Casualty or Eminent Domain Affecting Parking Privileges. If, during the Term, there shall be damage by fire or casualty, or a taking by condemnation or right of eminent domain, that results in the Landlord reducing the number of Parking Passes that permit the Tenant to park in parking spaces within University Park (a “University Park Parking Privileges Reduction”), then notwithstanding anything to the contrary provided in Exhibit A, the Landlord may substitute alternative parking arrangements (“Temporary Substitute Parking Arrangements”) within a one-mile radius of University Park that will provide parking areas with respect to which the Tenant may (using the Parking Passes that may no longer be used for parking within University Park) enjoy the parking privileges contemplated hereby, provided that any such alternative parking areas shall be reasonably well lit, and there shall be provided shuttle bus transportation to and from University Park from such alternative parking areas, on terms reasonably satisfactory to the Tenant. The Landlord’s furnishing of Temporary Substitute Parking Arrangements shall constitute a satisfactory curing of the adverse effects of a University Park Parking Privileges Reduction, subject to the further provisions of this Section 8.9 below. The Landlord hereby covenants and agrees that any University Park Parking Privileges Reduction shall be made on a fair and equitable basis with respect to all of the tenants in University Park. The Landlord shall, within one hundred twenty (120) days of any fire, casualty or taking affecting parking facilities within University Park that results in a University Park Parking Privileges Reduction, give the Tenant written notice (“Parking Notice”) (i) describing to what extent the Landlord will be able to provide Temporary Substitute Parking Arrangements that fulfill the requirements of the immediately prior paragraph of this Section 8.9 and (ii) providing an estimate of the likely duration of such University Park Parking Privileges Reduction. The Landlord shall, in the Parking Notice, designate the number of affected Parking Passes and the location of the substitute parking areas, and cooperate with the Tenant to establish reasonably satisfactory terms for shuttle bus transportation, as soon as reasonably possible following the occurrence of an event resulting in a University Park Parking Privileges Reduction. If the Landlord (i) does not, in the Parking Notice, make Temporary Substitute Parking Arrangements within one hundred twenty (120) days of the commencement of a University Park Parking Privileges Reduction that fulfill the requirements of the first paragraph of this Section 8.9 with respect to at least fifty percent (50%) of the Parking Passes to which the Tenant is entitled under this Lease, (ii) specifies in the Landlord’s estimate of the likely duration of the University Park Parking Privileges Reduction that the period during which the Tenant must suffer a reduction of more than fifty percent (50%) of its Parking Passes (i.e., not replaced through Temporary Substitute Parking Arrangements) will exceed one (1) year, or (iii) specifies in the Landlord’s estimate of the likely duration of the University Park Parking Privileges Reduction that the period during which a University Park Parking Privileges Reduction will exist will likely exceed twenty four (24) months, then the Tenant shall have the right, exercisable upon written notice to the Landlord within thirty (30) days after the Tenant receives the Parking Notice, to terminate this Lease. If the Tenant does not exercise its termination right, as aforesaid, then the Landlord shall, to the extent practicable, proceed promptly after the occurrence of a University Park Parking Privileges Reduction affecting the Tenant to restore, or cause to be restored, sufficient parking areas in University Park to permit the Tenant to have the number of Parking Passes contemplated in Exhibit A to be able to be used in parking areas within University Park. However, if the Landlord is unable to so restore the Tenant’s parking privileges within University Park within twenty four (24) months from the date of the University Park Parking Privileges Reduction, then the Tenant shall have the right to terminate this Lease by notice to the Landlord of its desire to do so, provided such notice is given not later than thirty (30) days after the Landlord notifies the Tenant as aforesaid. The Tenant’s termination rights set forth in this Section 8.9 shall be the Tenant’s sole remedy for the Landlord’s inability to provide the parking privileges contemplated under this Lease in the event of a casualty or taking affecting parking in University Park, provided that the Landlord has complied with its obligation to act on a fair and equitable basis. Any such termination of this Lease by the Tenant, as aforesaid, shall be effective thirty (30) days after notice is so given to the Landlord, or such later date specified by the Tenant in such termination notice not exceeding one hundred eighty (180) days after termination notice is given. Failure by the Tenant to timely exercise any right to terminate this Lease under this Section 8.9 shall result in the waiver by the Tenant of any such right to terminate this Lease.
Appears in 1 contract
Sources: Sublease Agreement (Immunogen Inc)
Casualty or Eminent Domain Affecting Parking Privileges. If, during the Term, there shall be damage by fire or casualty, or a taking by condemnation or right of eminent domain, that results in the Landlord reducing the number of Parking Passes that permit the Tenant to park in parking spaces within University Park (a “University Park Parking Privileges Reduction”), then notwithstanding anything to the contrary provided in Exhibit A, the Landlord may substitute alternative parking arrangements (“‘Temporary Substitute Parking Arrangements”) within a one-mile radius of University Park that will provide parking areas with respect to which the Tenant may (using the Parking Passes that may no longer be used for parking within University Park) enjoy the parking privileges contemplated hereby, provided that any such alternative parking areas shall be reasonably well lit, and there shall be provided shuttle bus transportation to and from University Park from such alternative parking areas, on terms reasonably satisfactory to the Tenant. The Landlord’s furnishing of Temporary Substitute Parking Arrangements shall constitute a satisfactory curing of the adverse effects of a University Park Parking Privileges Reduction, subject to the further provisions of this Section 8.9 below. The Landlord hereby covenants and agrees that any University Park Parking Privileges Reduction shall be made on a fair and equitable basis with respect to all of the tenants in University Park. The Landlord shall, within one hundred twenty (120) days of any fire, casualty or taking affecting parking facilities within University Park that results in a University Park Parking Privileges Reduction, give the Tenant written notice (“Parking Notice”) (i) describing to what extent the Landlord will be able to provide Temporary Substitute Parking Arrangements that fulfill the requirements of the immediately prior paragraph of this Section 8.9 and (ii) providing an estimate of the likely duration of such University Park Parking Privileges Reduction. The Landlord shall, in the Parking Notice, designate the number of affected Parking Passes and the location of the substitute parking areas, and cooperate with the Tenant to establish reasonably satisfactory terms for shuttle bus transportation, as soon as reasonably possible following the occurrence of an event resulting in a University Park Parking Privileges Reduction. If the Landlord (i) does not, in the Parking Notice, make Temporary Substitute Parking Arrangements within one hundred twenty (120) days of the commencement of a University Park Parking Privileges Reduction that fulfill the requirements of the first paragraph of this Section 8.9 with respect to at least fifty percent (50%) of the Parking Passes to which the Tenant is entitled under this Lease, (ii) specifies in the Landlord’s estimate of the likely duration of the University Park Parking Privileges Reduction that the period during which the Tenant must suffer a reduction of more than man fifty percent (50%) of its Parking Passes (i.e., not replaced through Temporary Substitute Parking Arrangements) will exceed one (1) year, or (iii) specifies in the Landlord’s estimate of the likely duration of the University Park Parking Privileges Reduction that the period during which a University Park Parking Privileges Reduction will exist will likely exceed twenty four (24) months, then the Tenant shall have the right, exercisable upon written notice to the Landlord within thirty (30) days after the Tenant receives the Parking Notice, to terminate this Lease. If the Tenant does not exercise its termination right, as aforesaid, then the Landlord shall, to the extent practicable, proceed promptly after the occurrence of a University Park Parking Privileges Reduction affecting the Tenant to restore, or cause to be restored, sufficient parking areas in University Park to permit the Tenant to have the number of Parking Passes contemplated in Exhibit A to be able to be used in parking areas within University Park. However, if the Landlord is unable to so restore the Tenant’s parking privileges within University Park within twenty four (24) months from the date of the University Park Parking Privileges Reduction, then the Tenant shall have the right to terminate this Lease by notice to the Landlord of its desire to do so, provided such notice is given not later than thirty (30) days after the Landlord notifies the Tenant as aforesaid. The Tenant’s termination rights set forth in this Section 8.9 shall be the Tenant’s sole remedy for the Landlord’s inability to provide the parking privileges contemplated under this Lease in the event of a casualty or taking affecting parking in University Park, provided that the Landlord has complied with its obligation to act on a fair and equitable basis. Any such termination of this Lease by the Tenant, as aforesaid, shall be effective thirty (30) days after notice is so given to the Landlord, or such later date specified by the Tenant in such termination notice not exceeding one hundred eighty (180) days after termination notice is given. Failure by the Tenant to timely exercise any right to terminate this Lease under this Section 8.9 shall result in the waiver by the Tenant of any such right to terminate this Lease.
Appears in 1 contract