidance of an exercise of the power of eminent domain), or such receives irreparable damage by reason of anything lawfully done under color of public or other authority, then (i) this Lease shall terminate as to the entire Property at Landlord’s election by written notice given to Tenant within sixty (60) days after the taking has occurred, and (ii) this Lease shall terminate as to the entire Property at Tenant’s election, by written notice given to Landlord within thirty (30) days after the nature and extent of the taking have been finally determined, if the portion of the Premises Property taken is of such extent and nature as would rendersubstantially to handicap, in Landlord’s reasonable judgment, the continuance of impede or permanently impair Tenant’s business from use of the Premises impracticable, shall be permanently taken or condemned for any public purpose, then Landlord or balance of the Property. If Tenant may elects to terminate this Lease. If less than all or substantially all of the Premises , Tenant shall be taken, then also notify Landlord shall have the option of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation or taking. If this Lease is terminated as provided above, this Lease shall cease and expire as of the date of the taking. In the event termination, which date shall not be earlier than thirty (30) days nor later than ninety (90) days after Tenant has notified Landlord of Tenant’s election to terminate, except that this Lease is not terminated and a portion of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up to terminate on the date of taking if such date falls on any date before the taking, and date of termination designated by Tenant. If neither party elects to terminate this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; as hereinabove provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, this Lease shall continue in full force and effect (except that Base Rental and Additional Rental there shall be adjusted on an equitable basis for abatement of minimum rental and of Tenant’s Operating Cost Share of Operating Expenses based upon the period of such takingdegree to which Tenant’s ability to conduct its business in the Building is impaired), and Landlord shall be under no obligation restore the Building Shell and Common Area improvements to make any repairs or alterations. In a complete architectural whole and a functional condition and as nearly as reasonably possible to the event of any taking of condition existing before the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvementstaking, and Tenant shall not assert restore the Interior Improvements and Tenant’s other alterations, additions and improvements to a claim for complete architectural whole and a functional condition and as nearly as reasonably possible to the condition existing before the taking. In connection with any such restoration, each party shall use its respective best efforts (including, without limitation, any necessary negotiation or intercession with its respective lender, if any) to ensure that any severance damages or other condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) awards intended to provide compensation for loss rebuilding or restoration costs are promptly collected and made available to Landlord and Tenant in portions reasonably corresponding to the cost and scope of Tenant’s businesstheir respective restoration obligations, subject only to such payment controls as either party or its lender may reasonably require in order to ensure the proper application of such proceeds toward the restoration of the Improvements. Each party waives the provisions of Code of Civil Procedure Section 1265.130, allowing either party to petition the Superior Court to terminate this Lease in the event of a partial condemnation of the Property.
Appears in 2 contracts
Samples: Sublease (Five Prime Therapeutics Inc), Sublease (Five Prime Therapeutics Inc)
Condemnation. If all or substantially all of the Premises, or such portion Either party may terminate this Lease if any material part of the Premises as would render, in Landlord’s reasonable judgment, the continuance of Tenant’s business from the Premises impracticable, shall be permanently is taken or condemned for any public purposeor quasi-public use under Law, then by eminent domain or private purchase in lieu thereof (a “Taking”). Landlord or Tenant may shall also have the right to terminate this LeaseLease if there is a Taking of any portion of the Building or Property which would have a material adverse effect on Landlord’s ability to profitably operate the remainder of the Building. If less than all or substantially all Landlord has the right to terminate this Lease pursuant to this Section 17, Landlord agrees to exercise such right in a nondiscriminatory fashion among tenants in the Building. Consideration of the Premises following factors in arriving at its decision shall not be deemed discriminatory: length of term remaining on the Lease, time needed to repair and restore, costs of repair and restoration not covered by condemnation proceeds, Landlord’s plans to repair and restore Common Areas serving the Premises, Landlord’s plans for repair and restoration of the Building, and other relevant factors of Landlord’s decision as long as they are applied to Tenant in the same manner as other tenants. The terminating party shall provide written notice of termination to the other party within 45 days after it first receives notice of the Taking. The termination shall be taken, then Landlord shall have the option of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation or taking. If this Lease is terminated as provided above, this Lease shall cease and expire effective as of the effective date of any order granting possession to, or vesting legal title in, the taking. In the event that this Lease is not terminated and a portion of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basiscondemning authority. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Base Rent and Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder Pro Rata Share shall be limited appropriately adjusted to account for any reduction in the extent square footage of the net proceeds from such taking made available Building or Premises. All compensation awarded for a Taking shall be the property of Landlord. The right to Landlord for such repair. However, in the event such receive compensation or proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of expressly waived by Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period of such taking, and Landlord shall be under no obligation to make any repairs or alterations. In the event of any taking of the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue file a separate award from the condemning authority claim for (a) Tenant’s Property and Tenant’s reasonable relocation and moving expenses, provided the filing of the claim does not diminish the amount of Landlord’s award. If only a part of the Premises is subject to a Taking and (b) compensation for loss this Lease is not terminated, Landlord, with reasonable diligence, will restore the remaining portion of Tenant’s businessthe Premises as nearly as practicable to the condition immediately prior to the Taking.
Appears in 2 contracts
Samples: Office Lease Agreement, Office Lease Agreement (Zillow Inc)
Condemnation. If all or substantially all of the Premises, or such portion of the Premises or the Building as would render, in Landlord’s reasonable judgment, the continuance of Tenant’s business from the Premises impracticable, shall be permanently taken or condemned for any public purpose, then Landlord or Tenant may terminate this Lease. If less than all or substantially all of the Premises or any portion of the Building shall be taken, then Landlord shall have the option of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation or taking. If this Lease is terminated as provided above, this Lease shall cease and expire as of the date of the taking. In the event that this Lease is not terminated and a portion of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental Rent up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental Rent and Additional Rental Rent shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building Premises or the Building, as the case may be, to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises Premises, the Building or any portion thereof, this Lease shall continue in full force and effect except that Base Rental Rent and Additional Rental Rent shall be adjusted on an equitable basis for the period of such taking, and Landlord shall be under no obligation to make any repairs or alterations. In the event of any taking of the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenant’s business.
Appears in 2 contracts
Samples: Lease Agreement (Emdeon Inc.), Lease Agreement (Emdeon Inc.)
Condemnation. If all the Premises leased herein shall be taken under eminent domain or substantially all condemnation proceedings, or if suit or other action shall be instituted for the taking or condemnation thereof, or if in lieu of any formal condemnation proceedings or actions, Landlord shall grant an option to purchase and or shall sell and convey the Premises thereof to any governmental taking authority, then this Lease shall terminate, and the term hereof shall end as of the Premises, date of such taking and Tenant shall have no claim or such right to claim or be entitled to any portion of any amount which may be awarded as damages or paid as the Premises result of such condemnation proceedings or paid as would renderthe purchase price for such option, sale or conveyance in lieu of formal condemnation proceedings; and all rights of Tenant to damages, if any, are hereby assigned to Landlord, except that nothing herein shall affect Tenant’s rights to make a separate claim for moving expenses or trade fixtures provided same does not reduce Landlord’s reasonable judgment, the continuance of Tenant’s business from the Premises impracticable, shall be permanently taken or condemned award. In no event may Tenant make any claim for any public purpose, then Landlord or Tenant may terminate this Leaseits leasehold interest. If less than all or substantially all only a part of the Premises shall be so taken, then Landlord and if such taking shall have be of a substantial part of the option Premises such that the Premises are unsuitable for the reasonable conduct of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation or taking. If this Lease is terminated as provided aboveTenant’s business, this Lease may be terminated by either Landlord or Tenant by its giving to the other, within 60 days after receipt of notice of such vesting of title, and upon such election by either party this Lease shall cease terminate, and expire the term hereof shall end as of the date of the such taking. In the event that this Lease is not terminated and a portion of the Premises is takento be so terminated, Tenant shall pay the Base Rental agrees to execute and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Leasedeliver any instruments, at the time Landlord notifies Tenant expense of Landlord, as may be deemed necessary or required to expedite any condemnation proceedings or to effectuate a proper transfer of title to such governmental or other public authority, agency, body or public utility seeking to take or acquire the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Land, Building and Premises or any portion thereof. Tenant covenants and agrees to vacate the Premises, remove all Tenant’s personal property therefrom and deliver up peaceable possession thereof to Landlord or to such other party designated by Landlord in the aforementioned notice. Failure by Tenant to comply with any provision in this clause shall subject Tenant to such costs, expenses, damages and losses (including reasonable attorney’s fees and costs) as Landlord may reasonably incur by reason of Tenant’s breach hereof. In the event that a partial taking occurs but this Lease shall continue continues in full force and effect except that Base Rental and Additional Rental effect, then the Premises shall be deemed to include only the portions not so taken. The Fixed Rent hereunder shall be shall be equitably adjusted to reflect any such partial taking. To the extent that no part of the Building on an equitable basis the Premises was taken, the entire award shall be paid to Landlord and Tenant shall have no claim for any part thereof. To the period extent that a portion of such takingthe Building is taken and neither Landlord nor Tenant have exercised its right to terminate this Lease, the parties shall equitably apportion the award and Landlord shall be under no obligation make available to make any repairs or alterations. In Tenant that portion of the event of any award equitably allocable to the taking of the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term Building for the restoration and repair of the Lease and all leasehold improvementsremainder of the Building. To the extent such funds are not expended for such purpose, they shall be the sole property of Landlord and Tenant shall not assert a make no claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenant’s business.
Appears in 2 contracts
Condemnation. If all or substantially title to all of the Premises, Premises or such portion so much thereof is taken or appropriated for any public or quasi-public use under any statute or by right of eminent domain so that reconstruction of the Premises as would renderwill not, in Landlord’s and Tenant’s mutual reasonable judgment, result in the continuance of Premises being suitable for Tenant’s business from continued occupancy for the Premises impracticable, shall be permanently taken or condemned for any public purpose, then Landlord or Tenant may terminate uses and purposes permitted by this Lease. If less than all or substantially all of the Premises shall be taken, then Landlord shall have the option of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation or taking. If this Lease is terminated as provided above, this Lease shall cease and expire terminate as of the date that possession of the taking. In Premises or part thereof be taken, provided that if the event that parties disagree, the Lease shall not terminate and the issue as to whether the remaining Premises are suitable for Tenant’s continued occupancy for the uses permitted by this Lease shall be submitted into arbitration in accordance with the Expedited Arbitration Procedures identified in Paragraph 22.1. A sale by Landlord to any authority having the power of eminent domain, either under threat of condemnation or while condemnation proceedings are pending, shall be deemed a taking under the power of eminent domain for all purposes of this Paragraph 23. If any part of the Premises is not terminated taken and a portion the remaining part is reasonably suitable for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, this Lease shall, as to the part so taken, terminate as of the date that possession of such part of the Premises is taken, Tenant . If the Premises is so partially taken the Rent and other sums payable hereunder shall pay be reduced in the Base Rental same proportion that Tenant’s use and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion occupancy of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basisis reduced. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building parties disagree as to an architectural unit, fit the suitability of the Premises for Tenant’s continued occupancy or the amount of any applicable Rent reduction, the matter shall be resolved by arbitration in accordance with the Expedited Arbitration Procedures identified in Paragraph 22.1. No award for any partial or entire taking shall be apportioned. Tenant assigns to Landlord its interest in any award which may be made in such taking or condemnation, together with any and all rights of Tenant arising in or to the same or any part thereof. Nothing contained herein shall be deemed to give Landlord any interest in or require Tenant to assign to Landlord any separate award made to Tenant for the taking of Tenant’s Personal Property, for the interruption of Tenant’s business, or its moving and relocation costs, or for the loss of its goodwill. No temporary taking of the Premises shall terminate this Lease or give Tenant any right to any abatement of Rent except to the extent of interference with Tenant’s use of the Premises; provided, however, that Landlord’s obligation to repair hereunder in any event Rent shall not be limited to the extent of the net proceeds from such taking made available to Landlord abated if Tenant is separately and directly compensated for such repairinterference by the condemning authority. However, in the event Any award made to Tenant by reason of such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period of such taking, belong entirely to Tenant and Landlord shall not be under no obligation entitled to make any repairs or alterationsshare therein. In Each party agrees to execute and deliver to the event other all instruments that may be required to effectuate the provisions of any taking of the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenant’s businessthis Paragraph 23.
Appears in 2 contracts
Samples: Lease (IGM Biosciences, Inc.), Lease (IGM Biosciences, Inc.)
Condemnation. If all 15.1 Promptly upon obtaining knowledge of any proceeding for condemnation or substantially all eminent domain with respect to the Premises (a “Taking” or “Condemnation”), Tenant and Landlord shall each notify the other and Lender, and each shall be entitled to participate in such proceeding at Tenant’s sole expense. Tenant shall pay the costs of such proceeding and Tenant and Landlord, to the extent ethically possible, shall utilize the same legal counsel in such proceeding. Provided, however, that if the Condemnation Award for the applicable Facility exceeds the Landlord’s Purchase Price for the Facility that is subject to the Taking by more than $2,000,000, the excess funds above that amount (i.e. Purchase Price for the Facility plus $2,000,000) shall first be paid to Tenant to reimburse Tenant for its attorneys’ fees and costs incurred in the Condemnation proceeding, and any remaining proceeds shall thereafter shall be paid to Landlord. Subject to the provisions of this Section 15, Tenant hereby irrevocably assigns to Landlord’s Lender or to Landlord, in that order, any award or payment in respect of any Condemnation of the Premises, except that (except as hereinafter provided) nothing in this Lease shall be deemed to assign to Landlord or such portion Lender any award relating to the value of the Premises as would render, in Landlord’s reasonable judgment, the continuance leasehold interest created by this Lease or any award or payment on account of an interruption of Tenant’s business from at the Premises impracticableor the Tenant’s trade fixtures, shall be permanently taken or condemned for any public purposemoving expenses and out-of-pocket expenses incidental to the move, then Landlord or if available, to the extent Tenant may terminate this Lease. If less than all or substantially all of the Premises shall be taken, then Landlord shall have a right to make a separate claim therefor against the option of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation or taking. If this Lease is terminated as provided abovecondemnor, this Lease shall cease and expire as of the date of the taking. In the event that this Lease is not terminated and a portion of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; providedit being agreed, however, that Tenant shall in no event be entitled to any payment that reduces the award to which Landlord is or would be entitled for the condemnation of Landlord’s obligation to repair hereunder shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, interest in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period of such taking, and Landlord shall be under no obligation to make any repairs or alterations. In the event of any taking of the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenant’s business.
Appears in 2 contracts
Samples: Master Lease (Summit Healthcare REIT, Inc), Lease (Cornerstone Core Properties REIT, Inc.)
Condemnation. If all or substantially all (a) Mortgagor shall give Mortgagee prompt notice of the Premises, actual or threatened commencement of any condemnation or eminent domain proceeding and shall deliver to Mortgagee copies of any and all papers served in connection with such portion of the Premises as would render, in Landlord’s reasonable judgment, the continuance of Tenant’s business from the Premises impracticable, shall be permanently taken or condemned for any public purpose, then Landlord or Tenant may terminate this Leaseproceedings. If less than all or substantially all 25% of the Premises shall be land constituting the Mortgaged Property is taken, then Landlord the net amount of all awards and payments received by Mortgagee with respect to such taking shall be held in a segregated account (the "Net Awards Account") and invested in an Eligible Investment. Mortgagee shall be entitled to deduct from the condemnation award all of its administrative costs and expenses incurred in connection with investing and collecting such condemnation award and the balance, if any (hereinafter referred to as the "Net Award"), will be disbursed by Mortgagee to pay for the costs and expenses of the Condemnation Restoration (hereinafter defined), provided (i) Mortgagor is not in default under this Mortgage, the Note or any of the Other Security Documents, (ii) Mortgagor proceeds promptly after the making of any award of payment for such taking with the restoration, replacement, rebuilding or repair of the Mortgaged Property as nearly as possible to the condition the Mortgaged Property was in immediately prior to such taking (the "Condemnation Restoration"), (iii) the Condemnation Restoration shall be done in compliance with all applicable laws, rules and regulations, and, following the Condemnation Restoration, the Mortgaged Property shall be permitted under all applicable zoning laws to be used for, and shall continue to be used for, all purposes associated with multi-family residences, (iv) a set of plans and specifications in connection with the Condemnation Restoration shall be submitted to Mortgagee and shall be satisfactory to Mortgagee in all respects, (v) Mortgagor shall have reimbursed Mortgagee for all costs and expenses incurred by Mortgagee in connection with making the option Net Award available for the Condemnation Restoration of terminating this Lease the Mortgaged Property, including, without limitation, counsel fees, inspecting engineer fees and appraisal fees incurred by written notice Mortgagee, (vi) rental loss proceeds are available to Tenant within ten (10) days offset in full any loss in rents throughout the Condemnation Restoration and a reasonable lease-up period following the date of such condemnation or taking. If this Lease is terminated as provided above, this Lease shall cease and expire as completion of the Condemnation Restoration and (vii) in the opinion of Mortgagee the Condemnation Restoration of the Mortgaged Property can be completed within one (1) year after the taking and at least one (1) year prior to the maturity date of the taking. In the event that this Lease is not terminated and a portion of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period of such taking, and Landlord shall be under no obligation to make any repairs or alterations. In the event of any taking of the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenant’s businessNote.
Appears in 2 contracts
Samples: First Mortgage and Security Agreement (Century Properties Fund Xii), First Mortgage and Security Agreement (Century Properties Fund Xvi)
Condemnation. (a) If all or substantially all there shall be a total taking of the PremisesBuilding or the Premises in condemnation proceedings or by any right of eminent domain, or such portion this Lease and the term and estate hereby granted shall terminate as of the Premises date of taking of possession by the condemning authority and all Rent shall be prorated and paid as would render, of such termination date. If there shall be a taking of any material (in Landlord’s reasonable judgment, ) portion of the continuance of Tenant’s business from Building (whether or not the Premises impracticable, shall be permanently taken or condemned for any public purposeare affected by such taking), then Landlord or may terminate this Lease and the term and estate granted hereby by giving notice to Tenant within 60 days after the date of taking of possession by the condemning authority. If there shall be a taking of the Premises of such scope (but in no event less than 20% thereof) that Tenant would, in Tenant’s reasonable judgment, be unable to operate the untaken part of the Premises in a functionally equivalent manner to the manner in which Tenant operated such untaken part of the Premises prior to the taking then Tenant may terminate this Lease. If less than all or substantially all of Lease and the Premises shall be taken, then Landlord shall have the option of terminating this Lease term and estate granted hereby by written giving notice to Tenant Landlord within ten (10) 60 days following after the date of such condemnation or takingtaking of possession by the condemning authority. If either Landlord or Tenant shall give a termination notice as aforesaid, then this Lease is terminated as provided above, this Lease and the term and estate granted hereby shall cease and expire terminate as of the date of the taking. In the event that this Lease is not terminated such notice and a portion of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental all Rent shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy prorated and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent paid as of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restoredtermination date. In the event of any temporary a taking or condemnation for any public purpose of the Premises or any portion thereof, which does not result in the termination of this Lease (i) the term and estate hereby granted with respect to the taken part of the Premises shall continue in full force terminate as of the date of taking of possession by the condemning authority and effect except that Base Rental and Additional Rental all Rent shall be adjusted on an equitable basis appropriately abated for the period of from such taking, date to the Expiration Date and (ii) Landlord shall be under no obligation to make any repairs or alterations. In with reasonable diligence restore the event of any taking of the Premises, Tenant hereby assigns to Landlord the value of all or any remaining portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for Premises (a) relocation and moving expenses, and (b) compensation for loss exclusive of Tenant’s businessProperty) as nearly as practicable to its condition prior to such taking.
Appears in 2 contracts
Samples: Lease (Intercept Pharmaceuticals Inc), Lease (Intercept Pharmaceuticals Inc)
Condemnation. If all or substantially title to all of the Premises, Premises or such portion so much thereof is taken or appropriated for any public or quasi-public use under any statute or by right of the eminent domain so that reconstruction of the-Premises as would renderwill not, in Landlord’s and Tenant’s mutual reasonable judgment, result in the continuance of Premises being suitable for Tenant’s business from continued occupancy for the Premises impracticable, shall be permanently taken or condemned for any public purpose, then Landlord or Tenant may terminate uses and purposes permitted by this Lease. If less than all or substantially all of the Premises shall be taken, then Landlord shall have the option of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation or taking. If this Lease is terminated as provided above, this Lease shall cease and expire terminate as of the date that possession of the taking. In Premises or Building or part thereof be taken, provided that if the event that parties disagree, the Lease shall not terminate and the issue as to whether the remaining Premises are suitable for Tenant’s continued occupancy for the uses permitted by this Lease shall be submitted to mediation and then arbitration, if necessary. A sale by Landlord to any authority having the power of eminent domain, either under threat of condemnation or while condemnation proceedings are pending, shall be deemed a taking under the power of eminent domain for all purposes of this section. If any part of the Premises is not terminated taken and a portion the remaining part is reasonably suitable for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, this Lease shall, as to the part so taken, terminate as of the date that possession of such part of the Premises is taken. If the Premises is so partially taken, Tenant the Rent and other sums payable hereunder shall pay be reduced in the Base Rental same proportion that Tenant’s use and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion occupancy of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basisis reduced. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building parties disagree as to an architectural unit, fit the suitability of the Premises for Tenant’s continued occupancy or the amount of any applicable Rent reduction, the matter shall be resolved by mediation and then arbitration, if necessary. No award for any partial or entire taking shall be apportioned. Tenant assigns to Landlord its interest in any award which may be made in such taking or condemnation, together with any and all rights of Tenant arising in or to the same or any part thereof. Nothing contained herein shall be deemed to give Landlord any interest in or require Tenant to assign to Landlord any separate award made to Tenant for the taking of Tenant’s Personal Property, for the interruption of Tenant’s business, or its moving costs, or for the loss of its goodwill. No temporary taking of the Premises shall terminate this Lease or give Tenant any right to any abatement of Rent except to the extent of interference with Tenant’s use of the Premises; provided, however, that Landlord’s obligation to repair hereunder in any event Rent shall not be limited to the extent of the net proceeds from such taking made available to Landlord abated if Tenant is separately and directly compensated for such repairinterference by the condemning authority. However, in the event Any award made to Tenant by reason of such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period of such taking, belong entirely to Tenant and Landlord shall not be under no obligation entitled to make any repairs or alterationsshare therein. In Each party agrees to execute and deliver to the event other all instruments that may be required to effectuate the provisions of any taking of the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenant’s businessthis section.
Appears in 2 contracts
Samples: Purchase and Sale Agreement (Go Daddy Group, Inc.), Lease (Go Daddy Group, Inc.)
Condemnation. If all or substantially In the event that all of the Premises, Premises or such portion of the Premises as would render, in Landlord’s reasonable judgment, the continuance of Tenant’s business from the Premises impracticable, shall be Property is permanently taken or condemned by any competent authority for any public or quasi-public use or purpose, then Landlord by power of eminent domain or Tenant may by private purchase in lieu thereof (each a “Taking”), this Lease shall terminate this Leaseas of the date possession shall be so taken. If less than all or substantially all of the Premises or Property is subject to a Taking, but the portion so taken is so substantial that the Premises cannot reasonably be used by Tenant, as determined by Tenant in its reasonable discretion, for the normal operation of its business, then Tenant may terminate this Lease as of the day of such Taking. Any such termination shall be takeneffective as of the date possession is required to be surrendered to the authority, then and Tenant shall provide notice of termination to Landlord within forty-five (45) days after Tenant first receives notice of such surrender date. Except as provided above in this Article 13, neither party may terminate this Lease as a result of a Taking. Tenant shall not assert any claim against Landlord or the authority for any compensation because of any Taking and Landlord shall be entitled to the entire award of compensation; provided, however, that Tenant shall have the option of terminating this Lease by written notice right to file any separate claim available to Tenant within ten for (10i) days following one hundred percent (100%) of the date value of such condemnation the leasehold estate, (ii) any amount Tenant is able to obtain from the condemning authority for any award or takingcompensation attributable to the Taking of Tenant’s Personal Property or any fixtures that Tenant has the right hereunder to remove upon the expiration of this Lease, (iii) any loss of goodwill, (iv) moving expenses including loss of business and costs associated with moving Tenant’s merchandise, furniture, moveable fixtures, leasehold improvements and equipment to a new location, and (v) any additional amounts to which Tenant would be entitled to under Applicable Law. If this Lease is terminated as provided abovepursuant to this Article 13, this Lease all Rent shall cease and expire be apportioned as of the date of the takingsuch termination. In the event that If a Taking occurs and this Lease is not terminated and a portion of so terminated, the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental Monthly Rent shall be adjusted on an equitable basis. If this Lease is not terminatedabated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period of such takingTaking, and Landlord shall be under no obligation in proportion to make any repairs or alterations. In the event rentable square footage of any taking such portion of the Premises, if any, that is subject to or rendered unusable by such Taking bears to the total rentable square footage of the Premises, and Landlord, at its sole expense, shall promptly restore the Premises to an architectural unit as comparable and practicable to the condition existing prior to such Taking. Tenant hereby assigns to Landlord waives any rights it might have under Section 1265.130 of the value California Code of all Civil Procedure or any portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenant’s businesssuccessor or similar Applicable Law.
Appears in 2 contracts
Samples: Lease Agreement (Sweetgreen, Inc.), Lease Agreement (Sweetgreen, Inc.)
Condemnation. If all the whole or substantially all the whole of the PremisesBuilding or the Premises should be taken for any public or quasi-public use, by right of eminent domain or otherwise or should be sold in lieu of condemnation, then this Lease shall terminate as of the date when physical possession of the Building or the Premises is taken by the condemning authority. If less than the whole or substantially the whole of the Building or Premises is thus taken or sold and the remaining portion of the Building can no longer be operated as a multi-tenant office building on a financially sound basis, in Landlord's sole opinion, or if any Mortgagee should require that the condemnation proceeds payable as a result of such taking or sale be applied to the payment of the mortgage debt, Landlord (whether or not the Premises are affected by the taking or sale) may terminate this Lease by giving written notice thereof to Tenant, in which event this Lease shall terminate as of the date when physical possession of such portion of the Building or Premises as would render, in Landlord’s reasonable judgment, is taken by the continuance of Tenant’s business from the Premises impracticable, shall be permanently taken or condemned for any public purpose, then Landlord or Tenant may terminate this Lease. If less than all or substantially all of the Premises shall be taken, then Landlord shall have the option of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation or takingcondemning authority. If this Lease is not so terminated as provided above, this Lease shall cease upon any such taking or sale and expire as of the date of the taking. In the event that this Lease is not terminated and if a portion of the Premises is takenaffected thereby, Tenant shall pay the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair payable hereunder shall be limited diminished by an equitable amount, and Landlord shall, to the extent Landlord deems feasible, restore the Building and the Premises to substantially their former condition, except Landlord's obligation to restore shall not exceed the scope of the net proceeds from such taking made available work required to be done by Landlord in originally constructing the Building Shell Improvements and installing the Tenant Improvements, nor shall Landlord in any event be obligated to restore the Building Shell Improvements or the Tenant Improvements if the cost of the restoration work required under this Lease and all other leases of space in the Building exceeds the amount received by Landlord for such repairtaking. However, in All amounts awarded upon a taking of any part or all of the event such proceeds are not sufficient to restore Building or the Premises shall belong to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period of such taking, and Landlord shall be under no obligation to make any repairs or alterations. In the event of any taking of the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvementsLandlord, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, be entitled to and expressly waives all claims to any such compensation. Tenant may pursue shall be entitled to make a separate award from claim against the condemning authority for (a) relocation its personal property and moving expenses, and (b) compensation for loss of Tenant’s businessexpenses provided that such claim does not diminish Landlord's award.
Appears in 2 contracts
Samples: Lease Agreement (Florida Business Bancgroup Inc), Lease Agreement (Outback Steakhouse Inc)
Condemnation. If all Should the whole or substantially all any part of the Premises, or such portion of the Premises as would render, in Landlord’s reasonable judgment, the continuance of Tenant’s business from the Premises impracticable, shall premises be permanently condemned and taken or condemned by any competent authority for any public or quasi-public use or purpose, or should Landlord receive written notice of any threatened condemnation or taking, Landlord shall promptly notify Tenant in writing. All awards payable on account of such condemnation and taking shall be payable to Landlord, and Tenant hereby waives all interest in or claim to said awards, or any part thereof; provided, however, that nothing contained herein shall be deemed to give Landlord any interest in or require Tenant to assign to the Landlord any award made payable to Tenant and specifically designated as compensation for the taking of personal property and fixtures belonging to Tenant and removable by Tenant at the expiration of the term of the lease or for the interruption of or damage to Tenant's business or for any costs or expenses of relocating Tenant's business. If the whole of the premises shall be so condemned and taken, then this lease shall terminate effective on the earlier of thirty (30) days after Landlord's delivery of a notice to Tenant to such effect or the date upon which the condemning authority takes possession. If a part only of the premises is condemned and taken and the remaining portion thereof is not suitable for the purposes of which Tenant had leased said premises, either Landlord or Tenant may terminate this Lease. If less than all or substantially all of the Premises shall be taken, then Landlord shall have the option of terminating this Lease by written lease upon thirty days' notice to Tenant the other, which notice must be served on the other within ten (10) business days following of Landlord's delivery of the date notice of condemnation to Tenant. If by such condemnation or taking. If this Lease is terminated as provided above, this Lease shall cease and expire as taking a part only of the date of the taking. In the event that this Lease is not terminated and a portion of the Premises premises is taken, Tenant shall pay and the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease remaining part thereof is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, purposes for which Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereofhas leased said premises, this Lease lease shall continue in full force and effect except that Base Rental and Additional Rental continue, but the rental shall be adjusted on reduced in an equitable basis for the period of such taking, and Landlord shall be under no obligation amount proportionate to make any repairs or alterations. In the event of any taking of the Premises, Tenant hereby assigns to Landlord the value of all or any the portion taken as it related to the total value of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenant’s businesspremises.
Appears in 2 contracts
Samples: Sublease Agreement (E Stamp Corp), Sublease Agreement (Keynote Systems Inc)
Condemnation. If all or substantially all of the Premises, or such a material portion of the Premises as would render, in Landlord’s reasonable judgment, the continuance of Tenant’s business from the Premises impracticable, shall be permanently taken or condemned for any public purpose, then Landlord or Tenant may terminate this Lease. If less than all or substantially all of the Premises shall be takentaken or appropriated for public or quasi-public use by right of eminent domain with or without litigation or transferred by agreement in connection with such public or quasi-public use, then either party hereto shall have the right at its option, exercisable within thirty (30) days of receipt of notice of such taking, to terminate this Lease as of the date possession is taken by the condemning authority, provided, however, that before Tenant may terminate this Lease by reason of taking or appropriation as provided hereinabove, such taking or appropriation shall be of such an extent and nature as to substantially handicap, impede or impair Tenant’s use of the Premises. If any part of the Building other than the Premises shall be so taken or appropriated, Landlord shall have the right at its option to terminate this Lease. No award for any partial or entire taking shall be apportioned, and Tenant hereby assigns to Landlord any award which may be made in such taking or condemnation, together with any and all rights of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation now or taking. If this Lease is terminated as provided above, this Lease shall cease and expire as of the date of the taking. In the event that this Lease is not terminated and a portion of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up hereafter arising in or to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and businesssame or any part thereof; provided, however, that Landlord’s obligation to repair hereunder nothing contained herein shall be limited deemed to give Landlord any interest in or to require Tenant to assign to Landlord any award made to Tenant for the extent taking of personal property and fixtures belonging to Tenant and/or for Tenant’s unamortized cost of leasehold improvements, so long as such award to Tenant does not decrease the value of the net proceeds from award that would otherwise be made to Landlord in such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restoredor condemnation. In the event of any temporary a partial taking or condemnation for any public purpose which does not result in a termination of this Lease, rent shall be abated in the proportion which the part of Premises so made unusable bears to the rented area of the Premises immediately prior to the taking, and Landlord, at Landlord’s cost, shall restore the Premises remaining to an architectural whole with the Base Rent reduced in proportion to what the area taken bears to the Premises prior to the taking. No temporary taking of the Premises and/or of Tenant’s rights therein or any portion thereof, under this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for give Tenant the period right to terminate this Lease or to any abatement of such taking, and Landlord shall be under no obligation Rent thereunder. Any award made to make any repairs or alterations. In the event Tenant by reason of any such temporary taking of the Premises, where Landlord does not terminate this Lease shall belong entirely to Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall so long as said award does not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenantdiminish Landlord’s businessaward.
Appears in 2 contracts
Samples: Part of Lease Agreement (SteadyMed Ltd.), Second Lease (Reply! Inc)
Condemnation. If all or substantially all of the Leased Premises, or such portion of the Leased Premises or the Building as would render, in Landlord’s reasonable judgment, the continuance of Tenant’s business from the Leased Premises impracticable, shall be permanently taken or condemned for any public purpose, then Landlord or Tenant may terminate this Lease, at the option of Tenant or Landlord upon the giving of written notice to the other party within ten (10) days from the date of such condemnation or taking, shall forthwith cease and terminate. If less than all or substantially all of the Leased Premises or any portion of the Building shall be takenpermanently taken or condemned for any public purpose, then Landlord shall have the option of terminating this Lease by written notice to Tenant within ten (10) days following from the date of such condemnation or taking. If this Lease is terminated as provided above, this Lease shall cease and expire as of if the date of transfer of possession of the takingLeased Premises, the Building, or any portion thereof, was the expiration date of this Lease. In the event that this Lease is not terminated and a portion of the Premises is takenby either Landlord or Tenant as aforesaid, Tenant shall pay the Base Rental and Additional Rental up to the date of transfer of possession of such portion of the taking, Leased Premises so taken or condemned and this Lease shall thereupon cease and terminate with respect to the such portion of the Leased Premises so takentaken or condemned as if the date of transfer of possession of the Leased Premises was the expiration date of the term of this Lease relating to such portion of the Leased Premises. Thereafter the Base Rental, Tenant’s Forecast Additional Rental and Tenant’s Additional Rental shall be adjusted on an equitable a pro rata, net rentable square foot basis. If In the event of any such condemnation or taking and this Lease is not so terminated, Landlord shall promptly repair the Premises’ building Leased Premises or the Building, as the case may be, to Base Building Shell Condition so that the remaining portion of the Leased Premises or Building, as the case may be, shall constitute an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, in the event repair from any such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restoredcondemnation or taking. In the event of any temporary taking or condemnation for any public purpose of the Leased Premises or any portion thereof, then this Lease shall continue in full force and effect except that Base Rental Rental, Tenant’s Forecast Additional Rental, and Tenant’s Additional Rental shall be adjusted on an equitable a pro rata net rentable square foot basis for the period of such taking, time that the Leased Premises are so taken as of the date of transfer of possession of the Leased Premises and Landlord shall be under no obligation to make any repairs or alterations. In the event of any condemnation or taking of the Leased Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvements, improvements and Tenant shall may not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate attempt to recover an award or compensation against or from the condemning authority for (ai) the value of any fixtures, furniture, furnishings, Tenant’s Extra Work and other personal property which were condemned but which under the terms of this Lease, Tenant is permitted to remove at the end of the term of this Lease, (ii) relocation and moving expenses, and (biii) compensation for loss of to Tenant’s business.
Appears in 2 contracts
Samples: Office Lease Agreement (Cumberland Pharmaceuticals Inc), Office Lease Agreement (Cumberland Pharmaceuticals Inc)
Condemnation. 13.1 If all the whole or substantially all any part of the Premises, Building or Project shall be taken by power of eminent domain or condemned by any competent authority for any public or quasi-public use or purpose, or if any adjacent property or street shall be so taken or condemned, or reconfigured or vacated by such portion authority, each in such manner as to require the use, reconstruction or remodeling of any part of the Premises, Building or Project, or if Landlord shall grant a deed or other instrument in lieu of such taking by eminent domain or condemnation, then Landlord shall have the option to terminate this Lease effective as of the date possession is required to be surrendered to the authority by providing written notice to Tenant within sixty (60) days of such taking. In addition, if at least 33% of the Premises as would rendershall be so taken, in Landlord’s reasonable judgment, the continuance or if all of Tenant’s business from reasonable access to the Premises impracticableis otherwise materially adversely affected, then Tenant may elect to terminate this Lease by giving notice to Landlord of such election within sixty (60) days of such taking. Tenant shall not because of such taking assert any claim against Landlord or the authority for any compensation because of such taking and Landlord shall be permanently taken entitled to the entire award or condemned payment in connection therewith, except that Tenant shall have the right to file any separate claim available to Tenant for any public purpose, then Landlord or taking of Tenant’s personal property and fixtures belonging to Tenant may terminate and removable by Tenant upon expiration of the Lease Term pursuant to the terms of this Lease, and for moving expenses, so long as such claims do not diminish the award available to Landlord, its ground lessor with respect to the Building or Project or its mortgagee, and such claim is payable separately to Tenant. All Rent shall be apportioned as of the date of such termination. If less than all or substantially all any part of the Premises shall be taken, then Landlord shall have the option of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation or taking. If this Lease is terminated as provided above, this Lease shall cease and expire as of the date of the taking. In the event that this Lease is not terminated and a portion of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to not be so terminated, the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental Rent shall be adjusted on an equitable basisproportionately abated. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; providedProvided, however, that Landlordif any part of the Premises, Building or Project is taken or conveyed as contemplated by this Article 13, and Tenant’s obligation to repair hereunder cannot reasonably conduct its business in the Premises as a result thereof, then the Rent shall be limited abated in its entirety. Notwithstanding anything to the extent of the net proceeds from such taking made available to Landlord for such repair. Howevercontrary contained in this Article 13, in the event such proceeds are not sufficient to restore the Premises to of a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period of such taking, and Landlord shall be under no obligation to make any repairs or alterations. In the event of any taking of the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term Premises for a period of one hundred and eighty (180) days or less, and provided that such temporary taking does not materially preclude or unreasonably diminish Tenant’s ability to conduct business from the Premises, then this Lease shall not terminate but the Base Rent and Tenant’s Share of Direct Expenses shall be abated for the period of such taking in proportion to the ratio that the amount of rentable square feet of the Lease and all leasehold improvementsPremises taken bears to the total rentable square feet of the Premises. Landlord shall be entitled to receive the entire award made in connection with any such temporary taking, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, that Tenant may pursue shall be entitled to a separate share of the award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for any loss of Tenantfixtures and improvements and for moving and other reasonable expenses that do not otherwise reduce Landlord’s businessrecovery.
Appears in 2 contracts
Samples: Lease (Jounce Therapeutics, Inc.), Lease (Jounce Therapeutics, Inc.)
Condemnation. If all or substantially all of the Premises, or such portion of the Premises or the Building as would render, in Landlord’s reasonable judgment, the continuance of Tenant’s business from the Premises impracticable, shall be permanently taken or condemned for any public purpose, then Landlord or Tenant may terminate this Lease. If less than all or substantially all of the Premises or any portion of the Building shall be taken, then Landlord shall have the option of terminating this Lease by written notice to Tenant within ten (10) days (following the date of such condemnation or taking. If this Lease is terminated as provided above, this Lease shall cease and expire as of the date of the taking. In the event that this Lease is not terminated and a portion of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building Premises or the Building, as the case may be, to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises Premises, the Building or any portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period of such taking, and Landlord shall be under no obligation to make any repairs or alterations. In the event of any taking of the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenant’s business.
Appears in 2 contracts
Samples: Office Lease Agreement, Work Letter Agreement (Active Network Inc)
Condemnation. (a) If all or substantially all of the Premises, or such portion of the Premises as would render, in Landlord’s reasonable judgment, the continuance of Tenant’s business from the Premises impracticable, shall be or any portion thereof is permanently taken or condemned for any public purposeor quasi-public purpose by any lawful governmental power or authority, then by exercise of the right of appropriation, inverse condemnation, condemnation or eminent domain, or sold to prevent such taking (each such event being referred to as a “Condemnation”), this Lease shall terminate as to the part so taken as of the date the condemning authority takes title or possession, whichever occurs first. If ten percent (10%) or more of the Building or twenty percent (20%) or more of the Parking Area is taken, Landlord or Tenant may elect to terminate this LeaseLease as of the date the condemning authority takes title or possession, whichever occurs first. If less than all or substantially all of the Premises either party elects to terminate this Lease as provided herein, such election shall be taken, then Landlord shall have the option of terminating this Lease made by written notice to Tenant the other party given within ten thirty (1030) days following after the date nature and extent of such condemnation or takingCondemnation have been finally determined. If neither Landlord nor Tenant elects to terminate this Lease is terminated as provided to the extent permitted above, this Lease Landlord shall cease and expire promptly proceed to restore the Premises, to the extent of any Condemnation award received by Landlord, to substantially the same condition as existed prior to such Condemnation, allowing for the reasonable effects of the date of the taking. In the event that this Lease is not terminated such Condemnation, and a portion of the Premises is taken, Tenant proportionate abatement shall pay be made to the Base Rental and Additional Rental up Rent corresponding to the date of the takingtime during which, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so takenfloor area of the Building (adjusted for any increase thereto resulting from any reconstruction) of which, Tenant is deprived on account of such Condemnation and restoration. Thereafter Except as expressly provided in the immediately preceding sentence with respect to abatement of Base Rental Rent, Tenant shall have no claim against Landlord for, and Additional Rental shall be adjusted on an equitable basishereby releases Landlord and Landlord’s Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any Condemnation, whether permanent or temporary, or the repair or restoration of the Premises, the Building, the Parking Area, or the Project following such Condemnation, including, without limitation, any cost, loss or expense resulting from any loss of use of the whole or any part of the Premises, the Building, the Parking Area or the Project and/or any inconvenience or annoyance occasioned by such Condemnation, repair or restoration. If The provisions of California Code of Civil Procedure Section 1265.130, which allows either party to petition the Superior Court to terminate this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to of a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period of such taking, and Landlord shall be under no obligation to make any repairs or alterations. In the event of any partial taking of the Premises, Tenant hereby assigns to Landlord the value of all Building or any portion of the unexpired term of Project or the Lease and all leasehold improvementsparking areas for the Building or the Project, and Tenant shall not assert a claim for a condemnation award therefor; providedany other applicable law now or hereafter enacted, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of are hereby waived by Tenant’s business.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement (Corsair Components, Inc.)
Condemnation. If all the whole or substantially all the whole of the PremisesBuilding or Premises should be taken for any public or quasi-public use, by right of eminent domain or otherwise or should be sold in lieu of condemnation, then this Lease shall terminate as of the date when physical possession of the Building and/or Premises is taken by the condemning authority. If less than the whole or substantially the whole of the Building, Premises or Project is thus taken or sold, Landlord (whether or not the Premises are affected thereby) may, at its option, terminate this Lease by giving written notice thereof to Tenant; in which event this Lease shall terminate as of the date when physical possession of such portion of the Premises as would render, in Landlord’s reasonable judgmentBuilding, the continuance of Tenant’s business from Premises or the Premises impracticable, shall be permanently Project is taken or condemned for any public purpose, then Landlord or Tenant may terminate this Lease. If less than all or substantially all of the Premises shall be taken, then Landlord shall have the option of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation or takingcondemning authority. If this Lease is terminated as provided aboveupon any such taking or sale, this Lease shall cease and expire as of the date of the taking. In the event that this Lease is not terminated and a portion of if the Premises is takenare affected, Tenant shall pay the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair Rent payable hereunder shall be limited diminished by an equitable amount, and Landlord shall, to the extent of Landlord deems feasible, restore the net proceeds from such taking made available to Landlord for such repair. HoweverBuilding and, in the event such proceeds are not sufficient to restore if affected, the Premises to a condition reasonably suitable for substantially their former condition, but such work shall not exceed the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant scope of the extent work done by Landlord in originally constructing the Building and installing the any Work, if constructed by Landlord pursuant to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, this Lease shall continue Schedule 3 in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period of such taking, and Landlord shall be under no obligation to make any repairs or alterations. In the event of any taking of the Premises, Tenant hereby assigns nor shall Landlord in any event be required to Landlord the value of all or any portion spend for such work an amount in excess of the unexpired term amount received by Landlord as compensation for such taking. All amounts awarded upon a taking of any part or all of the Lease Project, Building, or Premises shall belong to Landlord, provided that Tenant shall not be entitled to and expressly waives all leasehold improvementsclaim to any such compensation. All sums which may be payable on account of any condemnation shall belong solely to the Landlord, and Tenant shall not assert a claim for a condemnation award therefor; providedbe entitled to any part thereof, provided however, that Tenant may pursue a separate award from the condemning authority shall be entitled to retain any amount awarded to it for (a) relocation and its trade fixtures or moving expenses. Tenant shall have an option to terminate the Lease if a partial taking renders the Premises unable for Tenant to conduct its normal business operations. In seeking its own award for moving costs, etc. this should include the right to seek any voice and (b) compensation for loss of Tenant’s businessdata wiring costs and any other capital invested by Tenant in the initial Premises.
Appears in 2 contracts
Samples: Office Lease (Ameriquest, Inc.), Office Lease (Ameriquest, Inc.)
Condemnation. (a) If all twenty-five percent (25%) or substantially all more of either the Premises, the Building or the Project or the parking areas for the Building or the Project is taken for any public or quasi-public purpose by any lawful governmental power or authority, by exercise of the right of appropriation, inverse condemnation, condemnation or eminent domain, or sold to prevent such portion taking (each such event being referred to as a “Condemnation”), Landlord may, at its option, terminate this Lease as of the date title vests in the condemning party. If twenty-five percent (25%) or more of the Premises as is taken and if the Premises remaining after such Condemnation and any repairs by Landlord would render, in Landlord’s reasonable judgment, be untenantable for the continuance conduct of Tenant’s business from the Premises impracticableoperations, shall be permanently taken or condemned for any public purpose, then Landlord or Tenant may terminate this Lease. If less than all or substantially all of the Premises shall be taken, then Landlord shall have the option of terminating right to terminate this Lease as of the date title vests in the condemning party. If either party elects to terminate this Lease as provided herein, such election shall be made by written notice to Tenant the other party given within ten thirty (1030) days following after the date nature and extent of such condemnation or takingCondemnation have been finally determined. If neither Landlord nor Tenant elects to terminate this Lease is terminated as provided to the extent permitted above, this Lease Landlord shall cease and expire promptly proceed to restore the Premises, to the extent of any Condemnation award received by Landlord, to substantially the same condition as existed prior to such Condemnation, allowing for the reasonable effects of the date of the taking. In the event that this Lease is not terminated such Condemnation, and a portion of the Premises is taken, Tenant proportionate abatement shall pay the Base Rental and Additional Rental up be made to the date of Rent corresponding to the takingtime during which, and this Lease shall thereupon cease and terminate with respect to the portion of the floor area of the Premises so taken(adjusted for any increase thereto resulting from any reconstruction) of which, Tenant is deprived on account of such Condemnation and restoration, as reasonably determined by Landlord. Thereafter Except as expressly provided in the Base Rental immediately preceding sentence with respect to abatement of Rent, Tenant shall have no claim against Landlord for, and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminatedhereby releases Landlord and Landlord’s Agents from responsibility for and waives its entire claim of recovery for any cost, Landlord shall promptly loss or expense suffered or incurred by Tenant as a result of any Condemnation or the repair or restoration of the Premises’ building to an architectural unit, fit the Building or the Project or the parking areas for Tenant’s occupancy and business; providedthe Building or the Project following such Condemnation, howeverincluding, that Landlord’s obligation to repair hereunder shall be limited to the extent without limitation, any cost, loss or expense resulting from any loss of use of the net proceeds from whole or any part of the Premises, the Building, the Project or the parking areas and/or any inconvenience or annoyance occasioned by such taking made available Condemnation, repair or restoration. The provisions of California Code of Civil Procedure Section 1265.130, which allows either party to Landlord for such repair. However, petition the Superior Court to terminate the Lease in the event such proceeds are not sufficient to restore the Premises to of a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period of such taking, and Landlord shall be under no obligation to make any repairs or alterations. In the event of any partial taking of the Premises, Tenant hereby assigns to Landlord the value of all Building or any portion of the unexpired term of Project or the Lease and all leasehold improvementsparking areas for the Building or the Project, and Tenant shall not assert a claim for a condemnation award therefor; providedany other applicable law now or hereafter enacted, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of are hereby waived by Tenant’s business.
Appears in 2 contracts
Samples: Lease Agreement (Financial Engines, Inc.), Lease Agreement (Copper Mountain Networks Inc)
Condemnation. If all the whole or substantially all of the Premises, or such portion if any material part of the Premises as would render, in Landlord’s reasonable judgment, the continuance of Tenant’s business from the Premises impracticable, shall be permanently or Building is taken or condemned for any public purposeor quasi-public use under either state or federal law, by eminent domain or purchase in lieu thereof (a “Taking”), and (a) such Taking renders the Premises or Building unsuitable, in Landlord’s reasonable opinion, for the purposes for which they were constructed; or (b) the Premises or Building cannot be repaired, restored or replaced at reasonable expense 60447235.v9 to an economically profitable unit, then Landlord or Tenant may may, at its option, terminate this Lease. If less than all or substantially all of the Premises shall be taken, then Landlord shall have the option of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation or taking. If this Lease is terminated as provided above, this Lease shall cease and expire as of the date of possession vests in the takingcondemning party. In the event that this Lease is not terminated and a portion If twenty-five percent (25%) or more of the Premises is takentaken and if the Premises remaining after such Taking and any repairs by Landlord would be untenantable (in Tenant’s reasonable opinion) for the conduct of Tenant’s business operations, Tenant shall pay have the Base Rental and Additional Rental up right to terminate this Lease as of the date possession vests in the condemning party. The terminating party shall provide written notice of termination to the other party within thirty (30) days after it first receives notice of the Taking. The termination shall be effective as of the effective date of any order granting possession to, or vesting legal title in, the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basiscondemning authority. If this Lease is not terminated, Base Rent shall be appropriately adjusted to account for any reduction in the square footage of the Premises. If only a part of the Premises is subject to a Taking and this Lease is not terminated, Landlord, with reasonable diligence, will restore the remaining portion of the Premises as nearly as practicable to the condition immediately prior to the Taking. Tenant hereby waives any and all rights it might otherwise have pursuant to Section 1265.130 of the California Code of Civil Procedure, or any similar or successor Laws. Landlord shall promptly repair be entitled to any and all compensation, damages, income, rent, awards or any interest thereon which may be paid or made in connection with any such Taking, and Tenant shall have no claim against Landlord for the Premises’ building to an architectural unit, fit for Tenant’s occupancy and businessvalue of any expired term of this Lease or otherwise; provided, however, that Landlord’s obligation to repair hereunder Tenant shall be limited entitled to receive any award separately allocated by the extent of condemning authority to Tenant for Tenant’s relocation expenses, the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation value of Tenant’s businessfixture, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose equipment and personal property (specifically excluding components of the Premises or any portion thereof, which under this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for or by law are or at the period of such taking, and Landlord shall be under no obligation to make any repairs or alterations. In the event of any taking expiration of the PremisesTerm will become the property of Landlord, Tenant hereby assigns to Landlord the value of all including, without limitation, fixtures and Alterations), or any portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for Tenant’s loss of Tenant’s businessbusiness goodwill, provide that such award does not reduce any award otherwise allocable or payable to Landlord.
Appears in 2 contracts
Samples: Lease Agreement (Astra Space, Inc.), Lease Agreement (Astra Space, Inc.)
Condemnation. (a) If all or substantially all the whole of the PremisesBuilding or Premises should be condemned, this Lease shall terminate as of the date when physical possession of the Building or the Premises is taken by the condemning authority. If less than substantially the whole of the Building or the Premises is thus taken or sold, this Lease shall be unaffected by such taking, provided that (i) Tenant shall have the right to terminate this Lease by written notice to Landlord given within 90 days after the date of such taking if 20% or more of the Premises is taken and the remaining area of the Premises is not reasonably sufficient for Tenant to continue operation of its business, and (ii) Landlord (whether or not the Premises are affected thereby) may terminate this Lease by giving written notice thereof to Tenant within 60 days after the date of such taking, in which event this Lease shall terminate as of the date when physical possession of such portion of the Building or Premises is taken by the condemning authority. If, upon any such condemnation of less than substantially the whole of the Building or the Premises, this Lease shall not be thus terminated, the Rent payable hereunder shall be diminished by an amount representing that part of the Rent as would rendershall properly be allocable to the portion of the Premises which was so condemned, and Landlord shall, at Landlord’s sole expense, restore and reconstruct the remainder of the Building and the Premises to substantially their former condition to the extent that the same, in Landlord’s reasonable judgment, may be feasible, but Landlord in any event shall not be required to spend for such work an amount in excess of the continuance amount received by Landlord as compensation awarded upon a taking of any part or all of the Building or the Premises. Subject to the rights of any mortgagee under a mortgage or deed of trust covering the Building, Landlord shall be entitled to and shall receive the total amount of any award made with respect to condemnation of the Premises, Building and/or Site, regardless of whether the award is based on a single award or a separate award as between the respective parties, and to the extent that any such award or awards shall be made to Tenant or to any person claiming through or under Tenant, Tenant hereby irrevocably assigns to Landlord all of its rights, title and interest in and to any such awards. No portion of any such award or awards shall be allocated to or paid to Tenant for any so-called bonus or excess value of this Lease by reason of the relationship between the rental payable under this Lease and what may at the time be a fair market rental for the Premises, nor for Tenant’s unamortized costs of leasehold improvements. The foregoing notwithstanding, and if Tenant be not in Event of Default for any reason, Landlord shall turn over to Tenant, promptly after receipt thereof by Landlord, that portion of any such award received by Landlord hereunder which is attributable to Tenant’s fixtures and equipment which are condemned as part of the property taken but which Tenant would otherwise be entitled to remove, and the appraisal of the condemning authority with respect to the amount of any such award allocable to such items shall be conclusive. The foregoing shall not, however, be deemed to restrict Tenant’s right to pursue a separate award specifically for its relocation expenses or the taking of Tenant’s business from the Premises impracticable, shall be permanently taken personal property or condemned for trade fixtures so long as such separate award does not diminish any public purpose, then award otherwise due Landlord or Tenant may terminate this Lease. If less than all or substantially all of the Premises shall be taken, then Landlord shall have the option of terminating this Lease by written notice to Tenant within ten (10) days following the date as a result of such condemnation or taking. If Tenant hereby specifically waives any and all rights it may have under any law, statute, ordinance or regulation (including California Code of Civil Procedure sections 1265.120 and 1265.130) to terminate or petition to terminate this Lease is terminated as provided above, this Lease shall cease and expire as of the date of the taking. In the event that this Lease is not terminated and a portion of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or upon partial condemnation for any public purpose of the Premises or any portion thereofBuilding, and the parties hereto specifically agree that this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period of such taking, and Landlord shall be under no obligation to make any repairs or alterations. In the event of any taking of the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenant’s businessautomatically terminate upon condemnation.
Appears in 2 contracts
Samples: Standard Lease Agreement (Allbirds, Inc.), Standard Lease Agreement (Allbirds, Inc.)
Condemnation. If all or substantially all of the Premises, or such portion of the Premises as would render, in Landlord’s reasonable judgment, the continuance of Tenant’s business from the Premises impracticable, shall be permanently taken or condemned for any public purpose, then Landlord or Tenant may terminate this Lease. If less than all or substantially all of the Premises shall be taken, then Landlord shall have the option of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation or taking. If this Lease is terminated as provided above, this Lease shall cease and expire as of the date of the taking. In the event that this Lease is not terminated and a portion of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period of such taking, and Landlord shall be under no obligation to make any repairs or alterations. In the event of any taking of the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired Property shall be damaged or taken through condemnation (which term shall include any damage or taking by any governmental authority, quasi-governmental authority, any party having the power of condemnation, or any transfer by private sale in lieu thereof), or any such condemnation shall be threatened, Mezzanine Borrower shall give prompt written notice to Mezzanine Lender. Mezzanine Lender acknowledges that Mortgage Borrower’s rights to any condemnation award is subject to the terms of the Lease Loan Agreement (Mortgage). Notwithstanding the foregoing, Mezzanine Borrower may not and all leasehold improvements, and Tenant shall not assert a claim for a permit Mortgage Borrower to settle or compromise any claim, action or proceeding relating to such damage or condemnation award thereforwithout the prior written consent of Mezzanine Lender, which shall not be unreasonably withheld, delayed or denied; provided, howeverfurther, Tenant that Mortgage Borrower may pursue settle, adjust and compromise any such claim, action or proceeding which does not exceed forty percent (40%) of the Allocated Loan Amount of the affected Individual Property so long as no Monetary Default or Event of Default has occurred and is continuing. Any Excess Proceeds shall be paid to Mezzanine Lender and applied to the payment of the Obligations (First Mezzanine) whether or not then due pursuant to Section 2.3.1(b). In the event that Mortgage Borrower is permitted pursuant to the terms of the Loan Agreement (Mortgage) to reconstruct, restore or repair the Property following a separate award from condemnation of any portion of the condemning authority for Property, Mezzanine Borrower shall cause Mortgage Borrower to promptly and diligently repair and restore the Property in the manner and within the time periods required by the Loan Agreement (aMortgage), the Leases and any other agreements affecting the Property. In the event that Mortgage Borrower is permitted pursuant to the terms of the Loan Agreement (Mortgage) relocation and moving expensesto elect not to reconstruct, and (b) compensation for loss restore or repair the Property following a condemnation of Tenant’s businessany portion of the Property, Mezzanine Borrower shall not permit Mortgage Borrower to elect not to reconstruct, restore or repair the Property without the prior written consent of Mezzanine Lender.
Appears in 2 contracts
Samples: Mezzanine Loan and Security Agreement (Toys R Us Inc), Mezzanine Loan and Security Agreement (Toys R Us Inc)
Condemnation. If the Leased Premises shall be taken or condemned (or sold in lieu thereof) for any public purpose to such an extent as to render the Leased Premises untenantable, either party shall have the right to terminate this Lease by giving notice of such election to terminate to the other party within ten (10) days from the date of such condemnation or taking (or sale in lieu thereof), which termination shall be effective on the date of the transfer of possession of the Leased Premises to the condemning authority. If only a portion thereof shall be so taken so as not to render the remainder untenantable, this Lease shall not terminate, and Base Rent shall be diminished by an equitable amount (based upon the number of rentable square feet of the Leased Premises so taken) and Landlord shall, to the extent practicable, restore the Leased Premises so that the remaining portion of the Leased Premises shall be partitioned off from the portion so taken or condemned; however, Landlord shall be obligated to restore or rebuild the damaged property only to the extent the holder of any mortgage or deed of trust or the landlord under any ground lease makes the proceeds of such taking available to Landlord for the purposes of rebuilding and restoration, or if no mortgage or ground lease then affects the Building or the Property, then only to the extent of the net proceeds of such taking. If all or substantially all of the PremisesBuilding or the Property (whether or not the Leased Premises are affected), or such a portion of the Building or the Property (whether or not the Leased Premises are affected) as would renderto cause the remainder of the Building or the Property not to be economically feasible to operate, in as reasonably determined by Landlord’s reasonable judgment, the continuance of Tenant’s business from the Premises impracticable, shall should be permanently taken or condemned (or sold in lieu thereof) for any public purpose, then Landlord or Tenant may terminate this Lease. If less than all or substantially all of the Premises shall be taken, then Landlord shall have at the option of terminating this Lease by written Landlord upon the giving of notice to Tenant within ten (10) days following from the date of such condemnation or takingtaking (or sale in lieu thereof), shall cease and terminate effective on the date of the transfer of possession of the Leased Premises to the condemning authority. If this Lease is terminated as provided abovein accordance with this Section 8.1, this Lease Base Rent shall cease be apportioned on a per diem basis and expire as of shall be payable through the effective date of the taking. In the event that this Lease is not terminated and a portion of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period of such taking, and Landlord shall be under no obligation to make any repairs or alterations. In the event of any taking of the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenant’s businesstermination.
Appears in 2 contracts
Samples: Office Lease (Pc Connection Inc), Office Lease (Pc Connection Inc)
Condemnation. If all or substantially In the event of Condemnation of all of the Premises, or this Lease shall terminate as of the date that the condemning authority is entitled to legal possession of the Premises, and Tenant shall pay Aggregate Rent to Landlord until such portion date. In the event of Condemnation of only a part of the Premises as would render(A) then, in Landlord’s reasonable judgment, the continuance of Tenant’s business from the Premises impracticable, shall be permanently taken or condemned for any public purpose, then Landlord or Tenant may terminate this Lease. If less than all or substantially all of the Premises shall be taken, then Landlord shall have the option of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation or taking. If this Lease is terminated as provided above, this Lease shall cease and expire effective as of the date of vesting of title, the taking. In the event that this Lease is not terminated and a portion of the Premises is taken, Tenant Aggregate Rent hereunder shall pay the Base Rental and Additional Rental up be abated in an amount apportioned according to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion area of the Premises so taken. Thereafter condemned, and (B) if in Tenant’s commercially reasonable judgment such taking renders the Base Rental and Additional Rental shall be adjusted on an equitable basis. If Premises unsuitable for the Use of Premises, Tenant may, at Tenant’s option, terminate this Lease is by notifying Landlord of such termination; if Tenant elects not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may so terminate this Lease, at this Lease shall be and remain unaffected by such Condemnation, except that the time Landlord notifies Tenant of Aggregate Rent hereunder shall be abated to the extent to which the Premises will be restoredextent, if any, hereinbefore provided. In the event of any temporary taking Condemnation of all or condemnation for any public purpose of the Premises or any a portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period of such taking, and Landlord shall be under no obligation to make any repairs or alterations. In the event of any taking of the Premises, Tenant shall be entitled to an award for Tenant’s relocation expenses and the leasehold improvements placed on the Premises by Tenant at Tenant’s expense; Landlord shall be entitled to receive the balance of the award in such Condemnation proceeding, including, without limitation, any award for the value of the unexpired portion of the Lease Term and the interest vested by this Lease in Tenant, and Tenant hereby expressly and irrevocably assigns to Landlord the value all right, title and interest of all Tenant now or hereafter arising in or to any such award or any portion of the unexpired term of the Lease and all leasehold improvementspart thereof, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from be entitled to receive no part of such award. Any restoration to the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of TenantPremises made necessary by Condemnation shall be performed by Landlord at Landlord’s businesssole expense.
Appears in 2 contracts
Samples: Industrial Lease Agreement (Premier Exhibitions, Inc.), Industrial Lease Agreement (Premier Exhibitions, Inc.)
Condemnation. If all or substantially all of the Premises, or such a material portion of the Premises as would render, in Landlord’s reasonable judgment, the continuance of Tenant’s business from the Premises impracticable, shall be permanently taken or condemned for any public purpose, then Landlord or Tenant may terminate this Lease. If less than all or substantially all of the Premises shall be takentaken or appropriated for public or quasi-public use by right of eminent domain with or without litigation or transferred by agreement in connection with such public or quasi-public use, then either party hereto shall have the right at its option, exercisable within thirty (30) days of receipt of notice of such taking, to terminate this Lease as of the date possession is taken by the condemning authority, provided, however, that before Tenant may terminate this Lease by reason of taking or appropriation as provided hereinabove, such taking or appropriation shall be of such an extent and nature as to materially handicap, impede or impair Tenant's use of the Premises. If any part of the Building other than the Premises shall be so taken or appropriated, Landlord shall have the right at its option to terminate this Lease. No award for any partial or entire taking shall be apportioned, and Tenant hereby assigns to Landlord any award which may be made in such taking or condemnation, together with any and all rights of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation now or taking. If this Lease is terminated as provided above, this Lease shall cease and expire as of the date of the taking. In the event that this Lease is not terminated and a portion of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up hereafter arising in or to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and businesssame or any part thereof; provided, however, that Landlord’s obligation to repair hereunder nothing contained herein shall be limited deemed to give Landlord any interest in or to require Tenant to assign to Landlord any award made to Tenant for the extent taking of personal property and fixtures belonging to Tenant and/or for Tenant's Please Initial Tenant ( ) Landlord ( ) unamortized cost of leasehold improvements, so long as such award to Tenant does not decrease the value of the net proceeds from award that would otherwise be made to Landlord in such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restoredor condemnation. In the event of any temporary a partial taking or condemnation for any public purpose which does not result in a termination of this Lease, rent shall be abated in the proportion which the part of Premises so made unusable bears to the rented area of the Premises immediately prior to the taking, and Landlord, at Landlord's cost, shall restore the Premises remaining to an architectural whole with the Base Rent reduced in proportion to what the area taken bears to the Premises prior to the taking. No temporary taking of the Premises and/or of Tenant's rights therein or any portion thereof, under this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for give Tenant the period right to terminate this Lease or to any abatement of such taking, and Landlord shall be under no obligation Rent thereunder. Any award made to make any repairs or alterations. In the event Tenant by reason of any such temporary taking of the Premises, where Landlord does not terminate this Lease shall belong entirely to Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall so long as said award does not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenant’s businessdiminish Landlord's award.
Appears in 1 contract
Samples: Agreement (Nextcard Inc)
Condemnation. If all or substantially all at any time during the term of the Premises, or such this lease a substantial portion of the Premises (meaning thereby so much as would render, in Landlord’s reasonable judgment, the continuance of Tenant’s business from shall render the Premises impracticablesubstantially unusable by Tenant, as reasonably determined by Tenant, or which reduces available parking to below the level required by applicable zoning) shall be permanently taken or condemned for any public purpose, then Landlord or Tenant may terminate this Lease. If less than all or substantially all by exercise of the Premises shall be taken, then Landlord shall have the option right of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation or eminent domain or by agreement between Landlord and those authorized to exercise such rights (which such agreements Landlord may enter into in its sole discretion) (all such proceedings being collectively designated as a “taking in condemnation” or a “taking. If this Lease is terminated as provided above”), this Lease shall cease terminate and expire as on the date of the taking and the rent and other amounts payable by Tenant hereunder shall be apportioned and paid to the date of the taking. In Tenant shall have no right to interpose, prosecute or collect a claim against the event that Landlord in any proceedings for taking in condemnation for the loss of the value of this Lease is not terminated and a portion of or improvements made by the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that the Tenant may claim and recover from the condemning authority, but not from the Landlord, such compensation as may be separately awarded or recoverable by the Tenant in Tenant’s obligation own right on account of any and all damage to repair hereunder shall Tenant’s business by reason of any taking in condemnation, any cost or loss to which Tenant might be limited to put in removing Tenant’s merchandise, furniture, fixtures and equipment, the extent of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation remaining value of Tenant’s businessleasehold interest, Tenant may terminate this LeaseTenant’s relocation expenses, at Tenant’s business dislocation expenses, and any other award that would not reduce the time Landlord notifies Tenant award payable to Landlord. Except as expressly set forth in the immediately preceding sentence, any award for the value of the extent land, buildings and improvements and loss of rent shall belong to which the Premises will be restoredLandlord. In If the event of any temporary taking or condemnation for any public purpose title to less than a substantial portion of the Premises or any portion thereofshall be taken in condemnation so that the business conducted on the Premises (as reasonably determined by Tenant), can be continued without material diminution, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted effect. If the taking does not amount to a substantial portion but does materially adversely affect the Tenant’s ability to conduct Tenant’s business on an equitable basis for the period of such taking, and Landlord shall be under no obligation to make any repairs or alterations. In the event of any taking of the Premises, Tenant hereby assigns the rent from and after the date of the vesting of title in the condemnor shall be equitably adjusted to Landlord reflect the diminished value of all or any portion the Premises to the Tenant as a direct result of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim condemnation. Any award for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenant’s businesspartial taking shall be vested as set forth herein relating to total taking in condemnation.
Appears in 1 contract
Condemnation. If all or substantially all of In the Premises, event that the entire Leased Premises (or such portion of the Premises thereof as would render, in Landlord’s reasonable judgment, the continuance of reasonably prevent Tenant from or make it uneconomic for Tenant reasonably to continue operating Tenant’s business from the Premises impracticable, shall be permanently business) is taken or condemned by any Governmental Authority for any public or quasi-public use or purpose, then Landlord or Tenant may terminate this Lease. If less than all are sold as a result of an impending taking or substantially all of the Premises shall be taken, then Landlord shall have the option of terminating this Lease by written notice to Tenant within ten condemnation (10) days following the date of such condemnation or taking. If this Lease is terminated as provided abovea “Taking”), this Lease shall cease and expire may be terminated by Tenant as of the date of the takingTaking. In If Tenant reasonably determines that it is economically feasible to continue to operate in the event that this Lease is not terminated and a portion balance of the Leased Premises is takenfollowing any Taking, Landlord (after such Taking and the determination of Landlord’s award therein) shall expend so much as may be necessary of the net amount of Landlord’s award (and in no event more than such award) in effecting any restoration necessary to restore the balance of the Leased Premises and the Lease shall continue and Tenant shall pay the Base Rental and Additional Rental up to the date of the takingRent on a pro rata basis, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of based upon the extent to which Tenant is able to operate at the Leased Premises will be restoredafter such restoration. In the any event of any temporary taking a Taking that affects the Leased Premises or condemnation Tenant’s ability to utilize the Leased Premises at a reasonably acceptable level of profit and reasonably conduct its business in the ordinary course, Tenant shall be entitled to receive a pro rata reduction of Rent during the period of restoration. All compensation awarded and paid for any public purpose of the Premises or any portion thereof, Taking as to which this Lease shall continue in full force not terminate shall solely belong to and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period property of such taking, and Landlord shall be under no obligation to make any repairs or alterations. In the event of any taking irrespective of the Premisesbasis upon which it is awarded, Tenant hereby assigns specifically assigning to Landlord any such award or compensation for the value of all or Tenant’s leasehold estate and/or other rights; but if this Lease is terminated as a result of any portion of the unexpired term of the Lease and all leasehold improvements, such Taking Landlord and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from be entitled to make their respective claims against the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenant’s businessauthority.
Appears in 1 contract
Samples: Lease Agreement (Blue Sphere Corp.)
Condemnation. If all The Mortgagee may, at its option, in its own name (a) appear or substantially all proceed in any condemnation proceeding, and (b) make any compromise or settlement thereof, provided that so long as the Mortgagor promptly prosecutes any compromise or settlement thereof, the Mortgagor shall control any compromise or settlement proceeding with the result thereof being subject to the Mortgagee's approval. The Mortgagor shall give the Mortgagee [MORTGAGE, SECURITY AGREEMENT, FINANCING STATEMENT AND FIXTURE FILING] ING No. 27449 immediate notice of the initiation of any condemnation proceeding, and a copy of every pleading, notice and other items served in any condemnation proceeding. Mortgagor hereby assigns, transfers and sets over unto the Mortgagee the entire proceeds of any award or any claim for damages for any of the Premises taken or damaged under the power of eminent domain or by condemnation. Mortgagee may elect to apply the proceeds of the award upon or in reduction of the Indebtedness, whether due or not, or make said proceeds available for restoration or rebuilding of the Premises, or such portion of the Premises as would render, in Landlord’s reasonable judgment, the continuance of Tenant’s business from the Premises impracticable, shall be permanently taken or condemned for any public purpose, then Landlord or Tenant may terminate this Lease. If less than all or substantially all of the Premises shall be taken, then Landlord shall have the option of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation or taking. If this Lease is terminated as provided above, this Lease shall cease and expire as of the date of the taking. In the event that this Lease is not terminated Mortgagee elects, in Mortgagee's sole and a portion absolute discretion, to make said proceeds available to reimburse Mortgagor for the cost of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up to the date rebuilding or restoration of the takingImprovements, such proceeds shall be made available in the manner and this Lease under the conditions that Mortgagee may require. In any event, the Improvements shall thereupon cease be restored or rebuilt in accordance with plans and terminate with respect specifications to be submitted to and approved by Mortgagee prior to commencement of any building or restoration. If the portion proceeds are made available by Mortgagee to reimburse Mortgagor for the cost of said rebuilding or restoration, any surplus which may remain out of said award after payment of such cost of rebuilding or restoration shall at the option of Mortgagee be applied on account of the Premises so takenIndebtedness or be paid to any party entitled thereto. Thereafter the Base Rental and Additional Rental No interest shall be adjusted allowed to Mortgagor on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of award held by the Premises or any portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period of such taking, and Landlord shall be under no obligation to make any repairs or alterations. In the event of any taking of the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenant’s businessMortgagee.
Appears in 1 contract
Samples: Equity Inns Inc
Condemnation. (a) If all the entire (or substantially all of the Premisesa material portion thereof as determined by Tenant) Property, or such portion the use or possession thereof, is taken in condemnation proceedings, or by any right of the Premises as would rendereminent domain, in Landlord’s reasonable judgment, the continuance of Tenant’s business from the Premises impracticable, shall be permanently taken or condemned for any public purposeor quasi-public use, then Landlord or Tenant may terminate this Lease. If less than all or substantially all of the Premises shall be taken, then if Landlord shall have the option deliver to a governmental authority a deed in lieu of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation or eminent domain (individually or collectively, a "taking. If this Lease is terminated as provided above" or “taken”), then, this Lease shall cease and expire as of terminate on the date when possession shall be taken by the condemnor or if earlier, upon Tenant’s notice to Landlord that it is terminating as a result of the taking. In the event that this Lease is not terminated and a portion of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up to the date of the said taking, and Rent, Additional Rent and all other charges payable hereunder shall be apportioned and paid in full up to that date, and all prepaid unearned Fixed Rent, Additional Rent, and all other charges prepaid hereunder, shall promptly be repaid by Landlord to Tenant (including, for example, Taxes). If only a part of the Property shall be so taken, then Tenant may only terminate this Lease shall thereupon cease and terminate with respect to if in Tenant’s reasonable discretion, the portion loss of the Premises so taken. Thereafter the Base Rental taken portion shall interfere with Tenant’s use and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit occupancy for Tenant’s occupancy intended purpose, and business; provided, however, further provided that Landlord’s obligation Tenant shall so notify Landlord of its election to repair hereunder terminate. If Tenant shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may so terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, then this Lease shall continue in full force and effect effect, except that Base Rental Fixed Rent, Additional Rent and Additional Rental all other charges payable hereunder shall, subject to the provisions below regarding parking only, be equitably abated (and if the parties cannot agree on the appropriate abatement, then either may submit the matter to binding arbitration as permitted by this Lease). In such case, Tenant, at Tenant's own expense not in excess of any condemnation proceeds, shall be adjusted on an equitable basis for repair all damage to the period of Property as shall have been caused by such partial taking, and Landlord shall restore the Property to a complete architectural unit. All proceeds of condemnation shall be under no obligation applied first to make any repairs or alterationssuch restoration, and then allocated between Landlord and Tenant as contemplated hereby. In Fixed Rent, Additional Rent and other charges payable hereunder shall abate until the event of any taking of Property shall have been restored to a tenantable condition, including a xxxxxnable additional period, not to exceed 90 days, for Tenant to refixture. During the Premisesrestoration, Tenant hereby assigns may operate its business out of a temporary structure such as a trailer, subject to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvements, and compliance with Laws. Tenant shall not assert a claim be obligated to pay Fixed Rent, Additional Rent or other charges for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss use of or attributable to Tenant’s businesstemporary structure.
Appears in 1 contract
Samples: Lease ( (TBS International LTD)
Condemnation. If all of the Premises should be taken for any public or substantially all quasi-public use under governmental law, ordinance, or regulation, or by right of eminent domain, or by private purchase in lieu thereof (a “Taking” or “Taken”), or if any part of the Premises should be Taken and the partial Taking would prevent or materially interfere with Tenant’s access to or reasonable use of the Premises, and (i) in the reasonable opinion of Landlord’s general contractor, the Premises, the Building and/or material access, as applicable, cannot be repaired, rebuilt or restored within two hundred ten (210) days after the date of such portion taking (the “Outside Condemnation Date”), or (ii) Landlord’s general contractor determines that the same cannot be restored with the proceeds received by Landlord from such Taking and neither Landlord or Tenant elects not to fund the cost in excess of the Premises as would render, in Landlord’s reasonable judgment, the continuance of Tenant’s business available proceeds from the Premises impracticable, shall be permanently taken or condemned Taking for any public purposethe restoration of the Premises, then Landlord shall give written notice to Tenant of such determination, and in either such case upon written notice by Landlord or Tenant may to the other given within fifteen (15) days following such notice from Landlord, this Lease shall terminate this Leaseon the date title passes and Rent shall be apportioned as of said date. If less than all or substantially all part of the Premises shall be takenTaken, then Landlord shall have the option of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation or taking. If and this Lease is not terminated as provided above, this Lease Landlord shall cease promptly, at its sole cost and expire as of expense, restore and reconstruct the date of the taking. In the event that this Lease is not terminated Premises, and a portion of the Premises is taken, Tenant shall pay the Base Rental Rent payable hereunder during the unexpired Lease Term shall be reduced to such extent as may be fair and Additional Rental up to reasonable under the date of the taking, and this Lease shall thereupon cease and terminate with respect to circumstances based on the portion of the Premises so takenTaken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminatedIn such event, Landlord shall promptly repair provide Tenant with an estimated period for completion of such repairs and/or restoration which shall be no longer than two hundred ten (210) days after the Premisesdate of the taking (“Estimated Restoration Period”). If the actual restoration is not completed within one (1) month after the end of Landlord’s Estimated Restoration Period, subject to extension for Force Majeure and for Tenant Delays; Tenant may terminate this Lease upon thirty (30) days’ building prior written notice to an architectural unitLandlord, fit for Tenant’s occupancy which notice shall have a heading in at least 12-point type, bold and business; all caps as follows: “FAILURE TO COMPLETE REPAIR WITHIN THIRTY (30) DAYS SHALL RESULT IN TENANT EXERCISING TERMINATION RIGHTS.” provided, however, that Landlordif Landlord completes the restoration in said thirty (30) day notice period, Tenant’s obligation to repair hereunder notice of termination shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, null and void and this Lease shall continue in full force and effect effect. Upon any such termination, neither Landlord nor Tenant shall have any further obligations hereunder except those that Base Rental and Additional Rental would otherwise survive the termination of this Lease as expressly provided herein. If any Taking occurs, then Landlord shall be adjusted on an equitable basis receive the entire award or other compensation for the period of such takingLand, the Building, and Landlord shall be under no obligation to make any repairs or alterations. In the event of any taking of the Premises; and Tenant shall receive the entire award or other compensation for any Tenant Improvements, Tenant-Made Alterations and Tenant’s Property. Tenant hereby assigns may elect to Landlord separately pursue a claim against the condemnor for the value of all or such items, moving costs, loss of business, and other claims it may have, provided that Tenant may not assert any claim if doing so would reduce the award payable to Landlord. Without limiting the foregoing, if the condemning authority specifically designates that a portion of the unexpired term award is attributable to (i) the value of the Lease and all leasehold improvementsTenant Improvements, and Tenant shall not assert a claim for a condemnation award therefor; providedTenant’s Property or Tenant-Made Alterations, however(ii) Tenant’s moving costs, Tenant may pursue a separate award from the condemning authority for and/or (aiii) relocation and moving expenses, and (b) compensation for Tenant’s loss of Tenant’s business, then Landlord shall promptly pay Tenant such portion of its award that is attributable to the foregoing.
Appears in 1 contract
Samples: Lease Agreement (Zulily, Inc.)
Condemnation. If all or substantially all of the Premises, or such portion Either party may terminate this Lease if any material part of the Premises as would render, in Landlord’s reasonable judgment, the continuance of Tenant’s business from the Premises impracticable, shall be permanently is taken or condemned for any public purposeor quasi-public use under Law, then by eminent domain or private purchase in lieu thereof (a “Taking”). Landlord or Tenant may shall also have the right to terminate this Lease. If less than all or substantially all Lease if there is a Taking of any portion of the Premises Building or Property which would have a material adverse effect on Landlord’s ability to profitably operate the remainder of the Building. The terminating party shall provide written notice of termination to the other party within forty-five (45) days after it first receives notice of the Taking. The termination shall be taken, then Landlord shall have the option of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation or taking. If this Lease is terminated as provided above, this Lease shall cease and expire effective as of the effective date of any order granting possession to, or vesting legal title in, the taking. In the event that this Lease is not terminated and a portion of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basiscondemning authority. If this Lease is not terminated, Landlord Base Rent and Tenant’s Pro Rata Share shall promptly repair be appropriately adjusted to account for any reduction in the Rentable Square Footage of the Building or the Rentable Square Footage of the Premises’ building . All compensation awarded for a Taking shall be the property of Landlord. The right to an architectural unitreceive compensation or proceeds are expressly waived by Tenant, fit provided, however, Tenant may file a separate claim for Tenant’s occupancy Property and businessTenant’s reasonable relocation expenses, provided the filing of the claim does not diminish the amount of Landlord’s award. If only a part of the Premises is subject to a Taking and this Lease is not terminated, Landlord, with reasonable diligence, will, subject to the provisions of any Mortgage, restore the remaining portion of the Premises as nearly as practicable to the condition immediately prior to the Taking; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period of such taking, and Landlord shall not be under no obligation required to make any repairs or alterationsspend more than it collects as an award. In the event of any taking of the Premises, Tenant hereby assigns to Landlord the value If there is a temporary Taking of all or any portion part of the unexpired term of Premises during the Lease and all leasehold improvementsTerm, Tenant shall give prompt notice to Landlord, the Term shall not be reduced or affected in any way, and Tenant shall not assert a claim for a condemnation continue to pay all Rent payable by Tenant without reduction or abatement and to perform all of its other obligations under this Lease, except to the extent prevented from doing so by the condemning authority. Tenant shall be entitled to receive any award therefor; provided, however, Tenant may pursue a separate award or payment from the condemning authority for (a) relocation such use, which shall be received, held and moving expenses, and (b) compensation applied by Tenant as a trust fund for loss payment of Tenant’s businessthe Rent falling due.
Appears in 1 contract
Condemnation. If all or substantially all of the Premises, or such portion of the Premises as would render, in Landlord’s reasonable judgment, the continuance of Tenant’s business from the Premises impracticable, shall be permanently taken or condemned for any public purpose, then Landlord or Tenant may terminate this Lease. If less than all or substantially all whole of the Premises shall be taken for any public or quasi- public use, under any statue or by right of eminent domain or private purchase in lieu thereof by a public body vested with power of eminent domain, then, when possession shall be taken thereunder of the Premises, the term herein demised and all the rights of Tenant hereunder shall immediately terminate. If only a part of the Premises shall be so condemned or taken, then, when possession shall be taken thereunder of a part of the Premises, a portion of the Annual Base Rental and additional rent hereunder shall be abated and apportioned according to the square footage of the Premises so condemned or taken. If only a part of the Building shall be so condemned or taken, and the Premises, or any substantial part of either, in Landlord's reasonable judgment requires substantial reconstruction or is no longer economically suitable for rental (whether or not the Premises be affected), then Landlord shall have the option of terminating may, at Landlord's option, terminate this Lease and the term herein demised and all rights of Tenant hereunder shall terminate by written notice to Landlord notifying Tenant in writing of such termination within ten sixty (1060) days following the date on which Landlord shall have received notice of vesting of title in the condemning authority, such termination to be effective on the date specified in such notice of Landlord, which date shall be no later than sixty (60) days after the date of such notice. If such partial condemnation or takingtaking shall deprive Tenant of access to the Premises, and Landlord shall not have provided or undertaken steps to provide other means of access thereto, or if such partial condemnation or taking reduces the area of the Premises occupied by Tenant by more than 20%, Tenant may, at Tenant's option, by delivery of written notice to Landlord within sixty (60) days following the date on which Tenant shall have received notice of vesting of title, terminate this Lease, and the term herein demised and all right of Tenant hereunder. Such termination is to be effective on the date specified in such notice, but no later than sixty (60) days after the date of such notice. If neither Landlord nor Tenant elects to terminate this Lease is terminated as provided above, this Lease shall cease be and expire remain unaffected by such condemnation or taking, except that the Annual Base Rental and additional rental shall be abated to the extent, if any, as provided above. Subject to the prior rights of any mortgagee of the date Building, if only a part of the taking. In the event that Premises shall be so condemned or taken, and this Lease is not terminated as provided above, Landlord will, with reasonable diligence and a at its expense, restore the remaining portion of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up as nearly as practicable to the date of same condition as existed prior to such condemnation (and the taking, and this Lease shall thereupon cease and terminate with respect interest which Tenant may have or claim to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder have in any award resulting from any such condemnation or taking shall be limited to the extent unamortized value of any permanent improvements to the structure of the net proceeds from such taking made available to Landlord Building paid for such repair. Howeverby Tenant, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable and any claim for the operation furniture or fixtures of any nature whatsoever or Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will 's leasehold estate shall be restoredexcluded). In the event of any temporary taking or condemnation for any public purpose termination pursuant to the provisions of this Section 18, the Premises or any portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental rent shall be adjusted on an equitable basis for as of the period time of such takingtermination, and Landlord any rent paid for any period thereafter shall be under no obligation refunded to make any repairs or alterations. In the event of any taking of the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenant’s business.
Appears in 1 contract
Samples: Lease Agreement
Condemnation. (a) If all or substantially all there shall be a total taking of the PremisesBuilding or the Premises in condemnation proceedings or by any right of eminent domain, or such portion this Lease and the term and estate hereby granted shall terminate as of the Premises date of taking of possession by the condemning authority and all Rent shall be prorated and paid as would render, of such termination date. If there shall be a taking of any material (in Landlord’s reasonable judgment, ) portion of the continuance Building and Landlord has terminated all other office leases in (x) the Building or (y) any condominium unit in the Building owned by Landlord or an Affiliate of Tenant’s business from Landlord if Landlord converts the Premises impracticable, shall be permanently taken or condemned for any public purposeBuilding to a condominium form of ownership in accordance with Section 8.18, then Landlord or may terminate this Lease and the term and estate granted hereby by giving notice to Tenant within 60 days after the date of taking of possession by the condemning authority. If there shall be a taking of the Premises of such scope (but in no event less than 20% thereof) that Tenant would, in Tenant’s reasonable judgment, be unable to operate the untaken part of the Premises in a functionally equivalent manner to the manner in which Tenant operated such untaken part of the Premises prior to the taking, then Tenant may terminate this Lease. If less than all or substantially all of Lease and the Premises shall be taken, then Landlord shall have the option of terminating this Lease term and estate granted hereby by written giving notice to Tenant Landlord within ten (10) 60 days following after the date of such condemnation or takingtaking of possession by the condemning authority. If either Landlord or Tenant shall give a termination notice as aforesaid, then this Lease is terminated as provided above, this Lease and the term and estate granted hereby shall cease and expire terminate as of the date of the taking. In the event that this Lease is not terminated such notice and a portion of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental all Rent shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy prorated and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent paid as of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restoredtermination date. In the event of any temporary a taking or condemnation for any public purpose of the Premises or any portion thereof, which does not result in the termination of this Lease (i) the term and estate hereby granted with respect to the taken part of the Premises shall continue in full force terminate as of the date of taking of possession by the condemning authority and effect except that Base Rental and Additional Rental all Rent shall be adjusted on an equitable basis appropriately abated for the period of from such taking, date to the Expiration Date and (ii) Landlord shall be under no obligation to make any repairs or alterations. In with reasonable diligence restore the event of any taking of the Premises, Tenant hereby assigns to Landlord the value of all or any remaining portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for Premises (a) relocation and moving expenses, and (b) compensation for loss exclusive of Tenant’s businessProperty) as nearly as practicable to its condition prior to such taking.
Appears in 1 contract
Samples: Lease (Coach Inc)
Condemnation. If all or substantially all 18.1 In the event that the whole of the Premises, or such portion of the Demised Premises as would render, in Landlord’s reasonable judgment, the continuance of Tenant’s business from the Premises impracticable, shall be permanently condemned or taken or condemned in any manner for any public purposeor quasi-public use, then Landlord or Tenant may this Lease and the term and estate hereby granted shall forthwith cease and terminate this Lease. If less than all or substantially all as of the date of vesting of title. In the event that only a part of the Demised Premises shall be so condemned or taken, then, effective as of the date of vesting of title, the rent hereunder for such part shall be equitably abated (and Tenant’s Tax Percentage and Tenant’s Expense Percentage shall be appropriately reduced) and this Lease shall continue as to such part not so taken. In the event that only a part of the Building shall be so condemned or taken, then (a) if substantial structural alteration or reconstruction of the Building shall be necessary or appropriate as a result of such condemnation or taking (whether or not the Demised Premises be affected), Landlord shall have the option of terminating may, at its option, terminate this Lease and the term and estate hereby granted as of the date of such vesting of title by written notice to notifying Tenant in writing of such termination within ten sixty (1060) days following the date on which Landlord shall have received notice of vesting of title, or (b) if Landlord does not elect to terminate this Lease, as aforesaid, this Lease shall be and remain unaffected by such condemnation or taking. If this Lease is terminated as provided above, this Lease except that the rent shall cease be abated (and expire as of Tenant’s Tax Percentage and Tenant’s Expense Percentage shall be appropriately reduced) to the date of the takingextent hereinbefore provided. In the event that this Lease is not terminated and only a portion part of the Demised Premises is taken, Tenant shall pay the Base Rental and Additional Rental up to the date of the taking, be so condemned or taken and this Lease shall thereupon cease and terminate the terms and estate hereby granted are not terminated as hereinbefore provided, Landlord will, at its expense, restore with respect reasonable diligence the remaining structural portions of the Demised Premises as nearly as practicable to the portion of same condition as it was in prior to such condemnation or taking and the Premises so taken. Thereafter the Base Rental and Additional Rental rent shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for abated (and Tenant’s occupancy Tax Percentage and business; provided, however, that LandlordTenant’s obligation to repair hereunder Expense Percentage shall be limited appropriately reduced) to the extent of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period of such taking, and Landlord shall be under no obligation to make any repairs or alterations. In the event of any taking of the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; hereinbefore provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenant’s business.
Appears in 1 contract
Samples: Indenture of Lease (Take Two Interactive Software Inc)
Condemnation. If all at any time during the term of this Lease any portion of the Premises should be condemned or substantially all required for public purposes by any county or city and county, Lessee shall be entitled to receive from the condemning authority the proportionate value of Lessee’s interest in the Premises and this Lease and the permanent improvements so taken in the proportion that it bears to the total value of the Premises, and further in proportion that the unexpired term of this Lease bears to the original term. The foregoing rights of Lessee shall not be exclusive of any other to which Lessee may be entitled by law. Any proceeds payable to Lessee hereunder shall be paid to the Authorized Mortgagee, if any, or such portion of the Premises as would renderAuthorized Mortgagee’s designee. Following a partial condemnation, in Landlord’s reasonable judgment, the continuance of Tenant’s business from the Premises impracticable, shall be permanently taken or condemned for any public purpose, then Landlord or Tenant may terminate this Lease. If less than all or substantially all of the Premises shall be taken, then Landlord Xxxxxx shall have the option of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation or taking. If this Lease is terminated as provided above, this Lease shall cease rebuild and expire as of the date of the taking. In the event that this Lease is not terminated and a portion of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for improvements on the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any remaining portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period of such taking, and Landlord shall be under no obligation to make any repairs or alterations. In the event of any taking of the Premises, Tenant hereby assigns or, subject to Landlord the value of all or any portion consent of the unexpired term Authorized Mortgagee, receive a distribution of the proceeds, in which event such proceeds shall first be applied in accordance with the applicable loan documents. The Authorized Mortgagee shall have the right to supervise and control the receipt and disbursement of any condemnation awards and participate in any condemnation proceedings and settlement discussions. Where the portion taken renders the remainder unsuitable for the use or uses for which the Premises were leased, Lessee shall have the option to surrender this Lease and all leasehold improvements, be discharged and Tenant shall not assert a claim for a condemnation award thereforrelieved from any further liability; provided, howeverthat Lessee may remove the permanent improvements constructed, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenseserected, and (b) compensation for loss placed by it within any reasonable period allowed by Lessor. Lessor, Xxxxxx, and the Authorized Mortgagee, if any, shall each be entitled to appear and participate in any proceeding which determines any condemnation award. Lessor agrees to not settle or compromise any condemnation proceeding without the consent of Tenant’s businessXxxxxx and any Authorized Mortgagee.
Appears in 1 contract
Samples: Ground Lease
Condemnation. If all or substantially all of the Premises, or such a material portion of the Premises as would render, in Landlord’s reasonable judgment, the continuance of Tenant’s business from the Premises impracticable, shall be permanently taken or condemned for any public purpose, then Landlord or Tenant may terminate this Lease. If less than all or substantially all of the Premises shall be takentaken or appropriated for public or quasi-public use by right of eminent domain with or without litigation or transferred by agreement in connection with such public or quasi-public use, then either party hereto shall have the right at its option, exercisable within thirty (30) days of receipt of notice of such taking, to terminate this Lease as of the date possession is taken by the condemning authority, provided, however, that before Tenant may terminate this Lease by reason of taking or appropriation as provided hereinabove, such taking or appropriation shall be of such an extent and nature as to substantially handicap, impede or impair Xxxxxx’s use of the Premises. If any part of the Building other than the Premises shall be so taken or appropriated, Landlord shall have the right at its option to terminate this Lease. No award for any partial or entire taking shall be apportioned, and Tenant hereby assigns to Landlord any award which may be made in such taking or Please Initial Tenant ( ) Landlord ( ) condemnation, together with any and all rights of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation now or taking. If this Lease is terminated as provided above, this Lease shall cease and expire as of the date of the taking. In the event that this Lease is not terminated and a portion of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up hereafter arising in or to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and businesssame or any part thereof; provided, however, that Landlord’s obligation to repair hereunder nothing contained herein shall be limited deemed to give Landlord any interest in or to require Tenant to assign to Landlord any award made to Tenant for the extent taking of personal property and fixtures belonging to Tenant and/or for Tenant’s unamortized cost of leasehold improvements, so long as such award to Tenant does not decrease the value of the net proceeds from award that would otherwise be made to Landlord in such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restoredor condemnation. In the event of any temporary a partial taking or condemnation for any public purpose which does not result in a termination of this Lease, rent shall be abated in the proportion which the part of Premises so made unusable bears to the rented area of the Premises immediately prior to the taking, and Landlord, at Landlord’s cost, shall restore the Premises remaining to an architectural whole with the Base Rent reduced in proportion to what the area taken bears to the Premises prior to the taking. No temporary taking of the Premises and/or of Tenant’s rights therein or any portion thereof, under this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for give Tenant the period right to terminate this Lease or to any abatement of such taking, and Landlord shall be under no obligation Rent thereunder. Any award made to make any repairs or alterations. In the event Tenant by reason of any such temporary taking of the Premises, where Landlord does not terminate this Lease shall belong entirely to Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall so long as said award does not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenantdiminish Landlord’s businessaward.
Appears in 1 contract
Samples: Mirion Technologies, Inc.
Condemnation. If during the term hereof, all or substantially all of the Premises, or such portion of the Premises as would render, in Landlord’s reasonable judgment, the continuance of Tenant’s business from the Premises impracticable, shall be permanently taken or condemned for any public purpose, then Landlord or Tenant may terminate this Lease. If less than all or substantially all of the Leased Premises shall be takentaken in any condemnation or eminent domain proceedings, then Landlord shall have the option of terminating this Lease by written notice shall thereupon terminate. In such event the obligation to Tenant within ten (10) days following pay rent and the Lessee’s right of possession hereunder shall terminate on the date of such condemnation or taking. If this Lease is terminated as provided above, this Lease Any rent paid in advance shall cease and expire be apportioned as of the date of such taking and Lessee’s portion thereof shall be refunded to Lessee. If so much of the taking. In Improvements and/or land be taken so as to materially affect the event that operation of Lessee’s business from the Leased Premises either party hereto shall have the option to terminate this Lease is not terminated and a portion as of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up to the date of the takingouster by giving written notice of termination within fifteen (15) days after Lessee has been ousted from possession of such part, and whereupon this Lease shall thereupon cease be of no further force or effect, and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental Lessor and Additional Rental Lessee shall be adjusted on an equitable basisrelieved of any obligations or liabilities hereunder as of said date of ouster. If this Lease is not terminatedterminated pursuant to the foregoing provisions, Landlord Lessor, at his own cost, risk, expense and liability and without cost to Lessee, shall promptly repair make such repairs and alterations as may be necessary to restore those portions of the Premises’ building Improvements not taken to an architectural unitcomplete Improvements suitable for the uses and purposes for which said Improvements and the Leased Premises are then being utilized by Lessee, fit for Tenant’s occupancy and business; provided, however, that LandlordLessor’s obligation responsibility with respect to repair hereunder such repairs and alterations shall be limited to the extent amount of the net proceeds from damages for any such taking condemnation actually made available to Landlord Lessor and, except as provided below for the final five (5) years of the term of this Lease, Lessee shall be specifically obligated to pay to Lessor, on demand, any and all additional amounts reasonably required by Lessor, over and above the damages payable to Lessor for any such repaircondemnation, to make such repairs and alterations. HoweverAdditionally, in no event shall Lessor be required to repair or rebuild any property or improvements constructed by Lessee or belonging to Lessee on the Leased Premises. Notwithstanding the foregoing to the contrary, in the event such proceeds that any portion of the Improvements shall be taken during the final five (5) years of the term of this Lease and the parties hereto are not sufficient otherwise unable to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this LeaseLease in accordance with the foregoing provisions, at (i) Lessor shall have the time Landlord notifies Tenant right and option, in his sole discretion, to terminate this Lease if the estimated cost of repairs and alterations required herein shall exceed the sum of $10,000.00, and (ii) Lessee shall have the right and option, in its sole discretion, to terminate this Lease if (x) the estimated cost of repairs and alterations required herein, as reasonably determined by Lessor, exceeds the damages payable to Lessor for such condemnation by more than $10,000.00 and (y) Lessor does not agree to pay such excess. The options to terminate provided in the immediately preceding sentence shall be exercised by providing the non-exercising party with written notice of the extent exercising party’s election to which terminate within thirty (30) days after Lessee has been ousted from possession of the Premises will be restoredaffected portion of the Improvements, whereupon this Lease shall terminate effective on the date of such ouster. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, this Lease is not terminated, the Lessee’s right of possession as to the portion so taken shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted terminate on an equitable basis for the period date of such taking, and Landlord the rental payable hereunder shall be under no obligation reduced by a just and proportionate amount to make be agreed to by Lessor and Lessee, taking into consideration the amount of land and usable space in the Improvements remaining after any such taking; but if so much of the Leased Premises are taken as to render the Leased Premises untenantable or unsuitable for the purposes for which they are hereby leased, and neither party exercises its option to terminate this Lease as provided herein, all rental payments shall be abated until the date of completion by Lessor of such repairs or and alterations. In All damages for any condemnation of all or any part of the Leased Premises, including, but not limited to, all damages as compensation for diminution in value of the leasehold, reversion and fee, shall belong to the Lessor without any deduction therefrom for any present or future estate of Lessee, and Lessee hereby assigns to Lessor its right, title and interest to any such award. Although all damages in the event of any taking condemnation are to belong to the Lessor, whether such damages are awarded as compensation for diminution in value of the leasehold, reversion or fee of the Leased Premises, Tenant hereby assigns Lessee shall have the right to Landlord claim and recover from the value condemning authority, but not from Lessor, such compensation as may be separately awarded or recoverable by Lessee in Lessee’s own right on account of any and all or any portion damage to Lessee’s business by reason of the unexpired term condemnation and for or on account of the Lease any cost or loss which Lessee might incur in removing Lessee’s merchandise, furniture, fixtures, leasehold improvements and all leasehold improvementsequipment, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a under no circumstances shall any such separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenant’s businessreduce or adversely affect any award payable to Lessor.
Appears in 1 contract
Samples: Lease Agreement (Goodman Global Inc)
Condemnation. If all the whole of or substantially all of the Premises, or such portion any substantial part of the Premises is taken by any public authority under the power of eminent domain, or taken in any manner for any public or quasi-public use, so as would render, to render (in Landlord’s reasonable judgment, ) the continuance of Tenant’s business from the Premises impracticable, shall be permanently taken or condemned for any public purpose, then Landlord or Tenant may terminate this Lease. If less than all or substantially all remaining portion of the Premises unsuitable for the purposes intended hereunder, then the Term of this Lease shall cease as of the day possession shall be taken, then taken by such public authority and Landlord shall have make a pro rata refund of any prepaid Rent. All damages awarded for such taking under the option power of terminating this Lease eminent domain or any like proceedings shall belong to and be the property of Landlord, and Tenant hereby assigns to Landlord its interest, if any, in said award. In the event that fifty percent (50%) or more of the Building area or appurtenances or fifty percent (50%) or more of the value of the Building is taken by public authority under the power of eminent domain, then, at Landlord’s option, by written notice to Tenant mailed within ten sixty (1060) days following from the date possession shall be taken by such public authority, Landlord may terminate this Lease effective upon a date within ninety (90) days from the date of such condemnation notice to Tenant. Further, if the whole or taking. If any part of the Premises is taken by public authority under the power of eminent domain, or taken in any manner for any public or quasi-public use, so as to render the remaining portion of the Premises unsuitable, in Tenant’s reasonable opinion, for the purposes intended hereunder, upon delivery of possession to the condemning authority pursuant to the proceedings, Tenant may, at its option, terminate this Lease is terminated as provided above, this Lease shall cease and expire as to the remainder of the date Premises by written notice to Landlord. Such notice is to be given to Landlord within thirty (30) days after Tenant receives notice of the taking. In Tenant shall not have the event that right to terminate this Lease is not terminated and a portion of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up pursuant to the date proceeding sentence unless (i) the business of the taking, and this Lease shall thereupon cease and terminate with respect to Tenant conducted in the portion of the Premises so takentaken cannot, in Tenant’s reasonable judgment, be carried on with substantially the same utility and efficiency in the remainder of the Premises (or any substitute space securable by Landlord pursuant to clause (ii) hereof); and (ii) Tenant cannot secure substantially similar (in Tenant’s reasonable judgment) alternate space upon the same terms and conditions as set forth in this Lease (including rental) from Landlord in the Building. Thereafter Any notice of termination shall specify the Base Rental date, no more than sixty (60) days after the giving of such notice as the date, for such termination. Anything in this Article 14 to the contrary notwithstanding, Tenant shall have the right to prove in any condemnation proceedings and Additional Rental to receive any separate award which may be made for damages to or condemnation of Tenant’s moveable trade fixtures and equipment and for moving expenses; provided however, Tenant shall be adjusted on an equitable basisin no event have any right to receive any award for its interest in this Lease or for loss of leasehold. If Anything in this Article 14 to the contrary notwithstanding, in the event of a partial condemnation of the Building or Premises and this Lease is not terminated, Landlord shall, at its sole cost and expense, restore the Building and Premises to a complete architectural unit and the Base Rent provided for herein during the period from and after the date of delivery of possession pursuant to such proceeding to the termination of this Lease shall promptly repair be reduced to a sum equal to the Premises’ building product of the Base Rent provided for herein multiplied by a fraction, the numerator of which is the fair market rent of the Premises after such taking and after the same has been restored to an a complete architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent denominator of which is the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose fair market rent of the Premises or any portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period of prior to such taking, and Landlord shall be under no obligation to make any repairs or alterations. In the event of any taking of the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenant’s business.
Appears in 1 contract
Condemnation. If all or substantially all of the Premises, or such portion Either party may terminate this Lease if any material part of the Premises as would render, in Landlord’s reasonable judgment, the continuance of Tenant’s business from the Premises impracticable, shall be permanently is taken or condemned for any public purposeor quasi-public use under Law, then by eminent domain or private purchase in lieu thereof (a “Taking”). Landlord or Tenant may shall also have the right to terminate this Lease. If less than all or substantially all Lease if there is a Taking of any portion of the Premises Building or Property which would have a material adverse effect on Landlord’s ability to profitably operate the remainder of the Building (provided Landlord terminates the leases of all other similarly situated tenants in the Building taking into account commercially relevant factors, including the remaining terms of the leases). The terminating party shall provide written notice of termination to the other party within forty-five (45) days after it first receives notice of the Taking. The termination shall be taken, then Landlord shall have the option of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation or taking. If this Lease is terminated as provided above, this Lease shall cease and expire effective as of the effective date of any order granting possession to, or vesting legal title in, the taking. In the event that this Lease is not terminated and a portion of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basiscondemning authority. If this Lease is not terminated, Landlord Base Rent and Tenant’s Pro Rata Share shall promptly repair be appropriately adjusted to account for any reduction in the square footage of the Building or Premises’ building . All compensation awarded for a Taking shall be the property of Landlord. The right to an architectural unitreceive compensation or proceeds is expressly waived by Tenant, fit however, Tenant may file a separate claim for Tenant’s occupancy Property and businessTenant’s reasonable relocation expenses, provided the filing of the claim does not diminish the amount of Landlord’s award. If only a part of the Premises is subject to a Taking and this Lease is not terminated, Landlord, with reasonable diligence, will restore the remaining portion of the Premises as nearly as practicable to the condition immediately prior to the Taking; provided, however, that Landlord’s Landlord shall have no obligation to repair hereunder shall be limited restore Tenant’s Property or any Alterations or any other improvements or property that Tenant is required to insure pursuant to the extent terms of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereofincluding, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period of such takingwithout limitation, and Landlord shall be under no obligation to make any repairs or alterations. In the event of any taking of the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (aSection 14.01(e) relocation and moving expenses, and (b) compensation for loss of Tenant’s businesshereof.
Appears in 1 contract
Condemnation. (a) If all during the term of this Lease the Property or substantially all Improvements, or any substantial part of either, is taken by eminent domain or by reason of any public improvement or condemnation proceeding, or in any manner by exercise of the Premisesright of eminent domain (including any transfer in avoidance of an exercise of the power of eminent domain), or such receives irreparable damage by reason of anything lawfully done under color of public or other authority, then (i) this Lease shall terminate as to the entire Building at Landlord’s election by written notice given to Tenant within sixty (60) days after the taking has occurred, and (ii) this Lease shall terminate as to the entire Building at Tenant’s election, by written notice given to Landlord within thirty (30) days after the nature and extent of the taking have been finally determined, if the portion of the Premises Building taken is of such extent and nature as would rendersubstantially to handicap, in Landlord’s reasonable judgment, the continuance of impede or permanently impair Tenant’s business from use of the Premises impracticable, shall be permanently taken or condemned for any public purpose, then Landlord or balance of the Building. If Tenant may elects to terminate this Lease. If less than all or substantially all of the Premises , Tenant shall be taken, then also notify Landlord shall have the option of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation or taking. If this Lease is terminated as provided above, this Lease shall cease and expire as of the date of the taking. In the event termination, which date shall not be earlier than thirty (30) days nor later than ninety (90) days after Tenant has notified Landlord of Tenant’s election to terminate, except that this Lease is not terminated and a portion of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up to terminate on the date of taking if such date falls on any date before the taking, and date of termination designated by Tenant. If neither party elects to terminate this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; as hereinabove provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, this Lease shall continue in full force and effect (except that Base Rental and Additional Rental there shall be adjusted on an equitable basis for abatement of minimum rental and of Tenant’s Operating Cost Share of Operating Expenses based upon the period of such takingdegree to which Tenant’s ability to conduct its business in the Building is impaired), and Landlord shall be under no obligation restore the Building Shell and Common Area improvements to make any repairs or alterations. In a complete architectural whole and a functional condition and as nearly as reasonably possible to the event of any taking of condition existing before the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvementstaking, and Tenant shall not assert restore the Tenant Improvements and Tenant’s other alterations, additions and improvements to a claim for complete architectural whole and a functional condition and as nearly as reasonably possible to the condition existing before the taking. In connection with any such restoration, each party shall use its respective best efforts (including, without limitation, any necessary negotiation or intercession with its respective lender, if any) to ensure that any severance damages or other condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) awards intended to provide compensation for loss rebuilding or restoration costs are promptly collected and made available to Landlord and Tenant in portions reasonably corresponding to the cost and scope of Tenant’s businesstheir respective restoration obligations, subject only to such payment controls as either party or its lender may reasonably require in order to ensure the proper application of such proceeds toward the restoration of the Improvements. Each party waives the provisions of Code of Civil Procedure Section 1265.130 and of any other existing or future law allowing either party to terminate (or petition the Superior Court to terminate) a lease in the event of a partial condemnation or taking of the leased property, it being the intention of the parties that their respective rights in such circumstances shall be governed solely by the provisions of this Article 13.
Appears in 1 contract
Samples: Lease (Macrogenics Inc)
Condemnation. If all or substantially all of the PremisesComplex is taken or condemned, or such portion acquired under threat of condemnation, by or at the direction of any governmental authority (a "Taking" or "Taken", as the context requires), or if so much of the Premises as would renderComplex is Taken that, in Landlord’s 's reasonable judgmentopinion, the continuance remainder cannot be restored to an economically viable, quality office building, or if the awards payable to Landlord as a result of Tenant’s business from any Taking are, in Landlord's reasonable opinion, inadequate to restore the Premises impracticableremainder to an economically viable, shall be permanently taken or condemned for any public purposequality office building, then Landlord or Tenant may terminate this Lease. If less than all or substantially all may, at its election, exercisable by the giving of the Premises shall be taken, then Landlord shall have the option of terminating this Lease by written notice to Tenant within ten sixty (1060) days following after the date of such condemnation or taking. If the Taking, terminate this Lease is terminated as provided above, this Lease shall cease and expire as of the date of the taking. In Taking or the event that this Lease date Tenant is not terminated and a portion deprived of possession of the Leased Premises (whichever is takenlater), Tenant provided, however, that Landlord shall pay similarly terminate all other tenant leases within the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basisBuilding. If this Lease is not terminatedterminated as a result of a Taking, Landlord shall promptly repair restore the Premises’ building Leased Premises remaining after the Taking to an architectural unita Building standard condition, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, in the event the Landlord has not actually completed such proceeds repair work such that the Leased Premises are not sufficient to restore the Premises to a condition reasonably tenantable and otherwise suitable for the operation of Tenant’s 's business, in Tenant's reasonable discretion, within two hundred and seventy (270) days from the date of the condemnation, or if twenty (20) percent or more of the Leased Premises is Taken, Tenant may shall have the right to terminate this Lease, at the time Landlord notifies Tenant of the extent Lease by delivering written notice to which the Premises will be restoredLandlord. In the event case of any temporary taking or condemnation for any public purpose Tenant's written notice to Landlord pursuant to Tenant's rights provided herein to terminate this Lease as a result of the Premises Taking of twenty (20) percent or any portion thereofmore of the Net Rentable Area of the Leased Premises, this Lease such termination must be delivered to Landlord within (60) days after the date of the Taking, failing which, such right of Tenant shall continue in full be of no further force and effect except that or effect. During the period of restoration, Base Rental shall be abated to the extent the Leased Premses are rendered untenantable and, after the period of restoration, Base Rental and Additional Rental Tenant's Proportionate Share shall be adjusted on an equitable basis reduced in the proportion that the area of the Leased Premises Taken or otherwise rendered untenanta6le bears to the area of the Leased Premises just prior to the Taking. If any portion of Base Rental is abated under this Section 8, Landlord may elect to extend the expiration date of the Term for the period of such takingthe abatement. All awards, and Landlord shall be under no obligation proceeds, compensation or other payments from or with respect to make any repairs or alterations. In the event of any taking Taking of the PremisesComplex or any portion thereof shall belong to Landlord, Tenant hereby assigns assigning to Landlord the value all of all or any portion of the unexpired term of the Lease its right, title, interest and all leasehold improvements, and claim to same. Tenant shall not have the right to assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award and recover from the condemning authority for (a) authority, but not from Landlord, such compensation as may be awarded on account of Tenant's moving and relocation and moving expenses, and (b) compensation for depreciation to and loss of Tenant’s business's movable personal property and any leasehold improvements above building standard paid for by Tenant.
Appears in 1 contract
Samples: Lease Agreement (Neon Systems Inc)
Condemnation. If all Either party may terminate this Lease if the whole or substantially all of the Premises, or such portion any material part of the Premises as would render, in Landlord’s reasonable judgment, the continuance of Tenant’s business from the Premises impracticable, shall be permanently taken or condemned for any public purposeor quasi-public use under Law, then by eminent domain or private purchase in lieu thereof (a "Taking"). Landlord and Tenant shall also have the right to terminate this Lease if there is a Taking of any portion of the Building or Property which would leave the remainder of the Building unsuitable for use as an office building in a manner comparable to the Building's use prior to the Taking or if such Taking would prevent any access to the Premises by Tenant. In order to exercise its right to terminate the Lease, Landlord or Tenant Tenant, as the case may terminate this Lease. If less than all or substantially all be, must provide written notice of termination to the other within 45 days after the terminating party first receives notice of the Premises Taking. Any such termination shall be taken, then Landlord shall have the option of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation or taking. If this Lease is terminated as provided above, this Lease shall cease and expire effective as of the date of the taking. In the event that this Lease is not terminated and a portion physical taking of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to or the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basisBuilding or Property occurs. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent Rentable Square Footage of the net proceeds from such taking made available to Landlord for such repair. HoweverBuilding, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose Rentable Square Footage of the Premises or any portion thereofand Tenant's Pro Rata Share shall, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall if applicable, be adjusted on an equitable basis for the period of such taking, and Landlord shall be under no obligation to make any repairs or alterationsappropriately adjusted. In the event of any taking of the Premisesaddition, Tenant hereby assigns to Landlord the value of all or Rent for any portion of the Premises taken or condemned shall be abated during the unexpired term Term of this Lease effective when the physical taking of the portion of the Premises occurs. If only a part of the Premises is subject to the Taking and this Lease is not terminated as provided in this Article, Landlord, with reasonable diligence and all leasehold improvements, and Tenant shall not assert a claim at its expense (to the extent covered by any condemnation award) will restore the remaining portion of the Premises as nearly as practicable to its condition immediately prior to such Taking. All compensation awarded for a condemnation award therefor; providedTaking, howeveror sale proceeds, shall be the property of Landlord, any right to receive compensation or proceeds being expressly waived by Tenant. However, Tenant may pursue file a separate award from the condemning authority claim at its sole cost and expense for (a) Tenant's Property and Tenant's reasonable relocation and moving expenses, provided the filing of the claim does not diminish the award which would otherwise be receivable by Landlord. Tenant hereby waives any and (b) compensation for loss all rights it might otherwise have pursuant to Section 1265.130 of Tenant’s businessthe California Code of Civil Procedure, or any similar or successor Laws.
Appears in 1 contract
Condemnation. If all 40% or substantially all more of the Premises, or such portion of the Premises or the Building as would render, in Landlord’s reasonable judgment, the continuance of Tenant’s business from the Premises impracticable, shall be permanently taken or condemned for any public purpose, then Landlord or Tenant may terminate this Lease. If less than all or substantially all of the Premises or any portion of the Building shall be taken, then Landlord shall have the option of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation or taking, provided that Landlord may not terminate this Lease unless Landlord terminates the lease of all similarly affected tenants. If this Lease is terminated as provided above, this Lease shall cease and expire as of the date of the taking. In the event that this Lease is not terminated and a portion of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building Premises or the Building, as the case may be, to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises Premises, the Building or any portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period of such taking, and Landlord shall be under no obligation to make any repairs or alterations. In the event of any taking of the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefortherefore; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenant’s business.
Appears in 1 contract
Condemnation. If all In the event that there is a taking or substantially condemnation (or conveyance under threat of a taking or condemnation) of all of the Premises, Building or such the Premises or all reasonable access thereto (or any portion of the Building or the Premises as would rendersuch that the Authority determines, in Landlord’s reasonable judgmentits sole discretion, within thirty (30) days after notice of such taking, that the continuance of balance thereof is rendered unsuitable for Tenant’s business from the Premises impracticable, shall be permanently taken or condemned for any public purposepurposes as contemplated under this Lease), then Landlord or Tenant may terminate this Lease. If less than all or substantially all of the Premises shall be taken, then Landlord shall have the option of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation or taking. If this Lease is terminated as provided above, this Lease shall cease and expire terminate effective as of the date title vests in the taking authority and such date shall be the Expiration Date hereunder. Tenant shall have no claim against the Authority for the value of the taking. In the event that this Lease is not terminated and a portion of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period of such taking, and Landlord shall be under no obligation to make any repairs or alterationsunexpired Term. In the event of any taking of a portion of the Premises or the Building and this Lease is not terminated in accordance with the preceding provision, then the Authority shall promptly restore the Premises to the extent feasible, in the Authority’s reasonable determination, but in no event shall the Authority be required to undertake such restoration if the cost thereof would exceed the amount of the award(s) of damages on account of such taking received by the Authority, after deducting the reasonable cost of obtaining the award. In the event the award is greater than the sum of the cost of restoration and the Authority’s cost of obtaining the award, any excess shall be retained by the Authority. Rent and Additional Rent shall xxxxx proportionately according to the nature and extent of the taking, as determined by the Authority, while such repairs are being made. Following completion of restoration, the obligations of Tenant under this Lease shall be unaffected by such taking, except that there shall be an equitable abatement of Rent and Additional Rent in direct proportion to the extent of the Premises so taken. The Authority shall have and hereby reserves and excepts, and Tenant hereby grants and assigns to the Authority, all rights to recover for damages to the Premises, Tenant hereby assigns to Landlord and the value of all or any portion of the unexpired term of the Lease and all leasehold improvementsinterest created by this Lease, and to compensation accrued or hereafter to accrue by reason of such taking, damage or destruction. Tenant, therefore, grants and assigns, and covenants with the Authority to grant and assign to the Authority, all rights to such damages or compensation. Nothing contained herein shall be construed to prevent Tenant shall not assert from prosecuting in a separate proceeding a claim for a condemnation award therefor; providedits trade fixtures and removable personal property so taken or damaged, howeveror relocation, Tenant may pursue a separate award from the condemning authority for (a) moving or other relocation and moving expenses, but only if such proceeding will not diminish the damages or compensation payable to the Authority. Tenant and (b) compensation for loss the Authority shall cooperate in order to recover taking proceeds, provided that no settlement on account of Tenant’s businessany damages caused by such condemnation shall be effective without the consent of the Authority.
Appears in 1 contract
Samples: Lease Agreement
Condemnation. a. Taking - Landlord's and Tenant's Rights. If all any part of the Building is taken by right of eminent domain or substantially all conveyed in lieu thereof (a "Taking"), and such Taking prevents Tenant from conducting its business in the Premises in a manner reasonably comparable to that conducted immediately before such Taking, then this Lease may, in Tenant's sole discretion, terminate and the monthly installments of Rent shall be abated during the unexpired portion of the Lease Term, effective from the date of the Taking. Tenant may accomplish the termination of Lease by delivering written notice to Landlord within thirty (30) days after the Taking. If Tenant does not elect to terminate the Lease, Landlord may, at its expense, relocate Tenant to office space reasonably comparable to the Premises, provided that Landlord notifies Tenant of its intention to do so within thirty (30) days after the Taking. Such relocation may be for a portion of the remaining Term or the entire Term. Landlord shall complete any such relocation within 180 days after Landlord has notified Tenant of its intention to relocate Tenant. If Landlord does not elect to relocate Tenant following such Taking, then Tenant may terminate this Lease as of the date of such Taking by giving written notice to Landlord within sixty (60) days after the Taking, and Rent shall be apportioned as of the date of such Taking. If Landlord does not relocate Tenant and Tenant does not terminate this Lease, then Basic Rental shall be abated on a reasonable basis as to that portion of the Premises as would renderrendered untenantable by the Taking. b. Taking - Landlord's Rights. If any material portion, in but less than all, of the Building becomes subject to a Taking, or if Landlord is required to pay any of the proceeds received for a Taking to Landlord’s reasonable judgment, the continuance of Tenant’s business from the Premises impracticable, shall be permanently taken or condemned for any public purpose's Mortgagee, then Landlord or Tenant may terminate this Lease. If less than all or substantially all of the Premises shall be taken, then Landlord shall have at the option of terminating this Lease Landlord, exercised by written notice to Tenant within ten thirty (1030) days following the date of after such condemnation or taking. If this Lease is terminated as provided aboveTaking, this Lease shall cease terminate and expire Rent shall be apportioned as of the date of the takingsuch Taking. In the event that If Landlord does not so terminate this Lease is and does not terminated and a elect to relocate Tenant, then this Lease will continue, but if any portion of the Premises is has been taken, Tenant shall pay the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Basic Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, xxxxx as provided in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation last sentence of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period of such taking, and Landlord shall be under no obligation to make any repairs or alterations. In the event of any taking of the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenant’s businessSection 14a.
Appears in 1 contract
Condemnation. If all Either party may terminate this Lease if the whole or substantially all of the Premises, or such portion any material part of the Premises as would render, in Landlord’s reasonable judgment, the continuance of Tenant’s business from the Premises impracticable, shall be permanently taken or condemned for any public purposeor quasi-public use under Law, then by eminent domain or private purchase in lieu thereof (a "Taking"). Landlord shall also have the right to terminate this Lease if there is a Taking of any portion of the Building, Property, or Project which would leave the remainder of the Building or the Project unsuitable for use as an office building or an office park, as the case may be, in a manner comparable to the use of the Building and/or Project prior to the Taking. In order to exercise its right to terminate the Lease, Landlord or Tenant Tenant, as the case may terminate this Lease. If less than all or substantially all be, must provide written notice of termination to the other within 45 days after the terminating party first receives notice of the Premises Taking. Any such termination shall be taken, then Landlord shall have the option of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation or taking. If this Lease is terminated as provided above, this Lease shall cease and expire effective as of the date of the taking. In the event that this Lease is not terminated and a portion physical taking of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to or the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basisProject, Building or Property occurs. If this Lease is not terminated, Landlord shall promptly repair the Rentable Square Footage of the Building, the Rentable Square Footage of the Premises’ building to an architectural unit, fit the Rentable Square Footage of the Project and Tenant's Pro Rata Share shall, if applicable, be appropriately adjusted. In addition, Rent for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder any portion of the Premises taken or condemned shall be limited to abated during the extent unexpired Term of this Lease effective when the physical taking of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore portion of the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restoredoccurs. In the event of any temporary taking or condemnation for any public purpose only a part of the Premises shall be so condemned or any portion thereof, taken and this Lease shall continue in full force is not terminated as hereinbefore provided, Landlord will, with reasonable diligence and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for at its expense (to the period of such taking, and Landlord shall be under no obligation to make extent covered by any repairs or alterations. In condemnation award) restore the event of any taking of the Premises, Tenant hereby assigns to Landlord the value of all or any remaining portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim Premises as nearly as practicable to its condition immediately prior to such condemnation or taking. All compensation awarded for a condemnation award therefor; providedTaking, howeveror sale proceeds, shall be the property of Landlord, any right to receive compensation or proceeds being expressly waived by Tenant. However, Tenant may pursue file a separate award from the condemning authority claim at its sole cost and expense for (a) Tenant's Property and Tenant's reasonable relocation and moving expenses, moving costs, lost goodwill, and (b) compensation the unamortized value of improvements to the Premises that had been paid for loss by Tenant, provided the filing of Tenant’s businessthe claim does not diminish the award which would otherwise be receivable by Landlord.
Appears in 1 contract
Condemnation. If all or substantially all of the Premises, or such any portion of the Leased Premises as would render, in Landlord’s reasonable judgment, the continuance of that materially affects or interferes with Tenant’s business from ability to continue to use the Premises impracticableremainder thereof for the purposes set forth herein, shall be permanently or that renders the Building untenantable, is taken by right of eminent domain or condemned for by condemnation, or is conveyed in lieu of any public purposesuch taking, then Landlord or Tenant this Lease may terminate this Lease. If less than all or substantially all of the Premises shall be taken, then Landlord shall have terminated at the option of terminating Tenant. Such option will be exercised by Tenant giving notice to Landlord of such termination within 30 days after such taking or conveyance; whereupon this Lease by written notice to Tenant within ten (10) days following will terminate and the date of such condemnation or taking. If this Lease is terminated as provided above, this Lease shall cease and expire Base Annual Rent will be duly apportioned as of the date of such taking or conveyance. Upon such termination, Tenant will surrender to Landlord the takingLeased Premises and all of Tenant’s interest therein under this Lease. If any portion of the Leased Premises is taken that does not materially affect or interfere with Tenant’s ability to continue to use the remainder of the Leased Premises for the purposes set forth herein, this Lease will continue in full force and effect and Tenant, at sole cost and expense, will promptly perform any repair or restoration work required to restore the Leased Premises, insofar as possible, to its former condition, and the rental owing hereunder will be adjusted, if necessary, in such just manner and proportion as the part so taken (and its effect on Tenant’s ability to continue to use the remainder of the Leased Premises) bears to the whole. In the event that this Lease is not terminated of a taking or conveyance as described herein, Landlord will receive the award or consideration for the lands and a portion of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises improvements so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation Landlord will have no interest in any separate award made to repair hereunder shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable Tenant for the operation taking of Tenant’s businesstrade fixtures or personal property, or for Tenant’s relocation expenses. Landlord and Tenant may terminate this Leasewill cooperate with one another in making claims for condemnation awards. Tenant will have no rights to any such condemnation award made to Landlord, at the time Landlord notifies but Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period of such taking, and Landlord shall be under no obligation entitled to make any repairs or alterations. In the event of any taking of the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenant’s businessany of its separate property.
Appears in 1 contract
Samples: Commercial Lease (Starz)
Condemnation. If all or substantially all of the Premises, or such portion of the Premises as would render, in Landlord’s reasonable judgment, the continuance of Tenant’s business from the Premises impracticable, shall be permanently taken or condemned for any public purpose, then Landlord or Tenant may terminate this Lease. If less than all or substantially all part of the Premises shall be takentaken or appropriated for public or quasi-public use by right of eminent domain with or without litigation or transferred by agreement in connection with such public or quasi-public use, then either party hereto shall have the right at its option exercisable within thirty (30) days of receipt of notice of such taking to terminate this Lease as of the date possession is taken by the condemning authority, provided, however, that before Tenant may terminate this Lease by reason of taking or appropriation as provided hereinabove, such taking or appropriation shall be of such an extent and nature as to substantially handicap, impede or repair Tenant's use of the Premises. If any part of the Building other than the Premises shall be so taken or appropriated, Landlord shall have the option right, at its option, to terminate this Lease. No award for any partial or entire taking shall be apportioned, and Tenant hereby assigns to Landlord any award which may be made in such taking or condemnation, together with any and all rights of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation now or taking. If this Lease is terminated as provided above, this Lease shall cease and expire as of the date of the taking. In the event that this Lease is not terminated and a portion of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up hereafter arising in or to the date of the takingsame, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and businessor any part thereof; provided, however, that Landlord’s obligation to repair hereunder nothing contained herein shall be limited deemed to the extent of the net proceeds from such taking made available give Landlord any interest in or to require Tenant to assign to Landlord for such repair. However, in the event such proceeds are not sufficient any award made to restore the Premises to a condition reasonably suitable Tenant for the operation taking of personal property and fixtures belonging to Tenant and/or for the interruption of or damage to Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant 's business and/or for Tenant's unamortized cost of the extent to which the Premises will be restoredleasehold improvements. In the event of any temporary a partial taking or condemnation for any public purpose which does not result in a termination of this Lease, rent shall be abated in the proportion which the part of the Premises so made unusable bears to the rented area of the Premises immediately prior to the taking. No temporary taking of the Premises and/or of Tenant's rights therein or any portion thereof, under this Lease shall continue in full force and effect except that Base Rental and Additional Rental terminate this Lease or give Tenant any right to any abatement of rent thereunder; any award made to Tenant by reason of any such temporary taking shall be adjusted on an equitable basis for the period of such taking, belong entirely to Tenant and Landlord shall not be under no obligation entitled to make any repairs or alterations. In the event of any taking of the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenant’s businessshare therein.
Appears in 1 contract
Condemnation. (a) If all or substantially all there shall be a total taking of the Premises, Building in condemnation proceedings or such portion by any right of the Premises as would render, in Landlord’s reasonable judgment, the continuance of Tenant’s business from the Premises impracticable, shall be permanently taken or condemned for any public purpose, then Landlord or Tenant may terminate this Lease. If less than all or substantially all of the Premises shall be taken, then Landlord shall have the option of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation or taking. If this Lease is terminated as provided aboveeminent domain, this Lease and the term and estate hereby granted shall cease and expire terminate as of the date of taking of possession by the condemning authority and all Rent shall be prorated and paid as of such termination date. If there shall be a taking of any portion of the Land or the Building (whether or not the Premises are affected by such taking), then Landlord may terminate this Lease and the term and estate granted hereby by giving notice to Tenant within 60 days after the date of taking of possession by the condemning authority; provided, that if the Premises are not affected by such condemnation, then Landlord shall only have the right to terminate this Lease if at least 30% of the rentable square footage of the Building is taken and Landlord shall elect to terminate leases (including this Lease) affecting substantially all of the rentable area of the Building. If there shall be a taking of the Premises of such scope that the untaken part of the Premises would in Tenant’s reasonable judgment be uneconomic to operate or be unsuitable for the conduct of Tenant’s business, or if by reason of the condemnation Tenant no longer has reasonable means of access to the Premises, 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 Tenant shall give a termination notice as aforesaid, then this Lease and the term and estate granted hereby shall terminate as of the date of such notice and all Rent shall be prorated and paid as of such termination date. In the event that this Lease is not terminated and of a portion taking of the Premises is taken, Tenant which does not result in the termination of this Lease (i) the term and estate hereby granted with respect to the taken part of the Premises shall pay the Base Rental and Additional Rental up to terminate as of the date of taking of possession by the takingcondemning authority and all Rent shall be appropriately abated for the period from such date to the Expiration Date, and this Lease Tenant’s Share shall thereupon cease and terminate with respect to be adjusted based upon the ratio of the rentable square footage of the portion of the Premises so not taken to the rentable square footage of the portion of the Building not taken. Thereafter the Base Rental , and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, (ii) Landlord shall promptly repair with reasonable diligence restore the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent remaining portion of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation (exclusive of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent Property) as nearly as practicable to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period of its condition prior to such taking, and Landlord shall be under no obligation to make any repairs or alterations. In the event of any taking of the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenant’s business.
Appears in 1 contract
Samples: Lease (Bowne & Co Inc)
Condemnation. If Mortgagor will give Mortgagee prompt notice of any action, actual or threatened, in Condemnation (as defined herein) or eminent domain and hereby assigns, transfers, and sets over to Mortgagee the entire proceeds of any award or claim for damages, or payments made in lieu or in contemplation thereof, for all or substantially any part of the Premises taken or damaged under the power of eminent domain or condemnation (“Condemnation”), Mortgagee being hereby authorized to intervene in any such action and to collect and receive from the condemning authorities and give proper receipts and acquittances for such proceeds. Mortgagor will not enter into any agreements with the condemning authority permitting or consenting to the taking of the Premises unless prior written consent of Mortgagee is obtained. Any expenses incurred by Mortgagee in intervening in such action or collecting Condemnation proceeds (including, without limitation, the cost of any independent appraisal and fees and costs incurred by legal counsel representing Mortgagee) shall be reimbursed to Mortgagee first out of the Condemnation proceeds prior to other payments or disbursements. Mortgagor shall deliver all Condemnation proceeds to Mortgagee within five (5) days of receipt thereof and shall at Mortgagee’s request direct the condemning authority to deliver the Condemnation proceeds to Mortgagee. The Condemnation proceeds or any part thereof shall be applied upon or in reduction of the Indebtedness then most remotely to be paid, whether due or not, or to the restoration or repair of the Premises, or such portion the choice of application to be solely at the Premises as would render, in Landlord’s reasonable judgment, the continuance discretion of Tenant’s business from the Premises impracticable, shall be permanently taken or condemned for any public purpose, then Landlord or Tenant may terminate this Lease. If less than all or substantially all of the Premises shall be taken, then Landlord shall have the option of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation or taking. If this Lease is terminated as provided above, this Lease shall cease and expire as of the date of the takingMortgagee. In the event that this Lease is Mortgagee does not terminated make Condemnation proceeds available for restoration and a portion applies the Condemnation proceeds to payment of the Premises is takendebt, Tenant shall pay the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental no Reinvestment Charge or Default Premium shall be adjusted due on an equitable basisthe Condemnation proceeds so applied. If this Lease is not terminated, Landlord Mortgagee shall promptly repair have the Premises’ building right to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation require Mortgagor to repair hereunder shall be limited to pursue with the extent of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period of such taking, and Landlord shall be under no obligation to make any repairs or alterations. In the event of any taking of the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert applicable condemning authority a claim for a Reinvestment Charge in connection with any condemnation awards, provided that the fees and costs of such claim shall be paid from the condemnation award therefor; provided, however, Tenant may pursue a separate award from to the extent not paid by the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenant’s businessauthority.
Appears in 1 contract
Condemnation. (a) If all the Leased Premises are taken under the power of eminent domain or substantially sold under the threat of the exercise of such power (all of the Premises, or such portion of the Premises which are referred to herein as would render, in Landlord’s reasonable judgment, the continuance of Tenant’s business from the Premises impracticable, shall be permanently taken or condemned for any public purpose, then Landlord or Tenant may terminate this Lease. If less than all or substantially all of the Premises shall be taken, then Landlord shall have the option of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation or taking. If this Lease is terminated as provided above“condemnation”), this Lease shall terminate as to the part so taken as of the date the condemning authority takes title or possession, whichever first occurs (the “date of taking”). If the Leased Premises or any portion of the Project is taken by condemnation to such an extent as to render the Leased Premises untenantable as reasonably determined by Landlord or Tenant, this Lease shall, at the option of either party to be exercised in writing within thirty (30) days after receipt of written notice of such taking, forthwith cease and expire terminate as of the date of the taking. In the event that this Lease is not terminated and a portion All proceeds from any condemnation of the Leased Premises is takenshall belong and be paid to Landlord, subject to the rights of any mortgagee of Landlord’s interest in the Project or the beneficiary of any deed of trust which constitutes an encumbrance thereon; provided that Tenant shall pay the Base Rental and Additional Rental up be entitled to the date any compensation separately awarded to Tenant for Tenant’s relocation expenses and/or, loss of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basisXxxxxx’s trade fixtures. If this Lease is not terminatedcontinues in effect after the date of taking pursuant to the provisions of this Section 7.6(a), Landlord shall promptly repair proceed with reasonable diligence to repair, at its expense, the Premises’ building remaining parts of the Project and the Leased Premises to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited substantially their former condition to the extent that the same is feasible (subject to reasonable changes which Landlord shall deem desirable) and so as to constitute a complete and tenantable Project and Leased Premises. Following a taking, Gross Rent shall thereafter be equitably adjusted according to the remaining Rentable Area of the net proceeds from such taking made available to Landlord for such repairLeased Premises and the Building. HoweverExcept as hereinafter provided, in the event such proceeds are not sufficient of any taking. Landlord shall have the right to restore the Premises to a condition reasonably suitable all compensation, damages, income, rent or awards made with respect thereto (collectively an “award”), including any award for the operation value of Tenant’s business, Tenant may terminate the leasehold estate created by this Lease, at the time Landlord notifies Tenant of the extent . No award to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period of such taking, and Landlord shall be under no obligation apportioned and, subject to make any repairs or alterations. In the event of any taking of the Premises, Tenant’s rights hereinafter specified Tenant hereby assigns to Landlord the value any right of all or Tenant in any portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall award to Landlord made for any taking. So long as such claim will not assert a claim for a condemnation reduce any award therefor; provided, howeverotherwise payable to Landlord under this Section 7.6, Tenant may pursue seek to recover, at its cost and expense, as a separate award from claim, any damages or awards payable on a taking of the condemning authority Leased Premises to compensate for (a) relocation the unamortized cost paid by Tenant for the alterations, additions or improvements, if any, made by Tenant during the initial improvement of the Leased Premises and moving expensesfor any alterations, and (b) compensation or for loss Tenant’s personal property taken, or for interference with or interruption of Tenant’s businessbusiness (including goodwill), or for Tenant’s removal and relocation expenses.
Appears in 1 contract
Condemnation. If all As used in this Section the term "Condemnation Proceeding" means any action or substantially all proceeding in which any interest in the Premises or Building is taken for any public or quasi-public purpose by any lawful authority through exercise of the Premises, power of eminent domain or such portion right of condemnation or by purchase or otherwise in lieu thereof. If the whole of the Premises is taken through Condemnation Proceedings, this Lease shall automatically terminate as would render, of the date possession is taken by he condemning authority. If in Landlord’s reasonable judgment, the continuance excess of Tenant’s business from twenty-five (25%) percent of the Premises impracticableis taken, either party hereto shall be permanently taken or condemned for any public purpose, then Landlord or Tenant may have the option to terminate this LeaseLease by giving the other written notice of such election at any time within thirty (30) days after the date of taking. If less than all or substantially all twenty-five (25%) percent of the space is taken and Landlord determines, in Landlord's sole discretion, that a reasonable amount of reconstruction thereof will not result in the Premises shall be takenor the Building becoming a practical improvement reasonably suitable for use for the purpose for which it is designed, then Landlord shall have the option of terminating may elect to terminate this Lease Agreement by giving thirty (30) days written notice to Tenant within ten (10) days following the date of such condemnation or taking. If this Lease is terminated as provided abovehereinabove. In all other cases, or if neither party exercises its option to terminate, this Lease shall cease remain in effect and expire as of the rent payable hereunder from and after the date of taking shall be proportionately reduced in proportion to the ratio of: (1) the area contained in the Premises which is capable of occupancy after the taking; to (II) the total area contained in the Premises which was capable of occupancy prior to the taking. In the event that of any termination or rental reduction provided for in this Section, there shall be a proration of the rent payable under this Lease and Landlord shall refund any excess theretofore paid by Tenant. Whether or not this Lease is not terminated and as a portion consequence of the Premises is takenCondemnation Proceedings, Tenant shall pay the Base Rental and Additional Rental up to the date of the all damages or compensation awarded for a partial or total taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit including any sums compensating Tenant for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, diminution in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period of such taking, and Landlord shall be under no obligation to make any repairs or alterations. In the event of any taking of the Premises, Tenant hereby assigns to Landlord the value of all or deprivation of its leasehold estate, shall be the sole and exclusive property of Landlord, except that Tenant will be entitled to any portion awards intended to compensate Tenant for expenses of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation locating and moving expenses, and (b) compensation for loss of Tenant’s business's operations to a new space.
Appears in 1 contract
Samples: Lease (Sento Corp)
Condemnation. If all or substantially all of the Leased Premises, or such portion of the Leased Premises or the Project as would render, in Landlord’s 's and Tenant's reasonable judgment, the continuance of Tenant’s 's business from the Leased Premises impracticable, shall be permanently taken or condemned for any public purpose, then Landlord or Tenant may terminate this Lease, at the option of Tenant or Landlord upon the giving of written notice to the other party within thirty (30) days from the date of such condemnation or taking, shall forthwith cease and terminate. If less than all or substantially all any material portion of the Premises Project shall be takenpermanently taken or condemned for any public purpose, then Landlord shall have the option of terminating this Lease by written notice to Tenant within ten (10) days following from the date of such condemnation or taking, so long as Landlord also terminates the leases of all similarly situated tenants. If this Lease is terminated as provided above, this Lease shall cease and expire as of if the date of transfer of possession of the takingLeased Premises, the Project, or any portion thereof, was the expiration date of this Lease. In the event that this Lease is not terminated and a portion of the Premises is takenby either Landlord or Tenant as aforesaid, Tenant shall pay the Base Net Rental, Additional Rental and Additional Rental all other Rent up to the date of transfer of possession of such portion of the taking, Leased Premises so taken or condemned and this Lease shall thereupon cease and terminate with respect to the such portion of the Leased Premises so takentaken or condemned as if the date of transfer of possession of the Leased Premises was the expiration date of the Term of this Lease relating to such portion of the Leased Premises. Thereafter the Base Net Rental and Additional Rental shall be adjusted on an equitable a pro rata basis. If In the event of any such condemnation or taking and this Lease is not so terminated, Landlord shall promptly repair the Premises’ building Leased Premises or the Project, as the case may be, to Building Standard condition (with Base Building Improvements) so that the remaining portion of the Leased Premises or Project, as the case may be, shall constitute an architectural unit, fit for Tenant’s 's occupancy and business; provided, however, that Landlord’s 's obligation to repair hereunder shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, in the event repair from any such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restoredcondemnation or taking. In the event of any temporary taking or condemnation for any public purpose of the Leased Premises or any portion thereof, then this Lease shall continue in full force and effect except that Base Net Rental and Additional Rental shall be adjusted on an equitable a pro rata basis for the period of such taking, time that the Leased Premises are so taken as of the date of transfer of possession of the Leased Premises and Landlord shall be under no obligation to make any repairs or alterations. In the event of any condemnation or taking of the Leased Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term Term of the this Lease and all leasehold improvements, improvements and Tenant shall may not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate attempt to recover an award or compensation against or from the condemning authority for (ai) the value of any fixtures, furniture, furnishings, Tenant's Extra Work and other personal property which were condemned but which under the terms of this Lease Tenant is permitted to remove at the end of the Term of this Lease, (ii) the unamortized cost of Tenant's Extra Work, which are not so removable by Tenant at the end of the Term of this Lease but which were installed solely at Tenant's expense, (iii) relocation and moving expenses, and (biv) compensation for loss of to Tenant’s 's business.
Appears in 1 contract
Samples: Lease Agreement (Lodgian Inc)
Condemnation. If all or substantially all of the PremisesPremises are sold to or taken by any public authority under its power of condemnation or the threat thereof, or such portion this Lease shall terminate as of the Premises as would renderdate possession shall be transferred to the acquiring authority, in Landlord’s reasonable judgment, and the continuance rent payable hereunder shall be apportioned accordingly. If any material part of Tenant’s business from the Project is sold or taken (whether or not the Premises impracticableare affected), Landlord shall have the right to terminate this Lease as of the date possession is transferred to the acquiring authority, upon giving written notice thereof to Tenant, and the rent payable hereunder shall be permanently taken or condemned for apportioned accordingly. Upon any public purpose, then Landlord or Tenant may terminate this Lease. If taking of less than all or substantially all of the Premises shall be taken, then Landlord shall have the option of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation or taking. If this Lease is terminated as provided abovePremises, this Lease shall cease and expire continue in force as to the part of the date Premises not taken, and the rent payable thereafter shall be reduced in proportion to the amount of total floor area of the Premises taken. In the event of any such taking, Landlord, upon receipt and to the extent of the award in condemnation or proceeds of sale, shall, unless this Lease has been terminated, make necessary repairs and restorations to restore the Premises remaining to as near its former condition as circumstances will permit and to rebuild or restore the remainder of the Premises to the approximate condition in which they existed at the time of such taking. In any event, all damages awarded by or amounts paid by the acquiring authority for any such taking, whether for the whole or a part of the Premises or the Building, Common Areas or Project, shall belong to and be the sole property of Landlord whether such damages are awarded as compensation for loss of, or diminution in value to, the leasehold or the fee thereof; provided, however, Tenant shall have the right to pursue such claim or claims as Tenant may have legally for the fair market value of Tenant’s Work actually paid for by Tenant (and not paid for by Landlord or from the Tenant Improvement Allowance), its leasehold estate, relocation expenses, interruption of business and such items which do not reduce the award or proceeds of sale payable to Landlord. In the event that this Lease is terminated as hereinabove provided, Tenant shall not terminated and have any claim against Landlord for the value of the unexpired term hereof. The provisions of this Paragraph are subject to the rights of Landlord’s mortgagees, if any. If a substantial portion of the Premises or the Building is taken, Tenant shall pay taken under the Base Rental and Additional Rental up to the date power of condemnation (including any conveyance made in lieu thereof) or if any taking of the takingPremises, and this Lease Building or any common areas of or serving the Building shall thereupon cease and terminate with respect to materially impair the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the normal operation of Tenant’s business, then Tenant may shall have the right to terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period by giving written notice of such termination within thirty (30) days after such taking, and Landlord shall be under no obligation to make any repairs or alterations. In the event of any taking of the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenant’s business.
Appears in 1 contract
Samples: Lease (Exact Sciences Corp)
Condemnation. If all or substantially all at any time during the term hereof the whole of the Premisesleased premises shall be taken by any public authority or by the right of eminent domain, or then in any such portion event when possession shall have been taken thereunder by the condemning authority, the term hereof granted and all right and liability of the Premises as would renderTenant hereunder shall immediately cease and terminate and the rent shall be apportioned and paid to the time of such termination. The Landlord shall be entitled to all award in condemnation for land and improvements. If fifteen percent (15%) or more of the floor area of the building of the leased premises shall be appropriated or taken under the power of eminent domain, then and in Landlord’s reasonable judgmentsuch event, the continuance Tenant shall have the right to cancel and terminate the Lease as of Tenant’s business the date the condemning authority acquires possession of said portion, provided that the Tenant has notified the Landlord in writing of such election within thirty (30) days after receipt by the Tenant from the Premises impracticableLandlord of written notice that said percentage of the premises have been so appropriated or taken. In the event of such cancellation, the Tenant shall thereupon be permanently taken or condemned for any public purpose, then Landlord or Tenant may terminate released from further liability under this Lease. If less than all or substantially all fifteen percent (15%) of the Premises floor area of the building upon the leased premises shall be so appropriated or taken, or if more than fifteen percent (15%) of the floor area of the building upon the leased premises shall be so appropriated or taken and the Tenant shall not elect to so terminate this Lease but shall remain in that portion of the premises which shall have not been appropriated or taken, then Landlord in either such event, the Landlord, at its own cost and expense, shall have immediately restore the option building remaining to a complete unit of terminating this Lease by written notice like quality and character as existed prior to Tenant within ten (10) days following the date of such condemnation appropriation or taking. If this Lease is terminated , and rent as provided above, this Lease shall cease and expire as of the date of the taking. In the event to that this Lease is not terminated and a portion of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable rendered untenantable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, this Lease shall continue in full force 's ordinary use and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for occupation during the period of demolition and/or restoration shall be reduced and thereafter the rental shall be reduced in the ratio to that floor area of the part of the building taken which is included within the leased premises before such taking, and . Landlord shall be under no obligation to make any repairs or alterations. In the event must notify Tenant of any taking notice of the Premises, Tenant hereby assigns to condemnation within 30 days of receipt by Landlord the value of all or any portion said notice of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenant’s businesscondemnation.
Appears in 1 contract
Samples: Lease Agreement (Market America Inc)
Condemnation. If all or substantially all of the Premises, or such portion of the Premises as would renderso as, in Landlord’s the reasonable judgment, the continuance judgment of Tenant’s business Tenant (which shall be identified in a notice from Tenant to Landlord given no later than thirty (30) days after notice from the authority with the power to make such Appropriation of its intention to exercise such power), to make the balance of the Premises impracticableunsuitable for such purposes as are permitted under this Lease, shall be permanently taken or is condemned by eminent domain for any public purposeor quasi-public use or purpose or is transferred in avoidance of an exercise of the power of eminent domain (an “Appropriation”), then Landlord or Tenant may this Lease shall terminate this Lease. If less than all or substantially all as of the Premises shall be taken, then Landlord shall have date that title vests in the option of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation or takingcondemning authority. If this Lease is terminated as provided above, this Lease shall cease and expire as a result of an Appropriation of less than the entirety of the Premises, on or before the effective date of such termination and as a condition to the takingtermination of this Lease, Tenant shall surrender and deliver to Landlord the portion of the Premises not the subject of the Appropriation and, should Landlord so direct, Tenant shall remove those Improvements not subject to the Appropriation and shall restore that portion of the Land not subject to the Appropriation to natural grade and Landlord shall reimburse Tenant for the reasonable cost of such removal and restoration. In All Base Rent and Additional Rent shall be paid up to such date of termination and Tenant shall have no further Claim against Landlord nor against the event that this condemning authority for the value of the unexpired Lease is not terminated Term, and all of the proceeds awarded on account of such Appropriation shall be Landlord’s property. If an Appropriation of a portion of the Premises is takendoes not result in a termination of this Lease as provided above, Tenant shall pay the Base Rental and Additional Rental up to the date of the taking, and Rent payable under this Lease shall thereupon cease and terminate with respect to be abated in the proportion which the rentable square footage of the portion of the Premises Improvements so takentaken bears to the total rentable square footage of the Improvements immediately prior to the Appropriation. Thereafter the Base Rental and Additional Rental The entire award made by reason of any such partial Appropriation shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building belong to an architectural unit, fit for Tenant’s occupancy and businessLandlord; provided, however, that Landlord’s obligation to repair hereunder nothing contained in this Section 17 shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of impair Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent right to which the Premises will be restored. In the event of any temporary taking award or condemnation for any public purpose of the Premises or any portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period of such taking, and Landlord shall be under no obligation to make any repairs or alterations. In the event of any taking of the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from payment made specifically by the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of business, or loss of fixtures, furniture, equipment and other personal property belonging to Tenant’s business, if available, so long as such Claim does not reduce the amount of the award or payment payable to Landlord absent any such Claim by Tenant. Tenant Waives any statutory and/or common law rights of termination which may arise by reason of any Appropriation of the Land and/or the Improvements on the Land.
Appears in 1 contract
Samples: Lease (RE/MAX Holdings, Inc.)
Condemnation. If all or substantially title to all of the Premises, Premises or such portion so much thereof is taken or appropriated for any public or quasi-public use under any statute or by right of the eminent domain so that reconstruction of the-Premises as would renderwill not, in Landlord’s and Tenant’s mutual reasonable judgment, result in the continuance of Premises being suitable for Tenant’s business from continued occupancy for the Premises impracticable, shall be permanently taken or condemned for any public purpose, then Landlord or Tenant may terminate uses and purposes permitted by this Lease. If less than all or substantially all of the Premises shall be taken, then Landlord shall have the option of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation or taking. If this Lease is terminated as provided above, this Lease shall cease and expire terminate as of the date that possession of the taking. In Premises or Building or part thereof be taken, provided that if the event that parties disagree, the Lease shall not terminate and the issue as to whether the remaining Premises are suitable for Tenant’s continued occupancy for the uses permitted by this Lease shall be submitted to mediation and then arbitration, if necessary. A sale by Landlord to any authority having the power of eminent domain, either under threat of condemnation or while condemnation proceedings are pending, shall be deemed a taking under the power of eminent domain for all purposes of this section. If any part of the Premises is not terminated taken and a portion the remaining part is reasonably suitable for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, this Lease shall, as to the part so taken, terminate as of the date that possession of such part of the Premises is taken. If the Premises is so partially taken, Tenant the Rent and other sums payable hereunder shall pay be reduced in the Base Rental same proportion that Tenant’s use and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion occupancy of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basisis reduced. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building parties disagree as to an architectural unit, fit the suitability of the Premises for Tenant’s continued occupancy or the amount of any applicable Rent reduction, the matter shall be resolved by mediation and then arbitration, if necessary. No award for any partial or entire taking shall be apportioned. Tenant assigns to Landlord its interest in any award which may be made in such taking or condemnation, together with any and all rights of Tenant arising in or to the same or any part thereof. Nothing contained herein shall be deemed to give Landlord any interest in or require Tenant to assign to Landlord any separate award made to Tenant for the taking of Tenant’s Personal Property, for the interruption of Tenant’s business, or its moving costs, or for the loss of its goodwill. No temporary taking of the Premises shall terminate this Lease or give Tenant any right to any abatement of Rent except to the extent of interference with Tenant’s use of the Premises; provided, however, that Landlord’s obligation to repair hereunder in any event Rent shall not be limited to the extent of the net proceeds from such taking made available to Landlord abated if Tenant is separately and directly compensated for such repairinterference by the condemning authority. However, in the event Any award made to Tenant by reason of such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period of such taking, belong entirely to Tenant and Landlord shall not be under no obligation entitled to make any repairs or alterations. In the event of any taking of the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenant’s businessshare therein.
Appears in 1 contract
Samples: Purchase and Sale Agreement
Condemnation. If all or substantially all of the Premises, or such portion more than twenty-five percent (25%) of the Premises as would render, in Landlord’s reasonable judgment, the continuance of Tenant’s business from the Premises impracticable, shall be permanently taken or condemned for any public purposeappropriated under the power of eminent domain or conveyed in lieu thereof, then Landlord or Tenant may shall have the right to terminate this Lease. If less than all or substantially all of the Premises shall be taken, then Landlord shall have the option of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation or taking. If this Lease is terminated terminated, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any and all income, rent, award or any interest thereon which may be paid or owned in connection with the exercise of such power of eminent domain or conveyance in lieu thereof, and Tenant shall have no claim against the agency exercising such power or receiving such conveyance, for any part of such sum paid by virtue of such proceedings, whether or not attributable to the value of the unexpired term of this Lease. So long as provided aboveTenant is entitled to a separate award and Landlord’s award is not diminished thereby, nothing contained herein shall be deemed to prevent Tenant from seeking any award against the taking authority for the taking of personal property and fixtures belonging to Tenant, for relocation or business interruption expenses recoverable by Tenant directly from the taking authority, or for loss of Tenant’s goodwill. If a part of the Land and/or Building shall be so taken or appropriated or conveyed and Landlord hereto shall elect not to terminate this Lease, Landlord shall nonetheless receive (and Tenant shall assign to Landlord upon demand from Landlord) any and all income, rent, award or any interest thereon paid or owed in connection with such taking, appropriation or conveyance; and if the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises and this Lease shall cease remain in full force and expire as effect except that the Rent shall be equitably adjusted according to the remaining rentable area of the date of Premises. Notwithstanding the taking. In foregoing, Landlord’s obligation to restore the event that Premises if this Lease is not terminated and a portion of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent of available condemnation proceeds. Landlord will not be required to repair or restore any injury or damage to the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation property of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period of such taking, and Landlord shall be under no obligation to make any repairs or alterations. In the event of any taking of the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenant’s businessAlterations.
Appears in 1 contract
Samples: Lease
Condemnation. (a) If all the Building, Land or substantially all Premises are taken for more than 180 days by condemnation or under threat thereof for any public or quasi-public purpose, this Lease shall terminate as of the Premisesdate Tenant is required to vacate the Premises by reason of the taking and the Rent shall be equitably prorated to such date. If any part of the Building or Land is so taken, this Lease shall be unaffected by such taking, except that (1) Landlord may terminate this Lease by notice to Tenant within 90 days after the date of taking if (A) the cost of restoration will exceed the award received as a result of the taking by at least $100,000, (B) repair is not possible in accordance with Landlord’s reasonable estimate within 180 days following the date of the taking, or such portion of the Premises as would render, (C) in Landlord’s reasonable judgment, it will be unable to economically operate the continuance Building in light of Landlord’s agreements and obligations regarding the Building, and (2) Tenant may terminate this Lease by notice to Landlord within 90 days after the date of taking if the remaining parking, access to or area of the Premises shall not be reasonably sufficient for Tenant to continue operation of its business or if the portion of the Building or Land remaining after a partial taking is inadequate for the continued operation of Tenant’s business from at the Premises, in Tenant’s reasonable business judgment. This Lease shall terminate on the 30th day after such notice by which date Tenant shall vacate and surrender the Premises impracticable, to Landlord and the Rent shall be permanently taken or condemned for any public purpose, then Landlord or Tenant may terminate this Lease. If less than all or substantially all of the Premises shall be taken, then Landlord shall have the option of terminating this Lease by written notice equitably prorated to Tenant within ten (10) days following the date of such condemnation or takingdate. If this Lease is terminated as provided abovecontinues in force upon a temporary taking (180 days or less) or a partial taking, this Lease the Base Rent, Tenant’s Proportionate Share and other relevant items shall cease and expire as of be equitably adjusted according to the date of the taking. In the event that this Lease is not terminated and a portion rentable area of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period of such taking, and Landlord shall be under no obligation to make any repairs or alterations. In the event of any taking of the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenant’s businessBuilding remaining.
Appears in 1 contract
Samples: Office Lease (Ev3 Inc.)
Condemnation. If all or substantially all of the Premises, or such portion Either party may terminate this Lease if any material part of the Premises as would render, in Landlord’s reasonable judgment, the continuance of Tenant’s business from the Premises impracticable, shall be permanently is taken or condemned for any public purposeor quasi-public use under Law, then by eminent domain or private purchase in lieu thereof (a “Taking”). Landlord or Tenant may shall also have the right to terminate this Lease. If less than all or substantially all Lease if there is a Taking of any material portion of the Premises Building or Property which would have a material adverse effect on Landlord’s ability to profitably operate the remainder of the Building; provided, however, that Landlord agrees to exercise such right in a nondiscriminatory fashion among leases affecting the Building. Consideration of the following factors in arriving at its decision shall not be deemed discriminatory: Length of term remaining on the Lease, time needed to repair and restore, costs of repair and restoration not covered by condemnation proceeds, Landlord’s plans to repair and restore Common Areas serving the Premises, Landlord’s plans for repair and restoration of the Building, and other relevant factors of Landlord’s decision as long as they are applied to Tenant in the same manner as other tenants. The terminating party shall provide written notice of termination to the other party within 45 days after it first receives notice of the Taking. The termination shall be taken, then Landlord shall have the option of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation or taking. If this Lease is terminated as provided above, this Lease shall cease and expire effective as of the effective date of any order granting possession to, or vesting legal title in, the taking. In the event that this Lease is not terminated and a portion of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basiscondemning authority. If this Lease is not terminated, Landlord Base Rent and Tenant’s Pro Rata Share shall promptly repair be appropriately adjusted to account for any reduction in the square footage of the Building or Premises’ building . All compensation awarded for a Taking shall be the property of Landlord. The right to an architectural unitreceive compensation or proceeds are expressly waived by Tenant, fit provided, however, Tenant may file a separate claim for Tenant’s occupancy Property and businessTenant’s reasonable relocation expenses, provided the filing of the claim does not diminish the amount of Landlord’s award. If only a part of the Premises is subject to a Taking and this Lease is not terminated, Landlord, with reasonable diligence, will restore the remaining portion of the Premises as nearly as practicable to the condition immediately prior to the Taking. Notwithstanding the foregoing, in the event of a temporary Taking of 90 days or less ending prior to the Termination Date, this Lease shall remain in full force and effect and Tenant shall continue to pay all Rent and to perform all of its obligations under this Lease; provided, however, that Landlord’s obligation to repair hereunder Tenant shall be limited entitled to the extent of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable compensation awarded for the operation Taking up to the amount of Tenant’s businessRent payable by Tenant hereunder, Tenant may terminate this Lease, at and the time Landlord notifies Tenant balance of such compensation awarded for the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental Taking shall be adjusted on an equitable basis for the period Property of such taking, and Landlord shall be under no obligation to make any repairs or alterations. In the event of any taking of the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenant’s businessLandlord.
Appears in 1 contract
Condemnation. If all The Mortgagee may, at its option, in its own name (a) appear or substantially all proceed in any condemnation proceeding, and (b) make any compromise or settlement thereof, provided that so long as the Mortgagor appears and defends any such proceeding, the Mortgagor shall control any compromise or settlement proceeding with the result thereof being subject to the Mortgagee’s approval. The Mortgagor shall give the Mortgagee immediate notice of the initiation of any condemnation proceeding, and a copy of every pleading, notice and other items served in any condemnation proceeding. Mortgagor hereby assigns, transfers and sets over unto the Mortgagee the entire proceeds of any award or any claim for damages for any of the Premises taken or damaged under the power of eminent domain or by condemnation. Mortgagee may elect to apply the proceeds of the award upon or in reduction of the Indebtedness, whether due or not, or make said proceeds available for restoration or rebuilding of the Premises; provided, however, Mortgagee shall make the proceeds of an award available for restoration or such portion rebuilding of the Premises under the same terms and conditions as would render, insurance proceeds are made available for restoration and rebuilding as set forth in Landlord’s reasonable judgment, the continuance Paragraph 8(b) of Tenant’s business from the Premises impracticable, shall be permanently taken or condemned for any public purpose, then Landlord or Tenant may terminate this Lease. If less than all or substantially all of the Premises shall be taken, then Landlord shall have the option of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation or taking. If this Lease is terminated as provided above, this Lease shall cease and expire as of the date of the takingMortgage. In the event that this Lease is not terminated and a portion Mortgagee makes said proceeds available to reimburse Mortgagor for the cost of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up to the date rebuilding or restoration of the takingImprovements, such proceeds shall be made available in the manner and this Lease under the conditions that Mortgagee may reasonably require. In any event, the Improvements shall thereupon cease be restored or rebuilt in accordance with plans and terminate with respect specifications to be submitted to and approved by Mortgagee prior to commencement of any building or restoration. If the portion proceeds are made available by Mortgagee to reimburse Mortgagor for the cost of said rebuilding or restoration, any surplus which may remain out of said award after payment of such cost of rebuilding or restoration shall at the option of Mortgagee be applied on account of the Premises so takenIndebtedness or be paid to any party entitled thereto. Thereafter the Base Rental and Additional Rental No interest shall be adjusted allowed to Mortgagor on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of award held by the Premises or any portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period of such taking, and Landlord shall be under no obligation to make any repairs or alterations. In the event of any taking of the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenant’s businessMortgagee.
Appears in 1 contract
Samples: Mortgage (Glimcher Realty Trust)
Condemnation. If all or substantially all of the PremisesPremises are sold to or taken by any public authority under its power of condemnation or the threat thereof, this Lease shall terminate as of the date possession shall be transferred to the acquiring authority, and the rental payable hereunder shall be apportioned accordingly. If any material part of the Project is sold or such portion taken (whether or not the Premises are affected), Landlord shall have the right to terminate this Lease as of the date possession is transferred to the acquiring authority upon giving written notice thereof to Tenant, and the rental payable hereunder shall be apportioned accordingly. In the event this Lease is not terminated pursuant to this section 22, then this Lease shall continue in force as to the part of the Premises as would render, not taken and the rent payable thereafter shall be reduced in Landlord’s reasonable judgment, proportion to the continuance amount of Tenant’s business from total floor area of the Premises impracticabletaken, shall be permanently taken or condemned for any public purposeprovided however, then Landlord or Tenant may terminate this LeaseLease upon written notice to Landlord if as a result of a partial taking, Tenant reasonably determines it is no longer feasible to operate its business from the remaining Premises. If less than all In the event of any such taking, Landlord, upon receipt and to the extent of the award in condemnation or substantially all proceeds of sale, shall, unless this Lease has been terminated, make necessary repairs and restorations (exclusive of Tenant's leasehold improvements and Alterations made subsequent to Commencement Date) to restore the Premises remaining to as near its former condition as circumstances will permit. All damages awarded by or amounts paid by the acquiring authority for any such taking, whether for the whole or a part of the Premises or the Building, Common Areas or Project shall belong to and be takenthe sole property of Landlord whether such damages are awarded as compensation for loss of, then Landlord or diminution in value to, the leasehold or the fee thereof, provided, however, Tenant shall have the option right to pursue such claim or claims as Tenant may have legally for relocation expenses, interruption of terminating this Lease by written notice business and such items such as trade fixtures and equipment, which do not reduce the award or proceeds of sale payable to Tenant within ten (10) days following the date of such condemnation or taking. If this Lease is terminated as provided above, this Lease shall cease and expire as of the date of the takingLandlord. In the event that this Lease is not terminated and a portion of the Premises is takenterminated, Tenant shall pay the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent of the net proceeds from such taking made available to have any claim against Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period of such taking, and Landlord shall be under no obligation to make any repairs or alterations. In the event of any taking of the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term hereof. The provisions of this section are subject to the Lease and all leasehold improvementsrights of Landlord's mortgagees, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenant’s businessif any.
Appears in 1 contract
Samples: Metavante Corp
Condemnation. If all or substantially all of the Premises, Building or such portion of the Premises as would render, in Landlord’s reasonable judgment, the continuance of Tenant’s business from the Premises impracticable, shall be permanently Land is taken or condemned for , or acquired under threat of condemnation, by or at the direction of any public purposegovernmental authority (a “Taking” or “Taken”, then Landlord as the context requires), or Tenant may terminate this Lease. If less than all or substantially all if so much of the Premises shall Building or Land is Taken that, in Lessor’s opinion, the remainder cannot be takenrestored to an economically viable, then Landlord shall have quality office building, or if the option awards payable to Lessor as a result of terminating this Lease any Taking are, in Lessor’s opinion, inadequate to restore the remainder to an economically viable, quality office building, Lessor may, at its election, exercisable by the giving of written notice to Tenant Lessee within ten sixty (1060) days following after the date of such condemnation or taking. If the Taking, terminate this Lease is terminated as provided above, this Lease shall cease and expire Agreement as of the date of the takingTaking or the date Lessee is deprived of possession of the Leased Premises (whichever is later). In the event that this Lease is not terminated and a If any portion of the Leased Premises is taken, Tenant shall pay the Base Rental and Additional Rental up to the date Taken such that use of the takingLeased Premises is not viable in the manner that existed immediately prior to such Taking, and as reasonably determined by Lessee, Lessee shall have the right to terminate this Lease shall thereupon cease and terminate with respect by providing written notice thereof to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basisLessor. If this Lease Agreement is not terminatedterminated as a result of a Taking, Landlord Lessor shall promptly repair restore the Premises’ building Leased Premises remaining after the Taking to an architectural unita Building standard condition. During the period of restoration, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder Base Rent shall be limited abated to the extent the Leased Premises are rendered untenantable and, after the period of restoration, Base Rent and Lessee’s pro rata share shall be reduced in the proportion that the area of the net proceeds from such taking made available Leased Premises Taken or otherwise rendered untenantable bears to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant area of the extent Leased Premises just prior to which the Premises will be restoredTaking. In If any portion of Base Rent is abated under this Section 14, Lessor may elect to extend the event of any temporary taking or condemnation for any public purpose expiration date of the Premises or any portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis Term for the period of such takingthe abatement. All awards, and Landlord shall be under no obligation proceeds, compensation or other payments from or with respect to make any repairs or alterations. In the event of any taking Taking of the Premises, Tenant hereby assigns to Landlord the value of all Building or Land or any portion thereof shall belong to Lessor, Lessee hereby assigning to Lessor all of the unexpired term of the Lease its right, title, interest and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenant’s businessto same.
Appears in 1 contract
Condemnation. If all or substantially all of the PremisesLeased Premises is taken under the power of eminent domain (or by a conveyance in lieu thereof) (a "Taking"), or such if only a portion of the Leased Premises as would render, are so taken such that the remaining portion thereof are unusable or unsuitable for the continued feasible and economic occupancy of the Leased Premises for the use permitted in Landlord’s reasonable judgment, the continuance Section 5 of Tenant’s business from the Premises impracticable, shall be permanently taken or condemned for any public purposethis Lease, then Landlord or Tenant may terminate this Lease. If less than all or substantially all of the Premises shall be taken, then Landlord shall have the option of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation or taking. If this Lease is terminated as provided above, this Lease shall cease and expire terminate as of the date possession is taken by the condemnor, and Rent shall be adjusted between Landlord and Tenant as of the takingsuch date. In the event that this Lease is not terminated and If only a portion of the Leased Premises is takentaken and the remainder is suitable for the continued feasible and economic occupancy of the Leased Premises for the use permitted in Section 5 of this Lease, then this Lease will not terminate, but Rent shall abate in a just and proportionate amount to the loss of use occaxxxxxd by the Taking. Landlord shall use commercially reasonable efforts to make all necessary repairs and restorations to the Leased Premises within one hundred eighty (180) days after the Taking (the "Restoration Period") so that the Leased Premises shall constitute a complete architectural unit and serve the functions originally contemplated therefor under this Lease. Notwithstanding any provision in this Lease to the contrary, Tenant shall pay have the Base Rental and Additional Rental up right to terminate this Lease upon a partial Taking if Landlord shall not complete or be unable to complete all necessary restorations or repairs within the date Restoration Period, by giving written notice thereof to Landlord within fifteen (15) days after the end of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so takenRestoration Period (as extended by any Force Majeure delays). Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to To the extent of the net proceeds from such taking made available to that Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on receives an equitable basis for the period of such taking, and Landlord shall be under no obligation to make any repairs or alterations. In the event of any taking of the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority specifically designated for (a) relocation and Tenant's relocation, moving or storage expenses, and (b) compensation for the loss of Tenant’s business's personal property or Tenant's improvements, Tenant shall be entitled to claim compensation from the condemning authority therefor. Except as provided in the preceding sentence, Tenant shall not be entitled to any part of Landlord's award relating to any Taking of the Leased Premises or any part thereof, including but not limited to, the value of the unexpired leasehold interest in the Leased Premises.
Appears in 1 contract
Samples: Deed of Lease Agreement (First Montauk Financial Corp)
Condemnation. If all or substantially all of the PremisesComplex is taken or condemned, or such portion acquired under threat of condemnation, by or at the direction of any governmental authority (a “Taking” or “Taken”, as the context requires), or if so much of the Premises as would renderComplex is Taken that, in Landlord’s reasonable judgmentopinion, the continuance remainder cannot be restored to an economically viable, quality office building, or if the awards payable to Landlord as a result of Tenantany Taking are, in Landlord’s business from opinion, inadequate to restore the Premises impracticableremainder to an economically viable, shall be permanently taken or condemned for any public purposequality office building, then Landlord or Tenant may terminate this Lease. If less than all or substantially all may, at its election, exercisable by the giving of the Premises shall be taken, then Landlord shall have the option of terminating this Lease by written notice to Tenant within ten sixty (1060) days following after the date of such condemnation or taking. If the Taking, terminate this Lease is terminated as provided above, this Lease shall cease and expire Agreement as of the date of the taking. In Taking or the event that this Lease date Tenant is not terminated and a portion deprived of possession of the Leased Premises (whichever is taken, Tenant shall pay the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basislater). If this Lease Agreement is not terminatedterminated as a result of a Taking, Landlord shall promptly repair restore the Premises’ building Leased Premises remaining after the Taking to an architectural unita Building standard condition. During the period of restoration, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder Base Rent shall be limited abated to the extent the Leased Premises are rendered untenantable and, after the period of restoration, Base Rent and Tenant’s pro rata share shall be reduced in the proportion that the area of the net proceeds from such taking made available Leased Premises Taken or otherwise rendered untenantable bears to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant area of the extent Leased Premises just prior to which the Premises will be restoredTaking. In If any portion of Base Rent is abated under this Section 14, Landlord may elect to extend the event of any temporary taking or condemnation for any public purpose expiration date of the Premises or any portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis Term for the period of such takingthe abatement. All awards, and Landlord shall be under no obligation proceeds, compensation or other payments from or with respect to make any repairs or alterations. In the event of any taking Taking of the PremisesComplex or any portion thereof shall belong to Landlord, Tenant hereby assigns assigning to Landlord the value all of all or any portion of the unexpired term of the Lease its right, title, interest and all leasehold improvements, and claim to same. Tenant shall not have the right to assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award and recover from the condemning authority for (a) authority, but not from Landlord, such compensation as may be awarded on account of Xxxxxx’s moving and relocation and moving expenses, and (b) compensation for depreciation to and loss of TenantXxxxxx’s businessmovable personal property.
Appears in 1 contract
Samples: Lease Agreement
Condemnation. If all or substantially all of In the Premises, or such event any portion of the Demised Premises is taken by any condemnation or eminent domain proceeding or should the Demised Premises by conveyed in lieu of such a taking and this Lease continues in force as would renderto any part of the Demised Premises, in Landlord’s reasonable judgmentas hereinafter provided, the continuance of Tenant’s business from the Premises impracticable, base monthly rental herein specified to be paid shall be permanently taken or condemned for any public purpose, then Landlord or Tenant may terminate this Lease. If less than all or substantially all ratably reduced according to the area of the Demised Premises shall be which is actually taken, then Landlord shall have the option as of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation taking, and TENANT shall be entitled to no other consideration by reason of such a taking and any damages whatsoever suffered by TENANT and occasioned by such taking shall not entitle TENANT to share to any extent in any and all income, rent, awards, or takingany interest therein whatsoever which may be made in connection with such a taking and TENANT does hereby relinquish and assign to LANDLORD all TENANT's rights and equities in and to any such income, rent, awards, or any interest therein. If In the event of a partial taking of the building, either by condemnation, eminent domain, or conveyance in lieu thereof, LANDLORD may elect to terminate this Lease is terminated as provided aboveif the remaining area of the building shall not be reasonably sufficient for LANDLORD to continue feasible and economical operation of the remaining portion of the building, in the LANDLORD's sole discretion. Upon the giving of such notice this Lease shall cease terminate on the date of service of such notice, and expire the rents apportioned to the part of the Demised Premises so taken shall be prorated and adjusted as of the date of the taking. In taking and the event that this Lease is not terminated and a portion rents apportioned to the remainder of the Demised Premises is taken, Tenant shall pay be prorated and adjusted as of such termination date. Should all the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Demised Premises be so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, this Lease shall continue terminate as of the date of such a taking and in full force and effect except that Base Rental and Additional Rental the event TENANT shall be adjusted on an equitable basis for the period entitled to no damages or any consideration by reason of such taking, except the cancellation and Landlord shall be under no obligation to make any repairs or alterations. In the event termination of any taking this Lease as of the Premises, Tenant hereby assigns to Landlord the value date of all or any portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenant’s businesssaid taking.
Appears in 1 contract
Condemnation. If all Mortgagor, promptly upon obtaining knowledge of ------------ the institution or substantially all pending institution of the Premises, or such portion of the Premises as would render, in Landlord’s reasonable judgment, the continuance of Tenant’s business from the Premises impracticable, shall be permanently taken or condemned for any public purpose, then Landlord or Tenant may terminate this Lease. If less than all or substantially all of the Premises shall be taken, then Landlord shall have the option of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation or taking. If this Lease is terminated as provided above, this Lease shall cease and expire as of the date of the taking. In the event that this Lease is not terminated and a portion of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable proceedings for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, this Lease shall continue will notify Mortgagee thereof. Mortgagee may participate in full force any such proceedings and effect except that Base Rental may be represented therein by counsel of Mortgagee's selection. Mortgagor from time to time will deliver to Mortgagee all instruments requested by it to permit or facilitate such participation. In the event of such condemnation proceedings, the award or compensation payable is hereby assigned to and Additional Rental shall be adjusted on an equitable basis for the period of such taking, and Landlord paid to Mortgagee. Mortgagee shall be under no obligation to make question the amount of any repairs such award or alterationscompensation and may accept the same in the amount in which the same shall be paid. The proceeds of any award or compensation so received shall, at the option of the Required Banks, either be applied to the prepayment of the Note and all interest and other sums accrued and unpaid in respect thereof at the rate of interest provided therein and in the Loan Agreement regardless of the rate of interest payable on the award by the condemning authority, or be disbursed to Mortgagor from time to time for restoration of the Improvements. Notwithstanding the provisions of the immediately preceding sentence, provided no default shall exist hereunder or under the Loan Agreement and subject to the conditions set forth below, any such condemnation award proceeds received by Mortgagee (less Mortgagee's reasonable expenses for collecting and disbursing the same, or otherwise incurred in connection therewith) shall be applied by Mortgagee to the payment of, or the reimbursement of Mortgagor for, the costs and expenses incurred by Mortgagor in the restoration of the Improvements on the Premises. Advances of condemnation award proceeds shall be made to Mortgagor in accordance with Mortgagee's standard construction lending practices, terms and conditions. Notwithstanding the foregoing, in any case where the extent of the condemnation award proceeds paid in respect thereof are $1,000,000 or less, and provided no default shall exist hereunder or under the Loan Agreement, so long as Mortgagor shall promptly undertake, and thereafter diligently prosecute to completion, such restoration, such proceeds shall be paid directly to Mortgagor, to be applied by Mortgagor for expenses incurred in connection with such restoration. Condemnation award proceeds not required for restoration, or not in fact so applied, shall, at the option of the Required Banks, be applied either to the prepayment of the Note and interest accrued and unpaid thereon (at the rate of interest provided therein and in the Loan Agreement regardless of the rate of interest payable on the award by the condemning authority) in such order and proportions as the Required Banks shall elect, or shall be paid over to Mortgagor. It is understood that any condemnation award proceeds (less Mortgagee's reasonable expenses in connection therewith as set forth above) received by Mortgagee and not disbursed to Mortgagor due to the existence of a default hereunder or under the Loan Agreement, and any such condemnation award proceeds, or portions thereof, being held by Mortgagee for periodic disbursement during the course of restoration as set forth above, shall be held by Mortgagee in an interest-bearing account and not applied to the repayment of the Loan unless and until an Event of Default shall occur hereunder, provided, however, -------- ------- that upon such an Event of Default any such proceeds then held by Mortgagee, and any interest earned thereon, shall, at the option of the Required Banks, be applied by Mortgagee to the outstanding principal of and accrued and unpaid interest on the Note in such order and proportions as the Required Banks shall elect. It shall be a condition to any restoration that Mortgagee and the Construction Consultant shall have determined, in their reasonable judgment, that the amount of available condemnation award proceeds are sufficient to restore the Premises and Improvements, to the same condition, character and at least equal value and general utility as nearly as possible to that existing prior to the condemnation, no later than (x) in cases where the taking and available condemnation award proceeds are in the amount of $10,000,000 or more, twelve (12) months prior to the Maturity Date of the Loan or (y) in cases where the taking and available condemnation award proceeds are in the amount of less than $10,000,000, the Maturity Date of the Loan. In the event of any taking such condemnation award proceeds are inadequate for such restoration, Mortgagor shall deposit with Mortgagee an amount (the "Condemnation Excess Amount") equal to the excess of the Premisesestimated cost of restoration, Tenant hereby assigns as determined by Mortgagee, over the amount of such condemnation award proceeds. Notwithstanding the foregoing, Mortgagee shall accept, in lieu of such deposit, an unconditional, irrevocable letter of credit in the Condemnation Excess Amount issued to Landlord Mortgagee by a financial institution, and otherwise in form and substance, acceptable to Mortgagee in all respects. If Mortgagor shall not have deposited the value Condemnation Excess Amount with Mortgagee or if Mortgagee shall not have received such letter of all or any portion credit, as the case may be, within thirty (30) days following Mortgagee's receipt of the unexpired term condemnation award proceeds, or if restoration work shall not have been commenced and the other conditions therefor satisfied by Mortgagor within sixty (60) days following Mortgagee's receipt of the Lease condemnation award proceeds and, thereafter, not diligently pursued in accordance with this Section and all leasehold improvementslegal requirements, and Tenant shall not assert a claim for a Mortgagee may apply such condemnation award therefor; provided, however, Tenant may pursue a separate proceeds to the prepayment of the Note and interest accrued and unpaid thereon (at the rate of interest provided therein and in the Loan Agreement regardless of the rate of interest payable on the award from by the condemning authority for (aauthority) relocation in such order and moving expensesproportions as the Required Banks shall elect. If, and (b) compensation for loss of Tenant’s businessfollowing restoration in accordance with this Section 1.13, there are any excess condemnation award proceeds, such excess proceeds shall, provided there exists no default hereunder or under the Loan Agreement, be paid over to Mortgagor.
Appears in 1 contract
Samples: Taubman Centers Inc
Condemnation. If all or substantially all of the Premises, or such portion of the Premises as would render, in Landlord’s reasonable judgment, the continuance of Tenant’s business from the Premises impracticable, shall be permanently taken or condemned for any public purpose, then Landlord or Tenant may terminate this Lease. If less than all or substantially all of the Premises shall be taken, then Landlord shall have the option of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation or taking. If this Lease is terminated as provided above, this Lease shall cease and expire as of the date of the taking. In the event that this Lease is not terminated and a portion of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, . Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period of such taking, and Landlord shall be under no obligation to make any repairs or alterations. In the event of any taking of the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, . Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenant’s business.
Appears in 1 contract
Samples: Office Lease Agreement (Franklin Financial Network Inc.)
Condemnation. If all or substantially all of the Premises, or such portion portions of the Premises Building as would render, in Landlordmay be required for the Tenant’s reasonable judgmentuse of the Premises, are taken by eminent domain or by conveyance in lieu thereof, this Lease shall automatically terminate as of the continuance of Tenant’s business from date the physical taking occurs, and all Base Rent, Additional Rent and other sums payable under this Lease shall be paid to that date provided that Tenant is permitted to occupy the Premises impracticable, shall be permanently taken or condemned for any public purpose, then Landlord or Tenant may terminate this Leaseuntil such date. If less than all or substantially all any material part of the Building is sold or taken (whether or not the Premises shall be takenare affected), then Landlord shall have the option of terminating right to terminate this Lease by written notice to Tenant within ten (10) days following the date of such condemnation or taking. If this Lease is terminated as provided above, this Lease shall cease and expire as of the date possession is transferred to the acquiring authority upon giving written notice thereof to Tenant, and the rent payable hereunder shall be apportioned accordingly. In case of taking of a part of the taking. In the event that this Lease is not terminated and Premises or a portion of the Premises is taken, Tenant shall pay Building not required for the Base Rental and Additional Rental up to the date Tenant’s reasonable use of the takingPremises, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, then this Lease shall continue in full force and effect except that and the Base Rental and Additional Rental Rent shall be adjusted equitably reduced based on an equitable basis the proportion by which the floor area of the Premises is reduced, such reduction in Base Rent to be effective as of the date the physical taking occurs provided that Tenant is permitted to occupy the portion of the Premises taken until such date. Notwithstanding anything contained herein to the contrary, if a portion of the Premises is taken but the remainder thereof is not, in Tenant’s reasonable business judgment, adequate for the period of such taking, and Landlord shall be under no obligation to make any repairs or alterations. In the event of any taking of Tenant’s continued operations in the Premises, then Tenant hereby assigns shall have the right to terminate this Lease by giving Landlord written notice of termination within thirty (30) days after the value of date possession is transferred to the acquiring authority. Additional Rent and all other sums payable under this Lease shall not be abated but Tenant’s Pro Rata Share may be redetermined as equitable under the circumstances. Landlord reserves all rights to damages or awards for any portion of taking by eminent domain relating to the Premises, Building, Land and the unexpired term of the Lease and all leasehold improvements, this Lease. Tenant assigns to Landlord any right Tenant may have to such damages or award and Tenant shall not assert a make no claim against Landlord for a condemnation award therefor; provideddamages for termination of its leasehold interest or interference with Tenant’s business. Tenant shall have the right, however, Tenant may pursue a separate award to claim and recover from the condemning authority for (a) relocation and moving expenses, and (b) compensation for any loss of to which Tenant may be entitled for Tenant’s businessmoving expenses or other relocation costs; provided that, such expenses or costs may be claimed only if they are awarded separately in the eminent domain proceedings and not as a part of the damages recoverable by Landlord.
Appears in 1 contract
Samples: Lease (Mattersight Corp)
Condemnation. If all or substantially all of In the Premises, or such event a substantial portion of the Demised Premises as would render, in Landlord’s reasonable judgment, the continuance of Tenant’s business from the Premises impracticable, shall be permanently taken or condemned for at any public purposetime during the Term through the exercise of power of eminent domain, then Landlord with or without litigation, and Tenant may terminate this Lease. If less than all or substantially all shall determine that the remaining portion of the Demised Premises shall be takenare not reasonably suitable for its use and occupation, then Landlord shall have the option of terminating this Lease Tenant may, by giving written notice to Tenant Landlord within ten sixty (1060) days following after the date of such condemnation taking or takingcondemnation, terminate this Lease as of the date (to be set forth in said notice) not earlier than thirty (30) days after the date of the notice, and Landlord shall refund any unearned rent paid in advance by Tenant. If Tenant does not terminate this Lease is terminated as provided above, this Lease shall cease and expire continue in force as to the remaining portion of the date Demised Premises and in such event the monthly rental thereafter payable by Tenant hereunder shall be adjusted and prorated in the exact ratio which the value of the takingDemised Premises after such taking or condemnation bears to the value of the Demised Premises immediately preceding the condemnation, and Landlord shall, at its own expense, make any repairs or alterations to said Demised Premises which may be necessary to restore the Demised Premises, insofar as possible, to its condition prior to the taking or condemnation. In Notwithstanding anything contained herein to the contrary, in the event that this Lease is not terminated and a portion of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Demised Premises so taken. Thereafter the Base Rental and Additional Rental taken or condemned shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent consist entirely of the net proceeds from such taking made available to Landlord for such repair. Howeveroutside parking area or grounds not a part of the building portion of the Demised Premises, then in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease only if Landlord fails to provide sufficient parking as otherwise required under this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of The entire award provided by any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental action shall be adjusted on an equitable basis for the period property of such takingLandlord, and Landlord shall be under no obligation to make any repairs or alterations. In the event of any taking of the Premises, Tenant hereby assigns to Landlord all its right, title and interest in and to any such award. Tenant however, shall be entitled to claim, prove and receive in the value of all condemnation proceeding such awards as may be allowed for fixtures and other equipment installed by it, but only if such awards shall be made by the court in addition to (and shall in no manner whatsoever reduce) the award made by it to Landlord for the land and improvements or part thereof so taken. In the event any portion part of the unexpired term Demised Premises shall be taken or condemned at any time during the Term through the exercise of such power of eminent domain, with or without litigation, and the remainder of the Demised Premises shall not, in the opinion of the Landlord, constitute an economically feasible operating unit, Landlord may, by giving written notice to the Tenant within sixty (60) days after the date; of such taking or condemnation, terminate this Lease and all leasehold improvements, and Tenant as of a date (to be set forth in said notice) not earlier than thirty (30) days after the date of the notice; rent shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from be apportioned as of the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenant’s businesstermination date.
Appears in 1 contract
Samples: Lease Agreement (Integrated Business Systems & Services Inc)
Condemnation. If all As used in this Section the term “Condemnation Proceeding” means any action or substantially all proceeding in which any interest in the Premises or Building is taken for any public or quasi-public purpose by any lawful authority through exercise of the Premises, power of eminent domain or such portion right of condemnation or by purchase or otherwise in lieu thereof. If the whole of the Premises is taken through Condemnation Proceedings, this Lease shall automatically terminate as would renderof the date possession is taken by he condemning authority. If in excess of twenty-five (25%) percent of the Premises is taken, either party hereto shall have the option to terminate this Lease by giving the other written notice of such election at any time within thirty (30) days after the date of taking. If less than twenty-five (25%) percent of the space is taken and Landlord determines, in Landlord’s sole discretion, that a reasonable judgment, the continuance amount of Tenant’s business from reconstruction thereof will not result in the Premises impracticable, shall be permanently taken or condemned the Building becoming a practical improvement reasonably suitable for any public purposeuse for the purpose for which it is designed, then Landlord or Tenant may elect to terminate this Lease. If less than all or substantially all of the Premises shall be taken, then Landlord shall have the option of terminating this Lease Agreement by giving thirty (30) days written notice to Tenant within ten (10) days following the date of such condemnation or taking. If this Lease is terminated as provided abovehereinabove. In all other cases, or if neither party exercises its option to terminate, this Lease shall cease remain in effect and expire as of the rent payable hereunder from and after the date of taking shall be proportionately reduced in proportion to the ratio of: (1) the area contained in the Premises which is capable of occupancy after the taking; to (II) the total area contained in the Premises which was capable of occupancy prior to the taking. In the event that of any termination or rental reduction provided for in this Section, there shall be a proration of the rent payable under this Lease and Landlord shall refund any excess theretofore paid by Tenant. Whether or not this Lease is not terminated and as a portion consequence of the Premises is takenCondemnation Proceedings, Tenant shall pay the Base Rental and Additional Rental up to the date of the all damages or compensation awarded for a partial or total taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit including any sums compensating Tenant for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, diminution in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period of such taking, and Landlord shall be under no obligation to make any repairs or alterations. In the event of any taking of the Premises, Tenant hereby assigns to Landlord the value of all or deprivation of its leasehold estate, shall be the sole and exclusive property of Landlord, except that Tenant will be entitled to any portion awards intended to compensate Tenant for expenses of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation locating and moving expenses, and (b) compensation for loss of Tenant’s businessoperations to a new space including personal and business equipment.
Appears in 1 contract
Samples: Lease Agreement (Lifevantage Corp)
Condemnation. If all in any condemnation proceedings or substantially all proposal it is agreed or ordered that the Leased Premises or any part thereof, or rights of way adjoining or approaches to the Lease Premises, or any part thereof, be condemned, closed, or taken for public use and such portion condemnation causes material interference with the conduct of the Premises as would render, in LandlordLessee’s reasonable judgment, the continuance of Tenant’s business from the Premises impracticable, shall be permanently taken or condemned for any public purposebusiness, then Landlord and in that event upon the closing or Tenant may terminate the taking of same for such public use this Lease. If less than all or substantially all of the Premises shall be takenLease shall, then Landlord shall have at the option of terminating this Lease by the Lessee, upon the Lessee’s giving written notice thereof to Tenant Lessor within ten ninety (1090) days following the date of such condemnation after said closing or taking. If this Lease is terminated as provided above, this Lease shall cease and expire terminate as of the date of stated in said notice, anything herein contained to the takingcontrary notwithstanding. In the event that Whether or not this Lease is terminated, however, the Lessee shall share in the condemnation award to the extent that the award included compensation for Lessee’s leasehold interest and for Lessee’s moving and relocation expense, if any. The Lessee shall have the burden of proving “material interference with the conduct of Lessee’s business”. Nothing herein contained shall preclude Lessee from intervening from Lessee’s own interest in any proceeding for such condemnation, closing or taking, or for negotiations associated therewith, claim or receive compensation to which Lessee may be lawfully entitled in such proceedings. If such proceedings result in the taking of any part of the premises, including, without limitation, any part of the parking areas or any access to public streets, but not terminated a sufficient part thereof to cause material interference with the conduct of Lessee’s business, then an equitable apportionment of the rent shall be made and a such new rent based on this apportionment shall be paid for the balance of the term of this Lease and any renewal term, subject to the increase provided for in paragraph 2. Lessor shall, at it own expense, make all necessary repairs, alterations and reconstruction to the remaining portion of the Premises is taken, Tenant shall pay premises so the Base Rental and Additional Rental up to premises are in substantially the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a same condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period of as before such taking, and Landlord are in good and sufficient condition for Lessee’s use provided that the cost shall be under no obligation to make any repairs or alterations. In not exceed the event net proceeds of any taking of the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease award received and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenant’s businessretained by Lessor.
Appears in 1 contract
Condemnation. If In the event of a condemnation or eminent domain taking of all or substantially all part of the Premisessite upon which the Plant is to be located (a "Taking"), or Supplier shall, as soon as practicable, determine whether it is commercially reasonable and technically feasible in the circumstances for Supplier to redesign, repair and/or restore the Northwind Facilities such portion that the Supplier can meet its obligations to provide Services to the Customer hereunder. In the event Supplier determines that it is commercially reasonable and technically feasible, Supplier will so inform Customer, this Agreement shall remain in force and, to the extent set forth in Section 8.2 of the Premises as would renderNorthwind Lease, Supplier shall be entitled to the award or awards from such Taking and the Contract Capacity Charges payable hereunder thereafter shall be adjusted downward in an amount corresponding to any such award paid to the Supplier. In the event that Supplier determines that it is not commercially reasonable or technically feasible in the circumstances to redesign, repair or restore the Northwind Facilities, then Supplier shall so notify Customer and such notice shall also constitute termination of this Agreement, effective on the date when such Taking shall effectively prevent Supplier from complying with its obligations to provide Services hereunder, and, to the extent set forth in Section 8.1 of the Northwind Lease, Supplier shall be entitled to the award or awards from such Taking. Notwithstanding the foregoing, in Landlord’s reasonable judgmentthe event Supplier and Customer disagree as to whether it is commercially reasonably and technically feasible in the circumstances for Supplier to redesign, repair or restore the continuance of Tenant’s business from the Premises impracticable, shall be permanently taken or condemned for any public purposeNorthwind Facilities, then Landlord or Tenant may terminate this LeaseSupplier and Customer shall promptly meet and use their best efforts to resolve such dispute. If less than all or substantially all of the Premises shall be taken, then Landlord shall have the option of terminating this Lease by written notice Parties are unable to Tenant resolve such dispute within ten (10) days following days, then the date of Parties shall refer such condemnation or taking. If this Lease is terminated as provided above, this Lease shall cease and expire as of the date of the taking. In the event that this Lease is not terminated and a portion of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up dispute to the date of "Independent Engineer"(as defined in the takingDevelopment Agreement). The Independent Engineer's conclusion as to whether it is commercially reasonable and technically feasible in the circumstances for Supplier to redesign, and this Lease shall thereupon cease and terminate with respect to repair or restore the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental Northwind Facilities shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair accepted by and binding upon the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period of such taking, and Landlord shall be under no obligation to make any repairs or alterations. In the event of any taking of the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenant’s businessParties.
Appears in 1 contract
Samples: Amendment and Agreement (Bh Re LLC)
Condemnation. a. If all the whole of the Premises should be taken for any public or quasi-public use under any governmental law, ordinance or regulation or by right of eminent domain or should be sold to the condemning authority in lieu of condemnation, then this Lease and the Term and estate hereby granted shall terminate as of the earlier of the date when physical possession of the Premise's taken by the condemning authority or the date of vesting of title in such condemnation or taking (such earlier date, whether with reference to a complete or partial taking of the Building is hereinafter referred to as the "taking date"). If substantially all the whole of the Building or the Premises is thus taken or sold, landlord (whether or not the Premises are affected thereby) may terminate this Lease by giving written notice thereof to Tenant within 60 days after the right of election accrues, in which event, this Lease and the Term and estate hereby granted shall terminate as of the taking date. If upon any such taking or sale of less than the whole of the Building or the Premises this Lease shall not be thus terminated, the Fixed Rent payable hereunder shall be appropriately abated for the period from the taking date to the date specified in this Lease for the expiration of the Term hereof. In the event that only a part of the Building shall be so condemned or taken, then (i) if substantial alteration or reconstruction of the Building shall, in the opinion of Landlord, be necessary or desirable as a result of such condemnation or taking (whether or not the Premises be affected), this Lease and the Term and estate hereby granted may be terminated, effective as of the taking date, by Landlord, by giving notice of such termination to Tenant on or before the date which is sixty (60) days following the taking date, or (ii) if such condemnation or taking shall be of 25% or more of the Premises, this Lease and the Term and estate hereby granted may be terminated by Tenant, effective as of the taking date, by its giving notice of such termination to Landlord on or before the date which is sixty (60) days after the taking date, and (iii) if neither Landlord nor Tenant elects to terminate this Lease, as aforesaid, this Lease shall be and remain unaffected by such portion condemnation or taking, except that this Lease and the Term and estate hereby granted with respect to the part of the Premises as would renderso condemned or taken shall expire on the taking date, in Landlord’s reasonable judgment, and except that the continuance of Tenant’s business from the Premises impracticable, Fixed rent payable hereunder shall be permanently taken or condemned for any public purposeabated to the extent, then Landlord or Tenant may terminate if any, provided in this LeaseParagraph 20. If less than all or substantially all In the event that only a part of the Premises shall be so condemned or taken, then and this Lease and the Term and estate hereby granted with respect to the remaining portion of the Premises are not terminated as above provided, Landlord shall have proceed with reasonable diligence to restore the option remaining portion of terminating this Lease by written notice the Premises (other than Tenant's property or any of Tenant's goods, furniture or furnishings) as nearly as practicable to Tenant within ten (10) days following the date of its condition prior to such condemnation or taking. If this Lease It is terminated as provided above, this Lease shall cease and expire as of understood by the date of the taking. In the event that this Lease is not terminated and a portion of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; provided, however, parties that Landlord’s 's obligation to repair hereunder shall be restore is limited to by the extent provisions of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period of such taking, and Landlord shall be under no obligation to make any repairs or alterations. In the event of any taking of the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (aSubparagraph 19(e) relocation and moving expenses, and (b) compensation for loss of Tenant’s businessabove.
Appears in 1 contract
Condemnation. If all at any time during the term of this Lease any portion of the Premises should be condemned or substantially all required for public purposes by any county or city and county, Lessee shall be entitled to receive from the condemning authority the proportionate value of Lessee’s interest in the Premises and this Lease and the permanent improvements so taken in the proportion that it bears to the total value of the Premises, and further in proportion that the unexpired term of this Lease bears to the original term. The foregoing rights of Lessee shall not be exclusive of any other to which Lessee may be entitled by law. Any proceeds payable to Lessee hereunder shall be paid to the Authorized Mortgagee, if any, or such portion of the Premises as would renderAuthorized Mortgagee’s designee. Following a partial condemnation, in Landlord’s reasonable judgment, the continuance of Tenant’s business from the Premises impracticable, shall be permanently taken or condemned for any public purpose, then Landlord or Tenant may terminate this Lease. If less than all or substantially all of the Premises shall be taken, then Landlord Xxxxxx shall have the option of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation or taking. If this Lease is terminated as provided above, this Lease shall cease rebuild and expire as of the date of the taking. In the event that this Lease is not terminated and a portion of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent of the net proceeds from such taking made available to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for improvements on the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any remaining portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period of such taking, and Landlord shall be under no obligation to make any repairs or alterations. In the event of any taking of the Premises, Tenant hereby assigns or, subject to Landlord the value of all or any portion consent of the unexpired term Authorized Mortgagee, receive a distribution of the proceeds, in which event such proceeds shall first be applied in accordance with the applicable loan documents. The Authorized Mortgagee shall have the right to supervise and control the receipt and disbursement of any condemnation awards and participate in any condemnation proceedings and settlement discussions. Where the portion taken renders the remainder unsuitable for the use or uses for which the Premises were leased, Lessee shall have the option to surrender this Lease and all leasehold improvements, be discharged and Tenant shall not assert a claim for a condemnation award thereforrelieved from any further liability; provided, howeverthat Lessee may remove the permanent improvements constructed, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenseserected, and (b) compensation for loss placed by it within any reasonable period allowed by Lessor. Lessor, Xxxxxx, and the Authorized Mortgagee, if any, shall each be entitled to appear and participate in any proceeding which determines any condemnation award. Xxxxxx agrees to not settle or compromise any condemnation proceeding without the consent of Tenant’s businessXxxxxx and any Authorized Mortgagee.
Appears in 1 contract
Samples: dbedt.hawaii.gov
Condemnation. If all or substantially all of the Premises, or such portion of the entire Premises as would render, in Landlord’s reasonable judgmentare condemned, the continuance term of Tenant’s business from the Premises impracticable, shall be permanently taken or condemned for any public purpose, then Landlord or Tenant may terminate this Lease. If less than all or substantially all of the Premises shall be taken, then Landlord shall have the option of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation or taking. If this Lease is terminated as provided above, this Lease shall cease and expire as of terminate on the date of the taking. In the event that this Lease is not terminated and a portion when possession of the Premises is taken, Tenant shall pay taken by the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion condemning authority. If any part of the Premises is condemned so taken. Thereafter that Tenant cannot use the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent remainder of the net proceeds from such taking made available Premises for substantially the same purpose as immediately prior to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s businesscondemnation, Tenant may terminate this LeaseLease on the date when possession is taken by the condemning authority, at the time by giving Landlord notifies notice of intent to terminate within sixty (60) days after Landlord gives Tenant notice of the extent to which the Premises will be restoredcondemnation. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereofother condemnation, this Lease shall continue in full force and not terminate. Any termination under this paragraph shall have the same effect except that Base Rental and Additional Rental shall be adjusted as termination of the term of this Lease, as if the date on an equitable basis which possession of the Premises is taken by the condemning authority were stated as the time for termination of the period of such takingLease term, and Landlord and Tenant shall account for Basic Rent, Additional Rent and other amounts payable by Tenant as of that date. If any part of the Premises is condemned and this Lease is not terminated as specifically provided in this paragraph, the Basic Rent shall be under abated in the same proportion, as usable space in the Building has been rendered unusable by reason of such condemnation. The abatement of Basic Rent shall be effective from the date when the condemning authority takes possession of the part of the Premises condemned through the remainder of the term of this Lease. No termination of this Lease and no obligation abatement in Basic Rent shall affect Landlord’s right to make compensation for any repairs condemnation. Landlord shall be entitled to the full award or alterations. In proceeds payable with respect to the event Premises by reason of any taking condemnation, and neither Landlord nor Tenant shall have any claim to any award or proceeds payable to the other. For purposes of this paragraph, words and phrases referring to condemning or condemnation shall refer to statutory condemnation, exercise of the private or public power of eminent domain, proceedings in the nature of condemnation, and any sale or transfer made in lieu of or under threat of condemnation or exercise of the private or public power of eminent domain and shall include any such condemnation for permanent or for temporary use of or interference with any part or all of the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenant’s business.
Appears in 1 contract
Samples: Knology Inc
Condemnation. (a) If all twenty-five percent (25%) or substantially all more of the Premises, or such portion of either the Premises as would render, in Landlord’s reasonable judgment, or the continuance of Tenant’s business from Building or the Premises impracticable, shall be parking areas for the Building is permanently taken or condemned for any public purposeor quasi-public purpose by any lawful governmental power or authority, then by exercise of the right of appropriation, inverse condemnation, condemnation or eminent domain, or sold to prevent such taking (each such event being referred to as a “Condemnation”), Landlord or Tenant may may, at its option, terminate this Lease. If less than all or substantially all of the Premises shall be taken, then Landlord shall have the option of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation or taking. If this Lease is terminated as provided above, this Lease shall cease and expire as of the date of title vests in the takingcondemning party. In the event that this Lease is not terminated and If a portion of the Premises is takentaken and if the Premises remaining after such Condemnation and any repairs by Landlord would be objectively and reasonably untenantable for the conduct of Tenant’s business operations, then Tenant shall pay have the right to terminate this Lease as of the date title vests in the condemning party. If either party elects to terminate this Lease as provided herein, such election shall be made by written notice to the other party given within thirty (30) days after the nature and extent of such Condemnation have been finally determined. If neither Landlord nor Tenant elects to terminate this Lease to the extent permitted above, Landlord shall promptly restore the Premises, to the extent of any Condemnation award received by Landlord, to substantially the same condition as existed prior to such Condemnation, allowing for the reasonable effects of such Condemnation, and a proportionate abatement shall be made to the Base Rental and Additional Rental up Rent corresponding to the date of the takingtime during which, and this Lease shall thereupon cease and terminate with respect to the portion of the floor area of the Premises so taken(adjusted for any increase thereto resulting from any reconstruction) of which, Tenant is deprived on account of such Condemnation and restoration, as reasonably determined by Landlord. Thereafter Except as expressly provided in the immediately preceding sentence with respect to abatement of Base Rental Rent, Tenant shall have no claim against Landlord for, and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminatedhereby releases Landlord and Landlord’s Agents from responsibility for and waives its entire claim of recovery for any cost, Landlord shall promptly loss or expense suffered or incurred by Tenant as a result of any Condemnation, whether permanent or temporary, or the repair or restoration of the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; providedthe Building or the Project or the Parking Areas following such Condemnation, howeverincluding any cost, that Landlord’s obligation to repair hereunder shall be limited to the extent loss or expense resulting from any loss of use of the net proceeds from whole or any part of the Premises, the Building, the Project or the Parking Areas and/or any inconvenience or annoyance occasioned by such taking made available Condemnation, repair or restoration. The provisions of California Code of Civil Procedure Section 1265.130, which allows either party to Landlord for such repair. However, petition the Superior Court to terminate the Lease in the event such proceeds are not sufficient to restore the Premises to of a condition reasonably suitable for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period of such taking, and Landlord shall be under no obligation to make any repairs or alterations. In the event of any partial taking of the Premises, Tenant hereby assigns to Landlord the value of all Building or any portion of the unexpired term of Project or the Lease and all leasehold improvementsparking areas for the Building or the Project, and Tenant shall not assert a claim for a condemnation award therefor; providedany other applicable law now or hereafter enacted, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of are hereby waived by Tenant’s business.
Appears in 1 contract
Condemnation. If all or substantially all of the Premises, or such portion of the Premises as would render, in Landlord’s reasonable judgment, the continuance of Tenant’s business from the Premises impracticable, shall be permanently taken or condemned for any public purpose, then Landlord or Tenant may terminate this Lease. If less than all or substantially all whole of the Premises shall be takentaken or condemned or purchased in lieu thereof by any competent authority for any public or quasi-public use or purpose, then Landlord shall have and in that event, the option term of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation or taking. If this Lease is terminated as provided above, this Lease shall cease and expire as of terminate from the time when the possession shall be required for such use or purpose. The rent shall in such case be apportioned to the date of such taking or purchase, as the takingcase may be. If any part of the Premises shall be taken or condemned or purchased in lieu thereof by any competent authority for any public or quasi-public use or purpose, then and in that event the Landlord shall so notify 'the Tenant in writing and the Tenant shall have the option to cancel this Lease, giving the Landlord written notice within twenty (20) days after receipt of such notice from the Landlord; provided the balance of the Premises remaining cannot be suitably used by the Tenant for its purposes heretofore stated. If the Tenant is entitled to exercise said option to cancel and does so, then such canceling shall be effective and the rent shall in such case be apportioned to the date of such taking or purchase, as the case may be. In the event that this Lease the Tenant is not terminated entitled to cancel the Lease of if it is entitled to do so but does not exercise its option, said Tenant will be responsible for the rent as heretofore set forth and a portion of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up apportioned to the date of such taking or purchase, i.e., after the takingtaking or purchase in lie thereof, the rent herein reserved shall be reduced and this Lease the Tenant shall thereupon cease and terminate with respect be required to pay that proportion of rent herein reserved as the portion remaining leasable space of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited bears to the extent leasable space of the net proceeds from Premises before such taking made available to or purchase. The Landlord for such repair. However, and the Tenant hereby agree that any award or proceedings resulting from a condemnation or sale in lieu thereof of the event such proceeds are not sufficient to restore whole or any part of the Premises shall belong solely to the Landlord, and that Tenant hereby waives any right to make any claim therefore as a condition reasonably suitable for the operation result of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental Tenant shall be adjusted on an equitable basis entitled to any separate award made for the period Tenant's loss of such takingbusiness, and Landlord shall be under no obligation to make any repairs inconvenience, costs or alterations. In the event loss of any taking of its leasehold interest in the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenant’s business.
Appears in 1 contract
Samples: Tollgrade Communications Inc \Pa\
Condemnation. If all or substantially all of the Premises, or such portion of the Premises as would render, in Landlord’s reasonable judgment, the continuance of Tenant’s business from the Premises impracticable, shall be permanently taken or condemned for any public purpose, then Landlord or Tenant may terminate this Lease. If less than all or substantially all whole of the Premises shall be taken, then or such part thereof shall be taken as shall substantially interfere with Tenant's use and occupancy of the balance thereof, under power of eminent domain, or sold, transferred, or conveyed in lieu thereof, either Tenant or Landlord shall have the option of terminating may terminate this Lease by written notice to Tenant within ten (10) days following as of the date of such condemnation or takingas of the date possession is taken by the condemning authority whichever date occurs later. If any part of the building other than the Premises, including parking facilities and interior and adjacent landscaped areas shall be so taken, sold, transferred or conveyed in lieu thereof, Landlord shall have the right, at its option, to terminate this Lease is terminated as provided above, this Lease shall cease and expire as of the date of the taking. In the event that this Lease is not terminated and a portion such condemnation or as of the Premises datepossession is taken, Tenant shall pay taken by the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and businesscondemning authority; provided, however, that Landlord’s obligation Tenant may also elect to repair hereunder terminate this Lease if such taking will substantially interfere with Tenant's use or occupancy of the Premises. No award for any partial or entire taking shall be limited apportioned, and Tenant hereby assigns to Landlord any award which may be made in such taking or condemnation, together with any and all rights of Tenant now or hereafter arising in or to the extent same or any part thereof; provided, however, that Tenant shall be entitled to that portion of the net proceeds from such taking made available to Landlord for such repair. However, in award which represents the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation value of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored's leasehold interest. In the event of any temporary taking a partial taking, or condemnation for any public purpose of the Premises a sale, transfer, or any portion conveyance in lieu thereof, which does not result in a termination of this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for Lease, Landlord shall, to the period of such taking, and Landlord shall be under no obligation to make any repairs or alterations. In the event extent of any taking of the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award funds received from the condemning authority for (a) relocation repair or restoration, restore the Premises substantially to their condition prior to such partial taking' and, thereafter, rent shall be abated in the proportion which the square footage of the part of the Premises so made unusable bears to the amount of leasable Area immediately prior to the taking. No temporary taking of a part of the Premises or of the Building, including parking facilities and moving expenses, interior and (b) compensation for loss of Tenant’s businessadjacent landscaped areas shall give Tenant any right to terminate this lease.
Appears in 1 contract
Samples: Centennial First Financial Services
Condemnation. If all or substantially all of the Premises, or such portion of the entire Premises as would render, in Landlord’s reasonable judgmentare condemned, the continuance term of Tenant’s business from the Premises impracticable, shall be permanently taken or condemned for any public purpose, then Landlord or Tenant may terminate this Lease. If less than all or substantially all of the Premises shall be taken, then Landlord shall have the option of terminating this Lease by written notice to Tenant within ten (10) days following the date of such condemnation or taking. If this Lease is terminated as provided above, this Lease shall cease and expire as of terminate on the date of the taking. In the event that this Lease is not terminated and a portion when possession of the Premises is taken, Tenant shall pay taken by the Base Rental and Additional Rental up to the date of the taking, and this Lease shall thereupon cease and terminate with respect to the portion condemning authority. If any part of the Premises is condemned so taken. Thereafter that Tenant cannot use the Base Rental and Additional Rental shall be adjusted on an equitable basis. If this Lease is not terminated, Landlord shall promptly repair the Premises’ building to an architectural unit, fit for Tenant’s occupancy and business; provided, however, that Landlord’s obligation to repair hereunder shall be limited to the extent remainder of the net proceeds from such taking made available Premises for substantially the same purpose as immediately prior to Landlord for such repair. However, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable for the operation of Tenant’s businesscondemnation, Tenant may terminate this LeaseLease on the date when possession is taken by the condemning authority, at the time by giving Landlord notifies notice of intent to terminate within sixty (60) days after Landlord gives Tenant notice of the extent to which the Premises will be restoredcondemnation. In the event of any temporary taking or condemnation for any public purpose of the Premises or any portion thereofother condemnation, this Lease shall continue in full force and not terminate. Any termination under this Paragraph shall have the same effect except that Base Rental and Additional Rental shall be adjusted as termination of the term of this Lease, as if the date on an equitable basis which possession of the Premises is taken by the condemning authority were stated as the time for termination of the period of such takingLease term, and Landlord and Tenant shall account for Basic Rent, Additional Rent and other amounts payable by Tenant as of that date. If any part of the Premises is condemned and this Lease is not terminated as specifically provided in this Paragraph, the Basic Rent shall be under abated in the same proportion as usable space in the Building has been rendered unusable by reason of such condemnation. The abatement of Basic Rent shall be effective from the date when the condemning authority takes possession of the part of the Premises condemned through the remainder of the term of this Lease. No termination of this Lease and no obligation abatement in Basic Rent shall affect Landlord’s right to make compensation for any repairs condemnation. Landlord shall be entitled to the full award or alterations. In proceeds payable with respect to the event Premises by reason of any taking condemnation, and neither Landlord nor Tenant shall have any claim to any award or proceeds payable to the other. For purposes of this Paragraph, words and phrases referring to condemning or condemnation shall refer to statutory condemnation, exercise of the private or public power of eminent domain, proceedings in the nature of condemnation, and any sale or transfer made in lieu of or under threat of condemnation or exercise of the private or public power of eminent domain and shall include any such condemnation for permanent or for temporary use of or interference with any part or all of the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant may pursue a separate award from the condemning authority for (a) relocation and moving expenses, and (b) compensation for loss of Tenant’s business.
Appears in 1 contract
Samples: Lease (Knology Inc)
Condemnation. If all or substantially all of the PremisesPremises are sold to or taken by any public authority under its power of condemnation or the threat thereof, or such portion this Lease shall terminate as of the Premises as would renderdate possession is transferred to the acquiring authority, in Landlord’s reasonable judgment, and the continuance Rent payable hereunder shall be apportioned accordingly. If any material part of Tenant’s business from the Building is sold or taken (whether or not the Premises impracticableare affected), shall be permanently taken or condemned for any public purpose, then Landlord or Tenant may terminate this Lease. If less than all or substantially all of the Premises shall be taken, then Landlord shall have the option of terminating right to terminate this Lease by written notice to Tenant within ten (10) days following the date of such condemnation or taking. If this Lease is terminated as provided above, this Lease shall cease and expire as of the date of the taking. In the event that this Lease possession is not terminated and a portion of the Premises is taken, Tenant shall pay the Base Rental and Additional Rental up transferred to the date of the takingacquiring authority upon giving written notice thereof to Tenant, and this Lease shall thereupon cease and terminate with respect to the portion of the Premises so taken. Thereafter the Base Rental and Additional Rental Rent payable hereunder shall be adjusted on an equitable basisapportioned accordingly. If this Lease is not terminatedterminated pursuant to the foregoing, Landlord then this Lease shall promptly repair continue in force as to the Premises’ building to an architectural unit, fit for Tenant’s occupancy part of the Premises not taken and business; provided, however, that Landlord’s obligation to repair hereunder the Rent payable thereafter shall be limited reduced in proportion to the amount of total floor area of the Premises taken. If any such taking occurs, Landlord, upon receipt and to the extent of the net award in condemnation or proceeds from of sale, shall, unless this Lease has been terminated, make necessary repairs and restorations (exclusive of Tenant Improvements and Alterations) to restore the Premises remaining to as near its former condition as circumstances will permit. In no event shall Landlord be obligated to expend for such taking made repairs an amount in excess of the condemnation proceeds available to Landlord for such repairrebuilding. HoweverAll damages awarded by or amounts paid by the acquiring authority for any such taking, in the event such proceeds are not sufficient to restore the Premises to a condition reasonably suitable whether for the operation of Tenant’s business, Tenant may terminate this Lease, at the time Landlord notifies Tenant of the extent to which the Premises will be restored. In the event of any temporary taking whole or condemnation for any public purpose a part of the Premises or any portion the Building or Common Areas shall belong to and be the sole property of Landlord whether such damages are awarded as compensation for loss of, or diminution in value to, the leasehold or the fee thereof, this Lease shall continue in full force and effect except that Base Rental and Additional Rental shall be adjusted on an equitable basis for the period of such taking, and Landlord shall be under no obligation to make any repairs or alterations. In the event of any taking of the Premises, Tenant hereby assigns to Landlord the value of all or any portion of the unexpired term of the Lease and all leasehold improvements, and Tenant shall not assert a claim for a condemnation award therefor; provided, however, Tenant shall have the right to pursue such claim or claims as Tenant may pursue a separate award from the condemning authority have legally for (a) relocation and moving expenses, interruption of business and such items which do not reduce the award or proceeds of sale payable to Landlord. If this Lease is terminated, Tenant shall not have any claim against Landlord for the value of the unexpired term hereof. The provisions of this Section are subject to the rights of Landlord’s mortgagees, if any. Except in the case of an event of force majeure (bdefined below), if Landlord does not make the determination to restore or rebuild the Premises within sixty (60) compensation for loss days after the condemnation, or if the Premises are not repaired or rebuilt within one hundred eighty (180) days after the condemnation, Tenant shall have the right to terminate this Lease, by giving notice to Landlord within twenty (20) days following the expiration of Tenant’s businessthe applicable time period. If the Premises or any part of the Premises are rendered untenantable by the condemnation, a just proportion of the Rent, based upon the number of rentable square feet of area in the Premises which are untenantable, shall be abated until the Premises or such part of the Premises shall have been put in a tenantable condition.
Appears in 1 contract
Samples: Commercial Lease
