Common use of Partial Condemnation Clause in Contracts

Partial Condemnation. If only a portion of the Leased Premises shall be so appropriated, but the remainder of the Leased Premises is not suitable for the use then being made thereof or the appropriation would prevent or materially interfere with the use of the Leased Premises for the purpose for which they are then being used or prevent or materially interfere with Tenant's business operations at the Leased Premises, either Landlord or Tenant shall have the right to terminate this Lease as of the date of appropriation by giving written notice to the other and this Lease shall terminate and the Rental payable under this Lease shall be abated for the unexpired portion of this Lease effective on the date physical possession is taken by the condemning authority or title vests in the condemning authority, whichever occurs first. If neither Landlord nor Tenant elects to so terminate this Lease or if only a portion of the Leased Premises shall be so appropriated but not to the extent that the remainder of the Leased Premises is unsuitable for the use then being made thereof, this Lease shall continue but the Rental payable hereunder during the unexpired portion of this Lease will be reduced, pro rata, based upon the portion of the Leased Premises taken by the condemning authority. If such appropriation occurs during the last year of the Primary Term or any Extension, either Landlord or Tenant may terminate this Lease by delivering written notice of termination to the other.

Appears in 2 contracts

Samples: Lease Agreement (Security Associates International Inc), 58 Lease Agreement (Security Associates International Inc)

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Partial Condemnation. If only a more than twenty percent (20%) of the Premises is appropriated or condemned by eminent domain, or if such portion of the Leased Premises shall be so appropriated, but Land or Building is appropriated or condemned which materially affects the remainder ability of Lessee physically to operate its business and Lessor is unable to remodel in such a way as to restore the Leased Premises is not suitable for the use then being made thereof or the appropriation would prevent or materially interfere with the use of the Leased Premises for the purpose for which they are then being used or prevent or materially interfere with Tenant's business operations at the Leased Premises, either Landlord or Tenant then Lessor and Lessee both shall have the right to terminate this Lease upon notice to the other party within thirty (30) days after being notified of the appropriation or condemnation. This Lease shall be deemed terminated as of the date of appropriation by giving written notice to the other and this Lease shall terminate and the Rental payable under this Lease title or possession shall be abated for the unexpired portion of this Lease effective on the date physical possession is taken by the condemning authority or title vests in transferred to the condemning authority, whichever occurs firstshall first occur. If neither Landlord nor Tenant elects to so terminate this Lease less than twenty percent (20%) of the Premises is appropriated or condemned or if only a such portion of the Leased Land or Building is appropriated or condemned which does not affect Lessee's ability to operate its business, or if neither party elects to terminate the Lease as provided herein, then Lessor promptly shall restore the Premises shall be so appropriated but not to a condition comparable to its condition at the extent that the remainder time of the Leased Premises is unsuitable for appropriation or condemnation, less the use then being made thereofportion lost in the appropriation or condemnation, and this Lease shall continue but in full force and effect; provided, however, the Rental payable Base Rent and Lessee's Share of Expenses due hereunder during the unexpired portion of this Lease will be reducedshall xxxxx, pro rata, based upon the portion as of the Leased Premises taken by date title or possession shall be transferred to the condemning authority. If such appropriation occurs during , whichever shall first occur, to an amount equal to the last year base rent otherwise payable multiplied by a fraction, the numerator of which is the square footage of space remaining in the Premises and the denominator of which is the square footage of space originally part of the Primary Term or any Extension, either Landlord or Tenant may terminate this Lease by delivering written notice of termination to the otherPremises.

Appears in 2 contracts

Samples: Antenna License Agreement (Infospace Inc), Antenna License Agreement (Go2net Inc)

Partial Condemnation. If only a portion If, during the term of this Lease, less than the entire Leased Premises shall be so appropriated, but the remainder of taken in any such proceeding and if the Leased Premises is not suitable for the use then being made thereof or the appropriation would prevent or materially interfere with the use of the Leased Premises for the purpose for which they are then being used or prevent or materially interfere with Tenant's business operations at the Leased Premises, either Landlord or Tenant shall have the right to terminate this Lease as of the date of appropriation by giving written notice to the other and this Lease shall terminate and the Rental payable under this Lease shall be abated for the unexpired portion of this Lease effective on the date physical possession is taken by the condemning authority or title vests in the condemning authority, whichever occurs first. If neither Landlord nor Tenant elects to so terminate this Lease or if only a portion of the Leased Premises shall be so appropriated but not to the extent that the remainder of the Leased Premises is thereby rendered unsuitable for the use then being purposes leased, then, and in that event, this Lease shall, upon vesting of title in the proceeding, terminate solely as to the part so taken, and Lessor shall be entitled to the total award made thereofin any such proceeding. If this Lease is not terminated as a result of complete or substantial condemnation as hereinabove set forth, this Lease shall continue but for the Rental payable hereunder during balance of its term as to the unexpired portion of this Lease will be reduced, pro rata, based upon the portion part of the Leased Premises remaining without any reduction or abatement of or effect upon the term hereof or the liability of the Lessee to pay in full the rent herein provided to be paid; however, the rental shall be calculated at the rate of SEVENTEEN DOLLARS AND 50/100 ($17.50) per square foot during the first five (5) years of the term of this Lease and EIGHTEEN DOLLARS AND 50/100 ($18.50) per square foot during the second five (5) years of the term of this Lease based upon the actual square footage of the Leased Premises remaining which is suitable for the purposes leased. In addition, in the event more than twenty percent (20%) of the parking area servicing the Leased Premises and devoted exclusively to Lessee shall be taken by as a result of the condemning authorityexercise of the power of eminent domain and if the Lessor shall not within a reasonable period of time furnish equivalent parking space, Lessee shall have the right and option to terminate this Lease. If such appropriation occurs during the last year of the Primary Term or any Extension, either Landlord or Tenant may Lessee elects to 47 48 terminate this Lease Lease, such termination shall be effected by delivering written notice from Lessee specifying a date not more than seventy-five (75) days after the date of termination to such notice as the otherdate of such termination. ARTICLE 13.

Appears in 2 contracts

Samples: Real Estate Sales Contract (Citizens First Corp), Citizens First Corp

Partial Condemnation. If only a portion (a) Lessee shall provide to Lessor promptly after receipt notice of any eminent domain or condemnation action asserted or threatened by any Governmental Authority and affecting all or any part of the Leased Premises Premises. Lessor and Lessee shall be so appropriated, but the remainder cooperate in good faith with respect to any such eminent domain or condemnation action. If any material part of the Leased Premises (but less than the whole of the Premises) is not suitable acquired or condemned, and if in Lessee’s reasonable opinion such partial taking or condemnation renders the Premises unsuitable for the use business of Lessee, then being made thereof or Lessee shall notify Lessor of the appropriation would prevent or materially interfere same. Following receipt of such notice, Lessor and Lessee shall cooperate in good faith to determine whether there is another part of the Salt Lake Refinery Site that can be used by Lessee to conduct its business with the use Facilities. If Lessor and Lessee reach an agreement regarding any such replacement location, then the Parties shall execute an amendment to this Lease which substitutes such new location in lieu of the Leased Premises Premises. If within 60 days following Lessor’s receipt of such notice the Parties have not reached an agreement regarding a location to substitute for the purpose for which they are then being used or prevent or materially interfere with Tenant's business operations at the Leased Premises, either Landlord or Tenant shall have the right to then Lessee may terminate this Lease as of the date of appropriation by giving written notice to the Lessor. All rentals and other and this Lease shall terminate and the Rental payable under this Lease charges owing hereunder shall be abated for the unexpired portion prorated as of this Lease effective on the date physical possession is taken by the condemning authority or title vests in the condemning authority, whichever occurs first. If neither Landlord nor Tenant elects to so terminate this Lease or if only a portion of the Leased Premises shall be so appropriated but not to the extent that the remainder of the Leased Premises is unsuitable for the use then being made thereof, this Lease shall continue but the Rental payable hereunder during the unexpired portion of this Lease will be reduced, pro rata, based upon the portion of the Leased Premises taken by the condemning authority. If such appropriation occurs during the last year of the Primary Term or any Extension, either Landlord or Tenant may terminate this Lease by delivering written notice of termination to the otherdate.

Appears in 1 contract

Samples: Site Lease Agreement (Big West Oil Partners, LP)

Partial Condemnation. If (A) In the event that only a portion of the Leased Premises and/or the Air Park is taken or condemned by any condemning authority, Landlord shall be so appropriated, but the remainder immediately send written notice thereof to Tenant. If said portion of the Leased Premises is not suitable for and/or the use then being made thereof Air Park so taken or the appropriation would prevent or materially interfere with the use condemned constitutes a “substantial portion of the Leased Premises for the purpose for which they are Premises” as defined in Section 15.02 (C) below, then being used or prevent or materially interfere with Tenant's business operations at the Leased Premises, either Landlord or Tenant shall have the right to elect, by written notice to Landlord within 20 days after receipt from Landlord of the aforesaid notice of condemnation, either: (i) to terminate this Lease Agreement as of the date of appropriation the taking of possession by giving written notice to the other and this Lease shall terminate and the Rental payable under this Lease shall be abated for the unexpired portion of this Lease effective on the date physical possession is taken by the condemning authority or title vests in the condemning authority, whichever occurs first. If neither Landlord nor Tenant elects in which event the Base Rent and all other charges shall be apportioned and paid to so the date of the taking, or (ii) to terminate this Lease or if Agreement only a portion of the Leased Premises shall be so appropriated but not with respect to the extent that the remainder of the Leased Premises is unsuitable for the use then being made thereof, this Lease shall continue but the Rental payable hereunder during the unexpired portion of this Lease will be reduced, pro rata, based upon the portion of the Leased Premises taken by such condemning authority and otherwise to continue this Lease Agreement in full force and effect. In the condemning authority. If event that any such appropriation occurs during the last year taking or condemnation involves less than a “substantial portion of the Primary Term Premises”, or any Extensionif it does involve a “substantial portion of the Premises” but Tenant makes the election set forth in clause 15.02(A)(ii) above, either Landlord or Tenant may terminate this Lease then Base Rent will be reduced to reflect the reduced area of the Premises and will be determined by delivering written notice multiplying the annual Base Rent then in effect by a fraction, the numerator of termination to which shall be the othernumber of square feet contained in the Project after the taking and the denominator of which shall be 100,000 and such reduced Base Rent will become effective upon the date of such taking.

Appears in 1 contract

Samples: Lease Agreement (Air Transport Services Group, Inc.)

Partial Condemnation. If only a during the Term, less than the entirety of the Leased Premises that does not unreasonably alter the Permitted Uses shall be taken in any such Proceedings, then this Lease shall, upon vesting of title in the Proceedings, terminate as to the portion of the Leased Premises so taken. If the portion of the Leased Premises taken shall be so appropriatedsubstantially and materially interfere with or inhibit the Permitted Uses, but Lessee may, at its option, terminate this Lease as to the remainder of the Leased Premises is Premises. Lessee shall not suitable for the use then being made thereof or the appropriation would prevent or materially interfere with the use of the Leased Premises for the purpose for which they are then being used or prevent or materially interfere with Tenant's business operations at the Leased Premises, either Landlord or Tenant shall have the right to terminate this Lease as pursuant to the preceding sentence, however, if that portion of the date of appropriation Leased Premises not taken can reasonably be utilized by giving written notice Lessee with substantially the same utility and efficiency as prior to the other and this Lease shall terminate and taking. Such termination as to the Rental payable under this Lease shall be abated for the unexpired portion of this Lease effective on the date physical possession is taken by the condemning authority or title vests in the condemning authority, whichever occurs first. If neither Landlord nor Tenant elects to so terminate this Lease or if only a portion remainder of the Leased Premises shall be so appropriated but effected by Xxxxxx's written notice to Authority, given not more than sixty (60) days after the date of vesting of title in such Proceedings, and shall specify a date not more than sixty (60) days after the giving of such notice as the date for such termination. Upon the date specified in such notice, the Term and all right, title and interest of Xxxxxx hereunder, shall cease and terminate. Notwithstanding the foregoing, any obligations of Authority or Lessee hereunder that arose or accrued prior to the date of the foregoing termination shall survive and remain in full force and effect subsequent to such date of termination. If this Lease is terminated as provided in this Section 11.02, Authority shall receive the award as is provided in Section 11.01. In the event that Lessee elects not to the extent that terminate this Lease as to the remainder of the Leased Premises is unsuitable for Premises, the use then being made thereof, this Lease rights and obligations of Authority and Lessee shall continue but the Rental payable hereunder during the unexpired portion of this Lease will be reduced, pro rata, based upon the portion of the Leased Premises taken governed by the condemning authority. If such appropriation occurs during the last year provisions of the Primary Term or any Extension, either Landlord or Tenant may terminate this Lease by delivering written notice of termination to the otherSection 11.03.

Appears in 1 contract

Samples: Lease Agreement

Partial Condemnation. If only a portion more than 25% of the Leased Premises shall be so appropriated, but the remainder of the Leased Premises is not suitable for the use then being made thereof or the appropriation would prevent or materially interfere with the use of the Leased Premises for the purpose for which they are then being used or prevent or materially interfere with Tenant's business operations at the Leased Premisestaken by condemnation, either Landlord or Tenant shall have the right to terminate this Lease as and, upon exercise of the date of appropriation right by either party giving written notice to the other and this Lease shall terminate and the Rental payable under this Lease shall be abated for the unexpired portion of this Lease effective on the date physical possession within thirty (30) days after title is taken by the condemning authority or title vests vested in the condemning authority, whichever occurs firstthen this Lease shall cease and terminate. If neither Landlord nor Tenant elects In the event of a taking of 25% or less of the Premises or the partial taking of more than 25% of the Premises without either party exercising its right to so terminate this Lease or if only a portion of the Leased Premises shall be so appropriated but not to the extent that the remainder of the Leased Premises is unsuitable for the use Lease, then being made thereof, this Lease shall continue but in effect except that the Rental payable hereunder during Minimum Rent shall be reduced in the unexpired portion same proportion that the gross square footage of this Lease will be reducedthe Premises (including basement, pro rataif any) taken bears to the original gross square footage of the Premises, based and Landlord shall, upon receipt of the award in condemnation, make all necessary repairs or alterations to the building in which Premises are located so as to make the portion of the Leased Premises building not taken by a complete architectural unit, but such work shall not exceed the condemning authority. If such appropriation occurs during the last year scope of the Primary Term work to be done by Landlord in originally constructing said building, nor shall Landlord in any event be required to expend for such work an amount in excess of the “Amount Received by Landlord” as damages for the part of the Premises so taken. “Amount Received by Landlord” shall mean that part of the award in condemnation which is paid to Landlord free and clear of any rights of mortgage lenders to collect or any Extension, either Landlord or Tenant may terminate this Lease by delivering written notice of termination to retain the otherproceeds.

Appears in 1 contract

Samples: Lease Agreement (Finwise Bancorp)

Partial Condemnation. If only a any portion of the Leased Premises shall be so appropriatedtaken for a public or quasi-public use or purpose under the power of eminent domain, but or transferred under threat thereof, and such partial taking may reasonably be construed to render the remainder of the Leased Premises is not suitable unsuitable for the use then being made thereof or the appropriation would prevent or materially interfere with the use business of the Leased Premises for the purpose for which they are then being used or prevent or materially interfere with Tenant's business operations at the Leased Premises, either Landlord or Tenant shall have the right be entitled either to elect to cancel and terminate this Lease lease as of the date actual physical possession of appropriation by giving written notice to the other and this Lease shall terminate and the Rental payable under this Lease said portion shall be abated for the unexpired portion of this Lease effective on the date physical possession is so taken by the condemning authority or title vests in the condemning authority, whichever occurs first. If neither Landlord nor Tenant elects or to so terminate this Lease or if only a portion remain in possession of the Leased Premises shall be so appropriated but not to the extent that the remainder of the Leased Premises is not so taken; provided, however, that Tenant shall give Landlord written notice of its election within ten (10) days after the date of Landlord's notification to Tenant of the pending partial condemnation, and failing to do so, Tenant shall be deemed to have elected to remain in possession. In the event Tenant shall elect or be deemed to have elected to remain in possession, or if the portion of the Premises so taken shall not be so extensive as may reasonably be construed to render the remainder of the Premises unsuitable for the use business of Tenant, then being and in either such event, if any portion of the total award is made for a taking of any portion of the Premises, Landlord shall (but only out of and not exceeding such portion of the award received by Landlord for or on account of such taking) repair, reconstruct or restore the remainder of the Premises (including the building which is a part thereof) to its condition as it existed immediately prior to such taking (and tenant shall not be entitled to any damages by reason of any inconvenience or loss sustained by Tenant as a result thereof) and, except as otherwise herein provided, this Lease shall continue but the Rental payable hereunder during the unexpired portion of this Lease will be reduced, pro rata, based upon the portion of the Leased Premises taken by the condemning authority. If such appropriation occurs during the last year of the Primary Term or any Extension, either Landlord or Tenant may terminate this Lease by delivering written notice of termination to the other.in all respects in full force and effect

Appears in 1 contract

Samples: Office Building Lease (Colorado Business Bankshares Inc)

Partial Condemnation. If only a portion at any time during the Demised Term of this Lease, title to less than the whole or materially all of the Leased Premises shall be so appropriatedtaken as aforesaid, but the remainder and a result of such taking, demolition, repair or restoration of the Leased Premises building is not suitable for required, the use then being made thereof award or proceeds shall be paid over to Landlord and applied toward the appropriation would prevent or materially interfere with cost of demolition, repair and restoration, all of which shall be completed promptly. Any balance remaining in the use hands of Landlord after payment of such costs of demolition, repair and restoration as aforementioned shall be the Leased Premises for the purpose for which they are then being used or prevent or materially interfere with Tenant's business operations at the Leased Premises, either Landlord or Tenant shall have the right to terminate this Lease as sole property of Landlord. From and after the date of appropriation such partial condemnation (i) the Lease Year Base Rent payable by giving written notice Tenant hereunder shall be reduced in the ratio which the diminution, if any in the total floor area of the building or buildings constituting the Premises as restored or rebuilt following such condemnation, shall bear to the other and this Lease shall terminate and total floor area of the Rental payable under this Lease shall be abated for the unexpired portion of this Lease effective building or buildings erected on the date physical possession is taken by Premises at the condemning authority time of such condemnation, or title vests in the condemning authority, whichever occurs first. If neither Landlord nor (ii) if Tenant elects to so terminate this Lease or if only a portion of the Leased Premises shall be so appropriated but not to the extent reasonably determines that the remainder of the Leased Premises remaining leasable area is unsuitable for Tenant’s business purposes, Tenant may, upon at least thirty (30) days prior written notice, terminate this Lease; such notice to contain the use then being made thereof, this Lease shall continue but basis for Tenant’s determination that the Rental payable hereunder during the unexpired portion of this Lease will be reduced, pro rata, based upon the portion of the Leased Premises taken by the condemning authorityare no longer suitable for Tenant’s purposes. If Tenant terminates the Lease as aforesaid, Tenant shall pay rent until such appropriation occurs during the last year of the Primary Term or any Extension, either Landlord or Tenant may terminate this Lease by delivering written notice date of termination to the otherand thereafter neither party shall have further rights or obligations hereunder.

Appears in 1 contract

Samples: Agreement of Sale (Blonder Tongue Laboratories Inc)

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Partial Condemnation. If only a portion part of the Leased Premises shall be so appropriatedtaken by any public authority under the power of eminent domain, but then, except as otherwise provide in this Section 20.2, this Lease and the remainder Term shall continue in full force and effect, but, from and after the date possession shall be taken by such public authority, the Minimum Annual Rent shall be reduced in the proportion which the Floor Area of the Leased Premises so acquired bears to the total Floor Area of the Premises immediately prior to such condemnation. If a portion of (a) the Premises, (b) the building in which the Premises are located, or (c) the Common Areas shall be taken under eminent domain, Landlord shall have the right to terminate this Lease and declare the same null and void, by written notice of such intention to Tenant with ten (10) days after such taking. If, by reason of such condemnation, more than twenty percent (20%) of the Premises is not suitable for taken or Tenant no longer has a reasonable means of access to the use then being made thereof or the appropriation would prevent or materially interfere with the use of the Leased Premises for the purpose for which they are then being used or prevent or materially interfere with Tenant's business operations at the Leased Premises, either Landlord or Tenant shall have the right to terminate this Lease and declare the same null and void, by written notice of such termination to Landlord within ten (10) days after such taking. In the event neither party exercises said right of termination the Lease Term shall cease only on the part so taken as of the day possession shall be taken by such public authority and Tenant shall pay Rent up to that day, with an appropriate refund by Landlord of such Rent as may have been paid in advance for a period subsequent to the date of appropriation by giving written notice the taking, and thereafter all the terms herein provided shall continue in effect, except that the Minimum Annual Rent shall be reduced in proportion to the other and this Lease shall terminate and the Rental payable under this Lease shall be abated for the unexpired portion of this Lease effective on the date physical possession is taken by the condemning authority or title vests in the condemning authority, whichever occurs first. If neither Landlord nor Tenant elects to so terminate this Lease or if only a portion amount of the Leased Premises shall be so appropriated but not taken and Landlord shall, at its own cost and expense, make all the necessary repairs or alterations to the extent that basic building as originally installed by Landlord, so as to constitute the remainder of the Leased remaining Premises is unsuitable for the use then being made thereof, this Lease shall continue but the Rental payable hereunder during the unexpired portion of this Lease will be reduced, pro rata, based upon the portion of the Leased Premises taken by the condemning authority. If such appropriation occurs during the last year of the Primary Term or any Extension, either Landlord or Tenant may terminate this Lease by delivering written notice of termination to the othera complete architectural unit.

Appears in 1 contract

Samples: Service Gross Office Lease (Entrade Inc)

Partial Condemnation. If only a part of the Premises, the Building or the Land is taken by or deeded to any public or quasi public authority under the power or threat of eminent domain, then, except as otherwise provided in this Section 15.2, this Lease shall continue in full force and effect. From and after the date the condemning authority takes possession of any portion of the Leased Premises Premises, the Monthly Basic Rent shall be so appropriated, but reduced in the remainder proportion which the portion of the Leased Premises is not suitable for so taken bears to the use then being made thereof total area of the Premises immediately prior to such condemnation. If more than twenty percent (20%) of the Premises, the Building or the appropriation would prevent Land shall be taken or materially interfere with deeded under the use power or threat of eminent domain, Landlord shall have the Leased right to terminate this Lease upon written notice to Tenant within ten (10) days after such taking. If, by reason of such condemnation the Premises for are rendered untenantable to the purpose for which they are then being used or prevent or materially interfere with extent that Tenant shall no longer be able to reasonably conduct its business therefrom, in Tenant's business operations at the Leased Premisesreasonable judgment, either Landlord or Tenant shall have the right to terminate this Lease as of the date of appropriation by giving written notice to the other and this Lease shall terminate and the Rental payable under this Lease shall be abated for the unexpired portion of this Lease effective on the date physical possession is taken by the condemning authority or title vests in the condemning authority, whichever occurs firstLandlord within ten (10) days after such taking. If neither Landlord nor Tenant elects to so party exercises said right of termination, then (a) the Lease Term shall terminate this Lease or if only a portion of the Leased Premises shall be so appropriated but not as to the extent that the remainder of the Leased Premises is unsuitable for the use then being made thereofpart so taken, (b) this Lease shall continue but in effect, except that the Rental payable hereunder during Monthly Basic Rent shall be reduced in proportion to the unexpired portion of this Lease will be reduced, pro rata, based upon the portion amount of the Leased Premises taken by taken, and (c) Landlord shall, at its own cost and expense, make all the condemning authoritynecessary repairs or alterations to the Premises so that the remaining Premises is a complete architectural unit. If such appropriation occurs during During the last year of the Primary Lease Term (or any Extensionholding over) a transfer of title by Landlord to any public or quasi public body, agency, or person, corporate or otherwise having the power of eminent domain either Landlord under threat of condemnation or Tenant may terminate this Lease by delivering written notice of termination to the otherwhile condemnation proceedings are pending, shall be deemed a condemnation.

Appears in 1 contract

Samples: Access Integrated Technologies Inc

Partial Condemnation. If only a during the Term, less than the entirety of the Leased Premises that does not unreasonably alter the Permitted Uses shall be taken in any such Proceedings, then this Lease shall, upon vesting of title in the Proceedings, terminate as to the portion of the Leased Premises so taken. If the portion of the Leased Premises taken shall be so appropriatedsubstantially and materially interfere with or inhibit the Permitted Uses, but Lessee may, at its option, terminate this Lease as to the remainder of the Leased Premises is Premises. Lessee shall not suitable for the use then being made thereof or the appropriation would prevent or materially interfere with the use of the Leased Premises for the purpose for which they are then being used or prevent or materially interfere with Tenant's business operations at the Leased Premises, either Landlord or Tenant shall have the right to terminate this Lease as pursuant to the preceding sentence, however, if that portion of the date of appropriation Leased Premises not taken can reasonably be utilized by giving written notice Lessee with substantially the same utility and efficiency as prior to the other and this Lease shall terminate and taking. Such termination as to the Rental payable under this Lease shall be abated for the unexpired portion of this Lease effective on the date physical possession is taken by the condemning authority or title vests in the condemning authority, whichever occurs first. If neither Landlord nor Tenant elects to so terminate this Lease or if only a portion remainder of the Leased Premises shall be so appropriated but effected by Lessee's written notice to Authority, given not more than sixty (60) days after the date of vesting of title in such Proceedings, and shall specify a date not more than sixty (60) days after the giving of such notice as the date for such termination. Upon the date specified in such notice, the Term and all right, title and interest of Lessee hereunder, shall cease and terminate. Notwithstanding the foregoing, any obligations of Authority or Lessee hereunder that arose or accrued prior to the date of the foregoing termination shall survive and remain in full force and effect subsequent to such date of termination. If this Lease is terminated as provided in this Section 11.02, Authority shall receive the award as is provided in Section 11.01. In the event that Lessee elects not to the extent that terminate this Lease as to the remainder of the Leased Premises is unsuitable for Premises, the use then being made thereof, this Lease rights and obligations of Authority and Lessee shall continue but the Rental payable hereunder during the unexpired portion of this Lease will be reduced, pro rata, based upon the portion of the Leased Premises taken governed by the condemning authority. If such appropriation occurs during the last year provisions of the Primary Term or any Extension, either Landlord or Tenant may terminate this Lease by delivering written notice of termination to the otherSection 11.03.

Appears in 1 contract

Samples: Lease Agreement

Partial Condemnation. If only a portion any part of the Leased Premises shall be so appropriatedacquired or condemned by eminent domain for any public or quasi-public use or purpose, but and in the remainder of event that such partial taking or condemnation shall render the Leased Premises is not suitable unsuitable for the use business of Tenant, then being made thereof or the appropriation would prevent or materially interfere with the use term of the Leased Premises for the purpose for which they are then being used or prevent or materially interfere with Tenant's business operations at the Leased Premises, either Landlord or Tenant shall have the right to terminate this Lease shall cease and terminate as of the date on which possession of appropriation by giving written notice the Demised Premises is required to the other and this Lease shall terminate and the Rental payable under this Lease shall be abated for the unexpired portion of this Lease effective on the date physical possession is taken by surrendered to the condemning authority or title vests in and Tenant shall have no claim against Landlord nor the condemning authorityauthority for the value of any unexpired term of this Lease. In the event of a partial taking or condemnation which is not extensive enough to render the premises unsuitable for the business of Tenant, whichever occurs first. If neither then Landlord nor Tenant elects to so terminate this Lease or if only a portion of shall promptly restore the Leased Premises shall be so appropriated but not to the extent that of condemnation proceeds available for such purpose to a condition comparable to their condition at the remainder time of such condemnation less the Leased Premises is unsuitable for portion lost in the use then being made thereoftaking, this Lease shall continue but in full force and effect and the Rental payable hereunder during Fixed Minimum Rent and all additional rent shall abate proportionately. For purposes of determining the unexpired portion amount of this Lease will be reduced, pro rata, based upon the portion funxx xxailable for restoration of the Leased Premises taken by from the condemning authority. If such appropriation occurs during the last year condemnation award said amount will be deemed to be that part of the Primary Term award which remains after payment of Landlord's reasonable expenses incurred in recovering same and of any amounts due to any mortgagee of Landlord, and which represents a portion of the total sum so available (excluding any award or any Extension, either Landlord or Tenant may terminate this Lease by delivering written notice of termination other compensation for land) which is equitably allocable to the otherLeased Premises.

Appears in 1 contract

Samples: Lease Agreement (Penn National Gaming Inc)

Partial Condemnation. If only at any time during the Demised Term of this Lease, title to less than the whole or materially all of the Premises shall be taken as aforesaid, and a portion result of such taking, demolition, repair or restoration of the building is required, the award or proceeds shall be paid over to Landlord and applied toward the cost of demolition, repair and restoration, all of which shall be completed promptly. Any balance remaining in the hands of Landlord after payment of such costs of demolition, repair and restoration as aforementioned shall be the sole property of Landlord. From and after the date of such partial condemnation (i) the Lease Year Base Rent payable by Tenant hereunder shall be reduced in the ratio which the diminution, if any in the total floor area of the building or buildings constituting the Leased Premises as restored or rebuilt following such condemnation, shall be so appropriatedbear to the total floor area of the building or buildings erected on the Premises at the time of such condemnation, but or (ii) if Tenant reasonably determines that the remainder of remaining leasable area is unsuitable for Tenant's business purposes, Tenant may, upon at least thirty (30) days prior written notice, terminate this Lease; such notice to contain the basis for Tenant's determination that the Leased Premises is not are no longer suitable for the use then being made thereof or the appropriation would prevent or materially interfere with the use of the Leased Premises for the purpose for which they are then being used or prevent or materially interfere with Tenant's business operations at purposes. If Tenant terminates the Leased PremisesLease as aforesaid, either Landlord or Tenant shall have the right to terminate this Lease as of the pay rent until such date of appropriation by giving written notice to the other termination and this Lease thereafter neither party shall terminate and the Rental payable under this Lease shall be abated for the unexpired portion of this Lease effective on the date physical possession is taken by the condemning authority have further rights or title vests in the condemning authority, whichever occurs first. If neither Landlord nor Tenant elects to so terminate this Lease or if only a portion of the Leased Premises shall be so appropriated but not to the extent that the remainder of the Leased Premises is unsuitable for the use then being made thereof, this Lease shall continue but the Rental payable hereunder during the unexpired portion of this Lease will be reduced, pro rata, based upon the portion of the Leased Premises taken by the condemning authority. If such appropriation occurs during the last year of the Primary Term or any Extension, either Landlord or Tenant may terminate this Lease by delivering written notice of termination to the otherobligations hereunder.

Appears in 1 contract

Samples: Disturbance and Attornment Agreement (Blonder Tongue Laboratories Inc)

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