Common use of EMINENT DOMAIN/CONDEMNATION Clause in Contracts

EMINENT DOMAIN/CONDEMNATION. If the Land and/or Building, or any portion thereof which includes a substantial part of the Premises or which prevents the operation of the Building as an integral unit in the sole judgment of Landlord, shall be taken or condemned by any competent authority for any public use or purpose, the term of this Lease shall end upon, and not before, the date when the possession of the part so taken shall be acquired by the condemning authority for such use or purpose, and without apportionment of the condemnation award. Current Rent shall be apportioned as of the date of such termination. If any condemnation proceeding shall be instituted in which it is sought to take or damage any part of the Land and/or Building, Landlord shall have the right to cancel this Lease upon not less than sixty (60) days notice. No money or other consideration shall be payable by Landlord to Tenant for the right of cancellation. Tenant shall have no right to share in the condemnation award or any judgment for damages caused by such taking or change of grade, and Tenant hereby assigns to Landlord all Tenant's interest, if any, in any such award. However, provided that the amount can be definitely ascertained in such proceedings, and be awarded separate and apart, and not in diminution of any award to Landlord, nothing hereinabove provided shall preclude Tenant from appearing, claiming, providing and receiving in the condemnation proceedings, Tenant's separate claim for Tenant's moving expenses, the value of Tenant's fixtures or equipment, or Tenant's moveable installations and improvements which do not become part of the Building.

Appears in 1 contract

Samples: Brickell Bay Office Tower (Raj Ventures, Inc.)

AutoNDA by SimpleDocs

EMINENT DOMAIN/CONDEMNATION. 19.1 If the Land and/or Building, Premises or any portion thereof are taken under the power of eminent domain, or sold under the threat of the exercise of said power (all of which includes are therein are called "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. If more than ten percent (10%) of the floor area of the building or the Premises, or more than twenty-five percent (25%) of the land area of the Project which is not occupied by any building, is taken by condemnation, Lessee may at Lessee's option, to be exercised in writing only within thirty (30) days after Lessor shall have given Lessee written notice of such taking (or in the absence of such notice, within thirty (30) days after the condemning authority shall have taken possession) terminate this Lease as of the date the condemning authority takes such possession. If Lessee does not terminate the 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 rent shall be reduced in the proportion that the floor area of the Building or Premises taken bears to the total floor area of the Building or Premises, as the case may be. No reduction of rent shall occur if the only area taken is that which does not have a substantial building located thereon, provided however, that the taking of such area does not interfere with Lessee's conduct of business on the Premises. Any reward for the taking of all or any part of the Premises or which prevents Project under the operation power of eminent domain or any payment made under threat of the Building as an integral unit in the sole judgment exercise of Landlord, such power shall be taken the property of Lessor, whether such award shall be made as compensation for diminution in value of the leasehold or condemned by for the taking of the fee, or as severance damages; provided, however, that Lessee shall be entitled to any competent authority award for any public use or purposeloss of business, damage to Lessee's trade fixtures, Lessee's removable personal property, depreciation to, and cost of removal of stock and fixtures. In the term of event that this Lease is not terminated by reason of such condemnation, Lessor shall end uponto the extent of severance damages received by Lessor in connection with such condemnation, and not before, repair any damage to the date when Premises caused by such condemnation except to the possession of the part so taken shall be acquired extent that Lessee has been reimbursed therefore by the condemning authority for such use or purpose, and without apportionment of the condemnation awardauthority. Current Rent Lessee shall be apportioned as of the date pay any amount in excess of such termination. If any condemnation proceeding shall be instituted in which it is sought severance damages required to take or damage any part of the Land and/or Building, Landlord shall have the right to cancel this Lease upon not less than sixty (60) days notice. No money or other consideration shall be payable by Landlord to Tenant for the right of cancellation. Tenant shall have no right to share in the condemnation award or any judgment for damages caused by complete such taking or change of grade, and Tenant hereby assigns to Landlord all Tenant's interest, if any, in any such award. However, provided that the amount can be definitely ascertained in such proceedings, and be awarded separate and apart, and not in diminution of any award to Landlord, nothing hereinabove provided shall preclude Tenant from appearing, claiming, providing and receiving in the condemnation proceedings, Tenant's separate claim for Tenant's moving expenses, the value of Tenant's fixtures or equipment, or Tenant's moveable installations and improvements which do not become part of the Buildingrepair.

Appears in 1 contract

Samples: Lease Agreement (Colorado Business Bankshares Inc)

EMINENT DOMAIN/CONDEMNATION. If the Land and/or BuildingPremises are taken under any public or private power of eminent domain, or sold by Landlord under the threat of the exercise of said power, or if any portion thereof of the Premises is so condemned so that it would not be practical for Tenant to continue to operate its business on the Premises, this Lease shall terminate as of the date of the condemning authority takes title or possession, whichever occurs first. If more than twenty percent (20%) of the Premises is so condemned, both Landlord and Tenant shall have the right to terminate this Lease as of the date the condemning authority takes title or possession, whichever occurs first, by giving written notice of such termination to the other not later than thirty (30) days after said date; provided that should neither Landlord nor Tenant elect to so terminate this Lease in a timely manner, then this Lease shall remain in full force and effect as to the portion of the Premises not so taken, Tenant’s Rent shall be reduced proportionately to reflect the reduction in the rentable area of the Premises (such reduction, if any, to take effect as of the date which includes a substantial is thirty (30) days after the date of which the condemning authority takes title or possession, whichever first occurs), and if repairs or restorations to that portion of the Premises not taken are deemed necessary by Landlord to render such portion reasonably suitable for the purposes for which is was leased, Landlord shall perform such work at its own cost and expense. Notwithstanding any obligation to restore the Premises, however, Landlord shall not be required to expend any amount greater than the amount actually received by Landlord as compensation for the portion of the Premises taken by the condemning authority. All awards for any taking of any part of the Premises or which prevents any payment made under the operation threat of the Building as an integral unit in exercise of power of eminent domain shall be the sole judgment property of Landlord, whether made as compensation for diminution of value of the leasehold or for the taking of the fee or as severance damages. No award for any partial or entire taking shall be taken or condemned by any competent authority for any public use or purpose, the term of this Lease shall end upon, and not before, the date when the possession of the part so taken shall be acquired by the condemning authority for such use or purpose, and without apportionment of the condemnation award. Current Rent shall be apportioned as of the date of such termination. If any condemnation proceeding shall be instituted in which it is sought to take or damage any part of the Land and/or Building, Landlord shall have the right to cancel this Lease upon not less than sixty (60) days notice. No money or other consideration shall be payable by Landlord to Tenant for the right of cancellation. Tenant shall have no right to share in the condemnation award or any judgment for damages caused by such taking or change of gradeapportioned, and Tenant hereby assigns to Landlord any award which may be made in such taking or condemnation, together with any and all Tenant's interestrights of Tenant now or hereafter arising in or to the same or any part thereof, if any, in except that any such award. However, provided that award or other compensation made for any taking is subject to the rights of the first mortgagee up to the amount can be definitely ascertained in such proceedings, of its lien and be awarded separate and apart, and not in diminution of any award junior mortgagee, as may be permitted by the first mortgagee, up to Landlordthe full amount of such junior lien; provided, nothing hereinabove provided however, that Tenant shall preclude Tenant from appearing, claiming, providing and receiving in the condemnation proceedings, Tenant's separate claim for Tenant's moving expenses, the value of Tenant's fixtures or equipment, or Tenant's moveable installations and improvements which do not become part be entitled to any portion of the Buildingaward allocated to loss of or damage to Tenant’s trade fixtures and removable personal property and/or for the interruption of or damage to Xxxxxx’s business.

Appears in 1 contract

Samples: Land Lease Agreement (Vivakor, Inc.)

EMINENT DOMAIN/CONDEMNATION. If If, prior to Closing, any proceedings are instituted by any governmental authority that shall relate to the Land and/or Building, proposed taking of all or any portion thereof which includes a substantial part of the Premises any Real Property by eminent domain or which prevents the operation condemnation (or if all or any portion of the Building as an integral unit in the sole judgment any Real Property is taken by eminent domain or deeded under threat of Landlord, shall be taken or condemned by any competent authority for any public use or purpose, the term of this Lease shall end upon, and not before, the date when the possession of the part so taken shall be acquired by the condemning authority for such use or purpose, and without apportionment of the condemnation award. Current Rent shall be apportioned as of after the date of this Agreement and prior to the Closing), Seller shall promptly notify Purchaser in writing after Seller’s receipt of any notification (and provide copies of any notices, Complaints, deeds and the like). Purchaser shall thereafter have the right and option to elect not to purchase such terminationReal Property by giving written notice to Seller within fifteen (15) days after receipt by Purchaser of the notice from Seller and the date of the Closing shall be extended if necessary to afford Purchaser such full fifteen (15) day period. If any condemnation proceeding Purchaser timely elects not to purchase such Real Property, the Purchase Price shall be instituted in which it is sought to take or damage any part adjusted by reducing the Purchase Price by the portion of the Land and/or BuildingPurchase Price that is allocated for such Real Property (as any such amount is set forth on Schedule 3.4, Landlord and neither party hereto shall have any obligations of any nature to the other hereunder or by reason hereof in respect to such Real Property not being purchased except for those obligations and liabilities that are expressly stated to survive termination of this Agreement. If no such election is timely made, Purchaser shall be deemed to have waived its rights under this Section 10.11 with respect to such Real Property, except that, if the transaction contemplated hereby closes, Purchaser shall be entitled to the proceeds and the right to negotiate, settle and collect the proceeds of such condemnation award, and Seller shall execute and deliver all documents reasonably requested of Seller in order to effectuate this Section 10.11. If no election not to purchase such Real Property is made (and Purchaser expressly waives its rights under this Section 10.11 with respect to such Real Property), Purchaser shall have the right to cancel participate prior to the Closing in any discussions or proceedings with any governmental authority relating to the proposed taking of any portions of the Real Property. Notwithstanding anything in the foregoing to the contrary, Purchaser shall not have any right and option under this Lease upon Section 10.11 to elect not less than sixty (60) days notice. No money to purchase such Real Property if such proceedings relate only to a road widening or other consideration shall be payable by Landlord to Tenant for the right of cancellation. Tenant shall have no right to share in the condemnation award minor taking that does not impact any leased or leasable premises, reduce any judgment for damages caused by such taking or change of grade, and Tenant hereby assigns to Landlord all Tenant's interest, if any, in any such award. However, provided that the amount can be definitely ascertained in such proceedings, and be awarded separate and apart, and not in diminution of any award to Landlord, nothing hereinabove provided shall preclude Tenant from appearing, claiming, providing and receiving in the condemnation proceedings, Tenant's separate claim for Tenant's moving expenses, the value of Tenant's fixtures or equipmentparking area, or Tenant's moveable installations and improvements which do not become part of otherwise significantly decrease the Buildingactual or potential income stream from such Real Property.

Appears in 1 contract

Samples: Purchase Agreement (American Realty Capital Healthcare Trust III, Inc.)

EMINENT DOMAIN/CONDEMNATION. If In the Land and/or Buildingevent that the premises ------------- --------------------------- or any part thereof, or the whole or any portion thereof part of the Building shall be taken or appropriated by eminent domain or shall be condemned for any public or quasi- public use, or (by virtue of any such taking, appropriation or condemnation) shall suffer any damage (direct or indirect or consequential) for which includes Landlord or Tenant shall be entitled to compensation, then (and in any such event) this Lease and the term hereof may be terminated at the election of Landlord by a notice in writing of its election so to terminate which shall be given by Landlord to Tenant within sixty (60) days following the date on which Landlord shall have received official notice of such taking, appropriation or condemnation. In the event that a substantial part of the Premises premises or which prevents the operation of the Building as an integral unit in the sole judgment means of Landlord, access thereto shall be taken so taken, appropriated or condemned by condemned, then (and in any competent authority for any public use or purpose, such event) this Lease and the term hereof may be terminated at the election of this Lease shall end upon, and not before, the date when the possession Tenant by a notice in writing of the part its election so taken to terminate which shall be acquired given by the condemning authority for such use or purpose, and without apportionment of the condemnation award. Current Rent shall be apportioned as of the date of such termination. If any condemnation proceeding shall be instituted in which it is sought Tenant to take or damage any part of the Land and/or Building, Landlord shall have the right to cancel this Lease upon not less than within sixty (60) days notice. No money or other consideration shall be payable by Landlord to Tenant for following the right of cancellation. date on which Tenant shall have no received official notice of such taking, appropriation or condemnation. Upon the giving of any such notice of termination (either by Landlord or Tenant) this Lease and the term hereof shall terminate on or retroactively as of the date on which Tenant shall be required to vacate any part of the premises or shall be deprived of a substantial part of the means of access thereto, provided, however, that Landlord may in Landlord's notice elect to terminate this Lease and the term hereof retroactively as of the date on which such taking, appropriation or condemnation become legally effective. In the event of any such termination, this Lease and the term hereof shall expire as of such effective termination date and the yearly rent and Additional Rent shall be apportioned of such date. If neither party (having the right to share do so) elects to terminate, Landlord will, with reasonable diligence and at Landlord's expense, restore the remainder of the premises, or the remainder of the means of access, as nearly as practicably may be to the same condition as obtained prior to such taking, appropriation or condemnation, in which event the yearly rent and Additional Rent shall be adjusted, (i) a just proportion of the yearly rent and Additional Rent, according to the nature and extent of the taking, appropriation or condemnation award or any judgment and the resulting permanent injury to the premises and the means of access thereto, shall be permanently abated, (including in such abatement the adjustments in Tenant's Proportionate Share for damages caused by such taking or change of gradeTaxes as provided in Section XI, and a just adjustment in Tenant's Proportionate Share for Operating Costs) and (ii) a just proportion of the remainder of the yearly rent, and Additional Rent according to the nature and extent of the taking, appropriation or condemnation and resultant injury sustained by the premises and the means of access thereto shall be abated until the premises and the means of access thereto shall have been restored as fully as may be for permanent use and occupation by Tenant hereby assigns hereunder. There is expressly reserved to Landlord all Tenant's interestrights to compensation and damages created, if any, in accrued or accruing by reason of any such awardtaking, appropriation or condemnation. However, provided It is expressly understood and agreed that the amount can provisions of this Section XVII shall not apply to any taking, appropriation or condemnation for governmental occupancy for a period reasonably estimated to be definitely ascertained less than one (1) year in duration. During such proceedingsperiod, and the rent hereunder shall be awarded separate and apartabated proportionately. If the period of governmental occupancy is reasonably estimated at more than one year, and not in diminution of any award Tenant may elect to terminate this Lease by notice to Landlord, nothing hereinabove provided shall preclude Tenant from appearing, claiming, providing and receiving in the condemnation proceedings, Tenant's separate claim for Tenant's manner aforesaid. It is agreed that Tenant reserves all rights to moving expenses, and relocation expense claims as may be available to it from the value of Tenant's fixtures condemning authority in accordance with statutes or equipment, or Tenant's moveable installations and improvements which do not become part of the Buildingregulations.

Appears in 1 contract

Samples: MMC Networks Inc

EMINENT DOMAIN/CONDEMNATION. If the Land and/or BuildingPremises are taken under any public or private power of eminent domain, or sold by Landlord under the threat of the exercise of said power, or if any portion thereof of the Premises is so condemned so that it would not be practical for Tenant to continue to operate its business on the Premises, this Lease shall terminate as of the date of the condemning authority takes title or possession, whichever occurs first. If more than twenty percent (20%) of the Premises is so condemned, both Landlord and Tenant shall have the right to terminate this Lease as of the date the condemning authority takes title or possession, whichever occurs first, by giving written notice of such termination to the other not later than thirty (30) days after said date; provided that should neither Landlord nor Tenant elect to so terminate this Lease in a timely manner, then this Lease shall remain in full force and effect as to the portion of the Premises not so taken, Tenant’s Base Rent shall be reduced proportionately to reflect the reduction in the rentable area of the Premises (such reduction, if any, to take effect as of the date which includes a substantial is thirty (30) days after the date of which the condemning authority takes title or possession, whichever first occurs), and if repairs or restorations to that portion of the Premises not taken are deemed necessary by Landlord to render such portion reasonably suitable for the purposes for which is was leased, Landlord shall perform such work at its own cost and expense. Notwithstanding any obligation to restore the Premises, however, Landlord shall not be required to expend any amount greater than the amount actually received by Landlord as compensation for the portion of the Premises taken by the condemning authority. All awards for any taking of any part of the Premises or which prevents any payment made under the operation threat of the Building as an integral unit in exercise of power of eminent domain shall be the sole judgment property of Landlord, whether made as compensation for diminution of value of the leasehold or for the taking of the fee or as severance damages. No award for any partial or entire taking shall be taken or condemned by any competent authority for any public use or purpose, the term of this Lease shall end upon, and not before, the date when the possession of the part so taken shall be acquired by the condemning authority for such use or purpose, and without apportionment of the condemnation award. Current Rent shall be apportioned as of the date of such termination. If any condemnation proceeding shall be instituted in which it is sought to take or damage any part of the Land and/or Building, Landlord shall have the right to cancel this Lease upon not less than sixty (60) days notice. No money or other consideration shall be payable by Landlord to Tenant for the right of cancellation. Tenant shall have no right to share in the condemnation award or any judgment for damages caused by such taking or change of gradeapportioned, and Tenant hereby assigns to Landlord any award which may be made in such taking or condemnation, together with any and all Tenant's interestrights of Tenant now or hereafter arising in or to the same or any part thereof, if any, in except that any such award. However, provided that award or other compensation made for any taking is subject to the rights of the first mortgagee up to the amount can be definitely ascertained in such proceedings, of its lien and be awarded separate and apart, and not in diminution of any award junior mortgagee, as may be permitted by the first mortgagee, up to Landlordthe full amount of such junior lien; provided, nothing hereinabove provided however, that Tenant shall preclude Tenant from appearing, claiming, providing and receiving in the condemnation proceedings, Tenant's separate claim for Tenant's moving expenses, the value of Tenant's fixtures or equipment, or Tenant's moveable installations and improvements which do not become part be entitled to any portion of the Buildingaward allocated to loss of or damage to Tenant’s trade fixtures and removable personal property and/or for the interruption of or damage to Tenant’s business.

Appears in 1 contract

Samples: Building and Land Lease Agreement (Deep Down, Inc.)

EMINENT DOMAIN/CONDEMNATION. If In the Land and/or Buildingevent that the Premises, the Building or the Property or any portion part thereof which includes a substantial part shall at any time after the execution of the Premises or which prevents the operation of the Building as an integral unit in the sole judgment of Landlord, shall this Lease be taken for public or condemned by any competent authority for any quasi public use or purposecondemned under eminent domain or conveyed under threat of such a taking or condemnation (the "Condemnation"), Tenant shall not be entitled to claim, or have paid to Tenant, any compensation or damages whatsoever for or on account of any loss, injury, damage, taking or conveyance of any right, interest or estate of Tenant, and Tenant hereby relinquishes and hereby assigns to Landlord any rights to any such compensation or damages. Landlord shall be entitled to claim and have paid to it for the use and benefit of Landlord all compensation and damages for and on account of any right, title, interest or estate of Tenant in or to said Premises, the term Building or the Property. Tenant upon request of Landlord will execute any and all releases, transfers or other documents as shall be required by such public or quasi-public authority to effect and give further evidence and assurances of the foregoing. Notwithstanding the above, Tenant shall have the right to make a claim against the condemning authority, but not against Landlord, on account of interruption of Tenant's business, moving and relocation expenses and for depreciation to and removal of Tenant's trade fixtures, provided that such claim shall not reduce the amount of such claim by Landlord. If such Condemnation affects all or substantially all of the Premises, the Building or the Property, this Lease shall end upon, and not before, the date when the possession of the part so taken shall be acquired by the condemning authority for such use or purpose, and without apportionment of the condemnation award. Current Rent shall be apportioned terminated as of the date of such terminationCondemnation. If such Condemnation does not affect all or substantially all of the Premises, the Building or the Property, this Lease shall not be terminated, but the Base Rent shall be reduced by a sum which represents the amount of rentable square feet taken through any condemnation proceeding shall be instituted multiplied by the appropriate rental rate for that square footage. Notwithstanding anything contained to the contrary in which it is sought this Section, Landlord may terminate this Lease in the event that following any such Condemnation, Landlord's mortgagee requires Landlord to take make advance payments upon or damage any part full payment of the Land and/or Building, Landlord shall have the right to cancel this Lease upon not less than sixty (60) days notice. No money or other consideration shall be payable by Landlord to Tenant for the right of cancellation. Tenant shall have no right to share in the condemnation award or any judgment for damages caused by such taking or change of grade, and Tenant hereby assigns to Landlord all Tenant's interest, if any, in any such award. However, provided that the amount can be definitely ascertained in such proceedings, and be awarded separate and apart, and not in diminution of any award to Landlord, nothing hereinabove provided shall preclude Tenant from appearing, claiming, providing and receiving in the condemnation proceedings, Tenant's separate claim for Tenant's moving expenses, the value of Tenant's fixtures or equipment, or Tenant's moveable installations and improvements which do not become part of the Buildingoutstanding mortgage balance.

Appears in 1 contract

Samples: Lease Agreement (Affymetrix Inc)

AutoNDA by SimpleDocs

EMINENT DOMAIN/CONDEMNATION. If the Land and/or Building, or any portion thereof which includes a substantial part Borrower shall promptly give lender notice of the Premises actual or which prevents the operation threatened commencement of any condemnation or eminent domain proceeding and shall deliver to Lender copies of any and all papers served in connection with such proceedings. Notwithstanding any taking by any public or quasi-public authority through eminent domain or otherwise (including, without limitation, any transfer made in Debt of or in anticipation of the Building as an integral unit exercise of such taking), Borrower shall continue to pay the Secured Obligations at the time and in the sole judgment manner provided for its payment in the Note and in this Security Instrument and the Secured Obligations shall not be reduced until any award or payment therefor shall have been actually received and applied by Lender, after the deduction of Landlordexpenses of collection, shall be taken to the reduction or condemned by any competent authority for any public use or purpose, the term of this Lease shall end upon, and not before, the date when the possession discharge of the part so taken Secured Obligations. Lender shall not be acquired entitled to the interest paid on the award by the condemning authority for such use or purpose, and without apportionment but shall be entitled to receive out of the award Interest at the rate or rates provided in the Note. Borrower shall cause the award or payment made in any condemnation awardor eminent domain proceeding, which is payable to Borrower, to be applied In accordance with Section 1.09 hereof. Current Rent In the event Borrower is not entitled to any award or payment pursuant to Section 1.09 hereof, Borrower shall cause the award or payment to be apportioned as paid directly to lender. Lender may apply the award or payment to the reduction or discharge of the date of such terminationSecured Obligations whether or not then due and payable. If any condemnation proceeding shall be instituted in which it is sought the Property Is sold, through foreclosure or otherwise, prior to take or damage any part the receipt by Lender of the Land and/or Buildingaward or payment, Landlord lender shall have the right right, whether or not a deficiency judgment on the Note (to cancel this Lease upon the extent permitted In the Note or herein) shall have been sought, recovered or denied, to receive the award or payment, or a portion thereof sufficient to pay the Secured Obligations. If in the event of a total condemnation the award or payment is not less than sixty (60) days noticesufficient to repay the Note in full, Borrower shall immediately pay any remaining balance, together with all accrued interest thereon. No money or other consideration Nothing herein shall be payable by Landlord construed to Tenant for the right cure or waive any Event of cancellation. Tenant shall have no right Default or notice of default hereunder or under any other Loan Document or Invalidate any act done pursuant to share in the condemnation award or any judgment for damages caused by such taking or change of grade, and Tenant hereby assigns to Landlord all Tenant's interest, if any, in any such award. However, provided that the amount can be definitely ascertained in such proceedings, and be awarded separate and apart, and not in diminution of any award to Landlord, nothing hereinabove provided shall preclude Tenant from appearing, claiming, providing and receiving in the condemnation proceedings, Tenant's separate claim for Tenant's moving expenses, the value of Tenant's fixtures or equipment, or Tenant's moveable installations and improvements which do not become part of the Buildingnotice.

Appears in 1 contract

Samples: Netreit, Inc.

EMINENT DOMAIN/CONDEMNATION. If the Land and/or Building, or any portion thereof which includes a substantial part of the Premises or which prevents the operation of the Building as an integral unit in the sole judgment of Landlord, shall be taken or condemned by any competent authority for any public use or purpose, during the term of this Lease shall end uponor any extension or renewal thereof, and not before, the date when the possession all of the part so taken leased premises shall be acquired taken for any public or quasi-public use under any law, ordinance, or regulation or by right of eminent domain, or should be sold to the condemning authority for such use or purpose, under threat of condemnation this Lease shall terminate and without apportionment of the condemnation award. Current Rent rent shall be apportioned abated during the unexpired portion of this Lease, effective as of the date of such terminationthe taking of said premises by the condemning authority. If any condemnation proceeding less than all of the leased premises shall be instituted taken for any public or quasi-public use under any law, ordinance, or regulation, or by right of eminent domain, or should be sold to the condemning authority under threat of condemnation, LANDLORD may, at its sole expense, restore and reconstruct the building and other improvements situated on the lease premises, provided the restoration and reconstruction shall make the same reasonably tenantable and suitable for the uses for which the premises are leased. The rent payable hereunder during the unexpired portion of this Lease shall be adjustable equitably. LANDLORD may at its option terminate this lease in lieu of restoring or reconstructing the condemned premises, in which it is sought to take or damage any part case the rent shall be abated for the unexpired portion of this Lease, effective as of the Land and/or Building, Landlord date of the taking of said premises by the condemning authority. LANDLORD and TENANT shall have the right each by entitled to cancel this Lease upon not less than sixty (60) days notice. No money or other consideration shall receive and retain such separate awards and portions of lump-sum awards as may be payable by Landlord allocated to Tenant for the right of cancellation. Tenant shall have no right to share their respective interests in the a condemnation award or any judgment for damages caused by such taking or change of grade, and Tenant hereby assigns to Landlord all Tenant's interestproceeding, if any, in any such award. However, provided that The termination of this Lease shall not affect the amount can be definitely ascertained in such proceedings, and be awarded separate and apart, and not in diminution of any award to Landlord, nothing hereinabove provided shall preclude Tenant from appearing, claiming, providing and receiving in the condemnation proceedings, Tenant's separate claim for Tenant's moving expenses, the value of Tenant's fixtures or equipment, or Tenant's moveable installations and improvements which do not become part rights of the Buildingrespective parties to such awards.

Appears in 1 contract

Samples: Lease Agreement (Imx Pharmaceuticals Inc)

EMINENT DOMAIN/CONDEMNATION. If In the Land and/or Buildingevent that the premises or any part thereof, or the whole or any portion thereof part of the Building shall be taken or appropriated by eminent domain or shall be condemned for any public or quasi-public use, or (by virtue of any such taking, appropriation or condemnation) shall suffer any damage (direct or indirect or consequential) for which includes Landlord or Tenant shall be entitled to compensation, then (and in any such event) this lease and the term hereof may be terminated at the election of Landlord by a notice in writing of its election so to terminate which shall be given by Landlord to Tenant within sixty (60) days following the date on which Landlord shall have received official notice of such taking, appropriation or condemnation. In the event that a substantial part of the Premises premises or which prevents the operation of the Building as an integral unit in the sole judgment means of Landlord, access thereto shall be taken so taken, appropriated or condemned by condemned, then (and in any competent authority for any public use or purpose, such event) this lease and the term hereof may be terminated at the election of this Lease shall end upon, and not before, the date when the possession Tenant by a notice in writing of the part its election so taken to terminate which shall be acquired given by the condemning authority for such use or purpose, and without apportionment of the condemnation award. Current Rent shall be apportioned as of the date of such termination. If any condemnation proceeding shall be instituted in which it is sought Tenant to take or damage any part of the Land and/or Building, Landlord shall have the right to cancel this Lease upon not less than within sixty (60) days notice. No money or other consideration shall be payable by Landlord to Tenant for following the right of cancellation. date on which Tenant shall have no received official notice of such taking, appropriation or condemnation. Upon the giving of any such notice of termination (either by Landlord or Tenant) this lease and the term hereof shall terminate on or retroactively as of the date on which Tenant shall be required to vacate any part of the premises or shall be deprived of a substantial part of the means of access thereto, provided, however, that Landlord may in Landlord's notice elect to terminate this lease and the term hereof retroactively as of the date on which such taking, appropriation or condemnation become legally effective. In the event of any such termination, this lease and the term hereof shall expire as of such effective termination date and the yearly rent shall be apportioned of such date. If neither party (having the right to share do so) elects to terminate, Landlord will, with reasonable diligence and at Landlord's expense, restore the remainder of the premises, or the remainder of the means of access, as nearly as practicably may be to the same condition as obtained prior to such taking, appropriation or condemnation, in which event the yearly rent shall be adjusted, (i) a just proportion of the yearly rent, according to the nature and extent of the taking, appropriation or condemnation and the resulting permanent injury to the premises and the means of access thereto, shall be permanently abated, (including in such abatement the adjustments in the condemnation award or any judgment Tax Base and Tenant's Proportionate Share for damages caused by such taking or change of gradeTaxes as provided in Section XI, and a just adjustment in Tenant's Proportionate Share for Operating Costs and in the Operating Cost Base) and (ii) a just proportion of the remainder of the yearly rent, according to the nature and extent of the taking, appropriation or condemnation and resultant injury sustained by the premises and the means of access thereto shall be abated until the premises and the means of access thereto shall have been restored as fully as may be for permanent use and occupation by Tenant hereby assigns hereunder. Subject to the last sentence of this Section XVII, there is expressly reserved to Landlord all Tenant's interestrights to compensation and damages created, if any, in accrued or accruing by reason of any such awardtaking, appropriation or condemnation. However, provided It is expressly understood and agreed that the amount can provisions of this Section XVII shall not apply to any taking, appropriation or condemnation for governmental occupancy for a period reasonably estimated to be definitely ascertained less than one (1) year in duration. During such proceedingsperiod, and the rent hereunder shall be awarded separate and apartabated proportionately. If the period of governmental occupancy is reasonably estimated at more than one year, and not in diminution of any award Tenant may elect to terminate this lease by notice to Landlord, nothing hereinabove provided shall preclude Tenant from appearing, claiming, providing and receiving in the condemnation proceedings, Tenant's separate claim for Tenant's manner aforesaid. It is agreed that Tenant reserves all rights to moving expenses, and relocation expense claims as may be available to it from the value of Tenant's fixtures condemning authority in accordance with statutes or equipment, or Tenant's moveable installations and improvements which do not become part of the Buildingregulations.

Appears in 1 contract

Samples: Ascent Pediatrics Inc

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